Wisconsin Real Estate Exam
1,494+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Wisconsin real estate salesperson exam.
Real Estate Math
181 questions- A Wisconsin property has a market value of $275,000 and is assessed at 100% of market value. The mill rate is 22 mills. What is the annual property tax?
- A Wisconsin home sells for $395,000. The listing broker charges a 6% commission split evenly with the cooperating broker. The listing agent receives 60% of the listing broker's share. How much does the listing agent earn?
- A Wisconsin buyer makes a $15,000 earnest money deposit on a $300,000 home. What percentage is the earnest money of the purchase price?
- A Wisconsin investor buys a duplex for $220,000. Each unit rents for $900/month. The annual operating expenses are $9,600. What is the annual net operating income (NOI)?
- A Wisconsin home is listed at $320,000 and sells for 97% of the listing price. The commission rate is 5.5%. What is the commission paid?
- A Wisconsin investor purchases a 4-unit property. Each unit rents for $1,100/month. The vacancy rate is 5%. Annual operating expenses are $14,000. What is the NOI?
- A Wisconsin property sold for $185,000. The buyer paid $5,000 in earnest money and obtained an 80% LTV mortgage. How much cash does the buyer need at closing (excluding closing costs)?
- A Wisconsin seller nets $210,000 after paying a 6% commission and $4,500 in closing costs. What was the sale price?
- A Wisconsin property is assessed at $180,000. The assessment ratio is 90% of market value. What is the estimated market value?
- A Wisconsin broker receives a total commission of $18,000 on a transaction. The cooperating broker receives 45% of the total. The selling agent earns 55% of the cooperating broker's share. What does the selling agent earn?
- A Wisconsin home's annual property tax is $5,280 paid in arrears. The closing is on April 30. Using a 360-day year, how much does the seller owe the buyer as a tax proration credit?
- A Wisconsin lot measures 150 feet wide by 200 feet deep. How many acres is the lot?
- A Wisconsin investor wants a 9% return on a $400,000 investment property. What minimum annual NOI is required?
- A Wisconsin property was purchased for $150,000 five years ago and now sells for $195,000. What is the percentage increase in value?
- A Wisconsin apartment building has 8 units, each renting for $850/month. The vacancy rate is 8%. Annual expenses are $22,000. What is the annual NOI?
- A Wisconsin broker earns a 6% commission on a $425,000 sale. If the broker keeps 40% and pays the listing agent 35% of the broker's share, how much does the listing agent earn?
- A Wisconsin property is listed at $189,900. The seller accepts an offer at 96% of list price. What is the sale price?
- A Wisconsin home was purchased for $220,000 and sold 3 years later for $253,000. What is the total appreciation?
- A Wisconsin property has a tax rate of 18 mills and an assessed value of $240,000. What is the annual property tax?
- A Wisconsin buyer takes a $180,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A Wisconsin home sells for $355,000. Transfer tax is $3/$1,000. The buyer and seller split the transfer tax equally. How much does each party pay?
- A Wisconsin property with a market value of $310,000 is assessed at 95% of market value. The mill rate is 20 mills. What is the annual property tax?
- A Wisconsin investor pays $560,000 for an apartment building with an annual NOI of $44,800. What is the cap rate?
- A Wisconsin buyer obtains a $200,000 mortgage at 5.5% for 30 years. If the monthly payment is $1,136, what is the principal portion of the first payment?
- A Wisconsin seller wants to net $175,000 after paying a 5% commission and $3,200 in closing costs. What must the property sell for?
- A Wisconsin duplex has two units each renting for $950/month. After a 7% vacancy factor and $12,000 annual expenses, what is the annual NOI?
- A Wisconsin property owner wants to build a garage that costs $28,000. The appraiser estimates it will add $21,000 in value. This project illustrates the principle of:
- A Wisconsin investment property costs $480,000. Annual NOI is $38,400. What is the annual cash-on-cash return if the investor made a 25% down payment and financed the rest at $2,000/month debt service?
- A Wisconsin property sold for $275,000. The seller paid $6,000 in closing costs and a 5.5% commission. What was the seller's net proceeds?
- A Wisconsin lender charges an origination fee of 1.5% on a $196,000 loan. What is the origination fee in dollars?
- A Wisconsin property has a gross rent multiplier of 9 and monthly rent of $1,800. What is the estimated market value?
- A Wisconsin building contains 12,000 square feet. A tenant leases 3,000 square feet. What percentage of the building does the tenant occupy?
- A Wisconsin commercial tenant pays $18 per square foot per year for 2,500 square feet. What is the monthly rent?
- A Wisconsin property is depreciated over 27.5 years (residential). It was purchased for $330,000, with the land valued at $30,000. What is the annual depreciation deduction?
- A Wisconsin 6-unit building rents each unit at $775/month. Annual operating expenses are $18,600. With a 5% vacancy rate, what is the annual NOI?
- A Wisconsin property sold for $340,000. The buyer paid 20% down and financed the balance. If points cost $3,400, how many discount points were charged?
- A Wisconsin property has a market value of $420,000. The assessment ratio is 85%. The mill rate is 24 mills. What is the annual property tax?
- A Wisconsin seller receives $259,000 at closing after paying a 6% commission. What was the sale price?
- A Wisconsin property owner borrows $45,000 through a home equity loan at 7.5% per year. What is the monthly interest?
- A Wisconsin listing agent negotiates a 6% commission on a $385,000 sale. The cooperating broker receives 50% of the total commission. The cooperating broker's agent earns 60% of the cooperating broker's share. How much does the cooperating agent earn?
- A Wisconsin seller's property is assessed at $165,000 and the assessment ratio is 90% of market value. What is the estimated market value?
- A Wisconsin investor wants a minimum 10% cap rate on a $375,000 property. What minimum annual NOI is required?
- A Wisconsin property sells for $215,000. If the buyer gets a 90% LTV loan, what is the down payment?
- A Wisconsin commercial tenant leases 4,200 square feet at $14.50/sq ft/year. What is the annual rent?
- A Wisconsin property has an annual NOI of $48,000 and is valued at $600,000. What is the overall capitalization rate?
- A Wisconsin property owner depreciates a $360,000 commercial building (land = $60,000) over 39 years. What is the annual depreciation?
- A Wisconsin buyer's loan payment is $1,425/month. The annual interest rate is 6%. After the first payment, the outstanding balance is $238,800. What was the original loan amount approximately?
- A Wisconsin investor sells a property for $425,000 that was purchased for $310,000. After paying 5.5% commission and $8,000 closing costs, what is the profit?
- A Wisconsin property has 4 units renting at $1,050/month each. Vacancy is 6% and annual expenses are $15,000. What is the annual NOI?
- A Wisconsin seller wants to net $225,000 after a 6% commission. What is the minimum sale price needed?
- A Wisconsin homeowner's property taxes are $7,200/year. Using a 360-day year, the daily tax rate is:
- A Wisconsin investor wants to achieve a 12% cash-on-cash return on a $120,000 down payment investment. What minimum annual cash flow is required?
- A Wisconsin seller purchased a home for $175,000 and made $25,000 in improvements. The home sells for $240,000 with a 5% commission and $4,500 in other closing costs. What is the seller's net profit?
- A Wisconsin home is on a rectangular lot measuring 75 feet wide and 130 feet deep. The home occupies 1,800 square feet. What percentage of the lot does the home cover?
- A Wisconsin broker receives a total commission of $22,500. The listing agent receives 35%, the listing broker retains 15%, and the buyer's agent's broker receives the remaining 50%. The buyer's agent earns 55% of their broker's share. How much does the buyer's agent earn?
- A Wisconsin home sells for $250,000. The transfer tax is $3 per $1,000. What is the transfer tax owed?
- A Wisconsin broker charges a 6% commission on a $400,000 sale. The listing and selling offices split the commission 50/50. The listing salesperson earns 60% of the listing office's share. What does the listing salesperson earn?
- A Wisconsin investor purchases a property for $180,000 and later sells it for $225,000. What is the percentage of profit on the original purchase price?
- A Wisconsin rental property has gross rents of $36,000/year and a vacancy rate of 5%. What is the effective gross income?
- A buyer in Wisconsin obtains a $200,000 mortgage at 5% interest. What is the first month's interest payment?
- A Wisconsin commercial property generates $120,000 NOI and sold for $1,500,000. What is the cap rate?
- A Wisconsin property sells for $320,000 and the buyer makes a 10% down payment. The loan-to-value ratio is:
- A Wisconsin home originally purchased for $200,000 is assessed at 80% of market value. The mill rate is 25 mills. What is the annual property tax?
- A Wisconsin property has a lot measuring 150 feet by 200 feet. How many square feet is the lot?
- A Wisconsin investor wants a 10% return on a $500,000 property. What annual NOI is needed?
- A Wisconsin seller's net proceeds from a $350,000 sale after paying a 5.5% commission and $3,500 in closing costs are:
- A Wisconsin property's annual NOI is $45,000. If the cap rate is 7.5%, what is the indicated value?
- A Wisconsin salesperson earned $18,000 in commissions. The broker kept 40% and the salesperson kept 60%. What was the total commission paid by the client?
- A Wisconsin rectangular lot is 1 acre. Given that 1 acre = 43,560 sq ft, if the lot is 165 feet wide, how deep is it?
- A Wisconsin buyer finances $270,000 at 6% interest for 30 years. The monthly PI payment factor is $5.996 per $1,000. What is the monthly payment?
- A Wisconsin property was purchased for $240,000 and sold 5 years later for $288,000. What is the total percentage appreciation?
- A Wisconsin property with a market value of $180,000 is assessed at 95% of market value. The tax rate is 22 mills. What is the annual tax?
- A Wisconsin GRI (Gross Rent Multiplier) for an area is 120. A rental property generates $1,800/month gross rent. What is the estimated value?
- A Wisconsin buyer obtains a 90% LTV mortgage on a $220,000 home. How much is the down payment?
- A Wisconsin apartment building has 8 units renting at $900/month each. Vacancy is 8%. Annual operating expenses are $28,000. What is the NOI?
- A Wisconsin property manager charges 8% of collected rents. The property collects $9,500/month. What is the monthly management fee?
- A Wisconsin home is listed at $275,000 and sells for 97% of list price. What is the sale price?
- A Wisconsin seller wants to net $200,000 after paying a 6% commission. What must the property sell for?
- A Wisconsin duplex rents for $850/unit/month. Using a GRM of 130, what is the estimated value?
- A Wisconsin 40-acre parcel sells for $3,200/acre. What is the total sale price?
- A Wisconsin property has a gross income of $60,000, vacancy loss of $4,500, and operating expenses of $22,000. What is the NOI?
- A Wisconsin broker is owed a 7% commission on a $185,000 sale. The commission is:
- A Wisconsin buyer pays $3,750 in points on a $250,000 mortgage. How many points did they pay?
- A Wisconsin property is purchased for $160,000 and depreciates at $3,000/year for tax purposes. After 5 years, what is the tax basis?
- A Wisconsin property sold for $420,000 with a 5% commission. The cooperating buyer's broker received half the commission. How much did the buyer's broker receive?
- A Wisconsin investor pays $800,000 for a property with a 7.5% cap rate. What annual NOI does the property generate?
- A Wisconsin home appraised at $310,000. The comparable sold for $325,000 but has a 2-car garage worth $8,000 that the subject lacks. After adjustment, the comparable indicates a value of:
- A Wisconsin seller pays off a $175,000 mortgage at closing plus 2 months of accrued interest at 5% annually. How much interest is owed?
- A Wisconsin rectangular parcel contains 2.5 acres. At 43,560 sq ft/acre, how many square feet is the parcel?
- A Wisconsin buyer puts 25% down on a $360,000 home. What is the loan amount?
- A Wisconsin property is listed for $389,900 and sells for $377,000. What percentage of list price did it sell for (rounded to one decimal)?
- A Wisconsin property with 3,200 sq ft of living area sold for $448,000. What is the price per square foot?
- A Wisconsin seller agrees to pay 6% commission. The property sells for $315,000. After paying the full commission, how much does the seller receive from the sale (gross, before other costs)?
- A Wisconsin duplex has monthly rents of $1,100 and $950. The annual gross rent multiplier for the area is 140. What is the estimated value?
- A Wisconsin property has annual expenses of $14,400 and EGI of $52,000. What is the operating expense ratio?
- A Wisconsin borrower obtains a $180,000 mortgage at 4.5% for 30 years. Monthly PI factor is $5.07 per $1,000. What is the approximate monthly payment?
- A Wisconsin leased commercial space is 4,500 sq ft at $18/sq ft annually. What is the monthly rent?
- A Wisconsin property owner bought land for $45,000 and later sold it for $72,000. What was the percentage gain?
- A Wisconsin rental property generates gross income of $96,000, has a 6% vacancy, and operating expenses of $38,000. What is the NOI?
- A Wisconsin home was appraised at $280,000. The buyer obtained an 85% LTV loan. What is the loan amount?
- A Wisconsin property owner receives a tax bill showing assessed value of $135,000 and a mill rate of 28. What is the annual property tax?
- A Wisconsin seller paid $12,000 in commission and sold the home for $200,000. What was the commission rate?
- A Wisconsin borrower's monthly gross income is $6,500. The lender allows a front-end (PITI) ratio of 28%. What is the maximum monthly housing payment?
- A Wisconsin property sold for $465,000. The Wisconsin transfer tax at $3/$1,000 is:
- A Wisconsin property owner wants to sell a commercial building with an NOI of $75,000. Comparable buildings sell at a 6% cap rate. What is the indicated value?
- A Wisconsin seller agrees to net $175,000 after a 5.5% commission and $2,000 in closing costs. What must the sale price be (rounded to nearest dollar)?
- A Wisconsin home's mortgage balance is $210,000. The home is worth $280,000. What is the homeowner's equity percentage?
- A Wisconsin commercial building has an annual gross income of $180,000, a 10% vacancy allowance, and $65,000 in operating expenses. What is the NOI?
- A Wisconsin land parcel is described as the NW 1/4 of Section 12, T2N, R5E. How many acres does this represent?
- A Wisconsin property has a GRM of 155 and sells for $310,000. What is the monthly gross rent?
- A Wisconsin homeowner's equity in their $350,000 home is $105,000. What is the LTV of their mortgage?
- A Wisconsin salesperson sold $3,500,000 in production last year. Their broker pays 55% to the agent on a 5% commission rate. How much did the salesperson earn?
- A Wisconsin property is purchased for $195,000 and sold 3 years later for $218,000. The average annual appreciation rate is approximately:
- A Wisconsin tenant signs a 2-year commercial lease at $2,200/month for the first year and $2,400/month for the second year. What is the total rent paid over the lease term?
- A Wisconsin lot is 90 feet wide and 140 feet deep. The purchase price is $7.50/sq ft. What is the total purchase price?
- A Wisconsin broker earned $18,750 commission on a 6.25% commission rate. What was the sale price?
- A Wisconsin buyer takes out a $240,000 mortgage. Closing costs are 2.5% of the loan. What are the closing costs?
- A Wisconsin property is listed at $449,000 and appraised at $445,000. A lender will loan 80% of the appraised value. What is the minimum down payment if the buyer pays the listing price?
- A Wisconsin buyer's total PITI payment is $1,650/month. Their gross monthly income is $5,500. What is their front-end DTI ratio?
- A Wisconsin commercial property has annual revenues of $400,000 and a net income before debt service of $120,000. The debt service coverage ratio (DSCR) is:
- A Wisconsin home costs $325,000. The buyer makes a 20% down payment and pays 1.5 discount points. How much does the buyer pay in discount points?
- A Wisconsin property's assessed value is $198,000. The equalization ratio is 90%. What is the estimated market value?
- A Wisconsin lender requires reserves of 2 months PITI after closing. Monthly PITI is $1,850. How much must the buyer have in reserves?
- A Wisconsin property costs $540,000. First-year net rental income is $32,400. What is the overall cap rate?
- A Wisconsin property was appraised at $375,000. The buyer offers 98% of appraised value. The transfer tax ($3/$1,000) will be based on the sale price. What is the transfer tax?
- A Wisconsin investor borrowed $350,000 at 6.5% interest only. What is the annual interest cost?
- A Wisconsin property has 8 units at $750/month, 4 units at $900/month, and 2 units at $1,100/month. What is the total annual gross income?
- A Wisconsin property sells for $425,000. The buyer puts down 15% and pays 2 discount points on the loan. How much are the discount points?
- A Wisconsin property manager collects $12,500/month in rents and charges a 7% management fee. What is the annual management fee?
- A Wisconsin FSBO (for-sale-by-owner) seller prices their home at $299,000. A buyer offers $287,000. What percentage of the asking price is the offer?
- A Wisconsin property has $82,000 NOI and sells at a 6.8% cap rate. What is the value?
- A Wisconsin property has a market value of $420,000. The first mortgage balance is $280,000. The second mortgage balance is $60,000. What is the combined LTV?
- A Wisconsin home sells for $310,000. The seller pays 6% commission and $4,800 in other closing costs. The seller's existing mortgage payoff is $195,000. What are the seller's net proceeds?
- A Wisconsin property sells for $285,000 and the buyer pays 1% origination fee and 1.5 discount points. Total upfront loan costs based on a 90% LTV loan are:
- A Wisconsin commercial tenant occupies 2,000 sq ft at $22/sq ft/year in a NNN lease. Annual property taxes are $8,000, insurance is $3,500, and maintenance is $4,500. What is the total annual cost to the tenant?
