When negotiating on behalf of a party to a transaction a licensee would do any of the following, except? Acting, whether directly or indirectly, as an intermediary by facilitating or participating in communications between parties related to the parties' interests in a transaction. In this paragraph, providing advice or opinions on matters that are material to a transaction in which a person is engaged or intends to engage or showing a party real estate does not, in and of itself, constitute acting as an intermediary by facilitating or participating in communications between parties. Completing, when requested by a party, appropriate board-approved forms or other writings to document the party's proposal consistent with the party's instruction. Presenting to a party the proposals of other parties to the transaction and giving the party a general explanation of the provisions of the proposal. Disclose that the property was the site of a specific act or occurrence, if the act or occurrence had no effect on the physical condition of the property or any structures located on the property.

A buyer is taking ownership of a home from biding at an open auction run by the Kenosha County Sheriff’s Department. The Title to the real estate was most likely conveyed by a: Warranty Deed Quitclaim Deed Sheriff’s Deed Special Warranty Deed

Which clause allows the entire loan balance due if a borrower defaults on a payment? Payment Default Clause Escalation Clause Prepayment Penalty Clause Acceleration Clause

A listing firm may engage other firms to assist the listing firm in providing brokerage services for your benefit. This practice where the other firm and its agents will not put their own interests ahead of the seller’s interests is known as: Multiple representation Subagency Designated Agency Material Adverse Fact

When would an amendment to the offer to purchase be completed? Prior to acceptance of an offer Prior to the offer being accepted Once a change must be agreed to after acceptance of the offer While negotiating a price change before acceptance

The EPA recommends remediation of radon when the radon levels are at or above: 2.0 picoCuries per liter (pCi/L) 4.0 picoCuries per liter (pCi/L) 5.5 picoCuries per liter (pCi/L) 6.0 picoCuries per liter (pCi/L)

The vacant land disclosure report includes all the following except: Environmental Land Use Structural and Mechanical Taxes, Special Assessments, Permits, Etc.

Homeowner’s associations participation is mandatory for a specific condominium a buyer is interested in that has a shared private well and requires the payment of ___________________ by each owner. Property Taxes Association Dues Sprinkler System Fees Property Water Bills

According to the Occupancy provision set forth in the WB-1- Residential Listing Contract, the Seller should do all of the following when selling a single-family home to a new owner who will be living at the home, except for: Give buyer occupancy of the property at closing. Leave property in Broom Swept condition Remove all personal property Leave any unwanted items for the buyer

Mortgages that are originated with the intent to be sold on the secondary mortgage market could be sold to: Federal Reserve Fannie Mae FDIC FEMA

All of the following provisions would void a Rental/Lease agreement except for? Allow the landlord to increase rent, decrease services, evict, refuse to renew a rental agreement, or threaten to do so because the tenant contacted law enforcement, health services or safety services. Holds the landlord harmless from any liability or responsibility for property damage or personal injury caused by a landlord’s negligent acts or omissions. Allow the landlord to charge late fees to the tenants once a specific grace period has ended. Allow the landlord to surrender their duties to maintain the premises and deliver save and habitable housing.

Association fees must be disclosed in the Residential Condominium Listing Contract – Exclusive Right to Sell. Which line(s) of the agreement include the association fee information? Line 22 Line 24 Line 21 Lines 38 & 39

A licensee must renew their license every: 7 Year 2 years 3 years 5 years

A firm must do all the following except: Review all documents prior to closing to ensure all documents were completed accurately and without errors. Retain and keep safe all documents and records relating to transactions submitted to the firm. Delegate the duty of a supervising broker to an unlicensed personal assistant. Provide licensees with reasonable access to a supervising broker for the purpose of consulting regarding real estate practice issues.

In doing a comparative market analysis the licensee will use ___________________ and ___________________ proprieties to provide their opinion on the price of the home. Recently listed & Recently Sold Currently Listed & Recently Sold Recently Accepted Offers & Recently Sold Current Listings & Withdrawn

In accordance with the Americans with Disabilities Act, a place of public accommodation includes: One to four residential units All residential units A retail-store Only properties built after 1988

An insurance policy that indemnifies an owner for defects in title. Errors & Omissions Insurance Umbrella Policy Home Warranty Policy Title Insurance

The seller listed it for $155,000.00 and received for the list price. The listing agreement shows a listing commission rate of 5.0% and a co-brokerage split of 2.0%. The Selling Broker’s commission is $3,100.00. The Selling broker has an agreed agent split rate of 50%. What is the final amount the selling agent will receive after closing? $1,550.00 $4,650.00 $3,100.00 $2,325.00

