Real estate

Two firms split the 6 percent commission on a 73,000 home. The selling salesperson is paid 70 percent of his firms share. The listing salesperson was paid 30 percent of her firms share. How much did the listing salesperson receive?

$657

$1312

$1546

$4383

A house in Wisconsin is sold for $179,500. The buyer has a mortgage for $148,000. How much must the seller pay as a real estate transfer fee when the deed is recorded?

$5,385.00

$4,440.00

$444.00

$538.50

The WB-45

Gives notice of a change to the contract

Does not exist

Cancels the contract

Amends the contract

Which of the following does NOT correctly describe the impact of the Wisconsin Marital Property Act on the rights of the spouse?

The effective date is January 1, 1986.

Each spouse acquires a one-third interest in all marital property.

All property of the spouses is presumed to be marital property unless otherwise classified.

Each spouse has a present undivided one-half interest in each item of marital property.

A licensee receives confidential information from a customer. What is the licensee's disclosure duty regarding the confidential information? Question

The licensee must keep the information confidential with no exception.

The licensee can only disclose the information to other licensees within the company.

The licensee must keep the information confidential unless permitted to disclose the information by the party in writing.

The licensee can only disclose the information to the licensee's client.

You are renting an apartment from a landlord who requires a security deposit. As part of the check-in procedure, the landlord is required to provide you with

No less than three days in which to inspect and document pre-existing conditions.

The amount of damages charged against the previous tenant's security deposit.

The name of the previous tenant.

A description of any physical damage charged against the previous tenant's security deposit.

Has listed A's house with firm C and filled out a Real Estate Condition Report. A subsequently discovers that the roof is leaking on A's home. Which of the following would NOT correctly describe the process by which A must amend the condition report?

A's obligation to amend must be carried out before an offer to purchase is accepted.

A's update may be on an amended condition report.

A's update may take the form of an amended document, accompanied by a copy of the original condition report.

A's obligation to amend must be carried out before closing.

The protected buyer clause in Wisconsin is good for

12 months

3 months

6 months

1 month

Licensee C was making a listing presentation to owner P when P asked about commission rates charged by other firms. C's response should be

"all of the firms charge the rate recommended by local REALTOR® boards.'

"you would have to speak to the other firms to determine their rates."

"firms in this area all charge the same rate.

"all of the firms charge the rate recommended by the Wisconsin Real Estate Examining Board."

An example of a triggering term is

5000 down payment

Affordable payments

Easy payment options

Pay bi-weekly

Principles of value include all of the following EXCEPT

Substitution.

Substantiation.

Highest and best use.

Contribution.

An owner of a time-share

Has the right to use a facility for a fixed or variable time period.

Has the same type of ownership as a cooperative.

Does not acquire an ownership interest.

Has a lease for a fixed or variable period.

You are a Wisconsin real estate salesperson who has been terminated from employment by your firm. You must send a notice of termination to the Wisconsin Department ofSafety and Professional Services within how many days after termination of employment?

The statute of limitations in Wisconsin for filing a fair housing complaint is how many days after the alleged discriminatory housing practice occurs?

180

One year

A comparative market analysis Is prepared by

A seller

A licensee

A buyer

An appraiser

L and M want to change the closing date in their binding offer to purchase. Which of the following forms should they use to change the closing date?

WB-41

WB-40

WB-44

WB-46

A special assessment is used for

Repairing roofs after hail damage.

Paying for village services, such as recycling.

Paying for new sidewalks.

Assessing commercial properties.

The WB-44 is used

When there are multiple counteroffers.

When there is a single counteroffer.

When there are amendments to the offer.

To give notice of a contingency to the contract that has been fulfilled.

Seller R has received offers to purchase from five different buyers. R would like to continue negotiating with all five of the buyers. Which of the following should be used by theseller to counter the five buyers?

A WB-11

A WB-44

A WB-46

WB-41

The taking of private property by the government for the public good is what type of easement?

Personal easement in gross

License

Condemnation

Necessity

Which of the following sources of income involve a private party as lender?

Primary mortgage market

Credit unions

Secondary mortgage market

Seller financing

Which of the following State of Wisconsin entities handles the interest earned on a client tunds account?

Department of Revenue

Department of Administration

Department of Safety and Professional Services

Real Estate Examining Board

Which of the following would NOT be an acceptable practice for a real estate licensee?

A licensee may alter an approved exclusive right-to-sell listing contract to create a net listing.

A licensee may alter an approved exclusive right-to-sell listing contract to create an open listing.

