WI Real Estate Final Exam Material Questions with Complete Solutions.
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
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