The buyer is ordering flooring for their home they have an accepted offer on but realized they do not have the measurements for one of the bedrooms. They ask the agent to verify the square footage of the master bedroom. The agent rushes over and learns the width of the room is 16' and the length of the room is 25'. What square footage does the agent provide? 350 sq ft 400 sq ft 376 sq ft 415 sq ft

A ___________________ would be used to change the terms of an offer ___________________. WB-44 Counter-Offer & has been accepted WB-44 Counter-Offer & not yet accepted WB-44 Counter-Offer & that is still pending WB-46 Multiple Counter Proposal & that is still pending

Which of the following offers to purchase has a proposed use contingency that would possibly be included in the offer to purchase? WB-11 – Residential Offer to Purchase WB-13 – Vacant Land Offer to Purchase WB-14 – Residential Condominium Offer to Purchase WB-40 – Amendment to Offer to Purchase

The name of the form that is used to create a legally binding contract between the buyer and the seller for the purchase of a single-family home in Wisconsin. WB-1 – Residential Listing Agreement Exclusive Right to Sell WB-11 – Residential Offer to Purchase WB-25 – Bill of Sale WB-14 – Residential Condominium Offer to Purchase

Which of the following form is used to leave all prior terms and conditions the same as stated in a Offer to Purchase except for specific items stated in the form: WB-41 – Notice Relating to Offer to Purchase WB-44 – Counter-Offer WB-40 – Amendment to Offer to Purchase WB-1 – Residential Listing Contract

A commission is earned when a seller, agent or firm does the following except: A ready, willing and able buyer submits a bona fide written offer to Seller or Firm for the property at, or above, the list price and on substantially the same terms set forth in the listing and the current WB-11 Residential Offer to Purchase, even if the seller does not accept the buyer’s offer. One seller of the property sells, conveys, exchanges or options, an interest in all or any part of the property to another owner. Seller sells or accepts an offer which creates an enforceable contract for the sale of all or any part of the property. The seller grants an option for right of first refusal for the property and that option for the right of refusal is accepted.

The WB-36 Buyer Agency/Tenant Representation Agreement provides for the following, except: Agent to Locate an Interest in Property for the client Negotiate the Acquisition of an Interest in Property for Client Gives the Firm and its agents the exclusive right to act as Buyer's Agent Allows the Client to enter into another agreement to retain another buyer’s agent(s)

This Offer shall be null and void if Buyer makes timely delivery of the Notice of Defects and written inspection report(s) and: The buyer selected “shall” have the RIGHT TO CURE in the offer to purchase The buyer selected “shall not” have the RIGHT TO CURE in the offer to purchase The buyer selected “shall not” have the RIGHT TO CURE in the offer to purchase and seller delivers written notice that seller will not cure The buyer selected “shall not” have the RIGHT TO CURE in the offer to purchase and will cure the Defects in a good and workmanlike manner

When would the seller have to provide the buyer with the condominium disclosure materials: Within 10 days prior to acceptance. Within 15 days prior to closing. Within 10 days of acceptance of offer but no later than 15 days prior to closing. Within 15 days of acceptance of offer but no later than 10 days prior to closing.

All down payments, earnest money deposits or other money related to a conveyance of real estate that is received by a broker, salesperson, or time-share salesperson on behalf of the broker's, salesperson's or time-share salesperson's principal or any other person shall be deposited within 48 hours into: Non-Interest-Bearing Real Estate Trust Account Interest-Bearing Real Estate Trust Account Individual Retirement Account Landlord Bank Account

Persuading someone to sell by telling her or him that minorities are moving into the neighborhood is illegal and is called: Steering Puffing Blockbusting Redlining

Which one of the following classes are only protected under the Wisconsin Fair Housing law and not Federal Fair Housing laws? Race Sex Lawful Source of Income Color

Which Lines of the WB-11 Residential Offer to Purchase would you refer a customer to if they asked about Sex Offenders in the area of a house they were making an offer on? Lines 453 to 455 Lines 465 to 467 Lines 510 to 512 Lines 568 to 570

If the property is leased, and that lease will extend beyond closing, what must the seller assign to the buyer when they close. Assign the sellers rights to the buyer Transfer all security deposits Transfer all Prepaid rents All the above

