Download WI Real Estate Practice Exam questions and answers latest update 2025/26 RATED A+. and more Exams Nursing in PDF only on Docsity!
answers latest update 2025/26 RATED A+.
WI Real Estate Practice Exam questions and
answers latest update 2025/26RATED A+
The writ of execution is a court order instructing the officer of the court to carry out the decision of the court. It is used in a judgment where the sheriff is told to seize a debtor's property so that it can be sold to pay off a debt. - Correct Answers ✅All of the following would be considered an ENCUMBRANCE except: a. unpaid property taxes, b. An easement necessity, c. A writ of execution, d. A judgment Answer: A A construction lien is given as security to those who perform labor or furnish material or professional services in the improvement of real property. Construction liens establish priority from the date the first visible work commenced on the property. - Correct Answers ✅Which of the following liens take priority prior to recording in public records? a. Construction lien b. Special assessment lien, c. Tax lien, d. Mortgage lien Answer A: Property taxes are calculated according to the value of the property. Special assessments are generally apportioned according to benefits received, rather than by the value of the land and buildings being assessed. - Correct Answers ✅Which of the following is most likely determined by the overall value of the property?
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
a. Property taxes b. Special assessments c. Judgment lien d. Mortgage lien Answer: D The water softener is attached to the property and is treated as a fixture unless otherwise stated in the offer to purchase. - Correct Answers ✅The sellers are closing on their property tomorrow. They may remove all of the following property from the house, except the: a. Mirror hanging on a nail on the wall, b. Master bedroom curtains and valances, c. Dog kennel sitting in the backyard, d. Rented water softener Answer: C A Warehouse is not a dwelling and therefore not a homestead. Chapter 706.01(7) "Homestead" means "the dwelling" and so much of the land surrounding it as is reasonably necessary for use of the dwelling as a home, but not less than one-fourth acre, if available, and not exceeding 40 acres. - Correct Answers ✅Which of the following does not meet the definition of a homestead? a. Condominium, b. 30-acre farmette, c. Warehouse, d. Single-family home Answer: B Tom. Joint tenancy has the right of survivorship. This means that the surviving owners automatically receive the interest of the deceased owner. Marital property law will not override the joint tenancy form of ownership. Tom has the rights to John's interest in the duplex upon John's death. - Correct Answers
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
b. Deed restriction, c. Writ of attachment, d. License Answer: A A nonconforming use is a land use that was in existence when a zoning ordinance was enacted and the nonconforming use is allowed to continue even though it does not comply with current zoning regulations. Nonconforming uses have special protected status, however, they are often limited by local ordinances in an attempt to eventually eliminate them. - Correct Answers ✅Which land use is permitted with the understanding that it will eventually be eliminated? a. Nonconforming use b. Variance c. Downzoning d. Spot zoning Answer: B Require the dog owner to clean up after the dog It is a violation of fair housing laws to refuse to sell or rent to an individual based upon a disability. The eviction of the individual or the requirement for extra compensation from an individual as a condition of continued residence because he keeps a service animal is also considered to be a discriminatory act. The animal must be allowed wherever any other tenant is allowed to go. - Correct Answers ✅A disabled individual with a service dog wants to purchase a condo with a "no pets" policy. In this situation the condo association may: a. Charge a higher monthly association fee to pay for the extra wear and tear caused by the dog. b. Require the dog owner to clean up after the dog c. Require the individual to keep the dog in the unit at all times unless leaving or entering the unit d. Decide not to sell to the individual
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
Answer: B Contact the local building inspector. Typically the city planner or building inspector is the best person to consult regarding any zoning questions. The uses permitted under a particular zoning classification vary based upon locality. To see what the permitted use is, one could also review the textual portion of the zoning law. - Correct Answers ✅The best way to determine the permitted use for a particular property is to: a. Refer to state statutes regarding land use b. Contact the local building inspector c. look it up in the MLS d. Ask the existing landower Answer: C Permission to build a nonconforming structure. Because the sun room would be a permanent structure that would violate the setback and therefore the current zoning laws, a variance would be required. A variance allows a landowner to use the land in a manner not permitted by the current zoning ordinance - Correct Answers ✅A property owner wants to add a sun room to her home. The sun room addition would violate the required setbacks. What does the property owner need to build the sun room? a. A permitted use permit b. Permission to build a nonconforming structure c. A variance d. Spot zoning Answer: A
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
When conducting a market analysis, the amenities of a comparable property have to be adjusted to more accurately reflect the amenities offered in the subject property. If a comparable property has a two-car garage and the subject property has a three-car garage, value needs to be added to the selling price of the comparable to more accurately reflect the value of the subject property. - Correct Answers ✅When performing a market analysis, a licensee compares a property's amenities: a. To allow for depreciation b. Because no two properties are the same c. To obtain assessed value d. To reflect changes in the marketplace Answer: A A licensee performs a market analysis to arrive at a probable market value. Appraised value is unbiased estimate of value determined by an appraiser. Assessed value is used to determine the property taxes a property owes. The buyer and seller determine sales price. - Correct Answers ✅A real estate licensee will most likely determine: a. Market value b. Appraised value c. Assessed value d. Sales price Answer: C $825. Round the selling price to the nearest 100. Transfer tax is. $275,300 x .003 = $825.90 - Correct Answers ✅The seller has a sales contract for $275,250. What is the seller's transfer fee? a. $820.