A licensee may not make a separate charge for preparing an offer to purchase in connection with a transaction.

A licensee must use approved forms when acting as an agent in a real estate transaction.

Which of the following forms would require sellers to sign twice in order for the contract to become binding?

WB-41

WB-46

WB-44

WB-40

A licensee may use a pre-prepared addendum, which supplants or alters the printed provisions of the approved form, if

There are blanks in the addendum for the client to complete.

There are optional or multiple-choice provisions in the addendum.

The addendum is prepared as a separate document and does not relate to the approved form.

The addendum is drafted by an attorney who is identified in the addendum.

Which of the following persons must have a real estate broker's license in order to transact business?

A woman who negotiates the sale of entire businesses, including their stock, equipment, and buildings, for a promised fee

A man, superintendent of a large apartment building, who shows apartments to prospective tenants as part of his regular duties

A woman who has her father's written authority to negotiate the sale of and convey a residence that he owns

A man who owns a six-unit building and personally manages it, collects rent, and shows apartments to prospective tenants

Automatic extension clauses are

Considered a standard lease provision.

Valid with any notice to the tenant.

Enforceable if the landlord gives the tenant at least a 60-day reminder notice of the provision.

Enforceable if the landlord gives the tenant at least a 15-day reminder notice of the provision.

RESPA

Disclosures must be furnished within 10 days of applying for a federally related mortgage loan.

Governs transactions between firms and clients.

Allows illegal payments in return for the furnishing of clients and/or business during the closing process.

Requires that certain disclosures be given to consumers at various times.

Which of the following types of information would NOT be required for a WB-11 to be valid?

Identification of the parties

Signed by all parties

Identification of the land

Identification of the earnest money to be paid

Title insurance

Is retrospective.

Is prospective.

Does not show recorded mortgages.

Covers all real estate title issues.

X has an accepted offer on a property. X has

Legal title

Equitable title

Abstract of title

Title insurance

All of the following are required to inform owners of lead-based paint laws EXCEPT

Listing agents compensated only by the seller.

Buyer's agents compensated by the seller.

Buyer's agents compensated only by the buyer.

Listing firms compensated by the buyer.

In Wisconsin, licensees may use forms prepared or approved by the Wisconsin

Real Estate License Law.

Real Estate Board.

Department of Safety and Professional Services.

Department of Natural Resources.

A listing contract that does not include the commission to be paid to the firm is

Unenforceable.

Legal

Invalid

Contingent

In order to be licensed as a real estate broker in the state of Wisconsin, how many hours of prelicensing education is required?

150

144

108

According to the WB-1, the listing firm's commission or a portion thereof will not be earned if

A wife is required by a divorce judgment to convey her interest to her husband.

The seller exchanges an interest in part of her property to another person during the terms of the listing.

Four brothers decide to buy out the other two brothers' ownership interest in the property.

A limited liability company owns a listed property and one of the LLC members sells his ownership interest to a friend.

Real estate taxes are prorated through

The day of closing

The second day after closing

The day prior to closing

The day after closing

UCC forms are normally used in which type of transaction

Commercial

Condominiums

Duplexes

Residential

Condominiums which have no more than 12 units are called

Apartment complexes

Small condominiums

No association condominiums

Limited common elements

A licensee who has an ownership interest in rental property

Must place security deposits in a real estate trust account.

Can place funds in a personal account in the name of the licensee.

Must place security deposits into a firm savings account.

Can place the funds in a personal account at any time.

Limited exclusion properties under the WB-36

Are valid for one year after the agreement expires.

Include an expiration date.

Cannot include a price range.

Must include a separate notice to the seller.

A tennis court in a condominium complex is an example of

A limited common element

A condominium association.

A condominium unit.

A common element

A town in northern Wisconsin has no persons with disabilities that live there. Based on this information, the town

Can exempt landlords from disability laws.

Can charge fines for housing discrimination that are less than state law.

Cannot pass ordinances that discriminate against persons with disabilities.

Cannot file a complaint asking for a temporary injunction.

A city in Wisconsin decides to make college students a protected class. The city

Is in violation of state fair housing laws.

Cannot do this because then all college students are protected in the state.

Cannot include more protected classes than state law allows.

Is allowed to have additional protected classes.

All licensees are required to inform the owners of their responsibilities under the lead-based paint laws EXCEPT

Seller's agents compensated by the buyer.

Seller's agents compensated only by the seller.

Buyer's agents compensated only by the seller.

Buyer's agents compensated only by the buyer.

When must a licensee provide a written disclosure statement to a client?