The same firm may represent the buyer & the seller, but the firm must remain neutral regardless if one or more agents is involved is: Multiple representation with designated agency Multiple representation without designated agency Rejection of multiple representation relationship Multiple representation without pants

A firm shall provide to a client a copy of which written disclosure statement not later than the time the firm enters into an agency agreement with the client: Disclosure to Customer Disclosure to Subagent Disclosure to Client Real Estate Condition Report

Tenants in Common do not have the right ___________________ . Survivorship Undivided Interest Equal Possession Get Married

A home is listed on the MLS Co-broker Offering is 2.4%. The seller listed it for $120,000.00 and received for the list price. The listing agreement shows a listing commission rate of 5.50%. How much will the Listing Broker’s commission be if they have an agreed split to receive 40% of all commissions the listing agent brings in? $1,728.00 $2,880.00 $1,488.00 $1,152.00

A licensee associated with a firm shall submit documents and records related to transactions that are utilized, prepared, or receive by the licensee to the firm: within ten days within 15 days in a timely manner two weeks from closing

A ___________________ transfers ownership from the existing owner to the buyer. Title Policy Short Sale Deed Security Agreement

An insurance premium that a borrower would have to pay due to the increased risk a lender has by providing them with a loan with a loan-to-value that is above 80% on a conventional mortgage is known as: Mortgage Insurance Premium Primary Mortgage Instrument Mortgage Insurance Payments Private Mortgage Insurance

The duty to protect your confidentiality, to safeguard trust funds, and when negotiating, to present contract proposals in an objective and unbiased manner disclosing the advantages and disadvantages of the proposals are all part of: Disclosure to Customer Disclosure to Client Real Estate Condition Report Disclosures Multiple Representation Relationships and Designated Agency

The seller was unhappy with the fact that buyer wants to back out of the transaction and tells the listing agent they want to continue with the sale. The listing agent advises that the buyers sent over a cancellation and mutual release. The listing agent said that if the seller doesn’t sign the cancellation and mutual release then they could take the buyer to court and force them to purchase the house. Were the listing agent’s actions: Entailed providing legal advice and would be considered unauthorized practice of law Entailed providing legal advice and was within the realm of the duties owed under WI Ch. 452 Didn’t constitute legal advice and was within the realm of the duties owed under WI Ch. 452 Didn’t constitute legal advice and wouldn’t be considered unauthorized practice of law

The ___________________ is meant to protect a buyer in the case where a lien appears between closing and the date the deed is recorded with the Register of Deeds. GAP Endorsement Insurance Title Insurance Umbrella Policy Special Warranty Deed

Which of the following is an example of an Adverse Fact? The western basement foundation wall has shifted. The southern basement wall had steel beams installed 13 years ago and there is no evidence of further movement. The eastern basement wall has an egress window installed. The buyer has paid the earnest money even though he had initially said he would not.

The same firm may represent the buyer and the seller for as long as the same Agent does not represent both is: Multiple representation without designated agency Multiple representation with designated agency Multiple representation with immunity Rejection of multiple representation relationships

The closing occurred on June 1st. The estimated property tax for the year is $3,558.75. How much will show up on the closing statement as a debit to the seller for the time they owned the home. (A year is 365 days) $9.75 $2,086.50 $1,472.25 $1,479.80

A landlord may enter the premises without advance notice if all of the following exist except: The tenant requests or consents to the time the landlord plans to enter the dwelling unit A health or safety emergency exists The tenant is absent, and the landlord reasonably believes that entry is necessary to preserve or protect the premises The tenant is absent, but the landlord wants to check to make sure the carpet is still intact and unstained

If nothing is stricken in lines 60 & 61 of the WB -11 Residential Offer to Purchase which option is automatically selected: Drafting Firm Selling Firm Seller Listing Firm

When working with a licensee the seller decided that they felt better being represented by an agent separate from any licensees that are part of the same brokerage. The option the seller is selecting is known as: Multiple representation without designated agency Multiple representation with designated agency Multiple representation with immunity Rejection of multiple representation relationships

A point where additional updates/upgrades to the real estate will fail to increase the overall value of the real estate is known as: Progression Diminishing Returns Supply & Demand Regression

Lines 12 to 16 of the WB-36 Buyer Agency/Tenant Representation Agreement relate to: The initial search parameters for the firm. The exclusions of specific houses from the search. The amount of the earnest money needed for an offer. The amount of the down payment the buyer wants to use.