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
b. $825. c. $825. d. $830. Answer: B Substitution is the most commonly used principal to determine value. The principal of substitution states that the maximum value of a property is established by value of similar properties. - Correct Answers ✅The principle of value most heavily relied upon for the determination of market value in an existing residential property is: a. Regression b. Substitution c. Contribution d. Change Answer: C A balloon loan A balloon is one that is originated with a short term while being fully amortized for 30 years. - Correct Answers ✅A borrower has obtained a loan amortized over 30 years, but the borrower needs to pay it off in five years. This is most likely: a. An adjustable-rate loan b. A fixed-rate loan c. A balloon loan d. A land contract Answer: A
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
b. A broker receiving a fee from a lender for the referral of a client. c. A creditor stating the required down payment in an advertisement while neglecting to disclose other loan terms. d. A lender originating a loan without disclosing to the borrower the total finance charges, the annual percentage rate, the total amount financed and the total payments that will be made. Answer: A In Wisconsin, a borrower under Conventional or Government financing will receive legal title at closing. Under a land contract situation with the seller, legal title will stay with the seller until the land contract is paid in full. - Correct Answers ✅Which of the following would NOT apply to a FHA or VA loan? a. Legal title does not transfer to the borrower until the loan is repaid in full to facilitate the government's foreclosure process. b. The FHA or VA does not lend the money, but backs the loan in the case of borrower default. c. Any condition problems found by an FHA or VA appraiser must typically be repaired before closing. d. The borrower may be required to pay origination points. Answer: C The lender DOES NOT consider the condition of the property when determining whether or not a buyer is qualified. The condition of the property, however, is a factor in whether or not the lender will issue a loan on a particular property. - Correct Answers ✅When determining whether a borrower is qualified to obtain financing, a lender will look at all of the following EXCEPT: a. The borrower's credit score b. The borrower's credit payment history c. The condition of the property the borrower wishes to purchase d. The amount of money the borrower has as a down payment
WI Real Estate Practice Exam questions and answers latest update
answers latest update 2025/26 RATED A+.
Answer: C A bank is the only entity that meets both requirements of using its own funds and selling to the secondary market. The VA sells to the secondary market, but does not use its own funds to originate a loan. A seller uses his own funds, but does not sell to the secondary market. - Correct Answers ✅Which lending source uses its own funds to issue loans that will be sold to the secondary mortgage market? a. A land contract b. The Veterans Administration c. A bank d. The seller taking a second mortgage Answer: C The term "nothing down: is considered to be too general to be a triggering term under the Truth in Lending Act Triggering Terms are advertising phrases that may NOT be used unless all of the terms of the loan are disclosed in the advertisment - Correct Answers ✅Which of the following would NOT be considered a triggering term? a. 10% down b. Up to four years to pay c. Nothing down d. Payments of only a $100 per month Answer: D A licensee would NOT continue with the transaction if secondary market mortgage fraud is thought to be taking place.
WI Real Estate Practice Exam questions and answers latest update
