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WI Real Estate Final Exam Material question and answers 2023 GRADED A+

A conveyance by a minor - ANSWER-Must be executed by an authorized guardian Adverse possession occurs if the use of the land is - ANSWER-Actual and open The only way that an agent may sign a conveyance for another is if - ANSWER-The agent has written authorization from the principal Wisconsin marital property types include all of the following EXCEPT - ANSWER-Single property Property taxes are based on - ANSWER-Assessed value If a firm wants a property protected beyond the agreeme...

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 consid...

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...

Answer: C The writ of execution is a court order instructing the officer of the court to carry out the decision of the court. It is used in a judgment where the sheriff is told to seize a debtor's property so that it can be sold to pay off a debt. - ANSWER-All of the following would be considered an ENCUMBRANCE except: a. unpaid property taxes, b. An easement necessity, c. A writ of execution, d. A judgment Answer: A A construction lien is given as security to those who perform lab...

The listing broker is the seller's - ANSWER-agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's - ANSWER-customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? - ANSWER-Single agency Multiple Representation may only occur if - ANSWER-there is full written consent and disclosure from all parties A broker shall provide a copy of the disclosure form to a client: - ANSWER-no lat...

A conveyance by a minor - ANSWER-Must be executed by an authorized guardian Adverse possession occurs if the use of the land is - ANSWER-Actual and open The only way that an agent may sign a conveyance for another is if - ANSWER-The agent has written authorization from the principal Wisconsin marital property types include all of the following EXCEPT - ANSWER-Single property Property taxes are based on - ANSWER-Assessed value If a firm wants a property protected beyond the agreeme...

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 consid...

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...