Practice Test 1

You and your client Bruno are in a multiple representation relationship, and he has declined to accept designated agency. He asks you what's the best way he can negotiate with the seller to get them to leave some of their furniture. What should you answer? "I bet if you offered them 60 days to move out instead of just 30, they'd jump at the chance to talk furniture with you." "I'm so sorry, but without designated agency, I can only discuss transactional information with you." "In this situation, I'm able to discuss matters with the seller's client, since she's my co-worker. We'll talk and I'll get back to you." "You'll have to ask the seller's client. She's allowed to advocate for you in this situation."

"I'm so sorry, but without designated agency, I can only discuss transactional information with you."

Monique wants to take over Travis's mortgage loan. Which of these statements is true? A loan assumption leaves the seller with liability for the debt. A "subject to" transaction relieves the seller of liability for the debt. Lender permission isn't required for a loan assumption. "Subject to" is an agreement between the seller and the buyer.

"Subject to" is an agreement between the seller and the buyer.

A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly principal and interest payment is $3,078.59. What's the total amount he'll pay over the life of the loan? $1,108,292.40 $500,000 $608,292.40 $750,000

$1,108,292.40

Stu's seller client, Gabi, wants to figure out how much equity she has in the home she's selling. Gabi paid $200,000 eight years ago and made several great renovations over the years. She still owes $125,000. Stu calculates that comparable home values in her area have risen about 15% since Gabi bought. Assuming Stu pulled appropriate comps, about how much equity does she have? $105,000 $155,000 $205,000 $230,000

$105,000

If Hal sold his client's listing for $230,000, but it appraised at $200,000 and the buyers agreed to put the extra $30,000 down, what will Hal's commission be if he charged 5%? $10,000 $11,500 $13,500 $16,000

$11,500

Cheryl and Roberto just signed a contract for Cheryl to buy Roberto's house for $235,000. Roberto owes $48,750 on his current mortgage, he's going to replace the old furnace ($800), he's agreed to pay 3% toward closing costs, and he'll pay a 6% commission to his agent. How much in whole dollars will he have left to put down on the condo he wants to buy? $164,300 $164,771 $167,696 $168, 688

$164,300

A buyer with a $242,000 loan has a monthly principal and interest payment of $1,317.66. If $1,033.54 is interest, what's the new principal balance after the first payment is applied? $240,682.34 $241,672.12 $241,715.88 $241,976.21

$241,715.88

Kelly is purchasing a property that has an assessed value of $160,000. If the tax rate is 2.5%, what will Kelly likely pay annually in property taxes? $160 $400 $4,000 $40,000

$4,000

Joyce just closed on a condo for $366,900 and put down 20% to obtain an 80% loan and avoid having to pay for private mortgage insurance. How much equity does she have in her condo? $146,760 $220,140 $293,520 $73,380

$73,380

Alistair bought a townhouse for $285,900. He got a 90% loan and the lender charged him 3-1/2 discount points. How much did Alistair pay in discount points? $1,000.65 $10,006.50 $9,005.85 $9,585.00

$9,005.85

Sellers of condos must provide complete, current, and accurate copies of condominium disclosures within _______ days of accepting an offer. 10 14 Seven Three

10

Angel delivers to the seller a written notice that a lender's financing commitment is unavailable. Assuming the seller financing box is checked on the WB-11 form, how many days does the seller have to decide whether to provide seller financing? 10 days 3 days 5 days 7 days

10 days

On the WB-14 Residential Condominium Offer to Purchase, the Condominium Disclosure Materials provision states that the seller agrees to provide current and accurate copies of the condo disclosure materials within 10 days of acceptance of the offer, and no later than _______ days before closing. 10 15 20 Five

15

A lot measuring three-fourths of an acre is for sale. How many square feet is this? 10,890 14,520 32,670 43,560

32,670

Bill received an offer from a buyer. He responded that he accepted the offer, and added a right to cure a contingency. This is considered ______. A counter-offer A deferred offer An acceptance Binding acceptance

A counter-offer

Which of the following statements about WB-46 is true? A multiple counter-proposal is binding on both the seller and the buyer. A multiple counter-proposal is binding on the seller, but not the buyer. It becomes binding on the buyer upon the buyer's receipt of the seller's binding acceptance. A multiple counter-proposal is not binding on either the seller or the buyer until the seller provides binding acceptance. WB-46 is used when the seller has at least one offer on a property.

