.png){kind=logo}
Contract Law and Approved Forms - WI Real Estate Exam Flashcards In Wisconsin, items of personal property that the buyer would like to remain with the property are known as ______.CodicilsContingenciesExclusionsInclusions Inclusions This is never allowed under the Wisconsin rules for using approved forms.Which of the following statements applies to the Real Estate Condition Report provision of WB-14, Residential Condominium Offer to Purchase?The report applies only to the condo unit and the common elements.The report applies to the condo unit, the common elements, and any limited common elements used only by the unit owner.The report isn't required for condos in Wisconsin.The report only applies to the condo unit itself.WB-4Residential Condominium Listing Contract - Exclusive Right to Sell Which of the following provisions is ONLY found in WB-14, Residential Condominium Offer to Purchase?AcceptanceClosingDefaultParking Parking Wisconsin licensee Shay is helping her client, Kent, complete the WB-14 form. Kent asks her about the legal implications of buying a condo versus a single-family home.How should Shay respond?"Because I'm not a lawyer, I'm not allowed to answer this question. But just between us, here are my thoughts, as long as you know I'm not giving you legal advice-""Condos may seem like a good deal at first, but they're really hard to resell, and the condo owners' associations are usually so strict you can't even paint the condo without going through a bunch of hassle.""That's a good question for a real estate lawyer. Because I'm not a lawyer, the law says I'm not allowed to discuss the legalities of a contract. You might consider meeting with a lawyer before signing.""There's really no difference, except with a condo, you have someone to do all the grunt work-mowing lawns, shoveling snow, and other exterior work-for you for a little more money." "That's a good question for a real estate lawyer. Because I'm not a lawyer, the law says I'm not allowed to discuss the legalities of a contract. You might consider meeting with a lawyer before signing." WB-46Multiple Counter Proposal 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.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 PropertyFixturesIncluded in Purchase PriceNot Included in
Purchase Price Not Included in Purchase Price WB-11According to the WB-46 Multiple Counter-Proposal form, either party may withdraw from the negotiation at any point before ______.Seven business days from the date of
offerThe buyer confirms acceptance on the formThe following business dayThe seller confirms acceptance on the form 10 daysSeller Barbara has received an offer from Grant, and it
.png)