- A Wisconsin buyer purchases a home for $325,000 with an FHA loan (3.5% down). The UFMIP (upfront mortgage insurance premium) is 1.75% of the base loan amount. What is the UFMIP?
- A Wisconsin seller needs to net $230,000 after paying 5% commission and $3,500 in other costs. What must the sale price be?
- A Wisconsin homeowner's insurance premium is $1,800/year. If the lender impounds this cost monthly, how much is added to the monthly mortgage payment?
- A Wisconsin property has 15 rentable units and a 10% vacancy rate. Of the occupied units, each pays $800/month. What is the annual effective gross income?
- A Wisconsin homebuyer's annual property taxes are $5,400 and annual insurance is $1,200. How much per month does the lender collect for escrow reserves (PITI split)?
- A Wisconsin commercial building has 10,000 sq ft of leasable space. It is 85% occupied at an average rent of $18/sq ft/year. What is the annual gross income?
- A Wisconsin mortgage has a balance of $225,000. A buyer assumes it. The purchase price is $290,000. How much cash does the buyer need at closing (excluding closing costs)?
- A Wisconsin investment property requires a 25% down payment on a $480,000 purchase. What is the down payment amount?
- A Wisconsin property purchased for $200,000 was depreciated at $7,273/year for 27.5 years (straight-line residential). After 10 years, what is the adjusted tax basis?
- A Wisconsin buyer's offer is $355,000 with $10,000 earnest money. The seller accepts. If the buyer defaults, the seller retains the $10,000 per the liquidated damages clause. What percentage of the sale price does the forfeited earnest money represent?
- A Wisconsin seller's taxes are $4,800/year. Closing is on April 30. Using a 365-day year, how many days does the seller owe? (Jan=31, Feb=28, Mar=31, Apr=30)
- A Wisconsin buyer's loan is $310,000 at 5.25% interest. What is the first month's interest charge?
- A Wisconsin property sold for $550,000 with a 5% commission. The listing broker and buyer's broker split it 50/50. Each agent within the listing office earns 65% of the office share. How much does the listing agent earn?
- A Wisconsin apartment building has a cap rate of 8.5% and an NOI of $51,000. What is its value?
- A Wisconsin seller receives $267,000 net after paying a 6% commission. What was the sale price?
- A Wisconsin property has a lot of 0.75 acres. At 43,560 sq ft/acre, how many square feet is the lot?
- A Wisconsin homeowner sells for $430,000. After the 5.5% commission ($23,650), $6,200 in closing costs, and $198,000 mortgage payoff, what are the seller's net proceeds?
- A Wisconsin vacant lot is 120 ft × 250 ft. The owner pays $0.15/sq ft in property taxes per year. What is the annual tax?
- A Wisconsin home depreciates at 4% annually. If it was worth $300,000 initially, what is its estimated value after 3 years?
- A Wisconsin buyer receives a seller credit of $5,000 at closing on a $280,000 purchase. If they put 20% down and borrow the rest, their actual cash at closing (excluding other costs) is:
- A Wisconsin homeowner has owned their primary residence for 3 years and sells it for $550,000. Their adjusted basis is $390,000. Assuming the Section 121 exclusion applies ($250,000 single/$500,000 married filing jointly), what is the taxable gain for a single filer?
- A Wisconsin investor sells a rental property for $480,000 with an adjusted basis of $320,000 after depreciation. What is the total gain?
- A Wisconsin investor buys a 4-plex for $480,000 and puts 25% down. The remaining loan at 6.5% interest only (annually). What is the annual interest payment?
- A Wisconsin property has a gross rent multiplier of 115. It generates $2,800/month in gross rent. What is the indicated market value?
- A Wisconsin property owner paid $245,000 for their home 8 years ago. The home is now worth $330,000. What is the total percentage appreciation over 8 years?
- A Wisconsin duplex sells for $375,000. Both units rent for $1,300/month each. What is the annual GRM (Gross Rent Multiplier)?
- A Wisconsin property generates $85,000 in gross annual rent. Operating expenses are 45% of gross income. Vacancy is 5%. What is the NOI?
- A Wisconsin homeowner wants to add a deck costing $15,000. An appraiser estimates the deck will add $9,000 in value. What is the cost-value ratio for this improvement?
- A Wisconsin property has an assessed value of $310,000 and the local mill rate is 22 mills ($22 per $1,000). What is the annual property tax?
- A Wisconsin buyer puts 10% down on a $385,000 home. The lender charges 1.5 points for the loan. How much are the points?
- A Wisconsin agent earns a 2.5% commission on a $460,000 sale, and their broker receives 40% of that commission. How much does the agent keep?
- A Wisconsin commercial building generates $120,000 annual NOI. An investor wants a 7% cap rate. What is the indicated value?
- A Wisconsin seller paid $280,000 for their home five years ago. They made $35,000 in improvements. If they sell for $395,000, what is their capital gain (before exclusion)?
- A Wisconsin property's NOI is $55,000 and its value is $700,000. What is the cap rate?
- A Wisconsin 6-unit apartment building generates $2,200/month per unit. The annual operating expenses are $52,000. What is the annual NOI?
- A Wisconsin seller owes $195,000 on their mortgage and sells for $410,000. After a 5% commission ($20,500) and $8,300 in other closing costs, what are their net proceeds?
- A Wisconsin real estate investment generates a 9% return on a $550,000 investment. What is the annual income generated?
- A Wisconsin broker charges a management fee of 8% of collected rent on a property that collects $3,600/month. The annual management fee is:
- A Wisconsin property with a tax-assessed value of $425,000 has an equalization ratio of 85%. What is the estimated full market value?
- A Wisconsin seller receives a net of $325,000 after a 5.5% commission. What was the selling price?
- A Wisconsin property sold for $485,000, which was 7% above the listing price. What was the original listing price?
- A Wisconsin investor purchases a rental property for $320,000 and finances 80%. The monthly principal and interest payment at 7% for 30 years is approximately $1,704. What is the annual debt coverage ratio if NOI is $28,000?
- A Wisconsin commercial space is 4,500 square feet. The tenant pays $18/sq ft base rent plus $6/sq ft NNN charges. What is the total annual rent?
- A Wisconsin home appraises at $375,000 but the buyer and seller agreed to a purchase price of $390,000. The lender will base the loan on:
- A Wisconsin apartment complex has 20 units at $900/month each. The vacancy rate is 6%. What is the effective gross income (EGI)?
- A Wisconsin buyer's loan-to-value ratio is 78%. They purchased for $340,000. How much was their down payment?
Wisconsin License Law
147 questions- Which state agency regulates real estate licenses in Wisconsin?
- How many hours of pre-license education are required for a Wisconsin real estate salesperson applicant?
- What is the passing score required on the Wisconsin real estate licensing examination?
- How many questions are on the Wisconsin real estate licensing examination?
- Wisconsin's mandatory real estate transaction forms are known as:
- The Wisconsin WB-11 form is used for:
- Wisconsin real estate licenses are renewed every:
- How many hours of continuing education does Wisconsin require per renewal period?
- Under Wisconsin law, a real estate licensee must provide the agency disclosure at:
- In Wisconsin, a real estate broker must maintain trust account records for at least:
- Wisconsin's 'statewide buyer agency' law requires licensees who work with buyers to:
- Which of the following is a DSPS disciplinary action available against a Wisconsin real estate licensee?
- Under Wis. Stat. Chapter 452, which of the following activities requires a Wisconsin real estate license?
- A Wisconsin salesperson license must be held under the supervision of a:
- How many hours of continuing education must a Wisconsin real estate salesperson complete each two-year renewal period?
- The Wisconsin real estate license renewal period is:
- A Wisconsin broker who wishes to operate their own real estate firm must obtain a:
- Which of the following is an exempt transaction under Wisconsin licensing law?
- The Wisconsin DSPS may discipline a licensee for all of the following EXCEPT:
- Under Wisconsin law, a real estate licensee who wishes to place a 'For Sale' sign on a listed property must:
- A Wisconsin salesperson who changes employing brokers must:
- Wisconsin's Wis. Stat. Chapter 452 prohibits a licensee from receiving compensation from:
- A Wisconsin real estate licensee who allows their license to lapse and continues to practice real estate is subject to:
- The Wisconsin Real Estate Examining Board is responsible for:
- A Wisconsin licensee who receives an earnest money check must deposit it into the broker's trust account within:
- Commingling in Wisconsin real estate means:
- Wisconsin requires that a salesperson's license be displayed or available at:
- A Wisconsin broker must maintain trust account records for a minimum of:
- A Wisconsin licensee who wants to engage in property management must ensure that:
- Wisconsin DSPS may audit a broker's trust account:
- A Wisconsin licensee who is convicted of a crime involving dishonesty or breach of trust may have their license:
- Under Wisconsin rules, a licensee must present all offers on a listed property:
- A Wisconsin real estate salesperson may accept a bonus directly from a seller in addition to their commission if:
- The Wisconsin DSPS 'net listing' prohibition means:
- Under Wisconsin law, an unlicensed personal assistant working for a real estate broker may legally:
- A Wisconsin broker discovers that one of their salespeople has been misrepresenting properties to buyers. The broker's responsibility is to:
- Wisconsin requires that all advertising by a real estate licensee include:
- A Wisconsin real estate broker must keep trust account records available for inspection for at least:
- A Wisconsin licensee acting as a buyer's agent has a duty of disclosure that requires them to disclose to the buyer:
- A Wisconsin broker's license allows the broker to do all of the following EXCEPT:
- Which statement is TRUE about Wisconsin real estate salesperson licenses?
- Under Wisconsin law, a real estate licensee who wishes to practice as both a broker and an insurance agent must:
- A Wisconsin salesperson who is paid a salary rather than a commission by their employing broker:
- When a Wisconsin real estate broker firm changes its business name, it must:
- A Wisconsin broker who supervises 5 salespersons is required to:
- A Wisconsin licensee who wants to form a real estate team within their brokerage must ensure that:
- A Wisconsin real estate licensee found guilty of fraud in a transaction may face which DSPS disciplinary actions?
- A Wisconsin licensee who wants to refer a buyer to a mortgage lender in exchange for a referral fee must:
- A Wisconsin real estate licensee who represents a buyer must disclose their licensee status when:
- Under Wis. Stat. Chapter 452, which state agency regulates Wisconsin real estate licensees?
- How many hours of pre-license education must an applicant complete before sitting for the Wisconsin salesperson exam?
- A Wisconsin broker license requires how many hours of pre-license education?
- A Wisconsin real estate salesperson license must be renewed every:
- How many continuing education credits must a Wisconsin licensee complete each renewal period?
- Which of the following activities requires a Wisconsin real estate license?
- Under Wisconsin law, a real estate firm must be licensed as a:
- A Wisconsin salesperson's license is held by:
- If a Wisconsin licensee wishes to work for a new broker, what must occur first?
- Under Wis. Stat. § 452.14, the Wisconsin Real Estate Examining Board (REEB) has authority to:
- Which of the following is exempt from Wisconsin real estate licensing requirements?
- Wisconsin's Real Estate Examining Board (REEB) is composed of how many members?
- What is the minimum age to obtain a Wisconsin real estate salesperson license?
- A Wisconsin licensee who fails to renew their license on time may practice under a:
- Under Wisconsin law, an 'associate broker' is best described as:
- A Wisconsin real estate licensee who acts as both a buyer's agent and a listing agent in the same transaction without proper disclosure is engaging in:
- Wisconsin's Wis. Stat. § 452.135 requires disclosure of all of the following EXCEPT:
- In Wisconsin, the Real Estate Condition Report (Seller's Disclosure) must be provided to buyers:
- A Wisconsin licensee who receives a referral fee from a title company without disclosure to their client is:
- A Wisconsin licensee's license may be revoked for all of the following EXCEPT:
- Under Wisconsin law, a licensee who advertises a property must include:
- Wisconsin's Real Estate Examining Board may impose which of the following penalties on a licensee found guilty of misconduct?
- A Wisconsin real estate licensee who wants to operate as an independent contractor must still be:
- Wisconsin allows real estate licensees to negotiate compensation with clients. Commission rates are:
- A Wisconsin listing broker who also represents the buyer (dual agency) without written consent from both parties:
- Which of the following is a violation of Wisconsin advertising rules for licensees?
- A Wisconsin broker's duty to supervise salespersons means the broker must:
- Under Wisconsin Wis. Stat. § 452.19, a broker who receives an earnest money deposit must keep it separate from personal funds. Failure to do so is called:
- Wisconsin's Real Estate Examining Board (REEB) meets regularly to:
- In Wisconsin, an unlicensed person who performs real estate brokerage activities for compensation is subject to:
- A Wisconsin licensee who has their license placed on 'inactive' status:
- Wisconsin's requirement that all WB forms be used in real estate transactions means that licensees:
- A Wisconsin real estate salesperson who accepts compensation directly from a buyer instead of through the broker is:
- Under Wisconsin Wis. Stat. § 452.133, a licensee has a duty to provide competent service to clients. Competent service means:
- A Wisconsin real estate licensee who wants to receive a referral fee from an out-of-state broker must:
- Wisconsin's license law requires a broker to maintain trust account records for at least:
- A Wisconsin real estate licensee is required to disclose their licensed status when:
- An individual holding a Wisconsin real estate license who moves to another state may apply for a Wisconsin non-resident license provided they:
- A Wisconsin broker opens a new branch office. This branch must:
- A Wisconsin licensee who wants to advertise their personal production statistics must ensure the statistics are:
- Wisconsin requires that the broker's name or firm name appear in all real estate advertising. This rule prevents:
- A Wisconsin licensee who is convicted of a felony must report the conviction to:
- The Wisconsin Real Estate Condition Report is required for all residential property transactions EXCEPT:
- A Wisconsin real estate licensee who provides false information on their license application may face:
- Wisconsin's Wis. Stat. § 452.13 requires that a real estate broker maintain:
- A Wisconsin licensee must provide a Written Agency Disclosure to a seller before:
- If a Wisconsin broker changes their principal place of business, they must notify:
- A Wisconsin real estate licensee's E&O (Errors and Omissions) insurance:
- A Wisconsin licensee who wants to use a team name in advertising must ensure the team name:
- A Wisconsin licensee acting as a property manager who fails to maintain proper trust account records is subject to:
- Wisconsin requires that every real estate firm have a licensed broker who serves as the:
- Under Wisconsin law, a real estate licensee may accept a gift from a buyer or seller client provided:
- The Wisconsin Seller's Disclosure (Real Estate Condition Report) must be completed by the seller to the best of the seller's:
- Under Wisconsin law, a licensee's duty of honesty extends to making all representations to parties that are:
- A Wisconsin broker's written policies for their office are important because they:
- Wisconsin's REEB has authority to discipline a licensee who is found to have engaged in 'misrepresentation' which includes:
- A Wisconsin licensee's 'duty to investigate' means they should:
- A Wisconsin real estate licensee who operates a YouTube channel giving general real estate advice must ensure the content:
- A Wisconsin real estate licensee may legally receive compensation from which parties in a transaction?
- A Wisconsin licensee who wants to advertise themselves as a 'specialist' or 'expert' in a particular area of real estate must ensure that:
- Under Wisconsin Wis. Stat. § 452.135, when a licensee has a significant financial or ownership interest in a property being sold, they must disclose this:
- A Wisconsin real estate firm that operates as a team within a larger brokerage must ensure that all advertising:
- A Wisconsin licensee who is named in a lawsuit related to a real estate transaction should immediately:
- Under Wisconsin Wis. Stat. § 452.06, which of the following persons does NOT need a real estate license?
- A Wisconsin real estate licensee who wants to purchase a property listed by their own firm must:
- A Wisconsin broker who is also a licensed insurance agent and refers clients to their own insurance agency must:
- A Wisconsin real estate broker who wants to manage a commercial property for an owner-client should execute a:
- Under Wisconsin Wis. Stat. § 452.14(3), grounds for REEB discipline include all of the following EXCEPT:
- A Wisconsin real estate salesperson who wants to work for two different brokers simultaneously is:
- Under Wisconsin law, a licensee who is disciplined by the REEB may appeal the decision to the:
- A Wisconsin real estate broker who moves their office must notify DSPS because:
- Under Wisconsin Wis. Stat. § 452.13, a broker must maintain the trust account's records for a minimum period after the transaction closes. This period is:
- A Wisconsin broker who is convicted of a crime involving fraud may have their license:
- A Wisconsin broker who represents a buyer in the purchase of a commercial property and earns a commission from the seller must:
- A Wisconsin licensee who has not completed all 18 required CE hours before the license renewal deadline should:
- A Wisconsin licensee may assist a buyer in drafting an offer to purchase because:
- A Wisconsin broker who employs 10 salespersons must maintain which records for each salesperson?
