WI Real Estate Final Exam questions with correct answers

Salespeople can use which of the following forms: CORRECT ANWER a form prepared and approved by the Department Which of the following statements is true of property held in joint tenancy? CORRECT ANWER 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? CORRECT ANWER Disclosure to Customers Which of the following is NOT typically considered client funds? CORRECT ANWER Security deposits collected by a property owner How can a seller terminate a listing contract? CORRECT ANWER 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: CORRECT ANWER promptly disburse the money to the person(s) who paid the money Which type of loan does the federal government guarantee? CORRECT ANWER Department of Veterans Affairs (VA) loan What is the legal effect of a counter-offer? CO