WI Real Estate Practice Exam WITH
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ANSWERS
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 - CORRECT ANSWERS ✔✔Answer: C
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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.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Which of the following liens take priority prior to recording
|\ |\ |\ |\ |\ |\ |\ |\ |\
in public records?
|\ |\ |\ |\
a. Construction lien
|\ |\
b. Special assessment lien,
|\ |\ |\ |\
c. Tax lien,
|\ |\ |\
d. Mortgage lien - CORRECT ANSWERS ✔✔Answer: A
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A construction lien is given as security to those who
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
perform labor or furnish material or professional services
|\ |\ |\ |\ |\ |\ |\ |\
in the improvement of real property. Construction liens
|\ |\ |\ |\ |\ |\ |\ |\
,establish priority from the date the first visible work
|\ |\ |\ |\ |\ |\ |\ |\ |\
commenced on the property. |\ |\ |\
Which of the following is most likely determined by the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
overall value of the property? |\ |\ |\ |\
a. Property taxes
|\ |\
b. Special assessments
|\ |\
c. Judgment lien
|\ |\
d. Mortgage lien - CORRECT ANSWERS ✔✔Answer A:
|\ |\ |\ |\ |\ |\ |\ |\
Property taxes are calculated according to the value of
|\ |\ |\ |\ |\ |\ |\ |\ |\
the property. Special assessments are generally
|\ |\ |\ |\ |\ |\
apportioned according to benefits received, rather than |\ |\ |\ |\ |\ |\ |\
by the value of the land and buildings being assessed.
|\ |\ |\ |\ |\ |\ |\ |\ |\
The sellers are closing on their property tomorrow. They
|\ |\ |\ |\ |\ |\ |\ |\ |\
may remove all of the following property from the house,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
except the: |\ |\
a. Mirror hanging on a nail on the wall,
|\ |\ |\ |\ |\ |\ |\ |\ |\
b. Master bedroom curtains and valances,
|\ |\ |\ |\ |\ |\
c. Dog kennel sitting in the backyard,
|\ |\ |\ |\ |\ |\ |\
d. Rented water softener - CORRECT ANSWERS
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✔✔Answer: D |\ |\
The water softener is attached to the property and is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
treated as a fixture unless otherwise stated in the offer to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purchase.
, Which of the following does not meet the definition of a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
homestead? |\
a. Condominium,
|\ |\
b. 30-acre farmette,
|\ |\ |\
c. Warehouse,
|\ |\
d. Single-family home - CORRECT ANSWERS ✔✔Answer: C
|\ |\ |\ |\ |\ |\ |\
A Warehouse is not a dwelling and therefore not a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
homestead. Chapter 706.01(7) "Homestead" means "the |\ |\ |\ |\ |\ |\
dwelling" and so much of the land surrounding it as is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
reasonably necessary for use of the dwelling as a home, |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
but not less than one-fourth acre, if available, and not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exceeding 40 acres. |\ |\
John and Ann are a married couple. John owns a duplex
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
with his brother Tom as a joint tenant. If John dies, who
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
gets his interest in the duplex?
|\ |\ |\ |\ |\ |\
a. Ann,
|\ |\
b. Tom,
|\ |\
c. Tom's estate,
|\ |\ |\
d. The heir named in John's - CORRECT ANSWERS
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✔✔Answer: B |\
Tom. Joint tenancy has the right of survivorship. This
|\ |\ |\ |\ |\ |\ |\ |\ |\
means that the surviving owners automatically receive
|\ |\ |\ |\ |\ |\ |\
the interest of the deceased owner. Marital property law
|\ |\ |\ |\ |\ |\ |\ |\ |\
|\ |\ |\ |\ |\ |\
ANSWERS
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 - CORRECT ANSWERS ✔✔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.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Which of the following liens take priority prior to recording
|\ |\ |\ |\ |\ |\ |\ |\ |\
in public records?
|\ |\ |\ |\
a. Construction lien
|\ |\
b. Special assessment lien,
|\ |\ |\ |\
c. Tax lien,
|\ |\ |\
d. Mortgage lien - CORRECT ANSWERS ✔✔Answer: A
|\ |\ |\ |\ |\ |\ |\
A construction lien is given as security to those who
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
perform labor or furnish material or professional services
|\ |\ |\ |\ |\ |\ |\ |\
in the improvement of real property. Construction liens
|\ |\ |\ |\ |\ |\ |\ |\
,establish priority from the date the first visible work
|\ |\ |\ |\ |\ |\ |\ |\ |\
commenced on the property. |\ |\ |\
Which of the following is most likely determined by the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
overall value of the property? |\ |\ |\ |\
a. Property taxes
|\ |\
b. Special assessments
|\ |\
c. Judgment lien
|\ |\
d. Mortgage lien - CORRECT ANSWERS ✔✔Answer A:
|\ |\ |\ |\ |\ |\ |\ |\
Property taxes are calculated according to the value of
|\ |\ |\ |\ |\ |\ |\ |\ |\
the property. Special assessments are generally
|\ |\ |\ |\ |\ |\
apportioned according to benefits received, rather than |\ |\ |\ |\ |\ |\ |\
by the value of the land and buildings being assessed.
|\ |\ |\ |\ |\ |\ |\ |\ |\
The sellers are closing on their property tomorrow. They
|\ |\ |\ |\ |\ |\ |\ |\ |\
may remove all of the following property from the house,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
except the: |\ |\
a. Mirror hanging on a nail on the wall,
|\ |\ |\ |\ |\ |\ |\ |\ |\
b. Master bedroom curtains and valances,
|\ |\ |\ |\ |\ |\
c. Dog kennel sitting in the backyard,
|\ |\ |\ |\ |\ |\ |\
d. Rented water softener - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔Answer: D |\ |\
The water softener is attached to the property and is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
treated as a fixture unless otherwise stated in the offer to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purchase.
, Which of the following does not meet the definition of a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
homestead? |\
a. Condominium,
|\ |\
b. 30-acre farmette,
|\ |\ |\
c. Warehouse,
|\ |\
d. Single-family home - CORRECT ANSWERS ✔✔Answer: C
|\ |\ |\ |\ |\ |\ |\
A Warehouse is not a dwelling and therefore not a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
homestead. Chapter 706.01(7) "Homestead" means "the |\ |\ |\ |\ |\ |\
dwelling" and so much of the land surrounding it as is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
reasonably necessary for use of the dwelling as a home, |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
but not less than one-fourth acre, if available, and not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exceeding 40 acres. |\ |\
John and Ann are a married couple. John owns a duplex
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
with his brother Tom as a joint tenant. If John dies, who
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
gets his interest in the duplex?
|\ |\ |\ |\ |\ |\
a. Ann,
|\ |\
b. Tom,
|\ |\
c. Tom's estate,
|\ |\ |\
d. The heir named in John's - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Answer: B |\
Tom. Joint tenancy has the right of survivorship. This
|\ |\ |\ |\ |\ |\ |\ |\ |\
means that the surviving owners automatically receive
|\ |\ |\ |\ |\ |\ |\
the interest of the deceased owner. Marital property law
|\ |\ |\ |\ |\ |\ |\ |\ |\