- Under Wisconsin law, a salesperson who operates under a different broker's supervision without notifying DSPS of the transfer is:
- A Wisconsin broker who receives a referral from an out-of-state broker and pays a referral fee to that broker must ensure the out-of-state broker is:
- A Wisconsin broker who wants to place a 'sold' sign on a property after closing must ensure they have:
- A Wisconsin real estate broker who holds client funds in a trust account that earns interest must:
- A Wisconsin salesperson who signs a buyer agency agreement with a client must do so on behalf of:
- A Wisconsin real estate broker who wants to advertise that they specialize in 'historic properties' may do so provided:
- A Wisconsin broker who has been disciplined by REEB for commingling client funds must pay restitution and may also be required to:
- Under Wisconsin Wis. Stat. § 452.17, a broker must keep the principal informed of:
- A Wisconsin broker who represents a buyer in a transaction where the buyer is a corporation must ensure:
- A Wisconsin real estate licensee who becomes aware of a potential fraud by another licensee should:
- Under Wisconsin law, a real estate licensee who intentionally misrepresents the condition of a property they personally own and are selling may face:
- A Wisconsin licensee's obligation to 'keep principal informed' under Wis. Stat. § 452.133(1) means they must promptly disclose:
- A Wisconsin real estate licensee who wants to manage property in Minnesota must:
- A Wisconsin broker's trust account must be reconciled:
- A Wisconsin licensee convicted of a crime that substantially relates to the practice of real estate brokerage must:
- A Wisconsin real estate salesperson whose license has been suspended may:
- A Wisconsin real estate broker who wants to operate as a sole proprietor must have their license issued in:
- Wisconsin's 'REEB' (Real Estate Examining Board) has the authority to:
- A Wisconsin licensee who is uncertain whether a particular property condition must be disclosed should apply the standard of:
- Under Wisconsin law, a real estate broker's license may be issued to a:
- The Wisconsin Department of Safety and Professional Services (DSPS) requires salesperson applicants to complete how many hours of pre-license education?
Finance
138 questions- A Wisconsin buyer purchases a home for $350,000 with a 20% down payment. What is the loan amount?
- A Wisconsin borrower has a $280,000 mortgage at 6% annual interest. What is the interest portion of the first monthly payment?
- The debt-to-income (DTI) ratio used in mortgage underwriting compares:
- In Wisconsin, transfer taxes on real estate transactions are collected through the:
- Private Mortgage Insurance (PMI) on a conventional loan is typically required until the borrower's equity reaches:
- Wisconsin uses which type of security instrument for residential mortgage loans?
- Wisconsin's mortgage foreclosure process is a:
- What is the statutory redemption period for a residential mortgage foreclosure in Wisconsin?
- A Wisconsin land contract (contract for deed) differs from a mortgage in that:
- Points paid on a Wisconsin mortgage loan are also known as:
- A Wisconsin buyer obtains an FHA loan. The maximum loan-to-value ratio with a minimum down payment is:
- Private mortgage insurance (PMI) is typically required on a conventional Wisconsin loan when the LTV exceeds:
- A Wisconsin veteran purchases a home using a VA loan. The required down payment is:
- The Wisconsin Housing and Economic Development Authority (WHEDA) primarily assists:
- On a Wisconsin mortgage loan, the annual percentage rate (APR) differs from the stated interest rate because the APR:
- The Truth in Lending Act (TILA/Regulation Z) requires lenders to disclose which information to Wisconsin borrowers?
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- An adjustable-rate mortgage (ARM) in Wisconsin has a 2/6 cap. This means:
- A Wisconsin buyer using a USDA Rural Development loan is purchasing a home in an eligible rural area. USDA loans are characterized by:
- A Wisconsin lender charges a prepayment penalty on a conventional mortgage. This means the borrower may be charged a fee for:
- A Wisconsin borrower's debt-to-income (DTI) ratio is calculated by dividing total monthly debt payments by:
- A Wisconsin borrower has a monthly gross income of $6,000. Their new mortgage PITI will be $1,500. What is the housing (front-end) DTI ratio?
- A Wisconsin home equity line of credit (HELOC) is secured by:
- Under the Wisconsin marital property law, a surviving spouse may have rights to:
- The Federal Reserve's monetary policy actions affect Wisconsin mortgage rates primarily through:
- A Wisconsin lender charges 2 discount points on a $160,000 loan. The dollar amount of the points is:
- A conventional Wisconsin mortgage has a loan amount of $240,000 and the home appraised at $300,000. What is the LTV ratio?
- An assumable mortgage allows a qualified buyer to:
- A Wisconsin homebuyer's loan estimate under TRID must be delivered within how many business days of application?
- A Wisconsin borrower receives a Closing Disclosure. Under TRID, the borrower must receive the CD at least how many business days before closing?
- Regulation B under ECOA requires lenders to notify applicants of credit decisions within:
- Under Dodd-Frank, a Wisconsin mortgage lender must ensure the borrower has the ability to repay the loan. This is known as the:
- A Wisconsin seller agrees to 'take back' a second mortgage from the buyer to help with the down payment. This is known as:
- A Wisconsin mortgage with a due-on-sale clause means:
- A Wisconsin lender's escrow (impound) account for a new buyer collects monthly amounts for:
- The Wisconsin Housing Assistance Program through WHEDA provides:
- A Wisconsin buyer obtains a 15-year fixed-rate mortgage instead of a 30-year. Compared to the 30-year loan, the 15-year loan will have:
- A Wisconsin borrower applies for a mortgage and the lender pulls their credit report. Under the Fair Credit Reporting Act (FCRA), the borrower has the right to:
- A Wisconsin borrower has a gross monthly income of $7,500. Under conventional underwriting guidelines, what is the maximum monthly PITI for a 28% front-end ratio?
- A Wisconsin seller accepts a purchase offer that is contingent on the buyer obtaining a mortgage at no more than 6.5% interest. The market rate rises to 7%. What is the likely result?
- A Wisconsin homeowner refinances their mortgage to obtain a lower interest rate. The primary benefit is:
- Under Wisconsin law, a mortgage broker must be licensed by:
- A Wisconsin adjustable-rate mortgage (ARM) initial rate period is 5 years; thereafter the rate adjusts annually. This is called a:
- A Wisconsin homebuyer receives a gift of $20,000 from their parents for a down payment. The lender will typically require a:
- A Wisconsin borrower has a combined loan-to-value (CLTV) ratio of 90% with a first mortgage of $160,000 and a second mortgage of $20,000. What is the property value?
- A Wisconsin seller agrees to pay 3% of the purchase price as a seller concession toward the buyer's closing costs. On a $280,000 sale, the seller concession is:
- Wisconsin is classified as which type of foreclosure state?
- What is the standard redemption period following a judicial foreclosure judgment in Wisconsin?
- In Wisconsin, which document creates a security interest in real property for a lender?
- A Wisconsin land contract (contract for deed) transfers legal title to the buyer:
- The Wisconsin Transfer Return Tax (real estate transfer fee) is calculated at:
- Who is primarily responsible for paying the Wisconsin real estate transfer tax?
- A Wisconsin homeowner's exemption from the real estate transfer tax applies when:
- WHEDA stands for:
- A Wisconsin buyer obtains an 80% LTV conventional loan on a $300,000 home. What is the down payment?
- Under the federal Truth in Lending Act (TILA), the Annual Percentage Rate (APR) includes:
- A Wisconsin lender requires PMI on a conventional loan when the down payment is:
- A short sale in Wisconsin occurs when:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of application?
- Under Wisconsin law, a mortgage lender must provide the borrower with a Notice of Right to Cancel (Right of Rescission) for:
- An FHA loan in Wisconsin requires a minimum down payment of:
- A VA loan benefit available to eligible Wisconsin veterans includes:
- The Equal Credit Opportunity Act (ECOA) prohibits Wisconsin lenders from discriminating based on:
- A Wisconsin adjustable-rate mortgage (ARM) is characterized by:
- A Wisconsin buyer who is purchasing a home with an FHA loan will be required to pay:
- A Wisconsin USDA Rural Development loan is available for properties located in:
- Under the Home Mortgage Disclosure Act (HMDA), Wisconsin lenders must report mortgage data to help identify:
- A Wisconsin buyer with a 'balloon mortgage' should understand that:
- Which of the following Wisconsin properties would qualify for a reverse mortgage?
- A Wisconsin assumable mortgage allows:
- The Wisconsin Homeowners Counseling Act requires HUD-approved counseling for borrowers receiving certain:
- A Wisconsin buyer who agrees to purchase a property 'subject to' the existing mortgage:
- A Wisconsin lender's 'due-on-sale' clause allows the lender to:
- Under RESPA, a Wisconsin lender who provides a mortgage may not pay or receive:
- A Wisconsin buyer's debt-to-income (DTI) ratio is calculated by dividing:
- A Wisconsin FHA appraisal differs from a conventional appraisal in that it also evaluates:
- A Wisconsin buyer's loan application was rejected under ECOA. The lender must provide the reason for denial within:
- A Wisconsin 'wraparound mortgage' is a type of seller financing in which:
- Wisconsin's homestead exemption primarily protects homeowners from:
- A Wisconsin deed of trust would involve three parties: the borrower (trustor), the lender (beneficiary), and a:
- Under Wisconsin law, a junior mortgage lien holder (2nd mortgage) in a foreclosure proceeding:
- A Wisconsin property subject to a Veteran's Administration (VA) loan appraisal is called a:
- A Wisconsin 'purchase money mortgage' is one in which:
- A Wisconsin 'lock-in' on a mortgage interest rate means:
- Under Wisconsin law, the right of redemption after mortgage foreclosure is:
- A Wisconsin buyer's pre-qualification letter from a lender indicates that:
- The secondary mortgage market in Wisconsin involves:
- A Wisconsin HELOC (Home Equity Line of Credit) is best described as:
- Under Wisconsin law, a lender who charges more than the legal maximum interest rate is guilty of:
- A Wisconsin 'interest-only' mortgage requires the borrower to:
- Under Wisconsin law, a foreclosure complaint is filed in:
- A Wisconsin homeowner who refinances their mortgage at a lower rate to reduce monthly payments is engaging in:
- Wisconsin's WHEDA first mortgage program is designed to help:
- A Wisconsin seller who 'takes back a mortgage' means the seller:
- A Wisconsin adjustable-rate mortgage that converts to a fixed rate after an initial period is called a:
- Under the Community Reinvestment Act (CRA), Wisconsin financial institutions are required to:
- A Wisconsin seller who provides a seller take-back mortgage must be aware that the due-on-sale clause in a first mortgage may:
- Under Wisconsin law, a foreclosed homeowner who redeems their property during the redemption period must pay:
- Under Wisconsin law, a mechanic's lien filed after a mortgage is recorded takes priority over the mortgage if:
- A Wisconsin 'participation mortgage' involves a lender who receives, in addition to interest:
- Under Wisconsin law, a mortgage that has been recorded creates a(n):
- Wisconsin lenders who participate in FHA lending must comply with FHA's Minimum Property Standards (MPS), which ensure the property is:
- A Wisconsin buyer who uses a 203(k) FHA loan is planning to:
- Wisconsin's 'anti-deficiency' protection (if any) in a foreclosure limits whether a lender can pursue the borrower for the difference between the sale proceeds and the outstanding debt. Under Wisconsin law:
- Under Wisconsin foreclosure law, a lender must provide the borrower with notice of default and the opportunity to cure before filing a foreclosure complaint. This is known as:
- A Wisconsin property buyer who obtains a 'construction-to-permanent' loan is using a loan that:
- A Wisconsin homebuyer who chooses a 15-year mortgage over a 30-year mortgage will have:
- Under Wisconsin law, a seller who carries a second mortgage for a buyer must ensure the transaction complies with:
- A Wisconsin 'bridge loan' (swing loan) helps a buyer:
- Wisconsin lenders who sell mortgages to Fannie Mae or Freddie Mac must ensure those loans meet:
- A Wisconsin 'recourse loan' means that if the borrower defaults:
- Wisconsin's recording fee for a mortgage is paid to the:
- Wisconsin's WHEDA homebuyer tax credit (MCC — Mortgage Credit Certificate) allows eligible buyers to:
- Under federal law, a Wisconsin lender who engages in 'predatory lending' may face enforcement action under which law(s)?
- A Wisconsin buyer who is self-employed will likely need to provide a lender with which documentation to verify income?
- A Wisconsin mortgage with a 'prepayment penalty' charges the borrower an additional fee for:
- A Wisconsin lender who issues a 'commitment letter' to a buyer has:
- Wisconsin's Wis. Stat. Chapter 138 (Consumer Act) provides borrowers protections including:
- A Wisconsin reverse mortgage (HECM) requires that the borrower:
- Wisconsin's 'Consumer Leasing Act' provisions (under federal Reg M) apply to:
- A Wisconsin lender's 'appraisal review' (desk review or field review) is conducted to:
- Wisconsin's homestead exemption applies to the debtor's principal residence and protects up to $75,000 in equity from:
- Under Wisconsin law, a 'conforming loan' refers to a mortgage that:
- A Wisconsin 'jumbo loan' is one that:
- Under the Community Reinvestment Act (CRA), regulators evaluate Wisconsin banks on their:
- A Wisconsin 'hard money loan' is typically characterized by:
- Wisconsin's 'escrow impound account' required by many lenders is used to collect monthly payments for:
- Wisconsin borrowers who make a down payment of less than 20% on a conventional loan are typically required to pay:
- A Wisconsin VA loan's 'funding fee' is charged to:
- A Wisconsin buyer who wants a loan for $625,000 on a home purchase in 2026 should expect:
- Wisconsin's 'interest rate buydown' in a mortgage loan allows a buyer to:
- A Wisconsin USDA Rural Development guaranteed loan requires that the property be located in:
- A Wisconsin 'bridge loan' is a short-term loan used to:
- Under the Truth in Lending Act (TILA), Wisconsin lenders must disclose the annual percentage rate (APR), which is:
- Wisconsin's 'Department of Financial Institutions' (DFI) regulates which of the following lenders?
- A Wisconsin lender who provides a 'Loan Estimate' to a borrower must do so within:
- Under the Equal Credit Opportunity Act (ECOA), a Wisconsin lender who denies a loan application must:
- A Wisconsin 'construction-to-permanent' loan (also called a 'one-time close' loan) converts from a construction loan to a permanent mortgage:
Property Ownership
126 questions- In Wisconsin, married couples who acquire property together typically hold title as:
- A Wisconsin condominium association has the authority to:
- A Wisconsin property owner wants to grant a neighbor permanent permission to cross their land to access a public road. This is best documented as:
- Zoning laws in Wisconsin are enacted by:
- In Wisconsin, a riparian owner has rights to:
- In Wisconsin, when two unmarried people purchase a home as joint tenants, which characteristic is present?
- Wisconsin married couples who hold title as 'marital property' have ownership characterized by:
- The Wisconsin homestead exemption protects how much equity in a primary residence from unsecured creditors?
- A Wisconsin condominium owner holds:
- The Wisconsin Condominium Ownership Act requires that buyers receive a condominium disclosure packet:
- A life estate in Wisconsin gives the life tenant the right to:
- In Wisconsin, an easement appurtenant benefits:
- The Wisconsin Planned Unit Development (PUD) allows:
- A Wisconsin buyer purchases a property and later discovers a prescriptive easement used by a neighbor for 20 years. This easement:
- Fee simple absolute ownership in Wisconsin means the owner:
- A riparian owner in Wisconsin owns land along a navigable lake. Their water rights include:
- Under Wisconsin law, adverse possession requires that the use of property be open, hostile, continuous, exclusive, and actual for a period of:
- A Wisconsin property owner grants an easement to a utility company to run power lines across their land. This is most likely:
- A Wisconsin buyer purchases a home with a deed restriction prohibiting commercial use. This restriction:
- Wisconsin's Recording Act is a race-notice statute, meaning that to be protected, a subsequent purchaser must:
- A condominium association in Wisconsin may place a lien on an owner's unit for:
- A Wisconsin property sold by a sheriff's deed at a foreclosure sale conveys title:
- A deed restriction in a Wisconsin subdivision prohibits fences over 4 feet high. A new owner builds a 6-foot fence. The remedy available to neighbors is:
- Under the Wisconsin Condominium Ownership Act, common elements are owned by:
- A Wisconsin property owner grants a neighbor the right to cross their land to reach a lake. This type of easement is:
- Under Wisconsin law, a lis pendens is a recorded document that provides notice:
- In Wisconsin, a special assessment is levied by a municipality to pay for:
- Wisconsin's Marketable Title Act limits the search of title to:
- A Wisconsin buyer receives a bargain and sale deed, which conveys:
- Under Wisconsin's Marital Property Act, which property acquired before marriage is treated as:
- A Wisconsin property owner who has a mortgage on their property wants to sell. At closing, the mortgage will typically be:
- A Wisconsin city condemns a portion of a property owner's land for a road expansion. The owner loses partial use of the land but the property is not taken entirely. This is called:
- A Wisconsin buyer signs a land contract for a $120,000 purchase. After paying $40,000, the buyer defaults. Under Wisconsin law, the seller's primary remedy is:
- A Wisconsin property owner passes away without a will. Their real property will be distributed according to:
- A Wisconsin property 'conveyed in fee simple subject to a condition subsequent' means:
- A Wisconsin property owner wants to donate their home to a charity but retain the right to live in it for the rest of their life. This is accomplished through a:
- A Wisconsin tenancy in common with three co-owners allows each owner to:
- A Wisconsin easement by necessity arises when:
- A Wisconsin property owner dedicates a strip of land along their property to the city for a public sidewalk. This is an example of:
- A Wisconsin buyer purchases a home at a tax lien sale. Their deed is a:
- Wisconsin's transfer-on-death deed (TOD deed) allows a property owner to:
- In Wisconsin, the term 'bundle of rights' in real estate refers to:
- When a Wisconsin property is held in joint tenancy and one owner sells their interest to a third party, the joint tenancy is:
- Which of the following is a characteristic of fee simple absolute ownership?
- Under Wisconsin law, when a married couple acquires real property together, they typically hold it as:
- The Wisconsin Condominium Ownership Act governs the creation and operation of condominiums under which statute?