Which of the following would be an example of a deed restriction? Closing Date Requirements House Color Tax Rate Loan Type

In a planned unit development, a seller has ownership of ___________________ unlike condominiums where they would own ___________________. The unit; the home & lot the home; the unit & lot the home & lot, the common areas the home & lot; the unit

A sale completed on a home located in Somers Township in May for $196,000.00. In December a new property tax bill will be sent out letting the new owner know what is owed. The township assessed the value of the property at $176,000.00. The mill rate was used to calculate property taxes was 9.1%, which was an increase from 8.7% from the prior year. What will the total property taxes owed for this year be? $17,836.00 $15,312.00 $16,016.00 $17,052.00

No licensee may provide brokerage services on behalf of a firm unless which of the following apply: The licensee is not associated with the firm. The broker is associated with a firm and engaged in independent real estate practice  The licensee is associated with the firm and has notified the department that the licensee is associated with the firm. The licensee is associated with a firm and hasn’t notified the department that the licensee is associated with the firm.

An agent presents a home for sale on 5th Ave with a sign in the yard. The agent does not have an agency agreement with the owner of the home. As potential buyers contact the agent, they inform the potential buyers that another home is available that will fit their needs better. This is known as: Puffing Bait and Switch Advertising Block Busting Usury

In a WB-1, WB-11 and WB36 what delivery option is always included in every contract? Fax Commercial Personal USPS

All the following are a component of a licensee’s fiduciary duties except for: Obedience Commission Splits Loyalty Disclosures

In an account that a brokerage has to hold client funds, any interest that is earned is paid to: The County of Kenosha The Firm The Department of the Interior The Department of Administration of Wisconsin

Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction is known as: Pattern of sales Material adverse fact Adverse fact Qualified third party

The name of the form that is used to create a legally binding contract between the buyer and the seller for the purchase of a Condo in Wisconsin is: WB-1 – Residential Listing Agreement Exclusive Right to Sell WB-11 – Residential Offer to Purchase WB-25 – Bill of Sale WB-14 – Residential Condominium Offer to Purchase

Which of the following is protected by the Federal Fair Housing Act? Sexual Orientation Age Marital Status Family Status

An interest-bearing trust account is required when holding: Firm Funds Client Funds Brokerage Commissions Appurtenances

A buyer wanted to advise the seller that they were going to be removing the Closing of Buyer’s Property Contingency & Bump Clause from the Offer to Purchase they would deliver: WB-45 – Cancellation Agreement and Mutual Release WB-44 – Counter-Offer WB-41 – Notice Relating to Offer to Purchase WB-36 – Buyer Agency Agreement

When representing a client, a licensee will not do any of the following except: Place their interests ahead of the interests of the client.  Fulfill any unlawful requests that are within the scope of the agency agreement. Refuse to provide accurate information about market conditions within a reasonable time when requested. Present contract proposals in a subjective and biased manner.

Any and all referral type fees that are earned by a licensee must be paid to: The licensee directly The licensee’s broker The selling licensee only The licensee’s accountant

A licensee who is working with a customer trying to find a home for them to purchase may turn them into the customer into a client by: Telling the buyers, they must work with that licensee since they showed them a home. Having the buyers tell the licensee that they want to work with them. Having the buyers and the agent sign an expressed Buyer Agency Agreement Having the buyers sign a Disclosure to Customer form.

Loans made without government guarantees or insurance are seen as conventional loans. These conventional loans often have higher down payment and a lower ___________________. Mortgage Insurance Premium Loan-to-Value Ratio Interest Rate Private Mortgage Insurance

Public Controls based on state, county, and municipal governments restrictions which are enforceable under: Deed Restrictions Police Powers Homeowners Associations Laches

A licensee must disclose the ___________________ in all advertisements. known issues with the home brokerage name they are associated with number of children living in the home number of people living in the home

Personal property may not be exchanged as part of the real estate transaction, what must be used to exchange personal property? Real Estate Condition Report Cash Register Receipt Billing Notice Bill of Sale

When must a Disclosure to Customer be completed? When the broker & the buyer enter a buyer agency agreement When the broker & the seller enter an exclusive right to sell listing agreement When buyer the broker is representing has made an offer on a property that is not listed in the MLS When an agency agreement is not entered

Per the WB-14 Residential Condominium Offer to Purchase one-time fee that may have to be paid because of a purchase of a condominium is known as: Association Fee Unit Transfer Fee Storage Unit Fee Transfer Tax

