Wi Real-Estate Exam Questions & Answers (Graded A+)

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? Wi Real-Estate Exam Questions & Answers (Graded A+)