WI Real Estate Final Exam Material || A+ Verified Solutions.
Salespeople can use which of the following forms: correct answers a form prepared and
approved by the Department
Which of the following statements is true of property held in joint tenancy? correct answers If a
joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant
When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will present what
form to the seller? correct answers Disclosure to Customers
Which of the following is NOT typically considered client funds? correct answers Security
deposits collected by a property owner
How can a seller terminate a listing contract? correct answers In writing, delivered according to
the terms of the listing contract
If a seller does not accept an offer that included earnest money, the listing firm MUST: correct
answers promptly disburse the money to the person(s) who paid the money
Which type of loan does the federal government guarantee? correct answers Department of
Veterans Affairs (VA) loan
What is the legal effect of a counter-offer? correct answers Rejection of the offer and
presentation of a new offer
When acting as a buyer's agent, a license must disclose buyer agency to all parties or risk a claim
of: correct answers misrepresentation
The Distribution of Information section of the WB-11 Residential Offer to Purchase states that:
correct answers the listing firm may deliver a copy of the offer to the title company
Which statement best explains why instruments affecting real estate, such as deeds or easements,
are recorded in the register of deeds in the county where the property is located? correct answers
Recording gives constructive notice to the world of the rights and interests in a parcel of real
estate.
When a depository institution remits the interest earned on a firm's interest-bearing trust account
to the Department they must inform the firm of all the following EXCEPT the: correct answers
interest earned on account correct answers
When marketing properties, a licensee's liability for providing information regarding lot lines, lot
sizes, or room dimensions may lead to all of the following EXCEPT: correct answers a selling
bonus
, Wallace lists his house with Kima. Preston goes to Kima's open house and decides he wants to
make an offer on the house. Preston signs a buyer agency agreement with Kima. Kima drafts the
offer to purchase for Preston. Which of the following CORRECTLY identifies the relationship of
Kima to Preston and Wallace? correct answers Wallace is Kima's client, Preston is Kima's client
In the WB-1 Residential Listing Contract, who has the authority to accompany a home inspector
during a home inspection? correct answers the buyer
The WB-11 Residential Offer to Purchase does NOT have any information at lines 38 and 39.
This means that: correct answers binding acceptance can only occur by delivery to the Party, not
the agent
How must a supervising broker delegate supervision to another broker? correct answers In a
written statement signed by both brokers
When purchasing a condominium the buyer has the right to a copy of the condominium
declaration bylaws within how many days prior to closing? correct answers 15
An offer is written and subsequently rejected. The buyer gave earnest money with the offer.
What would be the proper procedure to return the earnest money? correct answers can be
returned to the buyer
A borrower is obtaining an adjustable rate loan where the initial rate is fixed for three years.
After the initial period, the loan will adjust every six months. What is the borrower's initial
principal and interest payment is based upon? correct answers The interest rate at which the
ARM is originated
Jimmy and Sara, a married couple, are selling their primary residence. Both Jimmy and Sara
must sign all of the following EXCEPT: correct answers the listing contract
A selling agent has given the buyer information on the real estate market and suggested a
purchase price for the buyer's offer. The selling agent has likely created what type of agency with
the buyer? correct answers implied
Most commonly, price-fixing is a violation of: correct answers anti trust
Which of the following transactions must include a real estate condition report? correct answers
A seller selling a duplex that the seller has never lived in
A seller counters a buyer's offer. The buyer rejects the seller's counter and the original period for
binding acceptance has not expired. The seller accepts and delivers the original offer to the
buyer. At this point: correct answers a sales contract does not exist
At what point in the real estate transaction does a buyer receive equitable title? correct answers
When all contingencies have been removed
Salespeople can use which of the following forms: correct answers a form prepared and
approved by the Department
Which of the following statements is true of property held in joint tenancy? correct answers If a
joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant
When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will present what
form to the seller? correct answers Disclosure to Customers
Which of the following is NOT typically considered client funds? correct answers Security
deposits collected by a property owner
How can a seller terminate a listing contract? correct answers In writing, delivered according to
the terms of the listing contract
If a seller does not accept an offer that included earnest money, the listing firm MUST: correct
answers promptly disburse the money to the person(s) who paid the money
Which type of loan does the federal government guarantee? correct answers Department of
Veterans Affairs (VA) loan
What is the legal effect of a counter-offer? correct answers Rejection of the offer and
presentation of a new offer
When acting as a buyer's agent, a license must disclose buyer agency to all parties or risk a claim
of: correct answers misrepresentation
The Distribution of Information section of the WB-11 Residential Offer to Purchase states that:
correct answers the listing firm may deliver a copy of the offer to the title company
Which statement best explains why instruments affecting real estate, such as deeds or easements,
are recorded in the register of deeds in the county where the property is located? correct answers
Recording gives constructive notice to the world of the rights and interests in a parcel of real
estate.
When a depository institution remits the interest earned on a firm's interest-bearing trust account
to the Department they must inform the firm of all the following EXCEPT the: correct answers
interest earned on account correct answers
When marketing properties, a licensee's liability for providing information regarding lot lines, lot
sizes, or room dimensions may lead to all of the following EXCEPT: correct answers a selling
bonus
, Wallace lists his house with Kima. Preston goes to Kima's open house and decides he wants to
make an offer on the house. Preston signs a buyer agency agreement with Kima. Kima drafts the
offer to purchase for Preston. Which of the following CORRECTLY identifies the relationship of
Kima to Preston and Wallace? correct answers Wallace is Kima's client, Preston is Kima's client
In the WB-1 Residential Listing Contract, who has the authority to accompany a home inspector
during a home inspection? correct answers the buyer
The WB-11 Residential Offer to Purchase does NOT have any information at lines 38 and 39.
This means that: correct answers binding acceptance can only occur by delivery to the Party, not
the agent
How must a supervising broker delegate supervision to another broker? correct answers In a
written statement signed by both brokers
When purchasing a condominium the buyer has the right to a copy of the condominium
declaration bylaws within how many days prior to closing? correct answers 15
An offer is written and subsequently rejected. The buyer gave earnest money with the offer.
What would be the proper procedure to return the earnest money? correct answers can be
returned to the buyer
A borrower is obtaining an adjustable rate loan where the initial rate is fixed for three years.
After the initial period, the loan will adjust every six months. What is the borrower's initial
principal and interest payment is based upon? correct answers The interest rate at which the
ARM is originated
Jimmy and Sara, a married couple, are selling their primary residence. Both Jimmy and Sara
must sign all of the following EXCEPT: correct answers the listing contract
A selling agent has given the buyer information on the real estate market and suggested a
purchase price for the buyer's offer. The selling agent has likely created what type of agency with
the buyer? correct answers implied
Most commonly, price-fixing is a violation of: correct answers anti trust
Which of the following transactions must include a real estate condition report? correct answers
A seller selling a duplex that the seller has never lived in
A seller counters a buyer's offer. The buyer rejects the seller's counter and the original period for
binding acceptance has not expired. The seller accepts and delivers the original offer to the
buyer. At this point: correct answers a sales contract does not exist
At what point in the real estate transaction does a buyer receive equitable title? correct answers
When all contingencies have been removed