- In a Wisconsin condominium, the unit owner has fee simple ownership of the unit and holds the common elements as:
- A Wisconsin timeshare interest is regulated under:
- An easement appurtenant in Wisconsin benefits:
- A life estate in Wisconsin terminates upon:
- In Wisconsin, adverse possession requires continuous, open, hostile, and exclusive use for at least:
- A Wisconsin deed that contains the covenants of seisin, quiet enjoyment, and warranty is called a:
- A Wisconsin homestead exemption protects a homeowner's primary residence from most creditors in bankruptcy up to:
- A Wisconsin Planned Unit Development (PUD) typically combines:
- A Wisconsin cooperative (co-op) owner holds:
- Which of the following is true of a tenancy in common in Wisconsin?
- A Wisconsin mechanic's lien has priority over other liens based on:
- A Wisconsin pur autre vie life estate is a life estate measured by:
- A Wisconsin deed must be recorded in the county where the property is located in order to:
- Which of the following describes a Wisconsin appurtenant easement?
- Under Wisconsin law, the four unities required to create a joint tenancy are:
- A Wisconsin seller's homestead property is protected from most creditors under the homestead exemption. The exemption amount is:
- A Wisconsin riparian owner has rights to:
- Wisconsin's public trust doctrine means that:
- Under Wisconsin law, a condominium association may place a lien on a unit for:
- A Wisconsin 'right of first refusal' in a lease or deed gives a party the right to:
- A Wisconsin 'conservation easement' is a voluntary agreement that restricts:
- Under Wisconsin law, what happens to a joint tenancy when one of two joint tenants dies?
- A Wisconsin property owner who grants an easement to a utility company for power lines has created a(n):
- Wisconsin's Wis. Stat. § 706.02 requires that a conveyance of real property must include:
- A Wisconsin property owner who wants to give a gift of real estate to a family member would typically use a:
- A Wisconsin developer who plats a subdivision must comply with:
- A Wisconsin buyer who purchases property at a tax deed sale acquires:
- A Wisconsin seller's deed of trust, if used instead of a mortgage, would involve a trustee who holds:
- A Wisconsin 'license' to use another's real property (as opposed to an easement) is:
- A Wisconsin buyer purchases a property that has a recorded deed restriction prohibiting commercial use. The buyer later attempts to open a home-based business. The restriction:
- Under Wisconsin law, a 'fee simple defeasible' estate automatically reverts to the grantor if:
- A Wisconsin property right called 'air rights' refers to:
- Under Wisconsin law, mineral rights and surface rights to a property can be:
- A Wisconsin co-op corporation's monthly fees (maintenance fees) cover:
- The four unities of joint tenancy in Wisconsin can be severed when:
- Under Wisconsin law, a private restrictive covenant that violates the Fair Housing Act (such as a racial restriction) is:
- A Wisconsin property boundary dispute between neighbors is best resolved by:
- A Wisconsin developer who builds a condominium must file a condominium declaration with:
- Wisconsin recognizes 'survey monuments' as the legal record of property boundaries. When monuments are destroyed or moved:
- A Wisconsin property that is subject to a 'ground lease' means the tenant:
- Under Wisconsin law, a deed that passes title 'to A for so long as the property is used as a school' creates a:
- A Wisconsin 'prescriptive easement' differs from adverse possession in that it gives the user the right to:
- A Wisconsin 'covenant running with the land' is enforceable against future owners when it:
- Wisconsin's Public Land Survey System uses which unit as its basic land division?
- A Wisconsin property owner who builds a fence that encroaches on their neighbor's property may be required to:
- Which of the following items is generally considered a fixture (real property) in a Wisconsin transaction?
- Under Wisconsin law, the 'bundle of rights' concept means that real property ownership includes all of the following EXCEPT:
- A Wisconsin seller conveys property by a deed that is later found to have a forged signature on it. The deed is:
- A Wisconsin property owner who wants to grant an access easement to a neighbor should:
- Under Wisconsin law, the Marketable Title Act (Wis. Stat. § 706.09) helps clear:
- A Wisconsin 'special warranty deed' warrants against defects arising during the grantor's ownership only. This type of deed is commonly used by:
- The legal description in a Wisconsin deed using the metes and bounds method begins at a 'point of beginning' and:
- A Wisconsin 'notice of intent to lien' in a construction project serves to:
- Wisconsin's Wis. Stat. § 706.10 governs 'after-acquired property' clauses in mortgages, meaning:
- A Wisconsin property owner who abandons their property for 20 years and never claims it may lose title through:
- In Wisconsin, 'riparian rights' attach to land that:
- A Wisconsin property owner who wants to donate their property to a charity after their death can do so through a:
- Wisconsin's 'transfer on death' (TOD) deed allows property to transfer to a named beneficiary:
- A Wisconsin 'executor's deed' is used when:
- Wisconsin's 'doctrine of emblements' protects a tenant farmer's right to:
- A Wisconsin homeowner whose property is taken by eminent domain receives compensation based on:
- A Wisconsin deed that contains a restriction 'this property shall never be used for the sale of alcoholic beverages' is an example of a:
- A Wisconsin 'partition action' is a court proceeding used to:
- Under Wisconsin law, a tenancy in common can be created when:
- A Wisconsin owner of a condominium unit owns in fee simple their individual unit's interior space and:
- Under Wisconsin law, a property owner who grants an easement for a driveway over their land to a neighbor has created an encumbrance on their property. The land burdened by the easement is called the:
- Wisconsin's 'Condominium Ownership Act' (Wis. Stat. Chapter 703) requires that a condominium be created by recording a:
- A Wisconsin property owner who wants to 'quiet title' to their property must file a court action in:
- A Wisconsin 'life estate' holder (life tenant) has the right to use and enjoy the property during their lifetime but:
- Under Wisconsin law, a 'remainder interest' in real property is a future interest that:
- A Wisconsin 'covenant running with the land' is different from a personal covenant because it:
- Under Wisconsin's Wis. Stat. § 706.001 et seq., which of the following instruments must be in writing and signed to be valid?
- A Wisconsin property subject to a 'lis pendens' is encumbered by:
- Wisconsin's 'Marketable Title Act' (Wis. Stat. Chapter 893) provides that:
- A Wisconsin property owner who grants a 'negative easement' to a neighbor is giving the neighbor the right to:
- Wisconsin's 'adverse possession' doctrine requires that possession be actual, open, hostile, continuous, and exclusive for a period of:
- A Wisconsin 'general warranty deed' differs from a 'limited warranty deed' in that a general warranty deed:
- Under Wisconsin law, a 'quitclaim deed' conveys:
- Wisconsin's 'Condominium Act' requires that the condominium declaration include a description of:
- A Wisconsin property owner who holds title as 'joint tenants with right of survivorship' (JTWROS) and one joint tenant dies — the surviving joint tenant:
Escrow & Title
121 questions- In Wisconsin, real estate closings are typically conducted by:
- Wisconsin uses a 'race-notice' recording statute, meaning a subsequent purchaser has priority if they:
- A Wisconsin title search reveals a mechanic's lien filed by a contractor. This lien:
- A Wisconsin buyer purchases an owner's title insurance policy at closing. This policy protects the buyer from:
- In Wisconsin, the Real Estate Transfer Return (RETR) must be filed when:
- Wisconsin's real estate transfer tax rate is:
- A Wisconsin property sells for $250,000. What is the total real estate transfer tax?
- A Wisconsin title search examines public records to determine:
- A lender's title insurance policy in Wisconsin protects:
- The Wisconsin closing statement shows the buyer a credit for:
- A Wisconsin deed must include all of the following to be valid EXCEPT:
- The most common type of deed used in Wisconsin residential sales that provides the greatest warranty of title is:
- A Wisconsin quitclaim deed conveys:
- Recording a deed in the Wisconsin register of deeds office provides:
- A Wisconsin abstract of title is:
- Which Wisconsin closing document itemizes all charges and credits for both buyer and seller?
- A Wisconsin seller at closing will typically pay the:
- A cloud on title in Wisconsin refers to:
- A Wisconsin buyer's lender requires title insurance. Who typically pays for the lender's title policy?
- A Wisconsin title insurance commitment (preliminary title report) is issued:
- In a Wisconsin closing, who is responsible for preparing the deed?
- A Wisconsin buyer's title search reveals a judgment lien against the seller recorded three years ago. At closing, this lien must be:
- In Wisconsin, ALTA (American Land Title Association) title insurance policies are used for:
- A Wisconsin deed must be acknowledged (notarized) before it can be:
- Which type of legal description is most precise and commonly used in Wisconsin rural property conveyances?
- A Wisconsin 'simultaneous closing' or 'double closing' involves:
- Wisconsin requires that a deed of conveyance include a legal description that is:
- A Wisconsin property owner discovers, after purchase, that there is an unrecorded easement crossing their land. Their recourse is likely limited because:
- In a Wisconsin closing, the buyer's total cash to close includes:
- In Wisconsin, a 'warranty forever' covenant in a general warranty deed means the grantor agrees to:
- A Wisconsin commercial closing uses an escrow arrangement. The closing agent will:
- In a Wisconsin 'survey exception' in a title insurance policy, the insurer:
- A Wisconsin mechanic's lien must be filed within what period after the last date of providing labor or materials?
- In Wisconsin, the 'chain of title' refers to:
- A Wisconsin buyer discovers after closing that a neighbor's fence encroaches 2 feet onto their newly purchased land. This issue would be identified by:
- In Wisconsin, TRID requires lenders to provide the Loan Estimate form to replace the former:
- A Wisconsin seller refuses to sign over the deed at closing despite a valid purchase contract. The title company should:
- In Wisconsin, who typically serves as the closing agent for a residential real estate transaction?
- A Wisconsin title insurance policy that protects the lender is called a:
- An owner's title insurance policy in Wisconsin protects:
- In Wisconsin, a deed is considered legally effective when it is:
- The Wisconsin Register of Deeds records real estate documents primarily to:
- A Wisconsin title search examines the chain of title to identify:
- Escrow funds held by a Wisconsin broker must be kept in:
- A 'cloud on title' in Wisconsin refers to:
- Under RESPA, a Wisconsin settlement statement (Closing Disclosure) must be provided to the buyer at least:
- A Wisconsin mechanic's lien can be filed by:
- A Wisconsin lis pendens is a document recorded to give notice that:
- In Wisconsin, the priority of liens is generally determined by:
- A Wisconsin property tax lien is a:
- RESPA prohibits Wisconsin lenders from requiring borrowers to use a specific:
- A Wisconsin property sold at a tax sale due to delinquent taxes. The former owner may redeem the property by:
- A Wisconsin title company that issues a commitment for title insurance is promising to:
- A Wisconsin buyer's closing costs typically include all of the following EXCEPT:
- A Wisconsin survey is important in a real estate transaction because it:
- Which type of Wisconsin deed provides only limited warranty — guaranteeing title only against claims arising during the grantor's period of ownership?
- A Wisconsin buyer who discovers a title defect after closing should first:
- A Wisconsin deed must contain which of the following to be valid?
- The purpose of a Wisconsin Real Property Transfer Return (PE-500) is to:
- Which of the following would appear as a credit to the buyer on a Wisconsin closing statement?
- A Wisconsin seller's prorated property taxes appear on the closing statement as a:
- A Wisconsin title insurance policy does NOT protect against losses from:
- A Wisconsin 'quiet title action' is a court proceeding used to:
- A Wisconsin mortgage is discharged when the lender records a:
- In a Wisconsin transaction, who typically pays for the owner's title insurance policy?
- A Wisconsin 'escrow closing' means:
- A Wisconsin lender's title insurance policy (mortgagee's policy) decreases in value as:
- A Wisconsin property sold in a sheriff's sale during foreclosure is conveyed by:
- Under Wisconsin law, a homebuyer's closing costs are typically paid:
- A Wisconsin property has a homeowners' association assessment lien for $3,500 in unpaid dues. At closing, this lien must be:
- Wisconsin's 'grantor-grantee' index at the Register of Deeds is used to:
- At a Wisconsin closing, the real estate transfer return (PE-500) must be filed with:
- A Wisconsin buyer who wants to ensure their deed is prioritized over all other later-recorded interests should:
- In Wisconsin, a 'trustee's deed' is most commonly used to convey property:
- When a Wisconsin buyer pays above the appraised value for a home being financed, the lender typically lends based on:
- A Wisconsin buyer who wants protection against title defects not discovered during the title search should obtain:
- Wisconsin's 'race-notice' recording statute gives priority to a subsequent buyer who:
- A Wisconsin 'ALTA/NSPS survey' is used in commercial transactions to:
- A Wisconsin buyer's 'HUD-1 Settlement Statement' has been replaced for most transactions by the:
- A Wisconsin property with a tax lien for delinquent property taxes has a lien that is:
- A Wisconsin 'escrow impound account' (reserves) required by some lenders is used to:
- A Wisconsin property subject to a 'right of first refusal' must be offered to the holder before the owner sells to a third party. If the owner violates this restriction, the holder may:
- A Wisconsin 'certificate of title' differs from a 'Torrens certificate' in that a Torrens certificate:
- A Wisconsin 'deed in lieu of foreclosure' benefits the lender by:
- Under Wisconsin's race-notice recording statute, if Buyer A receives a deed on January 1 but does not record it, and Buyer B receives a deed on February 1 and records immediately WITHOUT notice of Buyer A's prior deed, who has priority?
- A Wisconsin 'deed of reconveyance' is used in states with deed of trust systems to:
- A Wisconsin property subject to both a first and second mortgage. The first mortgage is being foreclosed. What happens to the second mortgage?
- A Wisconsin buyer who closes on a home and then discovers the seller had no authority to sell (seller was not the legal owner) may have a claim against:
- Under RESPA, Wisconsin lenders may not pay or accept fees for referring customers to affiliated settlement service providers unless they comply with the:
- A Wisconsin 'title plant' maintained by a title insurance company is:
- A Wisconsin property sold under an installment land contract (contract for deed). When the buyer completes all payments, the seller conveys title by delivering a:
- A Wisconsin 'certificate of title' opinion is prepared by an attorney and:
- A Wisconsin lis pendens filed against a property puts prospective buyers and lenders on notice that:
- A Wisconsin buyer who requests a survey before closing is advised that the survey will:
- Under Wisconsin law, the 'chain of title' refers to:
- A Wisconsin title insurer who pays a claim under an owner's policy and resolves the defect then acquires the right to pursue any liable third party through:
- A Wisconsin buyer who purchases a property 'subject to' existing liens takes the property:
- A Wisconsin 'commitment for title insurance' is issued after the title search and:
- Wisconsin's 'proration' of property taxes at closing typically means:
- A Wisconsin title insurance policy that covers against 'forgery' in the chain of title means the insurer will:
- Wisconsin's 'race-notice' recording statute protects:
- A Wisconsin 'title opinion' differs from 'title insurance' in that a title opinion:
- When a Wisconsin lender requires title insurance, who selects the title company?
- A Wisconsin 'subordination agreement' allows a senior lien holder to:
- A Wisconsin property owner who sells property in 2026 has a capital gain. For federal tax purposes, the gain is calculated as:
- At a Wisconsin closing, funds disbursed to the seller, brokers, and other parties are typically handled by:
- A Wisconsin 'marketable title' means:
- A Wisconsin 'insured closing letter' (also called a 'closing protection letter') from a title company protects the lender from:
- In a Wisconsin 'dry closing,' the parties sign all documents but the deed is not recorded or funds disbursed until:
- A Wisconsin 'ALTA/NSPS Land Title Survey' is typically required for:
- Wisconsin's 'register of deeds' indexes recorded documents by:
- A Wisconsin title company that issues a title commitment must disclose in the commitment:
- A Wisconsin 'owner's title insurance policy' protects the buyer from losses due to:
- A Wisconsin 'settlement statement' (HUD-1 or Closing Disclosure) shows the buyer's cash needed at closing as:
- A Wisconsin 'holdback agreement' at closing involves funds being:
- A Wisconsin 'endorsement' to a title insurance policy provides:
- A Wisconsin closing agent is required to provide the buyer with the Closing Disclosure (CD) at least:
- In a Wisconsin 1031 exchange (like-kind exchange), the use of a 'qualified intermediary' (QI) is required to:
- A Wisconsin 'gap coverage' provision in a title insurance commitment protects against:
- A Wisconsin 'seller's net sheet' prepared by a listing broker shows the seller's estimated proceeds from the sale, including:
- Under Wisconsin law, which of the following is NOT typically required to be prorated at closing?
Contracts
120 questions- The Wisconsin WB-11 Residential Offer to Purchase becomes a binding contract when:
- In Wisconsin, the seller's property disclosure requirement for residential property is governed by:
- Under Wisconsin's Real Estate Condition Report, a buyer who receives the report after the offer is accepted has the right to:
- In a Wisconsin WB-11 offer, the term 'contingency' allows the buyer to:
- A Wisconsin seller receives two offers simultaneously. The seller may:
- A Wisconsin real estate contract that was entered into because of fraudulent misrepresentation is:
- A Wisconsin buyer makes an offer with a 48-hour acceptance deadline. The seller makes a counteroffer. What is the status of the original offer?
- Which of the following is NOT a required element for a valid Wisconsin real estate contract?
