WI Real Estate Final Exam Material Questions with Complete Solutions

Salespeople can use which of the following forms: - ANSWER-a form prepared and approved by the Department Which of the following statements is true of property held in joint tenancy? - ANSWER-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? - ANSWER-Disclosure to Customers Which of the following is NOT typically considered client funds? - ANSWER-Security deposits collected by a property owner How can a seller terminate a listing contract? - ANSWER-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: - ANSWER-promptly disburse the money to the person(s) who paid the money Which type of loan does the federal government guarantee? - ANSWER-Department of Veterans Affairs (VA) loan What is the legal effect of a counter-offer? - ANSWER-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: - ANSWER-misrepresentation The Distribution of Information section of the WB-11 Residential Offer to Purchase states that: - ANSWER-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? - ANSWER-Recording gives constructive notice to the world of the rights and interests in a parcel of real estate. WI Real Estate Final Exam Material Questions with Complete Solutions