How many days does the buyer of a condominium unit have to rescind the offer to purchase for not receiving all required disclosure documents per the Condominium Offer to Purchase the seller accepted? 5 calendar days 5 business days 10 calendar days 7 business days

A HVAC professional installs a new furnace into a home that is listed for sale. If the seller does not pay for the installation, the HVAC professional could file a/an: Tax Lien Mechanic’s Lien Closing Date Forbearance Grace Period Waiver

When someone uses another’s land or portion of their land for a specific purpose is known as? Restrictive Covenant Easement Lien Mortgage

The licensee’s involved with a customer or client are required to do all of the following except: The duty to protect your confidentiality The duty to exercise reasonable skill and care in providing brokerage services to you. The duty to disclose all possible issues known to the licensee no matter the scope or magnitude of the issue. The duty to disclose to you in writing certain material adverse facts about a property unless disclosure of the information is prohibited by law.

Which Statement about Veterans Affairs (VA) mortgages is FALSE? It does not require mortgage insurance It does not require a down payment It does not have a maximum debt ratio It does not have stricter appraisal process guidelines

The probable price a willing, informed buyer would pay to a willing, informed seller is known as: Assessed Value Appraised Value Market Value Construction Value

If lines 589 of the WB-11 Residential Offer to Purchase are initialed which of the following situations applies: The offer was countered The offer was accepted The offer has contingencies The offer was postponed

A material adverse fact is defined as which of the following: Your firm may, with your authorization in the agency agreement, engage other firms (subagent firms) to assist your firm by providing brokerage services for your benefit. A subagent firm and the agents associated with the subagent firm will not put their own interests ahead of your interests. A subagent firm will not, unless required by law, provide advice or opinions to other parties if doing so is contrary to your interests. An Adverse Fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or affects or would affect the party's decision about the terms of such a contract or agreement. An item of property which is physically attached to or so closely associated with land or buildings so as to be treated as part of the real estate, including, without limitation, physically attached items not easily removable without damage to the premises, items specifically adapted to the premises Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction

Which forms may a licensee use in a real estate transaction? Board Approved Forms Addendum created by an Agent Real Estate sales contract from Alaska Contract drafted by a seller

If a licensee represents which of the following it must be disclosed in writing to all parties to the transaction: The licensee’s great aunt condominium The licensee’s father’s property that was sold two years ago The licensee’s sister multi-unit building The licensee’s brother-in-law’s mother

A month-to-month lease is considered a/an: Periodic Tenancy Estate for Years Life Estate Fee Simple Estate

Any person engaging in the selling or buying of any real estate shall need to be come licensed if a pattern of sales is created equal to: 5 sales in one year or 10 sales in 5 years 1 sale in 5 years or 10 sales in one year 4 sales in 4 years or one sale per year for 4 years 1 sale in 5 years or 5 sales in 10 years

The WB-13 Vacant Land Offer to Purchase is different from the WB -11 Residential Offer to Purchase in that: FIRPTA doesn’t apply to vacant land purchases There is no notice regarding Sex Offenders for vacant land purchases Inspections are only permitted during the first 15 days of a contract A contingency may used to ensure access is available to a public roadway

Lead paint is a hazard when it is: A known & reported issue Ingested Disclosed Painted Over

Fair presentation of written proposals includes all the following except: Licensees shall present all written proposals in an objective and unbiased manner to their clients and customers. Licensees shall inform their clients and customers of the advantages and disadvantages of all submitted written proposals. A licensee shall withhold any written proposal from presentation pending the party's action on a written proposal previously presented unless the presentation would be contrary to specific written instructions from the licensee's client or customer. A licensee shall promptly present all written proposals received to the licensee's client or customer unless the presentation would be contrary to specific written instructions from the licensee's client or customer.

A type of listing agreement that allows the seller to locate a buyer on their own and if they do, the seller would not pay any commission to the listing agent is known: Exclusive Agency Agreement Exclusive Right to Sell Agreement Open Listing Net Listing

Once a licensee is made aware of one or more issues or defects with a property, the licensee: Shall ignore it and move on with the transaction Shall disclose the information to all parties in the transaction in writing in a timely fashion Shall email all parties involved in the transaction Shall hire a third-party investigator to inspect the issues or defects

Which of the following disclosers is not required when purchasing a condominium? Projected annual operating budget for the Condominium including reasonable details concerning the estimated monthly payments by the purchaser for assessments and other monthly charges. General description of any contemplated expansion of Condominium including each stage of expansion and the maximum number of Units that can be added to the Condominium The association summary report Proposed or existing Declaration, bylaws and any rules or regulations, and an index of the contents