A multiple counter-proposal is not binding on either the seller or the buyer until the seller provides binding acceptance.

_______ states that the brokerage firm is entitled to a commission if the property is sold by the owner or the firm to a specific party identified in the contract. An exclusive agency agreement An exclusive right-to-sell agreement An open listing agreement A one-party listing agreement

A one-party listing agreement

Wisconsin has many rules concerning prohibited practices for landlords/property managers. When it comes to advertising, which of the following is a prohibited action? Advertising affordable housing Advertising rental rates of individual units Advertising units that are currently condemned Advertising units that will become available in the future

Advertising units that are currently condemned

How would Wisconsin seller Barry agree to a multiple representation relationship but reject designated agency? Barry can tell his agent on the phone or via email. Barry must choose this option on the Wisconsin disclosure form and sign his name to it. Barry must tell both agents and the other client during a sit-down meeting. Barry must tell his agent in a face-to-face meeting.

Barry must choose this option on the Wisconsin disclosure form and sign his name to it.

Which of the following statements regarding Wisconsin notices and amendments is true? An amendment is only used when one of the licensees wishes to change some aspect of an offer to purchase contract. Because WB-40 and WB-41 are DSPS-approved forms, both may be used by Wisconsin brokers and salespersons. Only Wisconsin brokers are authorized to use WB-41, but both brokers and salespersons in Wisconsin are allowed to use WB-40. Only Wisconsin brokers can use WB-40, but both brokers and salespersons in Wisconsin can use WB-41.

Because WB-40 and WB-41 are DSPS-approved forms, both may be used by Wisconsin brokers and salespersons.

Which of these statements accurately reflects the Wisconsin Real Estate Examining Board's membership? Board members may serve a maximum of two four-year terms. Board members must be licensed brokers with at least five years of broker experience. The board consists of seven members plus a governor-appointed chair of the board. Three board members are unlicensed members of the public.

Board members may serve a maximum of two four-year terms.

Buyer client Walt has declined to accept a multiple representation relationship with designated agency. What's true about this situation? Both Walt's agent and the seller's agent work for the same brokerage. The seller client, Ben, must also reject the possibility of a multiple representation relationship with designated agency before the transaction can proceed. Walt's agent must now agree to accept a smaller commission. Walt won't be able to complete this real estate transaction unless he finds another brokerage to work with.

Both Walt's agent and the seller's agent work for the same brokerage.

After switching careers, Alice just graduated from culinary school and is looking to purchase a house. Until she gets her feet wet with her new job, she knows the cost of living with her mortgage is going to be tight. Which mortgage might help her manage her expenses each month? Adjustable-rate Amortized Budget Straight

Budget

Sam has a mortgage payment that includes his property taxes and property insurance. What type of mortgage does Sam have? Adjustable Amortized Budget Straight

Budget

The WI Real Estate Condition Report asks about such topics as ______. Burial sites Carpeting Furnishings Lawn care

Burial sites

Which of the following features is most likely to be the cause of an adjustment to a comparable when preparing a CMA? Busy street Color Demographics Interest rates

Busy street

The WB-36 is an agency agreement between _____. Buyers and brokerage firms Buyers and sellers Sellers and brokerage firms Tenants and landlords

Buyers and brokerage firms

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

Closing of Buyer's Property Contingency

What is the official title for the WB-5 form? Commercial Listing Contract Farm Listing Contract Residential Listing Contract Vacant Land Listing Contract

Commercial Listing Contract

Carlton, an owner of several retail spaces and one apartment building, is ready to sell his investments. He thinks the most lucrative approach would be to change his current properties into condominiums. What is this investment opportunity known as? Conversion Flipping Reversion Turning

Conversion

Shirley's lender discharged the mortgage lien on Shirley's property after processing her final payment. Which clause requires the lender to take this action? Acceleration Alienation Defeasance Due-on-sale

