1|Page
WISCONSIN DWELLING CONTRACTOR QUALIFIER
EXAMINATION COMPLETE VERIFIED QUESTIONS
AND DETAILED SOLUTIONS LATEST UPDATE THIS
YEAR JUST RELEASED
What type of loan program requires the borrower to pay
20% of the purchase price or to obtain private mortgage
insurance to cover the difference?
A:Federal Housing Administration (FHA) loan
B:Department of Veteran's Affairs (VA) loan
C:Conventional loan
D:Nonconforming loan - Answer-C A conventional loan
requires the borrower to invest 20% of the purchase price
towards a down payment in order to receive financing.
Lenders will originate loans to borrowers with a lower
down payment if the borrower purchases PMI.
The four condominiums have an annual property
maintenance fee $8,500. The amount of the property
maintenance fee owed by each unit is based upon the
unit's value in relation to the total value of all four units;
what is the monthly maintenance fee of the most
expensive unit?
A: $177.08
,2|Page
B:$2,125.00
C:$184.17
D: $708.33 - Answer-C The most expensive unit is
$225,000. The total value of all the units is $860,000.
$225,000 / $860,000 = .2616 or 26%. The annual
maintenance fee for all the units is $8,500. $8,500 x .26 =
$2,210 per year for the most expensive unit. $2,210/12
months determines the monthly maintenance fee of the
most expensive unit is $184.17.
Jessica made her final mortgage payment to Bank of
Money. Bank of Money will execute which of the following
to reflect that Jessica has paid off her mortgage?
A:Certificate of mortgage
B:Satisfaction of mortgage
C:Promissory note
D:Release of mortgage deed - Answer-B A satisfaction of
mortgage is executed when a loan has been fully paid off.
Licensees are required to disclose to all parties:
A:possible material facts
B:known sex offenders
,3|Page
C:known material facts
D:possible material adverse facts - Answer-D Licensees
are required to disclose to all parties known material
adverse facts and possible material adverse facts in
writing and in a timely fashion. A licensee only needs to
disclose material facts to a client.
There are fair housing laws recognized at the federal,
state, and local levels of government. A licensee should
abide by the law:
A:at the state level
B:that offers the most protection
C:at the local level
D:at the federal level - Answer-B Local levels of
government have the legal ability to enact fair housing
laws as long as the local laws recognize the classes
protected under the state law. However, not all local levels
of government will have their own laws and unfortunately,
some will have laws that contradict the state/federal law
and allow discrimination under certain situations. A
licensee must follow the law that offers the most
protections.
, 4|Page
Which of the following form of asbestos is likely to be
considered the largest health risk?
A:Asbestos shingles found underneath fiberglass shingles
B:Asbestos floor tiles that have been covered by new vinyl
flooring
C:Asbestos insulation that was friable and has been
encapsulated
D:Deteriorating asbestos insulation wrapped around water
pipes - Answer-D The deteriorating asbestos is most likely
going to be friable and would be the largest health risk.
Asbestos, which has been covered or encapsulated so
that the fibers cannot become airborne, would be
considered the safest.
A licensee is listing a 4-bedroom, two-story house. Which
of the following would be the most suitable comparable
property?
A:A 3-bedroom, two-story house that was recently sold in
the same neighborhood as the listed property
B:A two-story mixed use property
C:A 4-bedroom, two-story house that is currently for sale
in the neighboring town
WISCONSIN DWELLING CONTRACTOR QUALIFIER
EXAMINATION COMPLETE VERIFIED QUESTIONS
AND DETAILED SOLUTIONS LATEST UPDATE THIS
YEAR JUST RELEASED
What type of loan program requires the borrower to pay
20% of the purchase price or to obtain private mortgage
insurance to cover the difference?
A:Federal Housing Administration (FHA) loan
B:Department of Veteran's Affairs (VA) loan
C:Conventional loan
D:Nonconforming loan - Answer-C A conventional loan
requires the borrower to invest 20% of the purchase price
towards a down payment in order to receive financing.
Lenders will originate loans to borrowers with a lower
down payment if the borrower purchases PMI.
The four condominiums have an annual property
maintenance fee $8,500. The amount of the property
maintenance fee owed by each unit is based upon the
unit's value in relation to the total value of all four units;
what is the monthly maintenance fee of the most
expensive unit?
A: $177.08
,2|Page
B:$2,125.00
C:$184.17
D: $708.33 - Answer-C The most expensive unit is
$225,000. The total value of all the units is $860,000.
$225,000 / $860,000 = .2616 or 26%. The annual
maintenance fee for all the units is $8,500. $8,500 x .26 =
$2,210 per year for the most expensive unit. $2,210/12
months determines the monthly maintenance fee of the
most expensive unit is $184.17.
Jessica made her final mortgage payment to Bank of
Money. Bank of Money will execute which of the following
to reflect that Jessica has paid off her mortgage?
A:Certificate of mortgage
B:Satisfaction of mortgage
C:Promissory note
D:Release of mortgage deed - Answer-B A satisfaction of
mortgage is executed when a loan has been fully paid off.
Licensees are required to disclose to all parties:
A:possible material facts
B:known sex offenders
,3|Page
C:known material facts
D:possible material adverse facts - Answer-D Licensees
are required to disclose to all parties known material
adverse facts and possible material adverse facts in
writing and in a timely fashion. A licensee only needs to
disclose material facts to a client.
There are fair housing laws recognized at the federal,
state, and local levels of government. A licensee should
abide by the law:
A:at the state level
B:that offers the most protection
C:at the local level
D:at the federal level - Answer-B Local levels of
government have the legal ability to enact fair housing
laws as long as the local laws recognize the classes
protected under the state law. However, not all local levels
of government will have their own laws and unfortunately,
some will have laws that contradict the state/federal law
and allow discrimination under certain situations. A
licensee must follow the law that offers the most
protections.
, 4|Page
Which of the following form of asbestos is likely to be
considered the largest health risk?
A:Asbestos shingles found underneath fiberglass shingles
B:Asbestos floor tiles that have been covered by new vinyl
flooring
C:Asbestos insulation that was friable and has been
encapsulated
D:Deteriorating asbestos insulation wrapped around water
pipes - Answer-D The deteriorating asbestos is most likely
going to be friable and would be the largest health risk.
Asbestos, which has been covered or encapsulated so
that the fibers cannot become airborne, would be
considered the safest.
A licensee is listing a 4-bedroom, two-story house. Which
of the following would be the most suitable comparable
property?
A:A 3-bedroom, two-story house that was recently sold in
the same neighborhood as the listed property
B:A two-story mixed use property
C:A 4-bedroom, two-story house that is currently for sale
in the neighboring town
