WISCONSIN REAL ESTATE SALES EXAM
QUESTIONS AND ANSWERS (100%
CORRECT ANSWERS) ALREADY GRADED
A+
QUESTIONS AND ANSWERS
WB-11. ANSWER -Residential Offer to purchase
WB-13. ANSWER -Vacant Land Offer to purchase
WB-46. ANSWER -Multiple Counter Proposal
Wb-44. ANSWER -Counter offer
WB-41. ANSWER -Notice relating to offer to purchase
WB-40. ANSWER -Amendment to offer to purchase
Wb-14. ANSWER -Residential Condominium offer to purchase
Dick and Tracy buy a house, and as such, they have to right to live in he house. This would
best represent which of the following rights?. ANSWER -Right of Posssesion
Rugs in a house are an example of. ANSWER -Personal Property
The three requirements for a mobile home to be considered real property include.
ANSWER -connected to utilities, set on a foundation and is set on land owned by the
mobile home owner
,To determine if personal property has become a fixture, a court would consider. ANSWER
-the intent of the parties, how the item has been adapted to the real estate and how the item
is addressed in the offer
If a bathroom is remodeled in a home, this would be and example of. ANSWER -
Improvement
If a county takes part of your land to build a road, this is an example of. ANSWER -
Eminent Domain
Dick's mother wants to five the family home and surround land to the township to be used
as a park. If at any time the land ceases to be used as a park, it will go to Dick and/ or his
heirs.. ANSWER -A fee simple defeasible estate
Tracy wants to open a beauty shop; as part of her lease, she has to pay the property taxes,
the building insurance, and maintenance costs. What type of lease is this?. ANSWER -
Triple net Lease
Dick and tracy are buying a home together. When Dick dies, he wants his share of the
house to go to his brother and sister, and Tracy wants her share to go to her mother. What
types of of tenancy is this?. ANSWER -Tenancy in common
You just bought a condominium. Your group of condominiums has a swimming pool. This
would be a. ANSWER -Common element
Cooperative. ANSWER -A form of real estate ownership where a group of people join to
own and control the buildings where they live
Eminent Domain. ANSWER -the right of the government to obtain private property for
public use with the payment of just compensation
Escheat. ANSWER -When an owner dies and leaves no heirs and now will, the property
goes back to the state
Estate for years. ANSWER -a lease of any length that has a specific beginning and end date
, Fee simple absolute. ANSWER -and interest in land that includes the entire bundles of
rights that pass with a property; inheritable interest
Fee simple defeasible. ANSWER -an estate in land that continues until the happening or
non-happening of an event
Fixture. ANSWER -anything that has in some way become permanently attached to real
estate
Freehold estate. ANSWER -and interest in land that deals with possession. it is a real
property interest
Graduated Lease. ANSWER -a tenant pays a specified rent at set future Times/date
Gross lease. ANSWER -the tenant pays a fixed amount of rent, and the landlord pays all of
the other expenses
Homestead. ANSWER -a dwelling, and so much of the land that surrounds it, not less than
1/4 acre and not exceeding 40 acres
Joint Tenancy. ANSWER -real property ownership where there are survivorship rights
between the owners
leasehold estate. ANSWER -and interest in land that involves a landlord and a tenant. It is
a personal property interest
Marital Property. ANSWER -all property acquired and earned during a marriage
Mixed property. ANSWER -a combination of individual and marital property
Net lease. ANSWER -the tenant pays rent plus all or part of the property expenses
QUESTIONS AND ANSWERS (100%
CORRECT ANSWERS) ALREADY GRADED
A+
QUESTIONS AND ANSWERS
WB-11. ANSWER -Residential Offer to purchase
WB-13. ANSWER -Vacant Land Offer to purchase
WB-46. ANSWER -Multiple Counter Proposal
Wb-44. ANSWER -Counter offer
WB-41. ANSWER -Notice relating to offer to purchase
WB-40. ANSWER -Amendment to offer to purchase
Wb-14. ANSWER -Residential Condominium offer to purchase
Dick and Tracy buy a house, and as such, they have to right to live in he house. This would
best represent which of the following rights?. ANSWER -Right of Posssesion
Rugs in a house are an example of. ANSWER -Personal Property
The three requirements for a mobile home to be considered real property include.
ANSWER -connected to utilities, set on a foundation and is set on land owned by the
mobile home owner
,To determine if personal property has become a fixture, a court would consider. ANSWER
-the intent of the parties, how the item has been adapted to the real estate and how the item
is addressed in the offer
If a bathroom is remodeled in a home, this would be and example of. ANSWER -
Improvement
If a county takes part of your land to build a road, this is an example of. ANSWER -
Eminent Domain
Dick's mother wants to five the family home and surround land to the township to be used
as a park. If at any time the land ceases to be used as a park, it will go to Dick and/ or his
heirs.. ANSWER -A fee simple defeasible estate
Tracy wants to open a beauty shop; as part of her lease, she has to pay the property taxes,
the building insurance, and maintenance costs. What type of lease is this?. ANSWER -
Triple net Lease
Dick and tracy are buying a home together. When Dick dies, he wants his share of the
house to go to his brother and sister, and Tracy wants her share to go to her mother. What
types of of tenancy is this?. ANSWER -Tenancy in common
You just bought a condominium. Your group of condominiums has a swimming pool. This
would be a. ANSWER -Common element
Cooperative. ANSWER -A form of real estate ownership where a group of people join to
own and control the buildings where they live
Eminent Domain. ANSWER -the right of the government to obtain private property for
public use with the payment of just compensation
Escheat. ANSWER -When an owner dies and leaves no heirs and now will, the property
goes back to the state
Estate for years. ANSWER -a lease of any length that has a specific beginning and end date
, Fee simple absolute. ANSWER -and interest in land that includes the entire bundles of
rights that pass with a property; inheritable interest
Fee simple defeasible. ANSWER -an estate in land that continues until the happening or
non-happening of an event
Fixture. ANSWER -anything that has in some way become permanently attached to real
estate
Freehold estate. ANSWER -and interest in land that deals with possession. it is a real
property interest
Graduated Lease. ANSWER -a tenant pays a specified rent at set future Times/date
Gross lease. ANSWER -the tenant pays a fixed amount of rent, and the landlord pays all of
the other expenses
Homestead. ANSWER -a dwelling, and so much of the land that surrounds it, not less than
1/4 acre and not exceeding 40 acres
Joint Tenancy. ANSWER -real property ownership where there are survivorship rights
between the owners
leasehold estate. ANSWER -and interest in land that involves a landlord and a tenant. It is
a personal property interest
Marital Property. ANSWER -all property acquired and earned during a marriage
Mixed property. ANSWER -a combination of individual and marital property
Net lease. ANSWER -the tenant pays rent plus all or part of the property expenses
