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

Does Wisconsin allow Holographic wills?

A	No
B	Yes

Question 2

What term means "going to the state?"

A	escheat
B	police power
C	Eminent Domain
D	Taxation

Question 2 Explanation:

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

Question 3

What is homestead protection?

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

Question 4

What tenancies does Wisconsin allow?

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

Question 5

Does Wisconsin allow reciprocity with other states?

A	Yes
B	No

Question 6

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	In most circumstances, except when the buyer and seller are related
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	Only when both buyer and seller have legal representation

Question 7

The license law is administered by:

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

Question 7 Explanation:

Pearson VUE is the board-approved vendor,

Question 8

Which is not necessary for a valid contract?

A	offer
B	due date
C	acceptance
D	legal object

Question 9

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

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

Question 10

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

A	Premises
B	Habendum
C	novation
D	acknowledgement

Question 11

Does Wisconsin have homestead laws?

A	No
B	Yes

Question 12

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

A	Illinois
B	New York
C	Indiana

Question 13

The Salesperson license fee costs how much?

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

Question 14

An easement by prescription may establish:

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

Question 15

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

Question 16

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

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

Question 17

Is Wisconsin a community property state?

A	No
B	Yes

Question 18

Does Wisconsin have dower laws?

A	Yes
B	No

Question 19

Standing trees would be considered:

A	Chattels
B	Real property
C	Emblements
D	Personal Property

Question 20

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

A	Lessor
B	Buyer
C	Lessee
D	Agent

Question 21

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

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

Question 22

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

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

Question 23

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

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

Question 24

What is a holographic will?

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