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

An easement by prescription may establish:

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

Question 2

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

Question 3

What tenancies does Wisconsin allow?

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

Question 4

Does Wisconsin have dower laws?

A	No
B	Yes

Question 5

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

A	New York
B	Indiana
C	Illinois

Question 6

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

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

Question 7

Is Wisconsin a community property state?

A	No
B	Yes

Question 8

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

A	Premises
B	acknowledgement
C	Habendum
D	novation

Question 9

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

A	Lessee
B	Lessor
C	Buyer
D	Agent

Question 10

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

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

Question 11

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

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

Question 12

Does Wisconsin allow reciprocity with other states?

A	No
B	Yes

Question 13

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

Question 14

Does Wisconsin have homestead laws?

A	Yes
B	No

Question 15

The Salesperson license fee costs how much?

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

Question 16

Does Wisconsin allow Holographic wills?

A	No
B	Yes

Question 17

Which is not necessary for a valid contract?

A	acceptance
B	offer
C	legal object
D	due date

Question 18

Standing trees would be considered:

A	Emblements
B	Personal Property
C	Chattels
D	Real property

Question 19

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

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

Question 20

What is a holographic will?

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

Question 21

What is homestead protection?

A	The estimated value that an asset will have at then end of it's useful life
B	Gradual subsidence of waters, leaving dry land
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 22

The license law is administered by:

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

Question 22 Explanation:

Pearson VUE is the board-approved vendor,

Question 23

What term means "going to the state?"

A	police power
B	Eminent Domain
C	escheat
D	Taxation

Question 23 Explanation:

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

Question 24

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

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

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Wisconsin Real Estate Exam Prep

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