Defeasance

Callum is working with Darby, who received an honorable discharge from the Air Force. Callum is preparing to discuss options for down payment assistance with Darby. Which of the following would be Callum's best resource for information for this specific client? Department of Human Services Department of Veterans Affairs Real Estate Assessment Center USDA Rural Development Program

Department of Veterans Affairs

Seller Stan knows there is asbestos in his insulation. Stan should _______. Assume his agent will keep the information confidential Disclose the information in the real estate condition report Keep the information to himself Let the inspector find it

Disclose the information in the real estate condition report

As a Wisconsin licensee, your duties of ______ pertain to any information that the firm knows that's material to the transaction, but that the client doesn't know and can't discover through observation (except for confidential information). Accounting Confidentiality Disclosure Honesty

Disclosure

Licensee Fran represents a couple who are selling their house. She explained to Pauline, a potential buyer, that the house flooded last year and that there are still signs of damage, even though repairs have been made. She does this because she owes Pauline the duty of _______. Confidentiality Disclosure Loyalty Obedience

Disclosure

Jarod bought a home in which he has all the rights of ownership, including the right to sell and to convey the property to heirs at his death. What type of fee simple estate is this? Fee simple absolute Fee simple defeasible Fee simple determinable Fee simple subject to a condition

Fee simple absolute

Which statement accurately describes an abstract of title? A title company representative must certify the abstract of title. Few states require an abstract of title when conveying property. The chain of title documents the information found during the title abstract process. Title abstracts provide data for the title company's title search.

Few states require an abstract of title when conveying property.

Which of the following would be considered personal property? Built-in microwave Custom curtains Free-standing TV In-ground pool

Free-standing TV

Wisconsin salesperson Adele helped her client Joe complete WB-11, Residential Offer to Purchase on Friday, Jan. 31. Joe's attorney reviewed it and Joe signed on Feb. 2. Adele sent it to the seller's agent on Feb. 3. The seller countered on Feb. 5, and Joe signed the counter on Friday, Feb. 6. Joe's deadline to pay the earnest money was five business days after acceptance. Assuming there weren't any holidays or no-mail days in this time frame, when was Joe's deadline to deliver the earnest money? Friday, February 13 Thursday, February 12 Tuesday, February 10 Wednesday, February 11

Friday, February 13

Seller Xavier is filling out the WB-1 and comes to the section on multiple representation relations and designated agency. Which of the following is NOT an option that Xavier has regarding how his agent can represent him in the transaction? He can allow his agent to represent both him and the buyer in the same transaction. He can allow the listing firm to represent both parties in the transaction, but not the same agent. He can choose to have no representation in the transaction. He can choose to not allow the firm to represent both him and buyer in the same transaction.

He can choose to have no representation in the transaction.

Agent Jeremy just discovered that the person who made an offer on his seller client Betty's house is represented by Julia, who works with Jeremy at the same brokerage. Betty is eager to accept the offer and move forward with the sale. What must Jeremy do first? He has to present Betty with Wisconsin's multiple representation relationship disclosure form, and let her choose if she accepts designated agency or not. He'll need to explain to Betty that she's now in a multiple representation relationship with designated agency, and tell her what that means. He must tell Betty that her agent-client relationship is actually with the brokerage rather than with him. He must tell Betty that he's a licensed Wisconsin real estate agent and give her his license number.

He has to present Betty with Wisconsin's multiple representation relationship disclosure form, and let her choose if she accepts designated agency or not.

Erik is acting in a single agency capacity in a transaction. What does this mean? Erik isn't part of a realty team within his brokerage firm. He's representing (and owes undivided loyalty to) either the buyer or the seller. He's working as a non-agent for either the buyer or seller. His firm doesn't allow dual agency.

He's representing (and owes undivided loyalty to) either the buyer or the seller.

