WI Real Estate Practice Exam
Answer A:
Property taxes are calculated consistent with the price of the belongings. Special
assessments are usually apportioned according to blessings obtained, as opposed to by
means of the price of the land and buildings being assessed. - ANS-Which of the
subsequent is maximum probable determined by using the overall price of the assets?
A. Property taxes
b. Special exams
c. Judgment lien
d. Mortgage lien
Answer: A
5 days
Chapter 703.33(4): Any client may also at any time within 5 (five) commercial enterprise
days following receipt of all disclosure facts rescind in writing a agreement of sale with out
mentioning any reason and without any liability on his or her component, and customer is
entitled to the return of any deposits made in account of the contract. - ANS-After receiving
rental files, how many enterprise days does a customer must rescind a proposal?
A. Five
b. 10
c. 15
d. 20
Answer: A
A licensee performs a market analysis to arrive at a likely market fee. Appraised cost is
independent estimate of fee decided by using an appraiser.
Assessed price is used to determine the property taxes a property owes. The customer and
seller decide sales rate. - ANS-A real property licensee will most in all likelihood determine:
a. Market cost
b. Appraised fee
c. Assessed price
d. Sales price
Answer: A
Agency disclosure language is needed
Agency disclosure need to be addressed with a consumer before entering into an company
settlement - ANS-When getting into a WB-36 BuyerAgency/Tenant Representation
Agreement:
a. Agency disclosure language is needed
b. If the client concurs to a couple of illustration, a separate shape is required
c. The buyer ought to comply with more than one representation
d. Agency disclosure is not required because the agent could be representing the client
Answer: A
, In Wisconsin, a borrower beneath Conventional or Government financing will acquire felony
identify at last.
Under a land settlement state of affairs with the seller, criminal identify will live with the seller
until the land settlement is paid in full. - ANS-Which of the following might NOT follow to a
FHA or VA mortgage?
A. Legal title does no longer switch to the borrower till the loan is repaid in full to facilitate the
government's foreclosures method.
B. The FHA or VA does no longer lend the cash, but backs the mortgage within the case of
borrower default.
C. Any condition problems observed through an FHA or VA appraiser have to generally be
repaired earlier than closing.
D. The borrower can be required to pay origination points.
Answer: A
Private Mortgage Insurance (PMI)
Lenders will originate loans to debtors with a down price of much less than 20% of the value
of the real estate if the debtors participate in a private mortgage insurance application.
Private loan insurance insures the pinnacle 20% of the loan. - ANS-A borrower is acquiring a
traditional mortgage for ninety five% of the acquisition fee. Because of the 5% down
payment, the consumer need to pay which of the following at last?
A. Private Mortgage Insurance (PMI)
b. Discount factors
c. Origination expenses
d. Appraisal prices
Answer: A
A production lien is given as safety to individuals who perform exertions or grant cloth or
expert offerings in the development of actual assets. Construction liens establish priority
from the date the primary visible work started at the assets. - ANS-Which of the subsequent
liens take precedence prior to recording in public statistics?
A. Construction lien
b. Special assessment lien,
c. Tax lien,
d. Mortgage lien
Answer: A
A nonconforming use is a land use that became in existence whilst a zoning ordinance was
enacted and the nonconforming use is permitted to preserve although it does not observe
contemporary zoning guidelines. Nonconforming makes use of have unique included fame,
but, they are often limited by using local ordinances in an try to subsequently take away
them. - ANS-Which land use is allowed with the understanding that it's going to finally be
eliminated?
A. Nonconforming use
b. Variance
c. Downzoning
d. Spot zoning
Answer: B
Answer A:
Property taxes are calculated consistent with the price of the belongings. Special
assessments are usually apportioned according to blessings obtained, as opposed to by
means of the price of the land and buildings being assessed. - ANS-Which of the
subsequent is maximum probable determined by using the overall price of the assets?
A. Property taxes
b. Special exams
c. Judgment lien
d. Mortgage lien
Answer: A
5 days
Chapter 703.33(4): Any client may also at any time within 5 (five) commercial enterprise
days following receipt of all disclosure facts rescind in writing a agreement of sale with out
mentioning any reason and without any liability on his or her component, and customer is
entitled to the return of any deposits made in account of the contract. - ANS-After receiving
rental files, how many enterprise days does a customer must rescind a proposal?
A. Five
b. 10
c. 15
d. 20
Answer: A
A licensee performs a market analysis to arrive at a likely market fee. Appraised cost is
independent estimate of fee decided by using an appraiser.
Assessed price is used to determine the property taxes a property owes. The customer and
seller decide sales rate. - ANS-A real property licensee will most in all likelihood determine:
a. Market cost
b. Appraised fee
c. Assessed price
d. Sales price
Answer: A
Agency disclosure language is needed
Agency disclosure need to be addressed with a consumer before entering into an company
settlement - ANS-When getting into a WB-36 BuyerAgency/Tenant Representation
Agreement:
a. Agency disclosure language is needed
b. If the client concurs to a couple of illustration, a separate shape is required
c. The buyer ought to comply with more than one representation
d. Agency disclosure is not required because the agent could be representing the client
Answer: A
, In Wisconsin, a borrower beneath Conventional or Government financing will acquire felony
identify at last.
Under a land settlement state of affairs with the seller, criminal identify will live with the seller
until the land settlement is paid in full. - ANS-Which of the following might NOT follow to a
FHA or VA mortgage?
A. Legal title does no longer switch to the borrower till the loan is repaid in full to facilitate the
government's foreclosures method.
B. The FHA or VA does no longer lend the cash, but backs the mortgage within the case of
borrower default.
C. Any condition problems observed through an FHA or VA appraiser have to generally be
repaired earlier than closing.
D. The borrower can be required to pay origination points.
Answer: A
Private Mortgage Insurance (PMI)
Lenders will originate loans to debtors with a down price of much less than 20% of the value
of the real estate if the debtors participate in a private mortgage insurance application.
Private loan insurance insures the pinnacle 20% of the loan. - ANS-A borrower is acquiring a
traditional mortgage for ninety five% of the acquisition fee. Because of the 5% down
payment, the consumer need to pay which of the following at last?
A. Private Mortgage Insurance (PMI)
b. Discount factors
c. Origination expenses
d. Appraisal prices
Answer: A
A production lien is given as safety to individuals who perform exertions or grant cloth or
expert offerings in the development of actual assets. Construction liens establish priority
from the date the primary visible work started at the assets. - ANS-Which of the subsequent
liens take precedence prior to recording in public statistics?
A. Construction lien
b. Special assessment lien,
c. Tax lien,
d. Mortgage lien
Answer: A
A nonconforming use is a land use that became in existence whilst a zoning ordinance was
enacted and the nonconforming use is permitted to preserve although it does not observe
contemporary zoning guidelines. Nonconforming makes use of have unique included fame,
but, they are often limited by using local ordinances in an try to subsequently take away
them. - ANS-Which land use is allowed with the understanding that it's going to finally be
eliminated?
A. Nonconforming use
b. Variance
c. Downzoning
d. Spot zoning
Answer: B
