WI Real Estate Licensing Exam All Questions Marking Scheme

WI Real Estate Licensing Exam All Questions Marking Scheme On what line does the buyer indicate they wish the seller to pay for a gap endorsement as part of the title insurance policy? - Answer -Line 400 Which of the following is NOT a protected class under the Wisconsin Fair Housing Laws? - Answer -Student The WB-11 Residential Offer to Purchase does NOT have any information at lines 557 and 558. This means that... - Answer -binding acceptance can only occur by delivery to the party, not the agent Jane is showing a home to perspective buyer Lester. Jane shows Lester the warped steps of the back porch stairs, describing it as "country charm". Which term describes Jane's actions. - Answer -Puffing Which of the following allows a property owner to use property in a way that was once allowed but is no longer permitted under current zoning regulations? - Answer -Nonconforming use To avoid price fixing, all decisions concerning commissions or fees must be - Answer -unilateral, independent decisions A buyer has an inspection contingency in the offer to purchase that does not give the seller the right to cure. The home inspector finds a defect during the inspection. The buyer would like the seller to repair the defect according to the buyer's specifications. If the seller doesn't want to repair the defect to the buyer's specifications the buyer is no longer interested in purchasing the property. How would you accomplish this for the buyer? - Answer -Deliver an amendment to the seller specifying the repairs that must be made and if the seller does not agree then deliver a notice of defects along with the inspection report Licensees are required to disclose to all parties - Answer -possible material adverse facts The WB-11 Residential Offer to Purchase states that title evidence shall be given by the seller in the form of a/an - Answer -owner's policy of title insurance An appraisal would most likely be used in all of the following transactions or situations EXCEPT - Answer -subletting an apartment unit The listing contract states that the washer and dryer are included in the sale. The offer to purchase does not mention them anywhere. At the time of closing the washer and dyer - Answer -must be removed Compare the WB-13 Vacant Land Offer to Purchase to the WB-11 Residential Offer to Purchase. Which of the following statements is most correct? - Answer -The WB-13 includes a map contingency Which of the following tests would NOT be used to determine if a hot tub is a fixture or personal property? - Answer -Relationship between the parties Which term describes a debt secured by an item of personal property? - Answer -A security interest What does a private mortgage insurance do? - Answer -Protects the lenders from losses in conventional mortgage defaults According to the terms of the Extension of Listing section of the WB-1 Residential Listing Contract, how long is the listing contract extended for protected buyers? - Answer -One Year Zoning laws may NOT be used to regulate which of the following? - Answer -The placement of interior partitions Jessica made her final mortgage payment to Bank of Money. Bank of Money will execute which of the following to reflect that Jessica has paid off her mortgage? - Answer -Satisfaction of mortgage A seller is selling a condominium. What must accompany the seller's real estate condition report? - Answer -A condominium addendum to the real estate condition report When presenting an offer to a For Sale by Owner, a buyer's licensee will present what form to the seller? - Answer -Disclosure to customers