- The WB-11 financing contingency in Wisconsin protects the buyer by:
- Under Wisconsin law, earnest money in a real estate transaction is held by:
- A Wisconsin buyer includes a home inspection contingency in the WB-11. The inspector finds a cracked foundation. The buyer may:
- The Wisconsin WB-11 'time is of the essence' clause means:
- Under Wisconsin law, when a seller accepts a buyer's offer, the seller must deliver a signed copy to the buyer within:
- A Wisconsin listing agreement is a contract between:
- An 'exclusive right to sell' Wisconsin listing agreement means:
- In Wisconsin, a contract to purchase real estate by a minor (under age 18) is generally:
- A Wisconsin buyer and seller agree verbally to extend the closing date. This verbal modification to the written WB-11:
- Rescission of a Wisconsin real estate contract means:
- Specific performance as a remedy in a Wisconsin real estate contract dispute means:
- An option contract in Wisconsin gives the optionee the right to:
- In Wisconsin, a right of first refusal gives the holder the right to:
- In Wisconsin, a purchase contract that lacks a legal description of the property is:
- A Wisconsin WB-11 offer is contingent on the sale of the buyer's current home. If the seller receives a better offer, the seller may issue a:
- Liquidated damages in a Wisconsin real estate contract typically refers to:
- A Wisconsin seller who has accepted an offer and is now refusing to close may be sued by the buyer for:
- In Wisconsin, once the buyer and seller have a fully signed WB-11 offer, the document is referred to as a:
- A Wisconsin WB-11 offer includes an inspection contingency with a 10-day inspection period. If the buyer fails to order an inspection within those 10 days, the contingency:
- A Wisconsin real estate purchase contract is assignable unless:
- A Wisconsin WB-11 offer specifies a closing date of June 30. Both parties agree verbally to close July 15 instead. To be enforceable, this change must be:
- A Wisconsin seller signs an exclusive right-to-sell listing but then sells the property themselves to a neighbor without the broker's involvement. The broker is entitled to:
- In Wisconsin, the term 'earnest money' and 'good faith deposit' refer to:
- A Wisconsin WB-11 contingency clause that is not satisfied by the deadline:
- A Wisconsin purchase contract includes an 'as-is' clause. This means the buyer:
- The WB-24 Option to Purchase in Wisconsin requires the optionee to pay:
- A Wisconsin WB-11 offer is accepted while the buyer is outside the country. The offer can still be accepted because:
- Under Wisconsin law, mutual mistake of material fact in a real estate contract may entitle either party to:
- Under Wisconsin law, a 'merger clause' (integration clause) in a real estate contract means:
- A Wisconsin buyer exercises their right of rescission under a financing contingency. The seller is entitled to:
- The Wisconsin standard offer to purchase form is the:
- Under the WB-11 Wisconsin Offer to Purchase, the acceptance deadline is:
- In Wisconsin, a counteroffer by the seller on a WB-11:
- Wisconsin's WB-11 Offer to Purchase includes a standard contingency for:
- Under Wisconsin law, earnest money on a residential offer to purchase must be deposited into a trust account within:
- If a Wisconsin buyer defaults on a real estate contract and the seller retains the earnest money as liquidated damages, this is permissible when:
- The Wisconsin WB-11 form's 'secondary offer' provision allows:
- Wisconsin Statute requires that all real estate contracts affecting title to real property be:
- A Wisconsin listing agreement is a contract between the seller and:
- Under a Wisconsin exclusive right to sell listing, the broker earns a commission when:
- What is the purpose of the 'time is of the essence' clause in a Wisconsin real estate contract?
- A Wisconsin 'as-is' clause in a purchase contract means:
- Under Wisconsin law, which of the following elements is NOT required for a valid real estate contract?
- A Wisconsin buyer's financing contingency in the WB-11 protects the buyer by:
- In Wisconsin, the closing date in a WB-11 Offer to Purchase is:
- A Wisconsin option contract gives the buyer the right but not the obligation to purchase a property within a specified period. The seller:
- The doctrine of specific performance in Wisconsin means a court can order:
- A Wisconsin buyer submits an offer on a property with an earnest money check for $5,000. The seller accepts the offer. When should the earnest money check be deposited?
- Under Wisconsin law, if both parties to a purchase agreement agree to cancel the contract, the earnest money is:
- Wisconsin's WB-44 Counter-Offer form is used when:
- A Wisconsin real estate contract that lacks consideration is:
- When a Wisconsin seller accepts an offer but communicates the acceptance after the offer's deadline, the result is:
- A Wisconsin WB-11 offer that is rejected by the seller becomes:
- The parol evidence rule in Wisconsin means that in a written real estate contract, prior oral agreements:
- In Wisconsin, the seller's real estate broker receives the commission from the seller. The buyer's broker receives their compensation:
- A Wisconsin purchase contract is voidable (not void) when:
- A Wisconsin WB-11 offer contains a home sale contingency, meaning the offer is contingent on the buyer:
- Under Wisconsin law, a seller who refuses to close after signing a purchase contract may be sued for:
- A Wisconsin seller who accepts a buyer's offer has effectively created a(n):
- The Wisconsin WB-11 provides that if the inspection reveals defects, the buyer may:
- The Wisconsin Real Property Lister's (RPL) license is required for:
- A Wisconsin WB-11 that is signed by all parties and meets all requirements is described as a(n):
- Under Wisconsin law, if a buyer's financing contingency deadline passes without the buyer obtaining a commitment, the seller may:
- A Wisconsin buyer's offer on a vacant lot using the WB-11 form would be valid because:
- Under Wisconsin law, a listing agreement automatically terminates upon:
- A Wisconsin buyer who includes a 'kick-out clause' (right of first refusal) in their offer with a home sale contingency allows the seller to:
- A Wisconsin commercial lease assignment occurs when:
- Under Wisconsin law, a buyer who discovers fraud by the seller after closing may seek:
- A Wisconsin offer to purchase includes a 'rezoning contingency' meaning:
- Wisconsin's WB-15 (Vacant Land Offer to Purchase) is specifically designed for:
- Under Wisconsin law, a contingency in a real estate contract must be:
- A Wisconsin addendum to a WB-11 Offer to Purchase must be:
- Wisconsin's WB-41 (Notice Relating to Offer to Purchase) is used to:
- Under Wisconsin law, a seller who makes a material misrepresentation in the Condition Report that the buyer relies on to their detriment may be liable for:
- A Wisconsin 'net listing' (where the seller receives a set amount and the broker keeps everything above) is:
- Under Wisconsin law, an 'open listing' allows the seller to:
- Wisconsin's WB-11 standard offer to purchase form was promulgated by the:
- A Wisconsin seller who accepts an offer subject to a kick-out clause and then receives a competing offer must:
- A Wisconsin seller who wants to reject the standard inspection contingency deadlines in the WB-11 must:
- Under Wisconsin law, a real estate contract is fully 'executory' before closing because:
- A Wisconsin WB-11 offer specifies that closing is 'on or before' a specific date. This means closing can occur:
- A Wisconsin seller who wants to include personal property in the sale (such as a riding lawn mower) should:
- Under Wisconsin law, a 'merger' doctrine means that once a real estate transaction closes:
- A Wisconsin buyer who is unable to obtain financing must provide written notice to the seller that they are exercising their financing contingency by the:
- A Wisconsin buyer who wants to purchase an investment property with multiple units would use which WB form?
- Under Wisconsin law, when a purchase offer is accepted, the parties have formed a:
- A Wisconsin buyer presents an offer with a personal property inclusion list specifying the refrigerator, washer, dryer, and basement freezer. The seller crosses off 'basement freezer' before signing. This is a:
- Wisconsin's contract law doctrine of 'impossibility of performance' may excuse a party from their contractual duties when:
- A Wisconsin buyer who includes a 'property condition contingency' in their offer is agreeing that:
- Under Wisconsin law, a deed and purchase contract for the same property must contain the same:
- A Wisconsin real estate contract that is 'voidable' due to mutual mistake:
- A Wisconsin buyer who requests a credit at closing for inspection-identified defects in lieu of repairs receives:
- A Wisconsin WB-11 offer's 'financing deadline' is the date by which the buyer must:
- Wisconsin law makes a listing agreement for the sale of real estate unenforceable unless it is:
- A Wisconsin contingency for 'satisfactory appraisal' means the purchase is conditioned on:
- Under Wisconsin law, a signed purchase agreement binds both the buyer and seller. If the seller wants to accept a competing higher offer before closing, the seller must first:
- A Wisconsin WB-11 offer that has been accepted creates a contract that is binding on the:
- Wisconsin's WB-24 Amendment to a Offer to Purchase is used when:
- A Wisconsin buyer includes a 'lead paint contingency' in a pre-1978 home purchase, allowing them to void the contract if:
- Under Wisconsin law, a seller who refuses to sign a transfer return (PE-500) at closing may delay:
- A Wisconsin WB-11 offer to purchase that is accepted by the seller is legally binding when:
- Under a Wisconsin WB-11, the 'closing date' is the date by which:
- In a Wisconsin WB-11 offer, 'time is of the essence' means:
- A Wisconsin buyer who makes multiple offers on different properties at the same time must be aware that:
- A Wisconsin counter-offer that modifies the original WB-11 offer operates as:
- A Wisconsin buyer who purchases a property 'as is' in a WB-11 offer still has the right to:
- Wisconsin's WB-36 Buyer's Temporary Occupancy Agreement is used when a buyer:
- A Wisconsin seller who discovers after signing a purchase agreement that there is a material defect they did not disclose should:
- A Wisconsin WB-11 offer's 'inspection contingency' allows the buyer to void the contract if the inspection reveals defects that the buyer determines are unsatisfactory. The buyer must exercise this right:
- Under Wisconsin law, a purchase contract clause stating 'buyer may void the contract for any reason within 3 days of signing' creates a:
- A Wisconsin WB-11 purchase offer that includes an escalation clause allows the buyer to:
- In Wisconsin, a real estate contract that requires performance of an illegal act is:
Property Valuation
120 questions- In Wisconsin, the cost approach to valuation is MOST useful for:
- An appraiser determines a Wisconsin property's value using the income approach. The property has an annual NOI of $45,000 and a cap rate of 9%. What is the indicated value?
- In the sales comparison approach, a positive adjustment to a comparable sale means:
- The principle of progression in property valuation states that:
- The Wisconsin sales comparison approach to value is most appropriate for:
- In the income approach to value, what does the capitalization rate represent?
- The cost approach to value is most reliable for:
- A Wisconsin appraiser makes a negative adjustment to a comparable sale because the comparable has a feature the subject property lacks. This means the comparable sold for:
- Functional obsolescence in real estate refers to:
- External (economic) obsolescence differs from functional obsolescence because it results from:
- A Wisconsin property's net operating income is $36,000 and the capitalization rate is 8%. What is the indicated value?
- The principle of substitution in real estate valuation states that:
- Market value in a Wisconsin appraisal is defined as the most probable price that a property would bring in a competitive open market assuming:
- Wisconsin's property assessment is administered at the:
- When reconciling values in a Wisconsin appraisal, the appraiser:
- A comparable sale in Wisconsin was made under duress (divorce-related forced sale). For appraisal purposes, this sale:
- The gross rent multiplier (GRM) method estimates value by:
- A Wisconsin appraiser values a property 'as if' a proposed renovation were complete. This is called a(n):
- The Wisconsin sales comparison approach adjusts comparable sales for differences from the subject. An adjustment for a bathroom the comparable lacks is a:
- A Wisconsin residential appraisal is required to include a neighborhood analysis because:
- The principle of regression in Wisconsin real estate valuation means:
- In Wisconsin, the assessed value is used for:
- Wisconsin law requires equalized assessed values to be maintained at what percentage of full market value?
- When a Wisconsin appraiser determines highest and best use for a vacant lot, they must consider which four tests?
- An appraiser in Wisconsin adjusts a comparable sale price upward because the comparable has less square footage than the subject. This is a:
- Wisconsin's DOR (Department of Revenue) 'Statement of Assessment' report provides what type of information?
- In Wisconsin, the cost approach formula is:
- Curable physical deterioration in a Wisconsin home refers to deterioration that:
- The principle of conformity in Wisconsin real estate states that:
- Accrued depreciation in a Wisconsin appraisal refers to:
- Under the income approach, 'potential gross income' in Wisconsin refers to:
- A Wisconsin appraiser notes that a property is a 'super-adequate' improvement — a very large, luxurious home in a neighborhood of modest homes. This represents:
- In Wisconsin, 'effective age' of a building refers to:
- A Wisconsin appraiser is performing an appraisal for a government agency acquisition. The appraisal must comply with:
- A Wisconsin property is in a 'buyer's market.' This means:
- A Wisconsin appraiser uses the income approach for a retail strip mall. The appropriate method within the income approach for a stabilized property is:
- A Wisconsin property has a going-concern value. Going-concern value differs from real property value because it includes:
- A Wisconsin appraiser's final value conclusion for a home is $285,000. The sales comparison approach indicated $282,000, the cost approach $290,000, and no income approach was used. This reconciliation gives greatest weight to:
- The principle of substitution in Wisconsin appraisal practice states that:
- In the sales comparison approach, Wisconsin appraisers make adjustments when:
- The income capitalization approach to value is most appropriate for:
- If a Wisconsin apartment building generates a Net Operating Income of $60,000 and the capitalization rate is 6%, what is the estimated value?
- Functional obsolescence in a Wisconsin property refers to:
- External obsolescence affecting a Wisconsin property could be caused by:
- A Comparative Market Analysis (CMA) in Wisconsin is performed by a:
- Wisconsin property taxes are based on:
- Under Wisconsin law, a property owner who disagrees with their assessment may first appeal to the:
- In Wisconsin, 'gross rent multiplier' (GRM) is calculated as:
- Plottage value in Wisconsin refers to:
- The Wisconsin equalized value (full value) of a property is set by:
- A property in Wisconsin recently sold for $350,000, and its NOI is $28,000. What is the overall capitalization rate?
- Under the income approach, if a Wisconsin property's cap rate rises, its value will:
- Which appraisal approach would a Wisconsin appraiser give the LEAST weight to when valuing a single-family home?
- A Wisconsin appraiser's estimate of value must always reflect:
- Accrued depreciation in the cost approach includes all of the following EXCEPT:
- Highest and best use in Wisconsin appraisal means the use that is:
- Regression in Wisconsin appraisal theory means a property's value is:
- A Wisconsin appraiser who uses the cost approach must estimate the value of land:
- When comparable sales in a Wisconsin CMA are from 18 months ago, the appraiser should:
- The 'principle of contribution' in Wisconsin appraisal means:
- Wisconsin's equalization process for property tax purposes ensures that:
- A Wisconsin appraiser performing an appraisal for a federally related transaction must be:
- In Wisconsin, the 'sales ratio' study compares:
- Which of the following best describes 'arm's-length transaction' in Wisconsin?
- Wisconsin's real estate market in Madison is often characterized by:
- An appraisal performed for a Wisconsin estate (probate) purposes typically establishes value as of the:
- A Wisconsin appraiser must be independent and have no undisclosed interest in the property being appraised because of the ethical requirement of:
- In Wisconsin, an 'as-is' appraisal reflects the value of the property:
- A Wisconsin appraiser selects 'comparables' that are most useful when they:
- Anticipation as an appraisal principle in Wisconsin means that value is influenced by:
- A Wisconsin residential appraisal report prepared on Fannie Mae Form 1004 is called the:
- A Wisconsin buyer purchased a property for $400,000 above its independently assessed value. This is most likely an example of:
- A Wisconsin appraisal review involves:
- A Wisconsin appraiser reconciles value estimates by:
- Reproduction cost in the cost approach refers to the cost to build an exact replica of a building using:
- A Wisconsin broker preparing a BPO (Broker Price Opinion) should disclose that it is:
- Wisconsin's use of 'comparable sales' in a CMA requires that the comparable properties be:
- 'Effective age' in a Wisconsin appraisal refers to the:
- Under Wisconsin appraisal standards, the appraiser's scope of work determines:
- Wisconsin's Green Bay real estate market is influenced by which primary employer?
- A Wisconsin appraiser who uses the 'paired sales analysis' is trying to isolate the value contribution of:
- Wisconsin's Milwaukee real estate market historically differs from suburban markets in that Milwaukee tends to have:
- A Wisconsin foreclosure sale price is generally NOT used as a comparable sale in an appraisal because:
- Wisconsin's Lake Geneva resort real estate market is characterized by:
- Wisconsin appraisers use USPAP (Uniform Standards of Professional Appraisal Practice) because:
- A Wisconsin commercial property's market rent is $25/sq ft but the tenant currently pays $20/sq ft under a long-term lease. The difference is called:
- A Wisconsin appraiser who finds that the comparable sales indicate a lower value than the cost approach should generally:
- An 'economic life' of a Wisconsin building refers to:
- A Wisconsin appraiser who discovers that the subject property has an illegal addition (unpermitted construction) should:
- In Wisconsin, a condominium unit is appraised based on its:
- Under Wisconsin law, the Uniform Standards of Professional Appraisal Practice (USPAP) requires appraisers to:
- A Wisconsin 'drive-by appraisal' (exterior-only appraisal) is limited in scope because the appraiser:
- A Wisconsin appraiser calculates accrued depreciation by using the:
- The principle of 'conformity' in Wisconsin appraisal theory suggests that property values are maximized when:
- A Wisconsin property with a long-term below-market lease has a value that is typically:
- An 'as-improved' appraisal assumes that:
- A Wisconsin appraisal conducted for estate settlement purposes uses a retroactive effective date because:
- Depreciation in the cost approach measures the loss in value from all causes. 'Curable' depreciation refers to items that:
- Wisconsin's Milwaukee County uses which method to set property assessments?