A licensee was in the middle of a transaction and needed assistance from the broker with the transaction. The licensee contacted the broker at 11:30 am on a Sunday. It was a busy Sunday for the broker and he was out with some friends for a morning bike ride, then immediately left to go pick up his mother and bring her shopping at several stores, had to make food for the entire family and then bring his brother to the store for some additional shopping. The broker later called the agent back at approximately 7:30 PM to discuss their issue. The Broker: acted appropriately within the provisions of the law because the delay was reasonable. acted inappropriately within the provisions of the law because it was an unreasonable delay. acted appropriately within the provisions of the law because the law doesn’t indicate any specific hours, they must be available at. didn’t act appropriately with the provisions of the law because the delay was reasonable.

If a buyer is interested in a house so they submitted a mortgage application to her mortgage broker. The broker must then provide the buyer with a/an: Loan estimate and Closing Disclosure Self-disclosure agreement Option contract and buyer representation agreement Checklist and information necessary to fulfill the entire loan

A licensee is not permitted to provide a ___________________ when a prior client told a friend to user them for brokerage services. Origination Fee Referral Fee ATM Fee Home Warranty Fee

A qualified mortgage is one that meets all the following requirements except: Amortized over no more than 30 years Insured by FHA or HUD Balloon payments are not allowed Must include Private Mortgage Insurance

Lines 217 to 254 of the WB-4 Residential Condominium Listing Contract – Exclusive Right to Sell are in reference to: Seller Cooperation with Marketing Efforts Fair Housing Condominium Disclosure Materials Right of First Refusal

A property has a variety of liens against it. Which of the following deeds would give the grantee the greatest protections against the existing liens on the property? Sheriff’s Deed Quitclaim Deed Warranty Deed Tax Deed

A licensee shall promptly distribute, to the following persons, exact and complete copies of offers, amendments and counter-offers which have been accepted and signed by all the parties: The seller The buyer and seller The listing and selling broker The buyer, seller, listing broker and selling broker

The rejection of multiple representation relationship means which of the following: No agent from my firm can list a property No agent from ABC Realty can show a property listed by Lover’s Realty. Any worker from Pimco Real Estate, Inc. may not see the property The same firm who listed the property can’t have any of their clients see or make an offer on the listed property

A licensee is being represented by Shannyn. Shannyn has helped them see multiple homes. Their preapproval is for $250,000. In the buyer agency agreement, the buyer indicated that the same firm may represent them and the other party as long as the same agent was not representing both of the clients of the firm. Bryan listed a home this morning for $245,000. Shannyn felt that his new listing may be a great option for her buyer. Shannyn reached out to Bryan to see if they could get into the listing that afternoon. The broker while reviewing both agency agreements discovered that the seller had selected that their licensee must remain neutral regardless of one or more agents being involved in the same transaction. The broker also saw that the buyer was preapproved through TruStone Credit Union. The broker has found that the representation must now be: Multiple representation with designated agency Multiple representation with immunity Multiple representation without designated agency Rejection of multiple representation relationships

A landlord of an apartment building must have each tenant fill out this form because it was built prior to 1978: Pet Restrictions and Fee Policy Offer Addendum S – Lead Based Paint Disclosures and Acknowledgements Addendum L to Lease – Lead Based Paint Disclosures and Acknowledgements Offer to Purchase.

The real estate condition report is used by the ___________________ to disclose potential ___________________ with the property that they are selling. Seller & ideas they have Seller & Defects Buyer & Adverse Facts Seller & Minor Issues

Which of the following WB forms would be utilized if one party was telling another party something that didn’t require both parties to come to an agreement on: WB-41 – Notice Relating to Offer to Purchase WB-44 – Counter-Offer WB-40 – Amendment to Offer to Purchase WB-36 – Buyer Agency Agreement

Private and voluntary restrictions enforceable by those who are subject to the same restrictions is known as: Deed Restrictions Public Controls Restrictive Covenant Laches

A landlord may not do any of the following except: Refuse to rent to someone who is blind Refuse to rent to someone who is in a wheelchair Refuse to rent to someone who has been stalked Refuse to rent to someone who is a known methamphetamine user

The buyer found a house that they loved and made an offer on the home for $350,000.00. The offer was accepted. The seller is then responsible to pay a transfer fee or transfer tax on the sale of the home. Home much is the transfer fee for this transaction? $1,050.00 $1,000.00 $1,150.00 $10,500.00

