Wi Real-estate 2024 EXAM QUESTIONS AND COMPLETE SOLUTIONS 100% VERIFIED

Wi Real-estate 2024 EXAM QUESTIONS AND COMPLETE SOLUTIONS 100% VERIFIED Which of the following is NOT typically considered client funds? - 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? - Answer -The firm cannot draft an escrow agreement for the buyer and seller. Which of the following does NOT create a voidable contract? - Answer -A counter-offer signed by an authorized power of attorney To ensure compliance with the lead-based paint (LBP) disclosure law, licensees: - 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: - Answer -needs to be aware of any local equal opportunity ordinances that may affect commercial or industrial properties Chain of title refers to: - 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. The loan is 95% of the property's value. The interest rate on the loan is 5% after the borrower pays two points. How much do the two points cost the borrower? - Answer -$2,600 When purchasing a condominium the buyer has the right to a copy of the condominium declaration bylaws within how many days prior to closing? - Answer -15 The duties to all parties include all of the following EXCEPT - Answer -negotiation Discount points enable a borrower to - Answer -reduce the initial interest rate of the loan A seller lists a house with Salesperson A. A buyer attends Salesperson A's open house and decides to write an offer after signing a buyer agency agreement with Salesperson A. Which of the following correctly identifies the relationship between the buyer, the seller, and Salesperson A? - Answer -Salesperson A has a multiple representation relationship Which of the following would violate advertising rules for real estate licensees? - Answer -Advertising a property that has already been sold The WB-11 Residential Offer to Purchase does NOT have any information at lines 557 and 558. This means that - Answer -binding acceptance can only occur by delivery to the Party, not the agent D: the buyer will accept delivery in any form Which of the following sales would need to include a lead-based paint addendum to the Offer to Purchase? - Answer -A duplex built prior to 1978 A firm has a contract with a person to pay a finder's fee if the person finds a buyer for the firm's listing. This is permissible if the - Answer -person has a salesperson's license Current municipality land uses and resources, forecasts community growth, and sets objectives for the development that is desirable for the community's vision of its future defines the: - Answer -master plan Which of the following situations requires a written earnest money disbursement agreement prior to disbursement of funds when the earnest money is held by the listing firm? - Answer -A buyer is not able to obtain financing How can a buyer terminate a buyer agency agreement according to the terms of the WB-36 Buyer Agency Agreement? - Answer -In writing 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 A buyer discovered defects during the home inspection and the seller has the right to cure. Which of the following forms would be used to inform a seller of defects a buyer would like to have repaired prior to closing? - Answer -Notice Relating to Offer to Purchase According to the terms of the Extension of Listing section of the WB-1 Residential Listing Contract, how long is the listing contract extended for protected buyers? - Answer -One year