Wi Real-estate exam questions with correct answers

Which of the following is NOT typically considered client funds? CORRECT ANSWER Security deposits collected by a property owner A buyer wants to have the interest earned on their earnest money deposit. Which of the following statements is most correct? CORRECT ANSWER The firm cannot draft an escrow agreement for the buyer and seller. Which of the following does NOT create a voidable contract? CORRECT ANSWER A counter-offer signed by an authorized power of attorney To ensure compliance with the lead-based paint (LBP) disclosure law, licensees: CORRECT ANSWER must inform the seller of the seller's obligations under the federal LBP laws When renting commercial property to tenants, the property owner or property manager: CORRECT ANSWER needs to be aware of any local equal opportunity ordinances that may affect commercial or industrial properties Chain of title refers to: CORRECT ANSWER the succession of conveyances from some starting point whereby the current owner derives title to the real estate A borrower is obtaining a loan for $130,000.