Contract Law and Approved Forms - WI |\ |\ |\ |\ |\ |\ |\
Real Estate Exam QUESTIONS WITH
|\ |\ |\ |\ |\
ANSWERS
WB-1 - CORRECT ANSWERS ✔✔Residential Listing
|\ |\ |\ |\ |\ |\
Contract-Exclusive Right to Sell |\ |\ |\
WB-2 - CORRECT ANSWERS ✔✔Farm Listing Contract -
|\ |\ |\ |\ |\ |\ |\ |\
Exclusive Right to Sell |\ |\ |\
WB-3 - CORRECT ANSWERS ✔✔Vacant Land Listing
|\ |\ |\ |\ |\ |\ |\
Contract
WB-4 - CORRECT ANSWERS ✔✔Residential Condominium
|\ |\ |\ |\ |\ |\
Listing Contract - Exclusive Right to Sell
|\ |\ |\ |\ |\ |\
WB-5 - CORRECT ANSWERS ✔✔Commercial Listing
|\ |\ |\ |\ |\ |\
Contract - Exclusive Right to Sell
|\ |\ |\ |\ |\
WB-11 - CORRECT ANSWERS ✔✔Residential Offer to
|\ |\ |\ |\ |\ |\ |\
Purchase
WB-12 - CORRECT ANSWERS ✔✔Farm Offer to Purchase
|\ |\ |\ |\ |\ |\ |\
,WB-13 - CORRECT ANSWERS ✔✔Vacant Land Offer to
|\ |\ |\ |\ |\ |\ |\ |\
Purchase
WB-14 - CORRECT ANSWERS ✔✔Residential Condominium
|\ |\ |\ |\ |\
Offer to Purchase
|\ |\ |\
WB-15 - CORRECT ANSWERS ✔✔Commercial Offer to
|\ |\ |\ |\ |\ |\ |\
Purchase
WB-24 - CORRECT ANSWERS ✔✔Option to Purchase
|\ |\ |\ |\ |\ |\
WB-25 - CORRECT ANSWERS ✔✔Bill of Sale
|\ |\ |\ |\ |\ |\
WB-36 - CORRECT ANSWERS ✔✔Buyer Agency/Tenant
|\ |\ |\ |\ |\ |\
Representation Agreement
|\
WB-40 - CORRECT ANSWERS ✔✔Amendment to Offer to
|\ |\ |\ |\ |\ |\ |\ |\
Purchase
WB-42 - CORRECT ANSWERS ✔✔Amendment to Listing
|\ |\ |\ |\ |\ |\
WB-44 - CORRECT ANSWERS ✔✔Counter Offer
|\ |\ |\ |\ |\
,WB-45 - CORRECT ANSWERS ✔✔Cancellation Agreement
|\ |\ |\ |\ |\ |\
& Mutual Release
|\ |\
WB-46 - CORRECT ANSWERS ✔✔Multiple Counter
|\ |\ |\ |\ |\ |\
Proposal
Regarding documentation, which of the following actions
|\ |\ |\ |\ |\ |\ |\
can help a licensee avoid being accused of unauthorized
|\ |\ |\ |\ |\ |\ |\ |\ |\
practice of law? |\ |\
Disclosing in writing to all parties in a transaction that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
licensee isn't a licensed attorney, so there's no licensee
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
liability
Having a designated broker review and notarize all
|\ |\ |\ |\ |\ |\ |\ |\
completed contracts |\
Having a designated broker write all contracts from
|\ |\ |\ |\ |\ |\ |\ |\
scratch to make them specific to each transaction
|\ |\ |\ |\ |\ |\ |\
Using approved fill-in-the-blank forms - CORRECT
|\ |\ |\ |\ |\ |\
ANSWERS ✔✔Using approved fill-in-the-blank forms
|\ |\ |\ |\
Through contracts with the USDA, the _______ encourages
|\ |\ |\ |\ |\ |\ |\ |\
farmers to stop growing crops on highly erodible or
|\ |\ |\ |\ |\ |\ |\ |\ |\
environmentally sensitive land, and instead to plant a |\ |\ |\ |\ |\ |\ |\ |\
protective cover of grass or trees. |\ |\ |\ |\ |\
, Conservation Reserve Program |\ |\
Managed Forest Land Program |\ |\ |\
Private Onsite Wastewater Treatment System Suitability
|\ |\ |\ |\ |\
Shoreland Zoning Ordinances Requirement - CORRECT |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Conservation Reserve Program |\ |\ |\
Wisconsin buyers Annette and Keyonna were thrilled to|\ |\ |\ |\ |\ |\ |\ |\
find the perfect home for their growing family: a four-
|\ |\ |\ |\ |\ |\ |\ |\ |\
bedroom, four-bath home with a half-acre backyard.
|\ |\ |\ |\ |\ |\ |\
There's only one issue: They have to sell their current
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
home before they can buy their dream home. Which of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the following optional provisions would you mark with an
|\ |\ |\ |\ |\ |\ |\ |\ |\
X on WB-11 if you were representing Annette and
|\ |\ |\ |\ |\ |\ |\ |\ |\
Keyonna?
