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

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 2

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

A	Lessor
B	Lessee
C	Buyer
D	Agent

Question 3

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 seller has agreed to pay 1% of the closing costs
C	The interest rate on the mortgage loan has been lowered by 1% for each point charged
D	The interest rate on the mortgage loan has been lowered by 2% for each point charged

Question 4

Is Wisconsin a community property state?

A	Yes
B	No

Question 5

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

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

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	Only when both buyer and seller have legal representation
C	None; the broker may only collect compensation from one party to a transaction
D	Only when both buyer and seller give informed consent to this arrangement

Question 7

Does Wisconsin have homestead laws?

A	No
B	Yes

Question 8

An easement by prescription may establish:

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

Question 9

The license law is administered by:

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

Question 9 Explanation:

Pearson VUE is the board-approved vendor,

Question 10

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

A	Premises
B	novation
C	acknowledgement
D	Habendum

Question 11

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 have a Bachelors degree
D	Must be 25 or older

Question 12

Does Wisconsin allow reciprocity with other states?

A	Yes
B	No

Question 13

Standing trees would be considered:

A	Personal Property
B	Chattels
C	Real property
D	Emblements

Question 14

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 offer sheet is signed.
C	Once the seller agrees to the price.
D	When the Buyer moves in.

Question 15

Which is not necessary for a valid contract?

A	due date
B	offer
C	legal object
D	acceptance

Question 16

Does Wisconsin have dower laws?

A	No
B	Yes

Question 17

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

A	Indiana
B	Illinois
C	New York

Question 18

Does Wisconsin allow Holographic wills?

A	No
B	Yes

Question 19

What term means "going to the state?"

A	police power
B	escheat
C	Eminent Domain
D	Taxation

Question 19 Explanation:

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

Question 20

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 21

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	Being authorized to accept and excessive commission.
C	Depositing his/her clients escrow money into a personal account
D	Convicted of a felony

Question 22

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	The estimated value that an asset will have at then end of it's useful life
C	Net cash remaining to investor after sale of investment property
D	Gradual subsidence of waters, leaving dry land

Question 23

What tenancies does Wisconsin allow?

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

Question 24

The Salesperson license fee costs how much?

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

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Wisconsin Real Estate Exam Prep

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