The buyer agent is able to be represented by a licensee of SENSBIL Realty and the Seller is able to be represented by a licensee of SENSBIL Realty because both clients selected the options within their agency agreements for: Multiple representation with designated agency Multiple representation with immunity Multiple representation without designated agency Rejection of multiple representation relationships

A licensee shall use the board approved forms when: acting as an agent or a party in a real estate or business opportunity transaction. acting badly in a stage play acting as a party in a commercial transaction the licensee is the owner of a property being sold by another firm

Multiple Counter Proposal is used when the seller is trying to: Enter negotiations with one buyer Enter negotiations with 3 buyers Enter negotiations with the listing agent and selling agent Enter negotiations with the foundation expert inspecting the basement

How many years may a licensee have potential legal actions brought against him related to a transaction in real estate? 7 years 5 years 2 years 9 years

An Adverse Fact is something that impacts? Safety of those at a showing Only applies if something happened to the property that impacted its structural integrity Information that indicated a party of the transaction will meet all obligations set forth in the contract None of the above

The buyer got an accepted offer on a home in Brighton for the sale price of $243,900.00. The buyer was planning to put a down payment of $7,317.00. The buyer also brought down their interest rate by two points. The home was listed at $237,000.00 which is where the sellers had hoped the offer would be at. What is the loan to value ratio for this buyer’s mortgage loan? 96.91% 97.00% 98.31% 95.46%

The same firm cannot represent both me and the other the party in the same transaction is: Multiple representation without designated agency Multiple representation with designated agency Multiple representation with immunity Rejection of multiple representation relationships

A licensee receives a call from a potential buyer looking to see a property in a predominately minority neighborhood. The licensee should do which of the following: Show the property as requested Refuses to show them the property, but show them properties in neighborhoods that match their e Show them a property in a predominately Caucasian neighborhood Refer them to another licensee

A licensee, when engaging in real estate practice that involves real estate improved with a structure, shall do all the following except: Conduct a reasonably competent and diligent inspection of accessible areas of the structure and immediately surrounding areas of the property to detect observable, material adverse facts Make inquiries of the seller on the condition of the structure, mechanical systems and other relevant aspects of the property as applicable. May not exaggerate or misrepresent facts in the practice of real estate.  May not allow any third-party experts to inspect the property and improvements

When would a disclosure to client be completed? A buyer who wishes to continue without representation. A buyer customer decides that they want the licensee to sell their existing home. A licensee provides brokerage services. A licensee discloses certain material adverse facts about a property the buyer had made a offer on.

Which option best describes an exclusive-right-to-sell listing? The listing broker will be paid a commission only if the listing agent procures a buyer The agent who procures the buyer will be compensated The listing agent only receives commission if the property sells for a certain amount The listing broker and listing agent will be paid a commission no matter who procures the buyer

After the inspection has been completed the buyer wishes to come to an agreement with the seller on two repairs and some credits for future work that will need to be completed. The selling agent will complete, and the buyer will sign which of the following forms to negotiate the changes to the agreement? WB-41 – Notice Relating to Offer to Purchase WB-44 – Counter-Offer WB-40 – Amendment to Offer to Purchase WB-46 – Multiple Counter Proposal

What is the highest form of ownership? Joint Tenancy Fee Simple Partnership Tenants in Common

A licensee must do all the following except for: Be responsible for discussing with the party with whom the licensee is working with or representing any error communicated to the and the party shall determine whether to request any changes to address the error. Submit to the firm in a timely manner all documents that are executed by the parties and records related to the brokerage services provided on behalf of the firm and transactions that are used or received by the licensee. When the firm is negotiating on behalf of a party, the duty to present contract proposals in a subjective and biased manner and disclose the disadvantages of the proposals. Keep confidential any information given to the firm in confidence, or any information obtained by the firm that the firm knows a reasonable person would want to be kept confidential, unless the information must be disclosed by law.

