WI Real Estate Practice Exam Questions & Answers (RATED A)

Answer: C The writ of execution is a court order instructing the officer of the court to carry out the decision of the court. It is used in a judgment where the sheriff is told to seize a debtor's property so that it can be sold to pay off a debt. - ANSWER-All of the following would be considered an ENCUMBRANCE except: a. unpaid property taxes, b. An easement necessity, c. A writ of execution, d. A judgment Answer: A A construction lien is given as security to those who perform labor or furnish material or professional services in the improvement of real property. Construction liens establish priority from the date the first visible work commenced on the property. - ANSWER-Which of the following liens take priority prior to recording in public records? a. Construction lien b. Special assessment lien, c. Tax lien, d. Mortgage lien Answer A: Property taxes are calculated according to the value of the property. Special assessments are generally apportioned according to benefits received, rather than by the value of the land and buildings being assessed. - ANSWER-Which of the following is most likely determined by the overall value of the property? a. Property taxes b. Special assessments c. Judgment lien d. Mortgage lien Answer: D The water softener is attached to the property and is treated as a fixture unless otherwise stated in the offer to purchase. - ANSWER-The sellers are closing on their property tomorrow. They may remove all of the following property from the house, except the: a. Mirror hanging on a nail on the wall, b. Master bedroom curtains and valances, c. Dog kennel sitting in the backyard, d. Rented water softener Answer: C A Warehouse is not a dwelling and therefore not a homestead. Chapter 706.01(7) "Homestead" means "the dwelling" and so much of the land surrounding it as is reasonably necessary for use of the dwelling as a home, but not less than one-fourth acre, if available, and not exceeding 40 acres. - ANSWER-Which of the following does not meet the definition of a homestead? a. Condominium, b. 30-acre farmette, c. Warehouse, d. Single-family home Answer: B Tom. Joint tenancy has the right of survivorship. This means that the surviving owners automatically receive the interest of the deceased owner. Marital property law will not override the joWI Real Estate Practice Exam Questions & Answers (RATED A)