WI Real Estate Final Exam Material Flashcards

WI Real Estate Final Exam Material Flashcards A buyer uses a buyer's licensee to draft an offer. The WB-11 Residential Offer to Purchase directs the buyer's

licensee to make the earnest money check payable to the:

listing firm's trust account

A selling licensee can receive a commission from the:selling firm

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?can be returned to the buyer If the buyer would like the buyer's firm to be paid by the

seller, the buyer:

must authorize the payment of commission from seller to buyer's firm in the buyer agency agreement 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 does not want to repair the defect as specified by the buyer then the buyer is no longer interested in purchasing the property. How would you accomplish this for the buyer deliver an amendment to the seller specifying the repairs that must be made and if the seller doesn't agree then deliver a notice of defects along with the inspection report The binding acceptance date is placed on line 28 of the WB-11 Residential Offer to Purchase.line 28 If a seller does not accept an offer that included earnest

money, the listing firm MUST:

promptly disburse the money to the person(s) who paid the money Title insurance commitmentthe title company's promise to issue a title insurance policy for the property after closing In the WB-1 Residential Listing Contract, how many days does the seller have to provide the new listing firm with the list of protected buyers?seven days What is the legal effect of a counter-offer? Rejection of the offer and presentation of a new offer 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:

a selling bonus A listing licensee and a subagent have a responsibility to

the seller under:

law of agency A licensee is working with a deaf individual. An interpreter needs to be hired to help explain the real estate contracts.Who is required to pay for the interpreter?the firm When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will present what form to the seller?Disclosure to Customers Abstract of Titleeverything recorded that may effect the property such as liens or easements cooperative vs condo ownershipco-op you own an a share of the property, not considered real property.

Without the written consent of the supervising broker, an

agent has the authority to:

Amend a buyer agency agreement to exclude commercial and agricultural properties Which of the following is NOT automatically marital property?appreciation from a duplex owned by one spouse A licensee is purchasing a home. When completing the offer to purchase how should they handle the agency information on line 1?All of the agency information should be stricken because the licensee is acting as a principal not an agent.Which of the following is NOT a duty owed to a customer?Disclosure of material facts If a buyer has properly given a Notice of Defects and the seller does NOT have the right to cure, what is the status of the contract null and void A buyer's firm writing an offer as a cooperating firm is an example of single agency Which of the following bundle of rights are NOT included in a leasehold estateBuyer Bowie is drafting an Offer to Purchase Seller Sally's home. Buyer Bowie wants to use his new home as a rental property. Buyer Bowie's new home will be not be exempt from the State of Wisconsin Rental Weatherization Standards. On which line on the Residential Offer to Purchase does the Rental Weatherization acknowledgment take place 144 bill of saleused to transfer ownership of personal property from one party to the new owner

• tests for fixture or personal property how it is attached, intent of parties, how its adapted, any

agreements between parties The Statute of Frauds applies to all the following real estate transactions EXCEPT leases for less than one year Four condominium units are valued at $200,000; $215,000; $220,000; and $225,000; a total value of $860,000. The four condominiums have an annual property maintenance fee $8,500. The amount of the property maintenance fee owed by each unit is based upon the unit's value; what is the monthly maintenance fee of the most expensive unit?The most expensive unit is $225,000. The total value of all the units is $860,000. $225,000 / $860,000 = .2616 or 26%.The annual maintenance fee for all the units is $8,500.$8,500 x .26 = $2,210 per year for the most expensive unit.$2,210/12 months determines the monthly maintenance fee of the most expensive unit is $184.17.If the buyer would like the buyer's firm to be paid by the

seller:

the buyer should authorize the direct payment of commission from seller to buyer's firm in the buyer agency agreement A listing agreement typically creates a special agency.FALSE According to the WB-36 Buyer Agency/Tenant Representation Agreement, a commission is earned by the

buyer firm only if the:

buyer acquires an interest in property or enters into an enforceable contract that is acceptable to buyer How can a seller terminate a listing contract? In writing, delivered according to the terms of the listing contract Who must receive a copy of the signed offer to purchase?seller and buyer When purchasing a condominium the buyer has the right to a copy of the condominium declaration bylaws within how

many days prior to closing?15

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?

• year

When acting as a buyer's agent, a license must disclose

buyer agency to all parties or risk a claim of:

misrepresentation The reason for including expired properties in a market

analysis is to show the sellers that:

comparable properties could not support an above-market list price The Distribution of Information section of the WB-11

Residential Offer to Purchase states that:

the listing firm may deliver a copy of the offer to the title company According to the WB-1 Residential Listing Contract, which of the following parties is responsible to prepare the property to minimize the likelihood of injury?the seller Which of the following statements is true of property held in joint tenancy?If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant In the WB-1 Residential Listing Contract, who has the authority to accompany a home inspector during a home inspection?the buyer Without the written consent of the supervising firm, agents

have the authority to do which of the following:

amend the excluded properties The $5,000 earnest money that is accompanying the offer is placed on the first blank on line 10 of the WB-11 Residential Offer to Purchase....Which of the following creates a multiple representation relationship?A buyer's licensee writes an offer for a buyer a property listed by the buyer's licensee's firm.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 the offer to purchase for Preston. Which of the following CORRECTLY identifies the relationship of Kima to Preston and Wallace?Wallace is Kima's client, Preston is Kima's client When a depository institution remits the interest earned on a firm's interest-bearing trust account to the Department

they must inform the firm of all the following EXCEPT the:

interest earned on account Which of the following transactions must include a real estate condition report?A seller selling a duplex that the seller has never lived in Which of the following real estate licensees are NOT required to ensure compliance with the federal LBP disclosure law?a buyer's firm being paid by the buyer When does acceptance occur?when all parties have signed an offer to purchase To be valid, a written listing contract must contain all of the

following EXCEPT:

the signature of the seller Which of the following is NOT typically considered client funds?Security deposits collected by a property owner Which of the following is NOT viewed as an encumbrance that must be disclosed to a buyer?Back taxes that the seller will be paying off at closing