The Residential Listing Contract contains all of the following information, EXCEPT _______. Duties that licensees owe to clients and customers How licensees will earn commissions How the property is zoned What the seller considers to be "confidential information"

How the property is zoned

Becca hired Steven as a personal assistant. Steven is a licensed Wisconsin salesperson. Which of these statements is true? Because he's licensed, Steven can perform more tasks for Becca than an unlicensed assistant could. In a written agreement with her firm, Becca must outline the training she will provide to Steven. In his role as an assistant to Becca, Steven is considered an unlicensed personal assistant. Steven must sign a written agreement with the brokerage firm that outlines his duties and compensation arrangement with Becca.

In his role as an assistant to Becca, Steven is considered an unlicensed personal assistant.

Rhonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda own the building? As a joint tenant with rights of survivorship As a tenant in common with Oliver's heirs In severalty In trust

In severalty

In Wisconsin, items of personal property that the buyer would like to remain with the property are known as ______. Codicils Contingencies Exclusions Inclusions

Inclusions

Jenna and George are both clients of Wisconsin's True Star Real Estate Brokerage. Jenna is interested in George's property, so the principal broker at True Star has designated an individual associated licensee to represent each party separately. What needs to happen for this to be legal? George needs to sign a designated agency disclosure form, but Jenna doesn't. Jenna and George must both sign a designated agency disclosure form. Jenna needs to sign a designated agency disclosure form, but George doesn't. This arrangement is illegal in Wisconsin.

Jenna and George must both sign a designated agency disclosure form.

Vera is interested in purchasing Henry's property. Which of the following can Kiera, Henry's listing agent, do when interacting with Vera (assuming that Vera is represented by another agent from a different firm)? Kiera can maintain Vera's confidentiality, should Vera share anything private. Kiera can present Vera's purchase offer to Henry without bias. Kiera can provide real estate advice to Vera, upon request. Kiera can put Vera's interests before Henry's.

Kiera can present Vera's purchase offer to Henry without bias.

Which of the following statements about the duty to disclose adverse material facts is true? Licensees are required to disclose only those material facts of which they have actual knowledge. Licensees don't have to communicate adverse material facts if a property is being sold with any kind of "as-is" or "where-is" clause. Licensees must disclose adverse material facts either before or after closing. Licensees owe this duty to their clients only.

Licensees are required to disclose only those material facts of which they have actual knowledge.

Which of these statements about what licensees owe their clients is true? Licensees must always disclose confidential information to their clients. Licensees only owe duties to their clients. Licensees only owe the duty of confidentiality to their brokerages. Licensees owe their clients extra duties, above what they owe customers.

Licensees owe their clients extra duties, above what they owe customers.

All of the following are seller's obligations under the WB-1, EXCEPT _______. Accepting responsibility for preparing the property for showings Cooperating with the firm's marketing efforts Disclosing all known material defects Maintaining trust funds in a trust account

Maintaining trust funds in a trust account

As mentioned in WB-13, the _______ offers incentives that reduce and defer property taxes as a way to encourage sustainable forestry on private woodlands. Conservation Reserve Program Farmland Preservation Act Managed Forest Land program Shoreland Zoning Ordinance

Managed Forest Land program

Nate represents Elena, who's purchasing a house. Katherine represents the seller, Timothy. Which of the following statements accurately reflects the agency duties owed in this situation? Each licensee owes all duties to both clients. Katharine owes Elena the duty of loyalty. Nate owes no duties to Timothy, and Katherine owes no duties to Elena. Nate owes Timothy the duty of disclosure.

Nate owes Timothy the duty of disclosure.

What are the main benefits to veterans of the VA-guaranteed loan program? A VA guarantee of the property condition Lower interest rates than are available on the open market No down payment, no mortgage insurance, and no prepayment penalty Reduced homeowner's insurance requirements

No down payment, no mortgage insurance, and no prepayment penalty

Jacob's family has operated a neighborhood grocery store in the community since before the land was zoned residential. Jacob continues to operate the store legally. What would you call this? Mixed use Non-conforming use Residential retail use Special use

Non-conforming use

Elaine owns a home on a flag lot behind James. Her easement for a common driveway runs through James's property. What kind of ownership rights does Elaine have of the driveway that runs through James's property? Absolute Non-possessory Possessory Temporary

