Wisconsin Real Estate Exam Prep

WI Salesperson Practice Exam

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Wisconsin Sample Practice Real Estate Exam Questions and Answers

Wisconsin State Section

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Question 1

Mortgage "discount" points only apply if which of the following conditions are met?

A	The interest rate on the mortgage loan has been lowered by 1% for each point charged
B	The loan does not close and the buyer owes the lender for services rendered
C	The interest rate on the mortgage loan has been lowered by 2% for each point charged
D	The seller has agreed to pay 1% of the closing costs

Question 2

Does Wisconsin allow reciprocity with other states?

A	Yes
B	No

Question 3

The license law is administered by:

A	Pearson VUE
B	The State Real Estate Commission
C	The Department of State
D	Sam Jones

Question 3 Explanation:

Pearson VUE is the board-approved vendor,

Question 4

What is homestead protection?

A	Gradual subsidence of waters, leaving dry land
B	The estimated value that an asset will have at then end of it's useful life
C	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
D	Net cash remaining to investor after sale of investment property

Question 5

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Lessee
C	Lessor
D	Buyer

Question 6

Which of the following is required for an applicant to receive a Real Estate License?

A	Must sit and pass the required exam
B	Must have lived in the state for more than a year
C	Must be 25 or older
D	Must have a Bachelors degree

Question 7

What term means "going to the state?"

A	escheat
B	Eminent Domain
C	Taxation
D	police power

Question 7 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

Question 8

Which of the following would not put a salesperson in jeopardy of losing their license in Wisconsin?

A	Placing an ad claiming to be a broker when they are not.
B	Convicted of a felony
C	Depositing his/her clients escrow money into a personal account
D	Being authorized to accept and excessive commission.

Question 9

Is Wisconsin a community property state?

A	Yes
B	No

Question 10

In what circumstances, if any, can a broker in Wisconsin who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	Only when both buyer and seller give informed consent to this arrangement
B	Only when both buyer and seller have legal representation
C	In most circumstances, except when the buyer and seller are related
D	None; the broker may only collect compensation from one party to a transaction

Question 11

Does Wisconsin allow Holographic wills?

A	Yes
B	No

Question 12

Which of the following isn't part of a deed?

A	novation
B	Premises
C	Habendum
D	acknowledgement

Question 13

Which of the following is a landlord's option for a tenant not paying the rent?

A	shutoff the gas
B	lock the tenant out of the apartment
C	shut off the power
D	unlawful detainer action in court

Question 14

What is a holographic will?

A	a will that displays in 3D
B	a standard boiler plate will.
C	a will that has been approved by each family member.
D	a will and testament that has been entirely handwritten and signed by the testator.

Question 15

Which is not necessary for a valid contract?

A	offer
B	due date
C	legal object
D	acceptance

Question 16

Does Wisconsin have homestead laws?

A	Yes
B	No

Question 17

An easement by prescription may establish:

A	homestead rights
B	use of property
C	a claim to title
D	who owes back taxes

Question 18

After getting the real estate license, how often must you take Continuing Education classes?

A	18 hours every year
B	9 hours every year
C	9 hours every 2 years
D	18 hours every 2 years

Question 19

Which of the following is not a state that participates in reciprocity?

A	New York
B	Indiana
C	Illinois

Question 20

Standing trees would be considered:

A	Real property
B	Personal Property
C	Chattels
D	Emblements

Question 21

The Salesperson license fee costs how much?

A	$80
B	$50
C	$75
D	$70

Question 22

How soon can a broker receive a commission check after a closing in Wisconsin?

A	Once the offer sheet is signed.
B	After the transaction is completed and funded.
C	When the Buyer moves in.
D	Once the seller agrees to the price.

Question 23

Does Wisconsin have dower laws?

A	No
B	Yes

Question 24

What tenancies does Wisconsin allow?

A	Neither
B	Both
C	Tenancy by the entirety
D	Joint tenancy

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Wisconsin Real Estate Exam Prep

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