- Under USPAP, a Wisconsin appraiser who accepts an assignment with a predetermined conclusion ('bring it in at $X') is:
- Wisconsin law requires that licensed appraisers maintain records of their appraisals for a minimum of:
- A Wisconsin 'drive-by' appraisal (Form 2055) is acceptable for some lenders for:
- A Wisconsin appraiser finds that the market has been increasing 3% per year. A comparable sale from 12 months ago sold for $300,000. The time-adjusted value of that comparable is approximately:
- Wisconsin requires that residential property appraisers prepare reports using the URAR (Fannie Mae 1004) form for:
- A Wisconsin property appraiser who is hired by the lender must still provide an independent, unbiased opinion of value because:
- A Wisconsin real estate broker who prepares a CMA for a seller to help determine list price should ensure the CMA:
- Under the income approach, Wisconsin appraisers calculate net operating income by:
- Wisconsin's 'income multiplier' analysis using the GIM (Gross Income Multiplier) is most useful for:
- When using the sales comparison approach, a Wisconsin appraiser makes a 'minus adjustment' to a comparable sale when the comparable has a:
- A Wisconsin appraiser using the cost approach estimates the value of a 25-year-old building using the 'age-life method' for depreciation. If the building has a 50-year economic life, effective age is 20 years, and replacement cost new is $500,000, the depreciated value is:
- A Wisconsin appraiser's final value estimate represents their:
- Wisconsin's 'assessed value' for property tax purposes is determined by:
- A Wisconsin appraiser who determines that a comparable sale was not arm's-length (e.g., a sale between relatives at below-market price) should:
- A Wisconsin property has an income of $90,000 annually with a vacancy rate of 8% and operating expenses of $35,000. What is the NOI?
- A Wisconsin appraiser performing a 'retrospective appraisal' (as-of a past date) must:
- Under the cost approach, 'functional obsolescence' in a Wisconsin property refers to:
- A Wisconsin appraiser who adjusts a comparable sale for 'location' is accounting for the fact that:
- Wisconsin's 'automated valuation models' (AVMs) used by lenders for property valuations are:
- A Wisconsin appraiser who encounters a property with a 'super-adequacy' (e.g., a $200,000 swimming pool in a neighborhood of $150,000 homes) should recognize:
- When appraising a Wisconsin property in a rural area where few sales have occurred, an appraiser may need to:
Property Management
119 questions- Wisconsin's residential landlord-tenant law is primarily governed by:
- Under Wisconsin DATCP rules, a landlord must return a tenant's security deposit within how many days after the tenant vacates?
- A Wisconsin landlord may deduct from a tenant's security deposit for all of the following EXCEPT:
- Under Wisconsin law, a landlord who fails to return a security deposit within 21 days without a written itemization may be liable for:
- In Wisconsin, a month-to-month residential tenancy may be terminated by the landlord by giving:
- A Wisconsin property manager is responsible for a building on behalf of an owner. The property manager owes fiduciary duties to the:
- Under Wisconsin law, a landlord must provide a tenant with written notice of building code violations that exist at the time of rental. This is required by:
- A Wisconsin landlord wants to enter a tenant's unit to make repairs. The landlord must generally give:
- The Wisconsin Uniform Residential Landlord and Tenant Act requires that residential rental units meet:
- A Wisconsin residential lease for one year or more must be in writing to be enforceable under:
- A Wisconsin property manager collects rent on behalf of an owner. These funds should be held in:
- Wisconsin's DATCP rules require that a residential lease contain which of the following?
- Under Wisconsin law, a landlord must give how many days' notice before entering a rental unit for a non-emergency purpose?
- A Wisconsin tenant on a month-to-month lease stops paying rent. The landlord's first step is to serve a:
- Net lease in commercial property management means the tenant pays:
- A Wisconsin commercial property manager leases office space under a gross lease. Under this arrangement, the tenant pays:
- A percentage lease in Wisconsin commercial real estate requires the tenant to pay:
- Under Wisconsin's Wis. Stat. Chapter 704, a 'holdover tenancy' occurs when:
- A Wisconsin landlord wants to convert an apartment building to condominiums. State law requires the landlord to provide existing tenants with:
- A Wisconsin commercial lease that includes an expense stop means:
- A Wisconsin property manager enters into a management agreement with a property owner. This agreement should specify:
- Under Wisconsin Wis. Stat. § 704.13, a landlord's failure to maintain a rental unit in habitable condition gives the tenant the right to:
- A Wisconsin commercial lease 'CAM' clause refers to:
- Under Wisconsin law, a tenant who sublettes their apartment without landlord consent when the lease prohibits subletting:
- A Wisconsin property manager receives a maintenance request from a tenant for a broken furnace in January. This is classified as a(n):
- Under Wisconsin's DATCP rules, a landlord may NOT include a clause in a residential lease that:
- A Wisconsin property manager files an eviction action in the circuit court. The legal name for this action in Wisconsin is a(n):
- A Wisconsin property manager who fails to disclose a known material defect in a rental unit to prospective tenants may be liable for:
- A Wisconsin landlord rents to a tenant without a written lease. What type of tenancy is created?
- Under Wisconsin DATCP rules, a landlord who charges a nonrefundable fee must:
- A Wisconsin property manager is asked by the owner to evict a tenant for non-payment of rent. The manager should first:
- The Wisconsin 'right to cure' provision in a lease termination scenario gives the tenant:
- A Wisconsin property manager who manages 10 or more residential units must comply with DATCP Rule 134, which covers:
- A Wisconsin commercial lease with a CPI escalation clause adjusts rent based on:
- A Wisconsin commercial property manager uses a 'base year' expense stop. The base year is 2023 with operating expenses of $80,000. In 2025, expenses rise to $92,000. The tenant's additional charge is:
- In Wisconsin, 'constructive eviction' occurs when:
- A Wisconsin property management agreement is terminated by the property owner before the agreement's expiration. The manager may be entitled to:
- In Wisconsin, an apartment owner converting a building from residential to commercial use without proper zoning approval may be subject to:
- Wisconsin's residential landlord-tenant law is governed primarily by:
- Under Wisconsin Wis. Stat. § 704.28, a landlord must return a tenant's security deposit within how many days after the tenant vacates?
- Under Wisconsin DATCP rules, a landlord must provide what to a new tenant at the start of occupancy?
- A Wisconsin landlord who wrongfully withholds a security deposit may be liable to the tenant for:
- In Wisconsin, a month-to-month tenancy can be terminated by either party with how much advance written notice?
- A Wisconsin landlord may enter a rental unit without advance notice only in cases of:
- Under Wisconsin law, a property manager who collects rent and manages property for others must:
- A Wisconsin property management agreement is a contract between the property owner and the:
- Under Wisconsin Ch. 704, a landlord's failure to maintain a rental property in a habitable condition gives a tenant the right to:
- A Wisconsin commercial lease that includes a base rent plus a percentage of the tenant's gross sales is called a:
- Under Wisconsin Ch. 704, a fixed-term lease ends on the date specified. If the tenant remains (holds over) without a new agreement, the tenancy becomes:
- A Wisconsin commercial triple-net (NNN) lease requires the tenant to pay:
- A Wisconsin property manager who mixes client trust funds with their personal funds is committing:
- Wisconsin's DATCP rules require landlords to provide tenants with a copy of any rental agreement or lease within how many days of signing?
- Under Wisconsin law, a residential landlord who fails to repair a habitability defect after proper notice may be liable for:
- Which of the following is a lawful reason for a Wisconsin landlord to evict a tenant?
- A Wisconsin condominium association's authority to collect assessments and enforce rules comes from:
- A Wisconsin property manager's fiduciary duty to the property owner includes:
- Under Wisconsin DATCP rules, a residential lease that contains an illegal provision is:
- Wisconsin law (Wis. Stat. § 704.07) requires a landlord to keep a rental property in a condition fit for:
- A Wisconsin tenant may terminate a lease early without penalty if:
- Wisconsin's Wis. Stat. § 704.90 governs:
- A Wisconsin property manager's management agreement should specify all of the following EXCEPT:
- A Wisconsin landlord who installs a new roof on a rental property may deduct the cost as:
- A Wisconsin residential landlord who accepts rent after learning of a lease violation may be considered to have:
- A Wisconsin property management company that handles 50 or more residential units must comply with which DATCP requirement?
- A Wisconsin landlord may deduct from a tenant's security deposit for:
- Under Wisconsin law, when a tenant gives proper notice to vacate and moves out on the stated date, the tenancy ends:
- A Wisconsin gross lease is one in which the tenant pays:
- A Wisconsin property manager must give a prospective tenant a copy of the DATCP rental housing rules and any other required disclosures:
- A Wisconsin property manager who fails to deposit security deposits in a separate trust account and instead uses them for operating expenses is guilty of:
- A Wisconsin condominium unit owner who rents their unit must generally comply with:
- Under Wisconsin law, a residential landlord may not retaliate against a tenant for:
- A Wisconsin property manager who receives a security deposit check must deposit it into:
- A Wisconsin tenant who subleases their apartment without landlord permission is:
- A Wisconsin landlord who wants to convert rental apartments to condominiums must comply with:
- Under Wisconsin law, the maximum security deposit a residential landlord may collect is:
- A Wisconsin landlord who provides a 5-day notice to pay or vacate is giving the tenant:
- A Wisconsin commercial tenant who continues to occupy space under a month-to-month tenancy after a fixed lease expires and the landlord accepts rent is a:
- Under Wisconsin law, a landlord must provide written notice of rent increase to a month-to-month tenant at least:
- A Wisconsin property manager who discovers the managed property has a habitability issue must:
- Under Wisconsin law, a landlord must give a residential tenant at least how many days' written notice before entering the unit for non-emergency repairs or inspections?
- A Wisconsin property manager's fiduciary duty of accounting requires:
- Under Wisconsin law, a residential landlord who wrongfully evicts a tenant (self-help eviction) by changing locks or removing belongings is:
- A Wisconsin commercial lease that requires the tenant to pay a base rent plus a pro rata share of common area maintenance (CAM) charges is a:
- A Wisconsin tenant who requests to be released early from their lease due to domestic abuse must provide the landlord with:
- A Wisconsin property manager who fails to forward collected rents to the property owner within the agreed time is in breach of their:
- A Wisconsin commercial tenant who exercises a lease option to renew creates a new lease at:
- A Wisconsin landlord who increases the rent in direct response to a tenant's complaint to a housing authority may be guilty of:
- A Wisconsin property manager who discovers the property has a code violation must:
- Under Wisconsin Ch. 704, a landlord who removes a tenant's belongings without court order is liable for:
- Under Wisconsin DATCP Ch. 134, a landlord who improperly charges a tenant a fee not authorized by the rental agreement or Wisconsin law may be liable for:
- A Wisconsin commercial tenant who fails to pay rent for 5 days after the due date may receive a:
- A Wisconsin property manager who manages multiple properties for different owners must maintain:
- Wisconsin's Wis. Stat. § 704.21 requires that before a landlord can evict a tenant, they must obtain a:
- A Wisconsin property manager should have a written management agreement that includes a:
- Under Wisconsin law, if a tenant abandons a rental unit with personal property left behind, the landlord must:
- A Wisconsin industrial property lease that provides for rent to increase annually based on changes in the CPI (Consumer Price Index) is called a:
- Under Wisconsin law, a landlord may change the locks on a rental unit after the tenancy ends. Before the tenancy ends, changing the locks without court order is:
- A Wisconsin property manager who charges a 'lease renewal fee' to the owner must ensure this fee is:
- Under Wisconsin landlord-tenant law, a landlord who fails to give proper notice before entering a tenant's unit may be:
- A Wisconsin residential landlord who wants to enter a tenant's unit to make non-emergency repairs should:
- Under Wisconsin law, a tenant who damages a rental unit beyond normal wear and tear is liable for:
- A Wisconsin gross commercial lease where the landlord pays all operating expenses gives the tenant:
- Under Wisconsin Wis. Stat. § 704.19, a Wisconsin tenant who wants to terminate a month-to-month tenancy must give the landlord written notice of at least:
- A Wisconsin property manager who discovers that a tenant is operating an illegal business from the rental unit should:
- A Wisconsin tenant who provides false information on their rental application may:
- Wisconsin's Wis. Stat. § 704.05 sets out the rights and duties of tenants during a tenancy, including the tenant's duty to:
- A Wisconsin commercial tenant's assignment of lease must typically be approved by the landlord because:
- Under Wisconsin Wis. Admin. Code ATCP 134.09, a landlord may include a clause in a lease requiring tenants to:
- A Wisconsin property manager who manages a residential property with a swimming pool must ensure the pool meets:
- A Wisconsin residential landlord who has a lead-based paint disclosure obligation under federal law must provide:
- A Wisconsin property manager who manages properties in multiple municipalities must be aware that local ordinances may impose:
- A Wisconsin residential tenant who installs a satellite dish on the exterior of their rental unit is generally:
- Under Wisconsin DATCP Ch. 134, a landlord who withholds a security deposit beyond the 21-day deadline for more than the allowable deductions may be liable for:
- A Wisconsin property manager who enters into a property management agreement has a fiduciary duty to the property owner that includes:
- Under Wisconsin law, a landlord may NOT include a lease provision that requires a tenant to:
- A Wisconsin commercial landlord who provides 'tenant improvement allowances' (TI allowances) to a new tenant is:
- Under Wisconsin's Wis. Stat. § 704.28, a landlord who uses a security deposit for purposes not itemized on the statement within 21 days:
- A Wisconsin residential property manager whose property owner wants to evict a month-to-month tenant without cause (in a municipality without just-cause eviction protections) must first:
- Wisconsin's 'Wis. Stat. § 704.07' (building standards in residential tenancies) requires that landlords keep rental units in a condition:
Agency
116 questions- In Wisconsin, multiple representation (dual agency) requires:
- Under Wisconsin law, a buyer's agent owes the buyer all of the following duties EXCEPT:
- The Wisconsin 'Disclosure to Customers' form is used when a licensee works with a party as a:
- A Wisconsin listing agent's primary fiduciary duty is to:
- Under Wisconsin law, an agent must disclose material adverse facts to:
- A Wisconsin buyer's agent who discovers that a property has a cracked foundation must disclose this to:
- Under Wisconsin agency law, a broker representing the seller owes which duty to the buyer?
- In Wisconsin, a 'designated agency' arrangement means:
- A Wisconsin buyer's agent owes which of the following duties to the buyer client?
- Wisconsin requires licensees to provide the pamphlet 'Working with Real Estate Agents' to consumers:
- Dual agency in Wisconsin requires:
- A Wisconsin listing agent learns that the seller is divorcing and must sell quickly. This information is:
- Which Wisconsin form is used to establish a buyer agency relationship?
- An agent who represents neither buyer nor seller but facilitates the transaction is acting as a:
- In Wisconsin, subagency means the cooperating broker's agent represents:
- A Wisconsin agent discovers a material defect in a listed property that the seller has not disclosed. The agent must:
- In a Wisconsin transaction where the buyer's agent shows a property listed by a different broker in the same firm, and no designated agency agreement is in place, this situation creates:
- A Wisconsin listing agent discovers that the seller intentionally concealed a leaking basement from buyers. The agent should:
- Wisconsin's agency disclosure requirements are designed to ensure that consumers:
- A Wisconsin licensee working as a buyer's agent must present all offers to the seller regardless of:
- Under Wisconsin law, a buyer's agent who learns the seller will accept less than the listing price should:
- A Wisconsin seller's agent receives an offer far below the listing price. The agent's duty is to:
- Under Wisconsin's agency law, the broker's fiduciary duty of 'obedience' requires the broker to:
- A Wisconsin licensee who represents neither the buyer nor seller but assists both in completing the transaction is acting as a:
- A Wisconsin listing broker's duty of confidentiality to the seller means the broker must not disclose the seller's:
- A Wisconsin buyer's agent writes an offer for a client. The offer is submitted and accepted. At this point, the agent's agency relationship with the buyer:
- A Wisconsin broker discloses a dual agency situation and gets written consent. One of the duties the broker must limit is:
- In Wisconsin, the concept of 'respondeat superior' in real estate agency means:
- A Wisconsin seller's agent learns that the seller plans to repaint the home before listing to cover water stains. What is the agent's obligation?
- In Wisconsin, when a buyer's agent also shows a property listed by their own brokerage firm, the situation may create:
- A Wisconsin buyer's agent owes their client 'reasonable care.' This means the agent must:
- A Wisconsin agent's duty of 'accounting' to their client means the agent must:
- A Wisconsin seller's agent who acts as an undisclosed dual agent (without obtaining consent) may face:
- A Wisconsin listing agent's duty of 'disclosure' to the seller requires them to:
- Wisconsin requires licensees to provide the 'Disclosure to Clients and Customers' form at what point in a real estate transaction?
- Under Wisconsin agency law, a 'client' is defined as a person who has entered into a:
- A Wisconsin buyer who has not signed a buyer agency agreement but is working with a licensee is classified as a:
- Wisconsin's 'designated agency' allows a broker to:
- In Wisconsin, dual agency requires:
- What duty does a Wisconsin licensee owe to ALL parties, whether client or customer?
- Under Wisconsin law, which of the following is a fiduciary duty owed ONLY to a client, not a customer?
- A Wisconsin listing agent who discovers a material defect in the listed property must:
- Which form is used in Wisconsin to create a buyer agency agreement?