Bump Clause |\
Closing of Buyer's Property Contingency
|\ |\ |\ |\
Financing Contingency |\
Seller Financing - CORRECT ANSWERS ✔✔Closing of
|\ |\ |\ |\ |\ |\ |\
Buyer's Property Contingency |\ |\
Which of the following, if performed by a Wisconsin real
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
estate licensee who is not an attorney, constitutes
|\ |\ |\ |\ |\ |\ |\ |\
unauthorized practice of law? |\ |\ |\
Real Estate Exam QUESTIONS WITH
|\ |\ |\ |\ |\
ANSWERS
WB-1 - CORRECT ANSWERS ✔✔Residential Listing
|\ |\ |\ |\ |\ |\
Contract-Exclusive Right to Sell |\ |\ |\
WB-2 - CORRECT ANSWERS ✔✔Farm Listing Contract -
|\ |\ |\ |\ |\ |\ |\ |\
Exclusive Right to Sell |\ |\ |\
WB-3 - CORRECT ANSWERS ✔✔Vacant Land Listing
|\ |\ |\ |\ |\ |\ |\
Contract
WB-4 - CORRECT ANSWERS ✔✔Residential Condominium
|\ |\ |\ |\ |\ |\
Listing Contract - Exclusive Right to Sell
|\ |\ |\ |\ |\ |\
WB-5 - CORRECT ANSWERS ✔✔Commercial Listing
|\ |\ |\ |\ |\ |\
Contract - Exclusive Right to Sell
|\ |\ |\ |\ |\
WB-11 - CORRECT ANSWERS ✔✔Residential Offer to
|\ |\ |\ |\ |\ |\ |\
Purchase
WB-12 - CORRECT ANSWERS ✔✔Farm Offer to Purchase
|\ |\ |\ |\ |\ |\ |\
,WB-13 - CORRECT ANSWERS ✔✔Vacant Land Offer to
|\ |\ |\ |\ |\ |\ |\ |\
Purchase
WB-14 - CORRECT ANSWERS ✔✔Residential Condominium
|\ |\ |\ |\ |\
Offer to Purchase
|\ |\ |\
WB-15 - CORRECT ANSWERS ✔✔Commercial Offer to
|\ |\ |\ |\ |\ |\ |\
Purchase
WB-24 - CORRECT ANSWERS ✔✔Option to Purchase
|\ |\ |\ |\ |\ |\
WB-25 - CORRECT ANSWERS ✔✔Bill of Sale
|\ |\ |\ |\ |\ |\
WB-36 - CORRECT ANSWERS ✔✔Buyer Agency/Tenant
|\ |\ |\ |\ |\ |\
Representation Agreement
|\
WB-40 - CORRECT ANSWERS ✔✔Amendment to Offer to
|\ |\ |\ |\ |\ |\ |\ |\
Purchase
WB-42 - CORRECT ANSWERS ✔✔Amendment to Listing
|\ |\ |\ |\ |\ |\
WB-44 - CORRECT ANSWERS ✔✔Counter Offer
|\ |\ |\ |\ |\
,WB-45 - CORRECT ANSWERS ✔✔Cancellation Agreement
|\ |\ |\ |\ |\ |\
& Mutual Release
|\ |\
WB-46 - CORRECT ANSWERS ✔✔Multiple Counter
|\ |\ |\ |\ |\ |\
Proposal
Regarding documentation, which of the following actions
|\ |\ |\ |\ |\ |\ |\
can help a licensee avoid being accused of unauthorized
|\ |\ |\ |\ |\ |\ |\ |\ |\
practice of law? |\ |\
Disclosing in writing to all parties in a transaction that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
licensee isn't a licensed attorney, so there's no licensee
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
liability
Having a designated broker review and notarize all
|\ |\ |\ |\ |\ |\ |\ |\
completed contracts |\
Having a designated broker write all contracts from
|\ |\ |\ |\ |\ |\ |\ |\
scratch to make them specific to each transaction
|\ |\ |\ |\ |\ |\ |\
Using approved fill-in-the-blank forms - CORRECT
|\ |\ |\ |\ |\ |\
ANSWERS ✔✔Using approved fill-in-the-blank forms
|\ |\ |\ |\
Through contracts with the USDA, the _______ encourages
|\ |\ |\ |\ |\ |\ |\ |\
farmers to stop growing crops on highly erodible or
|\ |\ |\ |\ |\ |\ |\ |\ |\
environmentally sensitive land, and instead to plant a |\ |\ |\ |\ |\ |\ |\ |\
protective cover of grass or trees. |\ |\ |\ |\ |\
, Conservation Reserve Program |\ |\
Managed Forest Land Program |\ |\ |\
Private Onsite Wastewater Treatment System Suitability
|\ |\ |\ |\ |\
Shoreland Zoning Ordinances Requirement - CORRECT |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Conservation Reserve Program |\ |\ |\
Wisconsin buyers Annette and Keyonna were thrilled to|\ |\ |\ |\ |\ |\ |\ |\
find the perfect home for their growing family: a four-
|\ |\ |\ |\ |\ |\ |\ |\ |\
bedroom, four-bath home with a half-acre backyard.
|\ |\ |\ |\ |\ |\ |\
There's only one issue: They have to sell their current
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
home before they can buy their dream home. Which of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the following optional provisions would you mark with an
|\ |\ |\ |\ |\ |\ |\ |\ |\
X on WB-11 if you were representing Annette and
|\ |\ |\ |\ |\ |\ |\ |\ |\
Keyonna?
Bump Clause |\
Closing of Buyer's Property Contingency
|\ |\ |\ |\
Financing Contingency |\
Seller Financing - CORRECT ANSWERS ✔✔Closing of
|\ |\ |\ |\ |\ |\ |\
Buyer's Property Contingency |\ |\
Which of the following, if performed by a Wisconsin real
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
estate licensee who is not an attorney, constitutes
|\ |\ |\ |\ |\ |\ |\ |\
unauthorized practice of law? |\ |\ |\