Non-possessory

In WB-11, Residential Offer to Purchase, the licensee should list any items the buyer doesn't want to remain with the property in the ______ provision. Excluded Personal Property Fixtures Included in Purchase Price Not Included in Purchase Price

Not Included in Purchase Price

If you're inspecting vacant land, you're required to ______. Hire a qualified inspector to assist because land is different than a structure Observe the property from at least one point on or adjacent to the property Stop inspecting it because it's prohibited per licensing regulations Walk the entire property, similar to a grid search

Observe the property from at least one point on or adjacent to the property

Before entering into a written agreement for representation with a buyer or seller, what must be done? Act as an agent to demonstrate licensee skills. Be designated as an agent by a responsible broker. Obtain written acknowledgment of having provided the agency disclosure. Talk about agency types.

Obtain written acknowledgment of having provided the agency disclosure.

What type of listing agreement is a unilateral agreement in which a seller may contract with many real estate agents to locate a buyer? Exclusive agency Exclusive right-to-sell One-party listing Open listing

Open listing

What type of listing agreement provides the least protection for a licensee's commission? Exclusive agency Exclusive right-to-sell One-party listing Open listing

Open listing

Which of the following statements is true about conventional loans? Originators usually package and sell the loans on the secondary market. They're guaranteed by the U.S. Department of Veterans Affairs. They're insured by the Federal Housing Administration. They're provided by the U.S. Department of Agriculture.

Originators usually package and sell the loans on the secondary market.

Trenton is a real estate licensee who's suspected of discriminating against women who are interested in buying a condo in his building. HUD sends four clients his way, each with equivalent credit scores and employment histories. Two are male and two are female. What investigative technique is HUD using? Beta testing Interview testing Paired testing Protected class testing

Paired testing

In Wisconsin, which type of deed conveys real property from a decedent's estate to a buyer? General warranty deed Personal representative deed Quitclaim deed Referee's deed

Personal representative deed

If Clark's seller client Miguel decides not to allow a multiple representation relationship with designated agency but still wants Clark for an agent, which of the following tasks will Clark be able to perform on Miguel's behalf? Advise Miguel to lower his asking price by $10,000 and explain his reasoning. Explain to Miguel which offer he believes is best and why. Help Miguel understand how to use current market conditions to attract more buyers. Present Miguel with each offer as he receives it.

Present Miguel with each offer as he receives it.

According to the U.S. Department of Justice, which type of antitrust violation is an agreement between competitors to eliminate discounts to all customers or certain types of customers? Group boycotting Market allocation Price fixing Tie-in arrangement

Price fixing

Which of the following is a promise from the borrower to repay a certain sum of money to another party (the lender or holder of the note) under specified terms? Deed of trust Mortgage lien Promissory note Usury

Promissory note

You've established an agency relationship with a seller. At an open house, a potential buyer asks if you can offer some advice about how to best present the seller with a written offer. What must you do next? Enter into another agreement to be the buyer's agent as well. Give advice, but don't let your seller know. Provide the buyer with the proper disclosure form and explain your agency relationship with the buyer. Tell the potential buyer that you can't discuss the matter further because you represent the seller.

Provide the buyer with the proper disclosure form and explain your agency relationship with the buyer.

In Wisconsin, a copy of the rental agreement must be __________. Approved by the resident's association Kept on file by landlord for at least five years following tenants vacating the property Provided to tenants after signing Registered with the local housing authority

Provided to tenants after signing

What can buyers do to protect themselves from title issues when purchasing property? Ensure the seller's name is on the deed. File a lis pendens claim at the court before buying the property. File a security agreement at the county clerk's office. Purchase title insurance.

Purchase title insurance.

"Approved forms" are those that have been reviewed and prepared by the _____. National Association of REALTORS® (NAR) Real Estate Examination Board (REEB) State of Wisconsin Wisconsin REALTORS® Association (WRA)

Real Estate Examination Board (REEB)

Which statement most accurately describes the type of notice provided by recording a change of ownership document? Recording the deed provides actual notice of the property sale. Recording the deed provides constructive notice of the property sale. Recording the new owner's title policy serves as constructive notice of the sale. Recording the promissory note provides constructive notice of the property sale.

