real estate test wis questions with correct answers

usts underground storage tanks used to hold hazardouse substances are exempt from regualtion when? CORRECT ANSWER 110 galloons are exempt from regulatory management- but if known it does need to be disclosed. 1.100 gallons used fro noncommercial use are exempt- septic tanks for waterway and or excess storm water are also exempt from regulation licensees shall not refuse CORRECT ANSWER shall refuse to draft and or submit any written proposal unless the terms of the written proposal would be contrary to specific instructions of the other party. you must write the offer it is requested that you do so if the property has been shown. when is the proper time to disclose tot he other party that the licensee acting as agent also is the principal CORRECT ANSWER the best policy when disclosing agency is at the point of first contact. negotiation always triggers agency. if a broker creates a listing agreement with a seller stating the seller will receive 100,000 from the sale of a vacant property and the broker will receive any sale proceeds over the amount this type of agreement would be labeled as. CORRECT ANSWER a net listing specific and statutory taxes assessed against real estate parcels for certain public projects real or improvments imposed by boards districts or municipalites CORRECT ANSWER special assessment a brother and two sisters own a lake house together each owns an undivided interest with the brother owning one third and the sister owning two thirds the form of ownership under which they own their property is CORRECT ANSWER tenancy in common