Exam (elaborations)
WI Real Estate Practice Exam
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WI Real Estate Practice Exam
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WI Real Estate Practice ExamAnswer: C
The writ of execution is a court order instructing the officer of the court to
carry out the decision of the court. It is used in a judgment where the sheriff
is told to seize a debtor's property so that it can be sold to pay off a debt. - -
All of the following would be considered an ENCUMBRANCE except:
a. unpaid property taxes,
b. An easement necessity,
c. A writ of execution,
d. A judgment
-Answer: A
A construction lien is given as security to those who perform labor or furnish
material or professional services in the improvement of real property.
Construction liens establish priority from the date the first visible work
commenced on the property. - -Which of the following liens take priority
prior to recording in public records?
a. Construction lien
b. Special assessment lien,
c. Tax lien,
d. Mortgage lien
-Answer A:
Property taxes are calculated according to the value of the property. Special
assessments are generally apportioned according to benefits received,
rather than by the value of the land and buildings being assessed. - -Which
of the following is most likely determined by the overall value of the
property?
a. Property taxes
b. Special assessments
c. Judgment lien
d. Mortgage lien
-Answer: D
The water softener is attached to the property and is treated as a fixture
unless otherwise stated in the offer to purchase. - -The sellers are closing on
their property tomorrow. They may remove all of the following property from
the house, except the:
a. Mirror hanging on a nail on the wall,
b. Master bedroom curtains and valances,
c. Dog kennel sitting in the backyard,
d. Rented water softener
-Answer: C
, A Warehouse is not a dwelling and therefore not a homestead. Chapter
706.01(7) "Homestead" means "the dwelling" and so much of the land
surrounding it as is reasonably necessary for use of the dwelling as a home,
but not less than one-fourth acre, if available, and not exceeding 40 acres. -
-Which of the following does not meet the definition of a homestead?
a. Condominium,
b. 30-acre farmette,
c. Warehouse,
d. Single-family home
-Answer: B
Tom. Joint tenancy has the right of survivorship. This means that the
surviving owners automatically receive the interest of the deceased owner.
Marital property law will not override the joint tenancy form of ownership.
Tom has the rights to John's interest in the duplex upon John's death. - -John
and Ann are a married couple. John owns a duplex with his brother Tom as a
joint tenant. If John dies, who gets his interest in the duplex?
a. Ann,
b. Tom,
c. Tom's estate,
d. The heir named in John's
-Answer: C
Both the condo and co-op are likely to be managed by an association.
The owners of condo units are likely to have a percentage (%) ownership and
transfer ownership using a deed.
The owners of a co-op have equal (=) ownership.
Co-ops do not have interest in real property. Instead they own stock in a
corporation. To transfer ownership in a
co-op you use a proprietary lease. - -A similarity between condominium and
cooperative ownership is:
a. All owners have equal percentage interests,
b. Both condo and co-op owners have a real property interest,
c. Both condo and co-oops are likely to be managed by an association,
d. To transfer ownership of either a condo or a co-op the grantor would use a
deed
-Answer: B
A deed restriction because it places private restrictions on land
A zoning restriction is a Public form of land use regulation. - -A recorded
instrument that places private restrictions on land is
a: Zoning restriction,
b. Deed restriction,
c. Writ of attachment,
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