Recording the deed provides constructive notice of the property sale.

The Wisconsin DSPS-approved WB-1 is known as the _______. Farm Listing Contract - Exclusive Right to Sell Residential Condominium Listing Contract - Exclusive Right to Sell Residential Listing Contract - Exclusive Right to Sell Vacant Land Listing Contract - Exclusive Right to Sell

Residential Listing Contract - Exclusive Right to Sell

Which of the following is an optional provision in WB-11? Property Condition Representations Real Estate Condition Report Seller Financing Time is of the Essence

Seller Financing

All of the following information regarding property the buyer is interested in is contained in the WB-36 form EXCEPT ______. Geographic restrictions Property price range Seller demographics Type of property

Seller demographics

Wisconsin licensee Jeannine is helping her client Harold complete some approved forms. How much may she charge him for helping him with the forms? She can charge a maximum of $5 per form. She can charge a maximum of $7 per form. She may charge a maximum of $10 per form, not to exceed $50 regardless of how many forms she works on. She may not charge him at all to help with the forms.

She may not charge him at all to help with the forms.

Wisconsin licensee Sara has just entered into a multiple representation relationship with a designated agency scenario. What does this mean? She can now negotiate for either party to the transaction. She isn't bound by any of the traditional duties that licensees owe to other clients. She is required to disclose all confidential client information to her managing broker. She must give her client assistance and advice even if it gives her client advantages over the other party to the transaction.

She must give her client assistance and advice even if it gives her client advantages over the other party to the transaction.

Wisconsin seller Caroline received four offers the first day her property was on the market. There are parts of each offer that she likes. What can she do? She must respond to the offers in the order they were received. She should use WB-44 to counter all of her offers at the same time. She should use WB-46 to counter any of the offers she wishes to respond to, making the terms of each multiple counter-proposal unique to that specific offer. She should use WB-46 to counter any of the offers she wishes to respond to, offering the same counter-proposal to each offer.

She should use WB-46 to counter any of the offers she wishes to respond to, making the terms of each multiple counter-proposal unique to that specific offer.

Moxie is wary of making any changes to the approved forms she uses in her work. To reassure her, you let her know that she is allowed to _____. Remove the board's approval statement from the form Remove whole sections of the forms as needed State that her firm has reproduced the form and include the firm's address and phone number on the form Substantially change the formatting on the form

State that her firm has reproduced the form and include the firm's address and phone number on the form

Brent and Kathy recently bought a property in a gated community. While doing some landscaping they noticed that their neighbor's shed seems to be over the lot line and on their property. What should they consult to determine if the shed is an encroachment? Deed HOA covenant Mortgage Survey

Survey

Select the statement that correctly exemplifies the covenant term. The covenant against encumbrances is the grantor's guarantee that he or she owns the property being conveyed. The covenant for further assurances assures the grantee that there are no undisclosed encumbrances on the property. The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on. The covenant of warranty promises that the grantor has the capacity to convey title.

The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on.

Under which of these circumstances can the board still file an action against the licensee involved? Assume it's February 12, 2020. The agency agreement terminated on February 11, 2018. The listing agreement expired on April 14, 2018. The transaction closed on January 28, 2018. The transaction closed on September 14, 2017.

The listing agreement expired on April 14, 2018.

Once buyers submit their loan application, they must be given their Loan Estimate. At the very least, they must receive the Loan Estimate within ______. Five business days after submitting the loan application One week after submitting the loan application Three business days after submitting the loan application Two business days after submitting the loan application

Three business days after submitting the loan application

Which one of the following protects the owner against financial loss if the real estate title has defects? Abstract of title Chain of title Deed Title insurance

Title insurance

Which of the following scenarios illustrates a multiple representation relationship with designated agency in Wisconsin? A real estate agent represents a buyer client in more than one transaction. A real estate agent represents both the buyer and seller in the same transaction. Two agents who are affiliated with the same brokerage represent the buyer and seller, respectively. Two agents who have worked together before but are now at separate brokerages represent the buyer and seller, respectively.