- A Wisconsin seller's agent receives an offer that is lower than the listing price. The agent must:
- Under Wisconsin agency law, 'sub-agency' means:
- A Wisconsin listing broker's duty to the seller includes which of the following?
- Under Wisconsin law, a buyer's agent must disclose to the seller's agent that they represent the buyer:
- A 'transaction broker' in Wisconsin:
- When a Wisconsin buyer's agent discloses the buyer's maximum price to the seller without authorization, this is:
- A Wisconsin buyer's agent who knows the seller is in financial distress but does NOT disclose this to the buyer is:
- Wisconsin's 'no deal, no commission' rule means a broker earns a commission only when:
- A Wisconsin licensee who represents a seller must disclose to that seller if the licensee has a personal financial interest in the transaction, such as:
- When a Wisconsin licensee acts as a 'facilitator' (transaction broker), they owe both parties:
- A Wisconsin buyer's agent MUST disclose to the buyer all known material adverse facts about a property. These include:
- Under Wisconsin law, an agent's authority to sign documents on behalf of a principal must be established by a:
- A Wisconsin seller's listing agreement automatically terminates if the property:
- A Wisconsin buyer's agent receives compensation from the seller (via the listing broker's offer of compensation). This:
- A Wisconsin listing broker receives an offer on a property. The seller is unavailable to respond for 3 days. The broker should:
- A Wisconsin listing broker who represents the seller must NOT disclose to the buyer:
- A Wisconsin real estate team (a group of licensees operating under one name within a brokerage) must:
- A Wisconsin seller who revokes a listing agreement before its expiration date may be liable to the broker for:
- A Wisconsin buyer's agency agreement that specifies an 'exclusive' relationship means the buyer:
- A Wisconsin seller who enters into an exclusive right to sell agreement with Broker A, and then secretly lists with Broker B, is:
- Under Wisconsin law, a listing broker's 'protection period' clause in a listing agreement provides that the broker is entitled to a commission if:
- Under Wisconsin agency law, a licensee who has acquired confidential information from a former client during a prior agency relationship must:
- A Wisconsin listing agent shows the property to an unrepresented buyer. The agent owes that buyer:
- A Wisconsin buyer signs a buyer agency agreement, and the agent later becomes the listing agent for a property the buyer wants to purchase. To resolve this conflict, the broker may:
- A Wisconsin licensee who 'puffs' a property (makes vague, opinion-type statements like 'this is the best neighborhood in Madison') is:
- A Wisconsin buyer's agent who discovers during a showing that a home has a cracked foundation must:
- A Wisconsin buyer's agent who receives information that the seller must sell quickly due to job relocation should:
- Under Wisconsin agency law, a buyer's agent in a transaction where the seller is unrepresented owes the unrepresented seller:
- A Wisconsin broker's right to a commission under a listing agreement arises when the broker:
- A Wisconsin licensee who acts as a property manager for a rental property and also lists the property for sale owes the owner a duty to:
- Under Wisconsin law, a seller's broker cannot bind the seller to a contract. Only the seller may:
- A Wisconsin seller instructs their listing agent to disclose that there is no stigma attached to the property, even though the property was the site of a violent crime. The agent should:
- Under Wisconsin agency law, a licensee who gives legal advice to a client regarding the enforceability of a real estate contract is:
- A Wisconsin buyer's agent who negotiates a purchase price $15,000 below the listing price has:
- A Wisconsin seller's agent who learns that the buyer's maximum offer is $250,000 while the seller is asking $275,000 should:
- Under Wisconsin law, a broker's authority to sign documents on the client's behalf in a real estate transaction requires:
- A Wisconsin listing agent who becomes aware that a buyer has made simultaneous competing offers on multiple properties at the same time should:
- Wisconsin's agency disclosure requirement helps consumers understand:
- Under Wisconsin law, a buyer who has signed a buyer agency agreement but later decides to purchase a FSBO property (where the seller has no agent) is:
- A Wisconsin listing contract that expires without the property selling terminates the broker's authority. If the seller subsequently accepts a referral from the expired broker to a buyer, the broker may:
- Under Wisconsin agency law, the duty of 'reasonable care' requires a licensee to:
- A Wisconsin seller who hires a listing broker retains the right to:
- A Wisconsin buyer's agent is showing a property that the seller's agent has indicated is in excellent condition. Upon observation, the buyer's agent notices evidence of water damage. The buyer's agent should:
- Wisconsin's real estate agency disclosure form informs consumers that they may choose to have the licensee:
- A Wisconsin listing broker who receives a full-price offer from a buyer that meets all the seller's stated terms must:
- Under Wisconsin law, the principal in an agency relationship has the power to:
- A Wisconsin buyer's agent who shows 20 homes to a buyer before the buyer signs a buyer agency agreement:
- A Wisconsin listing agent whose seller client dies before closing must:
- A Wisconsin buyer agency agreement that specifies the buyer will pay the agent's fee only if the MLS doesn't provide sufficient co-op compensation is called a:
- Under Wisconsin agency law, a licensee's duty of 'disclosure' to their client requires sharing information that:
- A Wisconsin listing agent who signs a listing agreement in January and the listing expires in July has authority to act on behalf of the seller only:
- Under Wisconsin agency law, 'actual authority' granted to a broker includes:
- A Wisconsin seller's broker who advertises the property without the seller's knowledge or consent to a price significantly different from the listed price may be:
- A Wisconsin seller signs a listing agreement but later decides to withdraw the property from the market. The seller has the right to withdraw; however, the broker may:
- Under Wisconsin agency law, the term 'ratification' means the principal:
- Wisconsin's 'apparent authority' doctrine may make a broker liable for an agent's actions if:
- A Wisconsin licensee who represents neither the buyer nor the seller but helps both parties complete a transaction is known as a:
- Under Wisconsin law, the duty of 'obedience' in a buyer agency means the agent must:
- A Wisconsin listing broker who negotiates a commission higher than agreed with the seller in the listing agreement would be:
- A Wisconsin licensee's fiduciary duty of 'loyalty' means they must place the client's interests:
- Under Wisconsin law, which of the following terminates a listing agreement?
- Under Wisconsin agency law, a buyer's agent who learns that the seller's property has a serious defect not visible during the inspection must:
- A Wisconsin listing broker whose seller client wants to accept an offer below list price should:
- Wisconsin's 'subagency' relationship (where the listing broker's agent represents the seller when working with buyers) has largely been replaced by:
- A Wisconsin licensee who provides information about a property to a customer (non-client) owes:
- A Wisconsin buyer's agent who represents a buyer making an offer on a property listed by the same firm is in a:
- Under Wisconsin law, a broker's 'negotiation authority' on behalf of a seller client allows them to:
- A Wisconsin disclosed dual agent must obtain written consent from both parties and must not:
- Under Wisconsin agency law, an agent who enters a transaction on behalf of a principal without authority but where the principal subsequently approves the transaction has authority through:
- A Wisconsin licensee who represents a seller client must disclose to all potential buyers any:
- Under Wisconsin law, a 'designated agency' arrangement allows a broker to:
- A Wisconsin licensee who moves from one brokerage to another during an active listing period — the listing contract:
- Under Wisconsin Wis. Stat. § 452.133, a Wisconsin licensee's duty to disclose material adverse facts applies:
Fair Housing
111 questions- The Wisconsin Open Housing Law (Wis. Stat. § 106.50) protects individuals from housing discrimination based on all of the following EXCEPT:
- Under Wisconsin's Open Housing Law, 'source of income' as a protected class means a landlord CANNOT refuse to rent to someone because they use:
- A Wisconsin real estate broker is approached by a seller who says 'I don't want to sell to anyone from that country.' The broker should:
- The federal Americans with Disabilities Act (ADA) requires places of public accommodation to:
- Wisconsin's Open Housing Act prohibits discrimination in housing based on all federal protected classes AND adds which Wisconsin-specific protected class?
- Steering in real estate means:
- Blockbusting under fair housing law involves:
- Redlining in real estate refers to:
- Under the federal Fair Housing Act, which of the following is a permitted exemption?
- A Wisconsin landlord refuses to allow a tenant with a physical disability to install grab bars in the bathroom. This is:
- Under Wisconsin's Open Housing Act, a complaint must be filed with the Wisconsin Equal Rights Division within:
- A Wisconsin property manager advertises 'ideal for young professionals' in a rental listing. This phrase may violate fair housing law because it implies discrimination against:
- The Americans with Disabilities Act (ADA) requires which type of Wisconsin property to provide accessible facilities?
- Which Wisconsin fair housing protected class was added specifically by state law and is NOT in the federal Fair Housing Act?
- A Wisconsin real estate agent refuses to show a buyer homes in a neighborhood because of the buyer's national origin. This is:
- A Wisconsin property manager with 50 units wants to adopt a 'no children' policy for the entire complex. This would violate:
- A Wisconsin senior housing community (age 55+) can lawfully restrict residency to persons over 55 if:
- A Wisconsin landlord asks rental applicants to disclose their religion. This question:
- A Wisconsin real estate agent tells a white buyer, 'You wouldn't want to live in that neighborhood.' This statement may constitute:
- A Wisconsin seller tells their listing agent not to show the home to buyers of a specific national origin. The agent should:
- The Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending based on all of the following EXCEPT:
- A Wisconsin real estate agent prepares a comparative market analysis and includes a neighborhood's demographic data as a factor affecting value. This may constitute:
- Under the Fair Housing Act, an advertisement for a rental property that includes the phrase 'Christians preferred' is:
- A Wisconsin bank requires higher down payments from buyers in certain zip codes that happen to be predominantly minority. This practice is called:
- Under Wisconsin's Open Housing Act, a landlord with a 12-unit apartment building who denies a rental application based on the applicant's national origin may be subject to:
- Under the Fair Housing Act, a disability is defined to include:
- A Wisconsin property manager refuses to rent to a tenant because the tenant has a Section 8 voucher. Under Wisconsin's Open Housing Act, this may be:
- A Wisconsin real estate agent conducts an open house and asks visitors to sign in with their national origin. This information gathering:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A Wisconsin newspaper runs a real estate advertisement that includes a drawing of a white family in a suburban setting. This imagery:
- The federal Fair Housing Act prohibits discrimination based on which protected classes?
- The Wisconsin Open Housing Act (Wis. Stat. § 106.50) adds which protected class not covered by the federal Fair Housing Act?
- Blockbusting in Wisconsin is illegal and involves:
- Steering in the context of Wisconsin fair housing law means:
- A Wisconsin landlord refuses to rent to a family with children, citing a 'no children' policy. This violates which protected class under federal law?
- Under the Fair Housing Act, a landlord must make reasonable accommodations for a tenant with a disability. This could include:
- Redlining in Wisconsin refers to lenders or insurers:
- A person filing a fair housing complaint in Wisconsin with the state agency files with:
- The Americans with Disabilities Act (ADA) primarily affects real estate by requiring accessibility in:
- Under the Fair Housing Act, which of the following is a permitted exemption?
- Under the Wisconsin Open Housing Act, 'source of income' as a protected class means a landlord cannot refuse to rent because a tenant pays with:
- The Fair Housing Act exempts 'housing for older persons' from familial status requirements if the housing is:
- A Wisconsin mortgage lender who charges higher interest rates to minority borrowers than to equally qualified white borrowers is engaging in:
- Which organization enforces federal fair housing laws and investigates complaints?
- A Wisconsin property manager posts a rental ad stating 'ideal for Christian families.' This likely violates the Fair Housing Act because:
- Under the Wisconsin Open Housing Act, age as a protected class applies to persons aged:
- A Wisconsin seller who refuses to sell their home to a buyer because of the buyer's national origin has violated:
- A Wisconsin real estate broker must post a fair housing poster in their office because:
- Under the Fair Housing Act, what is 'disparate impact'?
- A Wisconsin landlord may restrict a building to adults only (no children) if the building qualifies as:
- Which Wisconsin law prohibits discriminatory practices in employment, public accommodations, and housing?
- A Wisconsin property manager who refuses to make reasonable modifications to a unit for a disabled tenant (even at the tenant's expense) may be violating:
- A Wisconsin landlord who charges higher deposits to tenants with children is:
- Under Wisconsin law, a seller who provides false information on the Real Estate Condition Report may be liable for:
- A Wisconsin property manager who conducts background checks must apply the same criteria:
- Under Wisconsin Open Housing Act, a landlord may not discriminate based on 'ancestry.' This means:
- A Wisconsin real estate agent who uses language about 'good schools' or 'safe neighborhoods' in a way that steers buyers based on race is:
- Wisconsin's REEB requires continuing education for licensees that includes training on:
- Under the Fair Housing Act, a disabled person's right to a reasonable modification of a rental unit means:
- A Wisconsin property owner who refuses to sell to someone because of their disability is violating:
- Under the Fair Housing Act, what is the maximum civil penalty for a first violation by a real estate professional in a case brought by HUD?
- Wisconsin's Open Housing Act covers which types of housing transactions?
- A Wisconsin real estate broker who receives a complaint of discrimination must cooperate with:
- Under the Fair Housing Act, which of the following is an example of disparate treatment?
- Wisconsin's Open Housing Act is enforced by the Equal Rights Division, which can award remedies including:
- Under Wisconsin Open Housing Act, a person who believes they were discriminated against in a housing transaction must file a complaint within:
- A Wisconsin lender who requires a larger down payment from buyers in certain neighborhoods based on race is engaging in:
- Under the Fair Housing Act, which protected class was added by the Fair Housing Amendments Act of 1988?
- A Wisconsin apartment building owner who advertises 'English-speaking tenants preferred' is:
- Under the Wisconsin Open Housing Act, 'marital status' as a protected class means a landlord may not discriminate against:
- A Wisconsin real estate agent who consistently shows minority buyers only homes in certain neighborhoods while showing white buyers homes throughout the metro area is engaging in:
- A Wisconsin lender who uses credit scoring models that disproportionately disadvantage minority borrowers may be challenged under:
- Under Wisconsin Open Housing Act, a person who suffers discrimination in the rental market may seek which of the following remedies?
- Which federal law prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance?
- A Wisconsin housing developer who advertises a subdivision exclusively in English-language media in a predominantly Spanish-speaking community may be:
- Under Wisconsin Open Housing Act, the definition of 'dwelling' covered by fair housing protections includes:
- A Wisconsin real estate professional who witnesses a fair housing violation by a colleague should:
- Under the Fair Housing Act, a landlord may refuse to rent to a person with a criminal record if the decision is based on:
- Wisconsin's Open Housing Act prohibits discrimination in 'terms, conditions, or privileges' of a real estate transaction. This means a seller may not:
- A Wisconsin seller's agent who is instructed by the seller to 'not show the house to certain people' based on a protected characteristic should:
- Under the Fair Housing Act, 'familial status' protection extends to households that include children under age:
- Under Wisconsin law, an applicant who is denied housing based on a protected characteristic may file a complaint with the Wisconsin Equal Rights Division within:
- Under the Fair Housing Act, which of the following would be a reasonable accommodation for a disabled tenant?
- A Wisconsin mortgage lender who denies a loan based on the property's location in a minority neighborhood (not based on the borrower's creditworthiness) is engaging in:
- Wisconsin's Open Housing Act enforcement by the Equal Rights Division (ERD) begins with:
- A Wisconsin property manager who tells a minority applicant that 'the apartment has already been rented' when it has not is engaging in:
- Under the Wisconsin Open Housing Act, who may file a discrimination complaint?
- A Wisconsin REALTOR® who suspects a colleague is engaged in discriminatory practices should:
- Under the Fair Housing Act, which of the following is an example of an illegal advertisement?
- A Wisconsin landlord may ask prospective tenants for all of the following EXCEPT:
- Under the Fair Housing Act, a 'tester' is someone who:
- Wisconsin's Open Housing Act covers which of the following in addition to the federal protected classes?
- A Wisconsin landlord who requires only non-minority tenants to provide additional references or documentation is engaging in:
- A Wisconsin property manager who offers a 'move-in special' only to non-minority tenants is:
- The Fair Housing Act's '4-unit owner-occupied' exemption (Mrs. Murphy exemption) allows an owner who lives in a building of 4 or fewer units to:
- Under Wisconsin's Open Housing Act, a landlord's prohibition on 'guests staying overnight' applied only to tenants with children violates:
- Under the Fair Housing Act, which of the following is NOT a protected class?
- A Wisconsin seller who specifically seeks only buyers of a certain religion for their property is engaging in:
- Wisconsin's 'homestead' exception to the Open Housing Act allows sellers who are exempted from the Act to sell their home without a broker and without:
- A Wisconsin property manager who screens tenants using a blanket 'no criminal history' policy should be aware that:
- Under the Fair Housing Act, which of the following is required when a person with a disability requests a reasonable accommodation?
- A Wisconsin apartment complex that has 100 units and does not have any units designed for wheelchair access may need to provide accessibility in:
- Under Wisconsin law, familial status protection covers households with children under age 18 who live with:
- A Wisconsin housing provider who charges a higher security deposit to a tenant because of their national origin is:
- A Wisconsin HUD complaint for a fair housing violation must generally be filed within:
- Wisconsin's 'Equal Rights Division' (ERD) of the Department of Workforce Development handles complaints under the:
- A Wisconsin landlord who provides different lease terms to one tenant compared to another identical tenant solely due to the first tenant's disability is engaging in:
- A Wisconsin property owner who advertises a 'great neighborhood with good schools' may be unintentionally engaging in steering if:
- Wisconsin's 'Wisconsin Fair Housing Council' is a non-profit organization that:
- A Wisconsin landlord who refuses to allow a tenant to have an assistance animal because the building has a 'no pets' policy is:
- Under the Fair Housing Act, a landlord may deny an assistance animal accommodation request if:
Environmental
99 questions- The Wisconsin Department of Natural Resources (DNR) has jurisdiction over which environmental concern affecting real property?
