WI Real Estate Sales Exam Flashcards

WI Real Estate Sales Exam Flashcards The listing agent earned an $8,000 commission. The seller agreed to pay the listing broker 8%. A cooperating broker was not involved. The listing broker and listing agent have agreed to a 50/50 split. What was the selling price of the home?

$200,000

Which type of deed offers the most comprehensive guarantee of title?Warranty deed A seller's property sold for $150,000. How much was the transfer fee?$450. 150,000 x .003 A seller sold his home for $180,000 and paid a 6% commission. What is the listing broker's commission after giving 40% to the selling broker?

$6,480

An unlicensed personal assistant can be employed by:Any licensee in firm, sales employee A seller of what type of property is subject to the Real Estate Condition Report?1-4 dwellings in WI What type of listing contract is illegal in Wisconsin?Net listing When a firm is representing only one side of the transaction, the firm is practicing what type of agency?Single agency If an agent agrees to write an offer on a property for a buyer only if the buyer then agrees to list his current property with that agent, that would be an illegal tie-in What are the bundle of legal rights?DispositionEncumberExcludePossessionQuiet enjoymentControl Who is responsible to provide and pay for auxiliary aids and services?Broker employer- broker What type of agency relationship gives an agent the authority to represent a principal in more than one transaction?General Agency The seller of a property nets $90,000 on the sale of a parcel of land after paying the listing broker a 10% commission. What was the sales price of the property?

$100,000

Once a buyer's broker earns compensation, when is it due and payable?At the earlier or closing, or as agreed in writing. Lines 30 & 31.Multiple Representation may only occur if there is full written consent and disclosure from all parties Where in the WB-1 Residential Listing Contract does the client indicate the agency model they wish to have the broker participate?Lines 129-131 On what line of the WB-36 Buyer Agency/Tenant Representation Agreement does the buyer designate whether the broker may accept compensation from the seller or listing broker?Line 32

A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's customer What are the three remedies if an agent breaches an agency agreement?RecissionSue for damagesForfeit commission Explain how title insurance provides evidence of titleSearching public records and submitting a report.What is the purpose of a comprehensive plan? To guide and accomplish an end goal that benefits the user and public in general (general welfare) What type of lien attaches to both real and personal property?General lien Which agency contract(s) does (do) not require the seller to pay a commission to the listing broker when the buyer is procured?Exclusive agencyOpen listing An owner of property receives a proprietary lease under what form of ownership?Co-op Any income, taxes, or expenses shall accrue to the seller

and be prorated through:

The day prior to closing What are the 12 protected classes under Wisconsin's fair housing laws?RaceNational originSexDisabilitySexual orientationFamilial statusMartial statusLawful source of incomereligionAgeAncestryColor How is a client suppose to withdraw consent to a multiple representation relationship with designated agency?In writing to the broker, at any time When acting as a buyer's agent, the agency relationship

must be disclosed by the earlier of:

first contact, showing, negotiation w/seller or listing broker when can a licensee refuse to draft or submit any offer?When the offer doesn't coincide with the instructions of the seller (put in writing) A property has a market value of $136,000 and is assessed at 90% of value. The mill rate in the community is 20. What is the annual tax bill?

$2,448

Which type of property is automatically included in the purchase of real estate- personal or real?Real How long is the listing period extended for protected buyers in the WB-1 Residential Listing Contract Extension of Listing provision?

• year (Line 61)

A licensee is showing a property to a buyer and discovers a material adverse fact, the seller did not mention the defect in the Real Estate Condition Report. What should the licensee do?Disclose info as adverse material fact in writing A property manager is showing a unit to a prospective tenant, In what situations would a property manager need to be licensed?If signing leases on behalf of landlord.Under a multiple representation relationship with designated agency to whom will each salesperson provide information, opinions, and advice?To the client for whom they are negotiating A vacant parcel of land was zoned residential has been re-zoned to conservancy. What type of zoning has

occurred?Downzoning (no recovery)

How many days does a broker have to deliver to the seller the list of protected buyers?

• days (Line 225) after expiration of listing

When the buyer is drafting the WB-11 Residential Offer to Purchase and wants to represent that they have reviewed the Seller's Real Estate Condition Report, where will buyer indicate this?On line 159 WB-11 (offer to purchase) A buyer just purchased a property for $210,050. What was the transfer fee?$630.30.. (round up to 100- 210,100) The buyers have a home inspection. The buyers are wondering if some of the information disclosed on the report constitutes a defect and if they should give notice to the seller. Can the licensee give them advice on whether or not there is a defect?No- legal advice A property is assessed at $280,000. The mill rate in the city where the property is located is 28 mills. What is the annual tax bill?$7,840 ($280k x .028) The seller accepts the responsibility of preparing the property to minimize the likelihood of injury, damage and/or loss of personal property. When will a broker be held responsible?If the Broker is negligent (Line 178) Under fair housing, when can an advertisement contain a gender preference?Roommate advertisement When is a licensee prohibited from submitting a personal offer to purchase on a company listing?When the broker knows the terms of a pending offer.How many days does the seller have to provide the new listing broker with the previous listing broker's protected buyer list?

• days (Line 36)

In an unmodified WB-36 Buyer Agency/Tenant Representation Agreement, does a buyer's broker have to be directly involved in negotiations in order to earn his commission?No The listing broker is the seller'sagent When must a licensee, selling personally owned property, disclose to the buyer his licensed status?First contact, first showing, negotiation Fair housing laws do not apply to what type of properties?Fully commercial/industrial Which party tends to be more concerned with the seller's opinion of value, the appraiser or the licensee?Licensee The licensee may rely on the results of a third party inspection providing the licensee takes what action?Review a copy of the report and make sure there are no known inconsistencies.The owners of a property paid a tax bill of $10,725. The assessed value of the property is $325,000. What is the mill rate?

• 10,725/325k = .033

Describe the process of market analysis and how it establishes market value Subject property compared to similar properties in market.Solds and listing prices in current listings, expired listings.