Two agents who are affiliated with the same brokerage represent the buyer and seller, respectively.

Seller Barbara has received an offer from Grant, and it looks good, except for a couple of things: the closing date is too soon, and the offer is for $20,000 under her asking price. She likes the rest of the offer, though. What should her agent do? Call Grant's agent to and ask him to talk to Grant about bringing the closing date and the offer price in line with what Barbara wants. Send written notice that Barbara rejects Grant's offer. Use form WB-44, Counter-Offer, to make one counter-offer for both the closing date and the price. Use form WB-46, Multiple Counter-Proposal, because Barbara wants to counter more than one item in this offer.

Use form WB-44, Counter-Offer, to make one counter-offer for both the closing date and the price.

Which of the following is the identifying number for the approved Wisconsin form called Residential Listing Contract Exclusive Right to Sell? WB-1 WB-2 WB-3 WB-4

WB-1

Wisconsin salesperson George needs to find the right form to help his buyer client make an offer on a four-bedroom, four-bath, single-family home in Green Bay. Which of the following forms should he use? WB-1 WB-11 WB-2 WB-47

WB-11

Wisconsin broker Carlos is helping his client Betty make an offer on vacant land. Which of the following forms should he use? WB-1 WB-13 WB-3 WB-46

WB-13

Wisconsin licensee Doug is helping a client make an offer on a condominium. Which of the following forms would Doug use? WB-14, Residential Condominium Offer to Purchase WB-1, Residential Listing Contract Exclusive Right to Sell WB-26, Timeshare Contract (Sale by Developer) WB-36, Buyer Agency/Tenant Representation Agreement

WB-14, Residential Condominium Offer to Purchase

The Vacant Land Listing Contract is also known as the _____ form. WB-1 WB-3 WB-36 WB-5

WB-3

The Residential Condominium Listing Contract, otherwise known as the _______, is used specifically for listing condominium properties. WB-1 WB-2 WB-3 WB-4

WB-4

Which of the following approved forms in Wisconsin is used when one party to a transaction wishes to give the other party to the transaction notice about something in the contract? WB-11 WB-40 WB-41 WB-45

WB-41

Which of the following Wisconsin DSPS-approved forms would a licensee use to make a counter-offer on a purchase offer? WB-1, Residential Listing Contract Exclusive Right to Sell WB-2, Farm Listing Contract - Exclusive Right to Sell WB-44, Counter Offer WB-47, Amendment to Buyer Agency/Tenant Representation Agreement

WB-44, Counter Offer

Which of the following is an approved form in Wisconsin? A contract form for the sale of real estate or a business opportunity located in another state A land contract WB-46 WB-67

WB-46

Cory is a Wisconsin licensee who owns several rental properties. He and his wife have decided to sell one of his rentals. He's meeting with Josie and her agent, Frank, to show them the property. At what point must he disclose his personal interest in the transaction? At the time he accepts a purchase offer. At the time he receives a purchase offer. When he arranged the meeting with Josie and Frank. When the transaction closes.

When he arranged the meeting with Josie and Frank.

When should Wisconsin licensees use board-approved forms? Never, unless they have written permission from the REEB Only in times when a transaction has non-standard terms and conditions Only upon request from a client Whenever they act as an agent or party in a real estate transaction

Whenever they act as an agent or party in a real estate transaction

Christina purchased a house from Thomas. When did she officially gain ownership of the property? After the appraisal was completed Prior to closing after approving the Loan Estimate When actual notice of the deed was given to the mortgage company With the transfer of deed from the seller to the buyer

With the transfer of deed from the seller to the buyer

The safest way to establish an agency relationship is with a(n) _____ agency agreement. Handshake Implied Verbal Written

Written

Sarah's firm has received a request from the board for records related to a complaint filed against one of the firm's licensees. The firm provided the requested documents three business days after REEB made the request. Did it comply within the statutory timeframe? No, because statute requires compliance within 24 hours. No, because statute requires immediate compliance. Yes, because statute requires compliance within 14 days. Yes, because statute requires prompt compliance.

Yes, because statute requires prompt compliance.