When the licensee receives a written inquiry

When property is posted on the MLS

Prior to providing brokerage services

At the first open house of the property

Payment of a commission, in any form, to a person who is not a licensee is called

Professional practice.

Redlining.

Fee splitting.

Steering

A property is assessed at $225,000 with a mill rate of 42. What are the property taxes?

9400

9450

8400

9030

Every contract to pay a commission to a real estate licensee for selling or buyer real estate must include all of the following EXCEPT

Expiration date

Price

Fair housing disclosure

Property description

State licensing laws require which of the following if a firm represents two principals in the same transaction?

Oral disclosure and consent

Written disclosure and consent

Consent and implied agency

Written disclosure and implied agency

Licensees shall not

Discuss terms of an offer with a client

Market properties through the MLS

Encourage a client to sign a agency agreement

Discourage any person from retaining an attorney.

A licensee

Can provide legal advice if the client gives written approval.

Cannot charge a separate fee for completing an approved form for a client.

Can alter the format of an approved form if an addendum is used.

Can add additional lines to an approved form if an addendum is used.

No firm or licensee associated with a firm may negotiate on behalf of a party who is not the firm's client unless the party is provided with

Information about the property.

A written disclosure statement.

Written disclosure of previous offers.

Information about taxes and school.

A small condominium is defined as having

Less than 12 occupied units.

No more than 12 occupied units.

Less than 12 units.

No more than 12 units.

When licensees perform an inspection of a property, how must the inspection must be performed?

By someone who agrees with the appraisal

Reasonably competently and diligently

Thoroughly and diligently

By a licensed home inspector

What is the purpose of providing auxiliary aids to persons with disabilities?

To ensure effective communications to clients and customers

To make sure persons with disabilities buy property

To ensure that young children understand what is happening

To make sure persons with disabilities sign agency agreements

Brokers can use forms prepared and approved by all of the following EXCEPT

A governmental agency.

The State Bar of Wisconsin.

The DSPS.

Parties or a title company.

If a firm changes the name of the business, how many days does the firm have to report this change to the DSPS?

10 bus days

30 days

30 bus days

10 days

Security deposits must be returned to a tenant within how many days after the end of a lease?

10 days

10 business days

21 business days

21 days

According to the WB-1, a list of protected buyers under a prior listing contract must be delivered within how many days of the date of the listing with the seller?

Seven business

Seven days

Three business

Three days

Security agreements

Are considered part of the real estate.

Do not appear on a title report.

Create a lien on personal property.

Are not recorded

Examples of auxiliary aids include all of the following EXCEPT

Qualified interpreters.

Telephone handset amplifiers.

Written materials.

Binding acceptance occurs when

Buyer and seller have signed an offer, and it is delivered back to the buyer.

Financing is procured.

A closing date and place are determined.

All buyers/sellers have signed a copy of the offer.

According to the WB-13, the closing is to be held (unless otherwise agreed)

Within 30 days of an accepted offer.

At the place selected by seller.

Within 30 days of binding acceptance.

At the buyer's lender.

Housing intended for older persons must

Be occupied by entire families to be exempt from fair housing laws.

Allow grandchildren and other relatives under 55 to live there.

Have 90% of the units occupied by at least one person 55 or older.

Have 80% of the units occupied by at least one person 55 or older.

Counteroffers

Work like the WB-40.

Can only be presented by a seller.

Can only be presented by a buyer.

Must be signed by both parties to be accepted.

Landlords are required to

Use a check in sheet

Use a check out sheet

Disclose security deposits charged to other tenets

Use both check in and check out sheets

If a buyer authorizes a firm to seek payment of commission from the seller or the listing firm, this must be done

By prior written agreement between the parties.

By prior oral agreement between the parties.

In the offer to purchase.

In the listing contract.

Whose responsibility is it to report a change of address?

Firm

Personal assistant

Licensee

Supervising broker

The REEB is responsible to do all of the foliowing EXCEPT

Making findings

Conduct investigations

Hold hearings

Hold jury trials

According to the inspection contingency on the WB-11, the inspector must be

Licensed in any state

Qualified and one of the parties

Independent and a business person

Qualified and independant

Pursuant to the WB-13, annual crops are considered

Part of the purchase price

Seekers read property

Personal property

Part of the financing contingency

Firm personal funds and trust account funds

Can always be placed in the same account.

Cannot comingle if the money is received by check.

Can comingle as long as personal funds are no greater than $400.

