100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
WRA Final Exam Review 2024/2025 Exam Questions and Answers | A+ Score Assured $12.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. Real Estate
  4.  
  5. Real Estate

Exam (elaborations)

WRA Final Exam Review 2024/2025 Exam Questions and Answers | A+ Score Assured
 0 purchase
  • Course
  • Real Estate
  • Institution
  • Real Estate

WRA Final Exam Review 2024/2025 Exam Questions and Answers | A+ Score Assured The definition of real estate includes many elements. Which of the following items would NOT be a part of real estate? -

Preview 4 out of 34  pages

Document information

  • March 16, 2025
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Real Estate
  • Real Estate

Seller

avatar-seller
NinjaNerd

Reviews received

Content preview

WRA Final Exam Review 2024/2025
Exam Questions and Answers | A+
Score Assured



The definition of real estate includes many elements. Which of the following

items would NOT be a part of real estate? - 🧠 ANSWER ✔✔furniture


What is a lessor's future interest in a property called? - 🧠 ANSWER ✔✔A

reversionary interest

Christopher and Monica are getting married. Under Wisconsin law, any real

estate that either owns at the time of their marriage will remain that

spouse's individual property. Property acquired by either after the wedding,

except by gift or inheritance, will belong to both of them equally. What

determines the ownership of property for married people in Wisconsin? - 🧠

ANSWER ✔✔The Marital Property Act


George and Barbara are a married couple who moved to Wisconsin in June

of 2010. They purchased a house in Wisconsin in July 2010. The house is

classified as: - 🧠 ANSWER ✔✔marital property




COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED

,The Kimpel's contracted to purchase the Byrnes' home. Which feature may

the Byrnes remove from the home? - 🧠 ANSWER ✔✔A refrigerator


Unless the parties have an agreement stating differently, the Byrne's can

remove the refrigerator because it is personal property. All other items are

fixtures and cannot be removed unless excluded in the offer to purchase.

Which of the following statements best describes a cooperative - 🧠

ANSWER ✔✔A cooperative owner owns a personal property interest.


What constitutes a homestead? - 🧠 ANSWER ✔✔The dwelling and the

land surrounding it but not less than 1/4 acre, if available, and not

exceeding 40 acres

Because survivorship property transfers at death without passing through

probate, licensees should: - 🧠 ANSWER ✔✔never offer advice on how to

title property


An owner of a condominium holds the unit as a - 🧠 ANSWER ✔✔fee

simple absolute

Three people own a farm and all three can sell their individual interests

without the consent of the other owners. How does each owner hold title? -

🧠 ANSWER ✔✔In severalty


COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED

,George and Bill own a parcel of real estate. George owns an undivided

two-thirds interest in the property and Bill owns one-third. What kind of

tenancy do George and Bill have? - 🧠 ANSWER ✔✔Tenancy in common


What is the right to possess property free from claims of former owners or

other third parties? - 🧠 ANSWER ✔✔Quiet enjoyment


What is survivorship marital property? - 🧠 ANSWER ✔✔Real property that

will pass to a surviving spouse without probate


When is a mobile home real property? - 🧠 ANSWER ✔✔It is on a

permanent foundation, hooked up to utilities, and owned by the landowner.


What estate in land offers the maximum ownership? - 🧠 ANSWER ✔✔Fee

simple absolute

How many days from the beginning of a lease period does a tenant have to

inspect a property for the prior tenant's damages? - 🧠 ANSWER ✔✔7


What are trade fixtures? - 🧠 ANSWER ✔✔Personal property of a lessee


What are valuable additions made to a property? - 🧠 ANSWER

✔✔improvements




COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED

, Which of the following is NOT a government power? - 🧠 ANSWER

✔✔foreclosure




The government powers consist of police power, eminent domain, taxation,

and escheat

Which of the following is NOT individual property under Wisconsin's Marital

Property Act? - 🧠 ANSWER ✔✔Predetermination date property


Tiffany and Brad bought Sarah and Brian's house. Tiffany and Brad

considered the living room bookshelves to be a fixture and Sarah and Brian

considered the bookshelves personal property. Which of the following is

NOT a factor in a court's determination of whether an item is a fixture? - 🧠

ANSWER ✔✔B:Have the bookshelves already been removed




Explanation: In a dispute over whether an item is a fixture, a court will

consider how the item was attached, how it was adapted, the intent of the

party who put it in the property, and whether the parties had an agreement

about the item.




COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller NinjaNerd. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68621 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.49
  • (0)
Add to cart
Added