Name: Score:
136 Multiple choice questions
Term 1 of 136
when can a licensee refuse to draft or submit any offer?
When the offer doesn't coincide with the instructions of the seller (put in writing)
When the buyer is not pre-approved for financing.
When the seller is out of town.
When the property is listed as 'not for sale'.
Term 2 of 136
During a land contract, what type of title does the seller hold? What type of title does the buyer
hold?
Substitution
Survivorship martial property
joint ownership/joint tenants
Vendors-S- legal title
Vendee- B- equitable title
Disposition encumber exclude Possession Quiet enjoyment control
Term 3 of 136
When acting as a buyer's agent, the agency relationship must be disclosed by the earlier of:
only after the purchase agreement is signed
at the time of closing the deal
first contact, showing, negotiation w/seller or listing broker
when the buyer makes an offer
,Term 4 of 136
After a borrow pays off a loan, what should he expect to be recorded by the lender?
Deed in lieu of foreclosure
Deed of reconveyance
Satisfaction of mortgage
Abstract of title
Term 5 of 136
How is a counter offer numbered?
Holistically
Substitution
Numerically
Sequentially
Term 6 of 136
What type of listing contract is illegal in Wisconsin?
Net lease
Net listing
Block busting
Exclusive agency listing
,Term 7 of 136
If a property has a market value of $175,000 and is assessed at 97% of its value, what is the
assessed value?
$175,000
$150,000
$180,000
$169,750
Term 8 of 136
The purchaser of a condominium must receive the disclosure documents no later than:
15 days prior to closing
30 days after closing
immediately after the purchase agreement is signed
at the time of the first inspection
Term 9 of 136
What type of agency relationship gives an agent the authority to represent a principal in more
than one transaction?
General Lien
General Agency
Single Agency
Express Agency
, Term 10 of 136
Give an example of a unilateral contract:
Warranty deed
Option to purchase
Specific performance
Offer to purchase
Term 11 of 136
On what line of the WB-1 REsidential Listing Contract states that the buyer may accompany
inspectors?
Line 191
Line 171
Line 201
Line 181
Term 12 of 136
A seller becomes aware of a defect after an Offer to Purchase has been accepted. Does the seller
have to amend the Real Estate Condition Report and deliver a copy to the buyer?
Nonconforming use
No (5% discussion)
7 days (Line 36)
Buyer (whomever paid)
136 Multiple choice questions
Term 1 of 136
when can a licensee refuse to draft or submit any offer?
When the offer doesn't coincide with the instructions of the seller (put in writing)
When the buyer is not pre-approved for financing.
When the seller is out of town.
When the property is listed as 'not for sale'.
Term 2 of 136
During a land contract, what type of title does the seller hold? What type of title does the buyer
hold?
Substitution
Survivorship martial property
joint ownership/joint tenants
Vendors-S- legal title
Vendee- B- equitable title
Disposition encumber exclude Possession Quiet enjoyment control
Term 3 of 136
When acting as a buyer's agent, the agency relationship must be disclosed by the earlier of:
only after the purchase agreement is signed
at the time of closing the deal
first contact, showing, negotiation w/seller or listing broker
when the buyer makes an offer
,Term 4 of 136
After a borrow pays off a loan, what should he expect to be recorded by the lender?
Deed in lieu of foreclosure
Deed of reconveyance
Satisfaction of mortgage
Abstract of title
Term 5 of 136
How is a counter offer numbered?
Holistically
Substitution
Numerically
Sequentially
Term 6 of 136
What type of listing contract is illegal in Wisconsin?
Net lease
Net listing
Block busting
Exclusive agency listing
,Term 7 of 136
If a property has a market value of $175,000 and is assessed at 97% of its value, what is the
assessed value?
$175,000
$150,000
$180,000
$169,750
Term 8 of 136
The purchaser of a condominium must receive the disclosure documents no later than:
15 days prior to closing
30 days after closing
immediately after the purchase agreement is signed
at the time of the first inspection
Term 9 of 136
What type of agency relationship gives an agent the authority to represent a principal in more
than one transaction?
General Lien
General Agency
Single Agency
Express Agency
, Term 10 of 136
Give an example of a unilateral contract:
Warranty deed
Option to purchase
Specific performance
Offer to purchase
Term 11 of 136
On what line of the WB-1 REsidential Listing Contract states that the buyer may accompany
inspectors?
Line 191
Line 171
Line 201
Line 181
Term 12 of 136
A seller becomes aware of a defect after an Offer to Purchase has been accepted. Does the seller
have to amend the Real Estate Condition Report and deliver a copy to the buyer?
Nonconforming use
No (5% discussion)
7 days (Line 36)
Buyer (whomever paid)
