Wisconsin Real Estate – Practice Test

Wisconsin Real Estate – Practice Test

1. Real Estate Principles and Property Law

 Types of Property: Real vs. personal property, fixtures, appurtenances.

 Ownership Forms: Fee simple, life estate, leasehold.

 Property Rights: Surface, air, mineral, and water rights.

Question 1: Which of the following is considered real property?
a) A car parked in the driveway
b) A built-in dishwasher
c) Furniture
d) Personal jewelry

Answer: b) A built-in dishwasher
Explanation: Fixtures attached to the property, like built-in appliances, are considered real
property.



2. Contracts and Agency

 Contract Essentials: Offer, acceptance, consideration, legal purpose, and competent
parties.

 Types of Contracts: Listing agreements, purchase agreements, leases, option contracts.

 Agency Relationships: Buyer agent, seller agent, dual agency, fiduciary duties.

Question 2: Which is NOT required for a valid real estate contract?
a) Offer and acceptance
b) Consideration
c) Witness signature
d) Competent parties

Answer: c) Witness signature
Explanation: A witness signature is not required for a contract to be valid in Wisconsin, although
notarization may be needed for some documents.



3. Financing and Valuation