WI Real Estate Final Exam Material All Questions Marking Scheme

WI Real Estate Final Exam Material All Questions Marking Scheme 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. When a depository institution remits the interest earned on a firm's interest-bearing trust account to the Department they must inform the firm of all the following EXCEPT the: - Answer - interest earned on account - Answer - When marketing properties, a licensee's liability for providing information regarding lot lines, lot sizes, or room dimensions may lead to all of the following EXCEPT: - Answer -a selling bonus Wallace lists his house with Kima. Preston goes to Kima's open house and decides he wants to make an offer on the house. Preston signs a buyer agency agreement with Kima. Kima drafts the offer to purchase for Preston. Which of the following CORRECTLY identifies the relationship of Kima to Preston and Wallace? - Answer -Wallace is Kima's client, Preston is Kima's client In the WB-1 Residential Listing Contract, who has the authority to accompany a home inspector during a home inspection? - Answer -the buyer The WB-11 Residential Offer to Purchase does NOT have any information at lines 38 and 39. This means that: - Answer -binding acceptance can only occur by delivery to the Party, not the agent How must a supervising broker delegate supervision to another broker? - Answer -In a written statement signed by both brokers 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