A firm shall retain all records regarding all real estate transactions for at least ___________________. 7 years 2 years 4 years 5 years

An exception to existing zoning regulations that are permanent is known as: Zoning Variance Rezoning Grandfather Clause Upzoning

Improvements, benefits, trees, water rights, and reasonable air space are all things that are? Personal Property Real Property Appurtenances Easements

No firm, and no licensee associated with a firm, may negotiate on behalf of a party who is not the firm's client unless the firm, or a licensee associated with the firm, provides to the party a copy of the following written disclosure statement: Disclosure to Customer Disclosure to Subagent Disclosure to Client Real Estate Condition Report

A licensee may not disclose information known by the licensee regarding any offer received except that: the seller is willing to accept offers at a price range of $10,000 to $15,000 lower than the ask price. the buyer can afford to spend $20,000 more than the offer price. the offer has a financing contingency that is due in 35 days. the offer is subject to a clause requiring removal of certain contingencies upon the occurrence of an event.

A licensee or firm may not advertise a property on behalf of someone else without: A signed buyer agency agreement A signed offer to purchase A signed listing agreement A signed amendment to the listing agreement

Two managing brokers from different brokerage got together to play golf. During their private round of golf, the two brokers quietly decided to that the commission rates for the two brokerage firms should match. This is an example of: Market Allocation Fee Splitting Price Fixing Group Boycotting

Two agents come together at an after-hours party and start discussing different issues they have been having with other agents. The one agent says that they should just stop working with the agents from C’est La Vie Realty. They shake on it and go on with the rest of their night. What are the two agents participating in at this point? Market Allocation Fee Splitting Price Fixing Group Boycotting

A listing where the seller receives a set amount, and the broker receives anything over that set amount, which is also prohibited in the State of Wisconsin is known as a/an: Exclusive Agency Agreement Exclusive Right to Sell Agreement Open Listing Net Listing

Bill of Sale allows the seller to transfer ownership of: Real Property Seller’s Personal Property Buyer’s Motor Vehicle The AC Unit

An agency agreement may be terminated in all the following ways except: A listing agreement expires A buyer closes on a home An agent decides they no longer want to work with a buyer A seller comes to an agreement with the broker to remove their listing from the market

Tenants in Common are different from Joint Tenants in that: If a Joint Tenant dies his portion goes to his heirs If a Joint Tenant dies his portion is willed to his son If a Joint Tenant dies their portion goes to the surviving Joint Tenants If a Joint Tenant dies their portion is willed to the surviving Joint Tenants

A government-insured loan which has minimum property requirements, permits a lower down payment, requires an upfront insurance premium is known as a/an: Home Equity Loan Conventional Mortgage FHA Mortgage Adjustable-Rate Mortgage

A government-insured loan which has minimum property requirements, permits a lower down payment, requires an upfront insurance premium is known as a/an: Home Equity Loan Conventional Mortgage FHA Mortgage Adjustable-Rate Mortgage

When does the sellers owe the listing agent a commission? Buyer enters into a written contract to acquire an Interest in Property, at any terms and price acceptable to owner and Buyer, regardless of the purchase price range A buyer is ready, willing and able when the buyer submitting the written offer has the ability to complete the buyer’s obligations under the written offer. A ready, willing and able buyer submits a bona fide written offer to Seller or Firm for the Property at, or above, the list price Both B & C

What type of listing did the seller have with the Listing Brokerage? Exclusive Listing Agreement Net Listing Agreement Open Listing Agreement Exclusive Right to Sell Listing Agreement

What is the total commission owed to the Listing Brokerage per the listing agreement? $22,194.00 $11,097.00 $11,043.00 $20,987.00

What year was the home built in? 1985 2012 2020 1976

If the seller checked Yes to D5, what defect is he reporting? Septic system/mount system Presence of asbestos Defects in the roof Presence of underground storage tanks

Line 148 of the Addendum S states which of the following? Lead-Based Paint Inspection Contingency Waives the Lead Based Paint Inspection Contingency Buyer elects to have a lead pipe inspection Lead Paint Notification to the Seller

What duties do you owe to your clients in a transaction: Fair and Honestly Reasonable Skill and care Present Proposals in an objective and unbiased manner All the above

What how many days does the buyer have to rescind the offer to purchase after receiving the RECR in this situation? 10 15 5 None, because they received it prior to making the offer

How much will the seller net processed be if their current mortgage of $58,456.87, brokerage fee of $15,240 and other expense of the sale process of $4,908? $78,604.87 $254,000.00 $175,395.13 $169,678.09

How much earnest money was due? $2,469.50 $2,589.90 $3,178.80 $2,649.00

What date was the offer accepted on? May 12th May 11th May 9th May 13th

How many days was listed for the Appraisal Contingency? 23 25 26 29

Addendum B covers? Home Warranty Seller Contributions Shared Driveways Radon