Cannot commingle

The obligation to furnish copies and maintain records applies to

All parties in the transaction

Buyers agents only

Sellers agents only

All licensees

Once a notice relating to offer to purchase is delivered, it

Can be withdrawn by the licensee.

Terminates the transaction.

Withdraws the original offer.

Placing a client's interests ahead of the firm's interests is a duty to

The general public

Clients and customers

Customers

Clients

A licensee receives three offers on a property. One of these offers is significantly lower than the rest. The licenses

Cannot withhold any written proposals.

Can withhold the offer because it is too low.

Is allowed to deliver just the highest offer.

A written contract for commission applies to leases

Of three years or more

For commercial properties

With five or more tenants

That cannot be performed within one year

Landlords must make reasonable accommodations to persons with disabilities unless the accommodations

Is for a tenant instead of a potential buyer.

Is for a buyer instead of a potential tenant.

Impose an undue hardship on the owner.

Cost money the landlord was not intending to spend.

Whose name must appear on a form drafted by a party or an attorney?

The firms

The drafters

The salespersons

The brokers

Which of the following is included in the list price pursuant to the WB-4 that is NOT necessarily included in the list price pursuant to the WB-1?

Seller's interests in any common surplus/reserves

Buyer's interests in any fixtures

Buyer's interests in any common surplus/reserves

Seller's interests in any fixtures

Licensees are required to disclose

That a murder occurred in a property.

That a sex offender lives a block away from a property.

A nursing home located near a property.

Information that conflicts with a written home inspection report.

A buyer receives a home inspection report which states that the roof leaks. The seller indicates that the roof has never leaked, and the agent for the seller does a separate inspection which states that the roof does not leak. What should the seller's agent do?

Report the first inspector to the authorities

Hire another inspector for a third opinion

Disclose this fact which contradicts the first inspection report

A licensee is convicted of kidnapping. This is

A side agreement

A failure to cooperate with the DSPS

A failure to cooperate with the REEB.

A violation of statute.

For a counteroffer to be valid

It must be withdrawn and presented again.

The offer must first be rejected.

All contingencies must be satisfied.

It must not include the date of the original offer.

A firm would not be allowed to hold which of the following items of value?

Money order

Personal check

Diamond ring

Certified funds

If parties to a transaction agreed to change the location of the closing, they would use the

WB-11

WB-14

WB-40

WB-41

The period during which a firm must keep exact and complete copies of all documents and correspondence received in a real estate transaction

Begins when the listing contract is signed.

Does not apply if the transaction does not close.

Applies only to sellers' agents.

Runs from the date of closing.

A licensee wants to represent a family member in a transaction. This information

Is not a conflict of interest.

Must include prior written consent of all parties.

Must be disclosed at closing.

Is not important to anyone in the transaction as long as the price is fair.

When a licensee associated with a firm advertises a rental property owned by the licensee,

The name of the firm must be disclosed.

The supervision of a firm is required.

No disclosures are necessary.

Licensed status must be disclosed.

Licensees

Do not have to engage competent home inspectors.

Must have the knowledge of competent home inspectors.

Do not have to inspect a property in any way.

Must explain home inspection rules to clients.

A buyer's agency agreement with a firm is an example of

General agency.

Implied agency.

Special agency.

Horizontal agency.

If a licensee wants to avoid liability regarding the sex offender registry, what kind of notice must be given?

Amendment to the offer to purchase

Written notice

Notarized statement

Oral and written notice

If a licensee works with a potential buyer and provides services that an agent would provide to a client,

Express agency exists.

Implied agency might exist.

An agency relationship exists.

The licensee is due a commission.

A licensee wants to refer a client to a friend who is a lender. To do this, when must the parties agree to the referral?

Once the lending documents are submitted

Within 10 days of signing the agency agreement

Prior to the referral

Within 5 days of closing

Opening of panels, doors, or covers for access to mechanical systems is

Not required for an inspection by a licensee.

Encouraged of all licensees.

Important to discover material adverse facts.

Important to discover material facts.

If a seller receives more than one offer on a property, each counterproposal

Is binding once received by the buyer.

Must have the same terms.

Can have different terms.

Must be presented at the same time.

When does adverse possession occur?

If the use of the land is deeded to the adverse possessor for a period

If the use of the land is expressly permitted by the land owner

If the use of the land is actual and open

If the use of the land is provided for in a deed

An amendment to an offer to purchase is signed by

All parties to a transaction.

Buyer only

Seller only

Licensee and supervising broker.

How soon must a licensee inform a client whether another party has accepted an offer?

Within 10 business days

Promptly

Anytime before closing

Within 5 business days

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