1
WI Real Estate Final Exam Material
Questions and Answers (100% Correct
Answers) Already Graded A+
Salespeople can use which of the following
forms: Ans: a form prepared and approved by
the Department
© 2025 Assignment
Which of the following statements is true of
Guru01 - Stuvia
property held in joint tenancy? Ans: If a joint
tenant dies, the surviving tenant or tenants
Expert
receive the interest of the deceased joint tenant
When presenting an offer to a For Sale by Owner
(FSBO), a buyer's licensee will present what form
to the seller? Ans: Disclosure to Customers
Which of the following is NOT typically
considered client funds? Ans: Security deposits
collected by a property owner
How can a seller terminate a listing contract?
Ans: In writing, delivered according to the
terms of the listing contract
If a seller does not accept an offer that included
earnest money, the listing firm MUST: Ans:
, 2
promptly disburse the money to the person(s)
who paid the money
Which type of loan does the federal government
guarantee? Ans: Department of Veterans Affairs
(VA) loan
What is the legal effect of a counter-offer? Ans:
Rejection of the offer and presentation of a new
© 2025 Assignment
offer
Guru01 - Stuvia
When acting as a buyer's agent, a license must
Expert
disclose buyer agency to all parties or risk a
claim of: Ans: misrepresentation
The Distribution of Information section of the
WB-11 Residential Offer to Purchase states that:
Ans: the listing firm may deliver a copy of the
offer to the title company
Which statement best explains why instruments
affecting real estate, such as deeds or
easements, are recorded in the register of deeds
in the county where the property is located?
Ans: Recording gives constructive notice to the
world of the rights and interests in a parcel of
real estate.
, 3
When marketing properties, a licensee's liability
for providing information regarding lot lines, lot
sizes, or room dimensions may lead to all of the
following EXCEPT: Ans: a selling bonus
Wallace lists his house with Kima. Preston goes
to Kima's open house and decides he wants to
make an offer on the house. Preston signs a
buyer agency agreement with Kima. Kima drafts
© 2025 Assignment
the offer to purchase for Preston. Which of the
Guru01 - Stuvia
following CORRECTLY identifies the relationship
of Kima to Preston and Wallace? Ans: Wallace is
Expert
Kima's client, Preston is Kima's client
In the WB-1 Residential Listing Contract, who has
the authority to accompany a home inspector
during a home inspection? Ans: the buyer
The WB-11 Residential Offer to Purchase does
NOT have any information at lines 38 and 39.
This means that: Ans: binding acceptance can
only occur by delivery to the Party, not the agent
How must a supervising broker delegate
supervision to another broker? Ans: In a written
statement signed by both brokers
When purchasing a condominium the buyer has
the right to a copy of the condominium
, 4
declaration bylaws within how many days prior
to closing? Ans: 15
An offer is written and subsequently rejected.
The buyer gave earnest money with the offer.
What would be the proper procedure to return
the earnest money? Ans: can be returned to the
buyer
© 2025 Assignment
A borrower is obtaining an adjustable rate loan
Guru01 - Stuvia
where the initial rate is fixed for three years.
After the initial period, the loan will adjust every
Expert
six months. What is the borrower's initial
principal and interest payment is based upon?
Ans: The interest rate at which the ARM is
originated
Jimmy and Sara, a married couple, are selling
their primary residence. Both Jimmy and Sara
must sign all of the following EXCEPT: Ans: the
listing contract
A selling agent has given the buyer information
on the real estate market and suggested a
purchase price for the buyer's offer. The selling
agent has likely created what type of agency
with the buyer? Ans: implied
WI Real Estate Final Exam Material
Questions and Answers (100% Correct
Answers) Already Graded A+
Salespeople can use which of the following
forms: Ans: a form prepared and approved by
the Department
© 2025 Assignment
Which of the following statements is true of
Guru01 - Stuvia
property held in joint tenancy? Ans: If a joint
tenant dies, the surviving tenant or tenants
Expert
receive the interest of the deceased joint tenant
When presenting an offer to a For Sale by Owner
(FSBO), a buyer's licensee will present what form
to the seller? Ans: Disclosure to Customers
Which of the following is NOT typically
considered client funds? Ans: Security deposits
collected by a property owner
How can a seller terminate a listing contract?
Ans: In writing, delivered according to the
terms of the listing contract
If a seller does not accept an offer that included
earnest money, the listing firm MUST: Ans:
, 2
promptly disburse the money to the person(s)
who paid the money
Which type of loan does the federal government
guarantee? Ans: Department of Veterans Affairs
(VA) loan
What is the legal effect of a counter-offer? Ans:
Rejection of the offer and presentation of a new
© 2025 Assignment
offer
Guru01 - Stuvia
When acting as a buyer's agent, a license must
Expert
disclose buyer agency to all parties or risk a
claim of: Ans: misrepresentation
The Distribution of Information section of the
WB-11 Residential Offer to Purchase states that:
Ans: the listing firm may deliver a copy of the
offer to the title company
Which statement best explains why instruments
affecting real estate, such as deeds or
easements, are recorded in the register of deeds
in the county where the property is located?
Ans: Recording gives constructive notice to the
world of the rights and interests in a parcel of
real estate.
, 3
When marketing properties, a licensee's liability
for providing information regarding lot lines, lot
sizes, or room dimensions may lead to all of the
following EXCEPT: Ans: a selling bonus
Wallace lists his house with Kima. Preston goes
to Kima's open house and decides he wants to
make an offer on the house. Preston signs a
buyer agency agreement with Kima. Kima drafts
© 2025 Assignment
the offer to purchase for Preston. Which of the
Guru01 - Stuvia
following CORRECTLY identifies the relationship
of Kima to Preston and Wallace? Ans: Wallace is
Expert
Kima's client, Preston is Kima's client
In the WB-1 Residential Listing Contract, who has
the authority to accompany a home inspector
during a home inspection? Ans: the buyer
The WB-11 Residential Offer to Purchase does
NOT have any information at lines 38 and 39.
This means that: Ans: binding acceptance can
only occur by delivery to the Party, not the agent
How must a supervising broker delegate
supervision to another broker? Ans: In a written
statement signed by both brokers
When purchasing a condominium the buyer has
the right to a copy of the condominium
, 4
declaration bylaws within how many days prior
to closing? Ans: 15
An offer is written and subsequently rejected.
The buyer gave earnest money with the offer.
What would be the proper procedure to return
the earnest money? Ans: can be returned to the
buyer
© 2025 Assignment
A borrower is obtaining an adjustable rate loan
Guru01 - Stuvia
where the initial rate is fixed for three years.
After the initial period, the loan will adjust every
Expert
six months. What is the borrower's initial
principal and interest payment is based upon?
Ans: The interest rate at which the ARM is
originated
Jimmy and Sara, a married couple, are selling
their primary residence. Both Jimmy and Sara
must sign all of the following EXCEPT: Ans: the
listing contract
A selling agent has given the buyer information
on the real estate market and suggested a
purchase price for the buyer's offer. The selling
agent has likely created what type of agency
with the buyer? Ans: implied