- Wisconsin's shoreland zoning law requires a minimum building setback of how many feet from the ordinary high water mark of a navigable waterway?
- Federal law requires disclosure of known lead-based paint hazards in housing built before:
- A Wisconsin property owner discovers radon levels of 4.0 pCi/L or higher in their home. According to EPA guidelines, this level:
- CERCLA (Superfund) holds property owners liable for hazardous waste cleanup based on the principle of:
- Asbestos-containing materials in a Wisconsin commercial building are most hazardous when they are:
- A Wisconsin wetland located on a private property is regulated primarily by:
- The Wisconsin Seller's Disclosure Report requires sellers to disclose known environmental concerns. Failure to disclose known issues can result in:
- Mold in a Wisconsin home is considered a material defect that must be disclosed because it:
- A Wisconsin buyer learns the property they are purchasing has a buried oil tank that was never removed. This is best described as:
- Wisconsin's Petroleum Environmental Cleanup Fund Act (PECFA) provides financial assistance for:
- A Wisconsin buyer's home inspector finds vermiculite insulation in the attic. This is significant because vermiculite may contain:
- In Wisconsin, a Phase I Environmental Site Assessment (ESA) is designed to:
- A Wisconsin commercial property sale involves a building with floor tiles that may contain asbestos. What is the recommended course of action?
- In Wisconsin, the Environmental Cleanup Program (ECP) managed by the DNR addresses:
- A Wisconsin property is located near a former dry-cleaning facility. The primary environmental concern is contamination from:
- A Wisconsin buyer's home inspector identifies a crack in the foundation near a former gas station. The inspector recommends a Phase II ESA. This involves:
- Wisconsin's Environmental Repair Statute (NR 700 series) requires:
- Wisconsin's 'all appropriate inquiries' (AAI) standard for a Phase I ESA requires:
- A Wisconsin property located in a Special Flood Hazard Area (SFHA) has which of the following requirements?
- Under Wisconsin law, which agency oversees environmental protection of wetlands and waterways?
- Wisconsin's shoreland zoning law requires a setback of structures from navigable waters of at least:
- A Wisconsin seller is required to disclose the presence of which of the following on the Real Property Disclosure Report?
- Lead-based paint disclosure is required by federal law for residential properties built before:
- Radon is a concern in Wisconsin real estate because:
- Asbestos in a Wisconsin property is most dangerous when it is:
- An underground storage tank (UST) on a Wisconsin property is regulated by the:
- CERCLA (Superfund) can hold a Wisconsin property owner liable for cleanup of hazardous waste contamination even if:
- Wisconsin's Spill Law (Wis. Stat. § 292.11) requires anyone who causes a spill of a hazardous substance to:
- A Wisconsin real estate licensee's duty regarding environmental hazards is to:
- The Wisconsin DNR regulates wetlands under state law by requiring permits for activities that would:
- Under Wisconsin law, a property located in a FEMA-designated 100-year floodplain:
- A Wisconsin property with documented PCB contamination would most likely be subject to cleanup under:
- Wisconsin's Agricultural Chemical Cleanup Program (ACCP) addresses contamination from:
- A Wisconsin home built before 1978 requires what disclosure to buyers or renters?
- Mold in a Wisconsin property is considered a material adverse fact and must be disclosed because:
- The Wisconsin DNR's NR 700 series of rules governs:
- A Wisconsin property owner discovers an abandoned underground storage tank on their recently purchased property. Their first obligation is to:
- Carbon monoxide is a hazard in Wisconsin homes primarily associated with:
- Wisconsin requires sellers to disclose on the Real Estate Condition Report whether the property has had issues with:
- Which federal law requires landlords to disclose lead paint hazards in pre-1978 housing?
- Wisconsin's Groundwater Protection Law (Wis. Stat. § 160) sets standards to protect groundwater from:
- A Wisconsin property in a 'brownfield' area is best described as:
- A Wisconsin property owner discovers their well water contains elevated nitrate levels above the state health standard. This most likely indicates:
- Under Wisconsin law, a seller must disclose the presence of a private well on the property. Buyers of properties with private wells should be advised to:
- Wisconsin's Private Sewage System Law (Wis. Admin. Code SPS 383) regulates the installation and maintenance of:
- When selling a Wisconsin lakefront property, a licensee should advise the seller to disclose:
- A Wisconsin property owner whose septic system fails must:
- Wisconsin's Nonpoint Source Water Pollution Program addresses pollution from:
- The Wisconsin DNR's Runoff Management Program regulates construction site erosion controls to protect:
- A Wisconsin seller who discovers buried oil tanks on the property during listing should:
- Wisconsin's Environmental Cleanup Program (ECP) assists property owners with cleanup costs for contaminated sites by:
- Wisconsin's 'right-to-know' law requires employers and property owners to disclose the presence of:
- A Wisconsin seller discloses that there is a leaking underground storage tank (LUST) on the property. The buyer should be advised to:
- Wisconsin's Dry Cleaner Environmental Response Fund (DCERF) assists with cleanup of:
- Under Wisconsin law, an environmental due diligence investigation for a commercial property purchase begins with a:
- Wisconsin's shoreland vegetation buffer zone rules protect water quality by requiring property owners to:
- A Phase II Environmental Site Assessment (ESA) in Wisconsin involves:
- Electromagnetic fields (EMF) from high-voltage power lines near a Wisconsin property:
- A Wisconsin property located in a 500-year floodplain (Zone X shaded) is:
- Wisconsin's Integrated Pest Management (IPM) approach in rental properties involves:
- A Wisconsin seller whose property sits atop an old landfill should disclose this because:
- A Wisconsin property located near a former industrial site should undergo environmental due diligence because:
- Wisconsin's Stormwater Management program requires property owners and developers to:
- A Wisconsin home inspector who discovers evidence of mold during a home inspection should:
- Wisconsin's Wis. Admin. Code NR 810 governs:
- A Wisconsin brownfield redevelopment project benefits from liability protection when the developer:
- Wisconsin's 'smart growth' legislation encourages municipalities to:
- A Wisconsin seller of agricultural land must disclose to buyers if the property has been subjected to:
- Wisconsin requires disclosure of 'underground storage tanks' (USTs) on the Real Estate Condition Report. This is important because USTs:
- Wisconsin's Clean Air Act enforcement at the state level is handled primarily by the:
- Wisconsin's 'Area of Special Natural Resource Interest' (ASNRI) designation is used to protect:
- Under Wisconsin law, a property owner who contracts with an independent contractor to dispose of hazardous waste illegally may still be liable under:
- A Wisconsin property built before 1978 with lead paint that is in good condition (not peeling or chipping) is generally:
- Wisconsin's Wis. Admin. Code ATCP 137 regulates:
- Wisconsin's Great Lakes Compact with neighboring states governs the use of:
- A Wisconsin property with an on-site wastewater system (mound system) must be evaluated during a sale because:
- A Wisconsin property near a high-traffic roadway may have elevated levels of:
- Wisconsin's Recycling Law (Wis. Stat. § 287) requires that recyclable materials from property construction and demolition be:
- Wisconsin's 'polychlorinated biphenyls' (PCBs) contamination in soils is especially problematic near:
- A Wisconsin real estate disclosure related to 'trichloroethylene (TCE)' contamination is important because TCE:
- Wisconsin's 'Manufactured Gas Plant' (MGP) sites are former industrial properties that often contain:
- Wisconsin requires that a property inspection for a private well at time of sale test for:
- Wisconsin's 'vapor intrusion' is a concern in real estate when:
- Wisconsin's Pesticide Law (Wis. Stat. Chapter 94) regulates the use of pesticides on real property. A landlord who applies a restricted-use pesticide in a rental unit must be:
- Wisconsin's 'Tier 1' cleanup standard under the environmental remediation program (NR 720-740) refers to:
- A Wisconsin seller who has knowledge of a previous oil spill that was remediated but not fully cleaned should:
- Wisconsin's PECFA (Petroleum Environmental Cleanup Fund Award) program helps property owners pay for:
- A Wisconsin home built in the 1960s has vermiculite insulation in the attic. This is a concern because:
- Wisconsin's 'No Adverse Impact' (NAI) floodplain management approach encourages municipalities to ensure:
- A Wisconsin property in a 100-year floodplain is required by federally backed lenders to carry:
- A Wisconsin property seller who has knowledge that the property was used as a dry-cleaning establishment in the past should disclose this because:
- Wisconsin's 'Groundwater Protection Law' (Wis. Stat. Chapter 160) establishes groundwater quality standards that:
- Wisconsin's 'Voluntary Party Liability Exemption' (VPLE) under Wis. Stat. § 292.15 protects a party who voluntarily conducts cleanup from:
- A Wisconsin real estate agent who suspects a property has an underground storage tank (UST) that was never registered or removed should recommend the buyer:
- A Wisconsin lake cabin seller whose property has a septic system that has not been inspected in 10 years should:
- Wisconsin's 'shoreland-wetland zoning' regulations protect wetlands within 1,000 feet of navigable lakes and 300 feet of navigable rivers and streams. Development in these areas is:
- A Wisconsin property owner who discovers an abandoned oil drum buried on their property should contact:
- Wisconsin's 'Natural Heritage Inventory' database maintained by the Wisconsin DNR identifies locations of:
Land Use & Zoning
96 questions- A Wisconsin municipality designates an area for single-family residential use only. This is an example of:
- A Wisconsin property owner wants to build a garage that does not meet the required side-yard setback. They should apply for a:
- A nonconforming use in Wisconsin zoning law refers to:
- Wisconsin's shoreland zoning ordinances primarily protect:
- Eminent domain allows the government to take private property for public use, but the property owner is entitled to:
- A Wisconsin city requires a developer to dedicate land for a park as a condition of subdivision approval. This is an example of:
- Wisconsin's comprehensive plan requires municipalities to coordinate land use decisions based on:
- A billboard company wants to place a sign in a Wisconsin residential zone. The zoning board would likely:
- Special use permits (conditional use permits) in Wisconsin are granted for:
- Wisconsin's floodplain zoning regulations are designed to:
- A Wisconsin property owner appeals a zoning board decision that denies their variance request. The appeal would be filed with the:
- Wisconsin's Agricultural Preservation Law (Farmland Preservation Program) is designed to:
- A Wisconsin property owner claims the government's shoreland setback requirement has deprived their land of all economically beneficial use. They may claim:
- A Wisconsin subdivision plat must be reviewed and approved by the:
- A Wisconsin landowner in a historic district wants to demolish an old building. The local historic preservation ordinance may:
- A Wisconsin developer who wants to build 50 homes on a 25-acre parcel must comply with:
- A Wisconsin municipality's official map designates streets and public areas for future development. A property located within a designated future street corridor:
- A Wisconsin Transfer of Development Rights (TDR) program allows:
- A Wisconsin business wants to operate a home-based daycare in a residential zone. This would most likely require a:
- Wisconsin's 'smart growth' legislation (Wis. Stat. § 66.1001) requires municipalities to adopt comprehensive plans that must be internally consistent. This means:
- Wisconsin counties are required to develop county-level comprehensive plans under the Smart Growth law. These plans must address a minimum of:
- Wisconsin's comprehensive planning law (Wis. Stat. § 66.1001) requires that zoning decisions be:
- A nonconforming use in Wisconsin is:
- A Wisconsin property owner who wants to use their property in a way not permitted by current zoning would request a:
- Eminent domain in Wisconsin allows the government to take private property for public use provided:
- A taking of private property value through overly restrictive government regulation, without physical taking, is known as a:
- Wisconsin's shoreland-wetland zoning applies to lands within how many feet of navigable lakes?
- A Wisconsin deed restriction (restrictive covenant) that limits a property to single-family residential use runs with the land, meaning:
- The Wisconsin farmland preservation program under Wis. Stat. Chapter 91 is designed to:
- A special use permit (conditional use permit) in Wisconsin differs from a variance in that it:
- Wisconsin's extraterritorial zoning jurisdiction allows a municipality to exercise zoning authority within how many miles of its boundary (for a city over 10,000)?
- A subdivision plat in Wisconsin must be approved by:
- A Wisconsin developer who dedicates a street to the public is:
- Milwaukee's downtown zoning ordinances that allow for higher-density mixed-use development are an example of:
- Wisconsin's open meeting law requires that most government bodies, including local zoning boards, hold their meetings:
- A Wisconsin variance is typically granted when the property owner demonstrates:
- Wisconsin's 'spot zoning' is generally considered illegal because it:
- A Wisconsin building permit is required to:
- Wisconsin's Uniform Dwelling Code (UDC) sets minimum construction standards for:
- A Wisconsin municipality may use tax increment financing (TIF) to:
- Wisconsin's 'impact fees' that municipalities charge developers are designed to:
- A Wisconsin 'cluster development' allows homes to be built on smaller lots in exchange for:
- A Wisconsin 'overlay district' adds additional regulations on top of the base zoning for areas such as:
- Wisconsin's Historic Preservation Act allows tax credits for restoring properties on the:
- Under Wisconsin law, a municipality's comprehensive plan must address which of the following elements?
- A Wisconsin wetland delineation is performed to:
- Wisconsin's 'Transfer of Development Rights' (TDR) program allows:
- Wisconsin's 'floor area ratio' (FAR) is a zoning tool that limits:
- In Wisconsin, 'bulk regulations' in a zoning ordinance control:
- A Wisconsin 'planned development district' (PDD) allows:
- Under Wisconsin law, a 'conditional use' is a land use that:
- Wisconsin's shoreland zoning requires riparian lots to maintain a minimum lot width at the ordinary high-water mark of:
- Wisconsin's 'adequate facilities' ordinance may allow a municipality to:
- A Wisconsin municipality's 'downzoning' of a property (rezoning to a lower density) may constitute a taking if it:
- Wisconsin's shoreland zoning does NOT apply to properties located within the jurisdiction of:
- A Wisconsin property located in a flight path may be subject to:
- Wisconsin's 'right to farm' law protects established agricultural operations from:
- A Wisconsin municipality that wants to require affordable housing units in new developments uses an ordinance called:
- Under Wisconsin law, a property owner who disagrees with a zoning board's decision may appeal to:
- Wisconsin's Wis. Stat. § 236.45 authorizes municipalities to adopt which type of regulation for land development?
- A Wisconsin 'form-based code' differs from conventional zoning by focusing primarily on:
- Wisconsin's 'intergovernmental cooperation' provisions in comprehensive planning encourage adjacent municipalities to:
- A Wisconsin 'certificate of occupancy' (CO) is issued by the municipality when:
- Under Wisconsin's Wis. Stat. § 60.74, towns (not cities or villages) have the authority to:
- Wisconsin's Wis. Stat. § 236.13 requires that a subdivision plat show all of the following EXCEPT:
- Wisconsin's Wis. Stat. § 236.45 'land division' regulation applies when a property owner divides land into:
- A Wisconsin 'urban growth boundary' is a line that:
- A Wisconsin municipality that wants to regulate sign size, placement, and lighting in a commercial district would use a:
- Wisconsin allows municipalities to create 'Business Improvement Districts' (BIDs) to:
- A Wisconsin municipality that wants to preserve its historic downtown business district would most likely create a:
- Wisconsin's 'eminent domain' proceedings require that the government pay the property owner:
- Wisconsin's 'agricultural zoning' is intended to:
- A Wisconsin developer who constructs a shopping center in a commercially zoned area must comply with the municipality's:
- Wisconsin's Wis. Stat. § 59.692 requires counties to maintain shoreland zoning within unincorporated areas to protect:
- A Wisconsin 'use variance' (as opposed to an 'area variance') is controversial and rarely granted because it:
- A Wisconsin municipality that wants to restrict the operation of sexually-oriented businesses must do so through:
- Wisconsin's Wis. Stat. § 700.31 governs 'conservation easements,' allowing landowners to:
- Wisconsin's 'design standards' in zoning ordinances may regulate:
- Wisconsin municipalities use 'official maps' to:
- A Wisconsin county that wants to adopt a shoreland zoning ordinance more stringent than the state minimum standards:
- A Wisconsin developer who wants to build in a floodplain must obtain a 'floodplain development permit' from the:
- A Wisconsin 'special assessment' charged to a property owner by a municipality is used to fund:
- Under Wisconsin law, a 'certified survey map' (CSM) is used to:
- Wisconsin's 'subdivision ordinance' regulates the division of land, but which of the following is typically excluded from subdivision regulations?
- Under Wisconsin law, a developer who builds without required permits may face:
- A Wisconsin property owner who wants to operate a licensed adult family home (caring for 3-4 disabled adults) in a residential zone must be:
- Under Wisconsin's Farmland Preservation Program, landowners who enter into farmland preservation agreements receive:
- Wisconsin's 'Wis. Stat. § 66.1015' (impact fees) allows municipalities to charge developers a fee to offset:
- A Wisconsin 'Planned Unit Development' (PUD) differs from standard zoning because it allows:
- A Wisconsin condominium association's declaration that restricts unit owners from renting their units is:
- Wisconsin municipalities that have adopted 'inclusionary zoning' ordinances may require residential developers to:
- Wisconsin's 'Agricultural Zoning' provisions are designed to protect farmland by:
- A Wisconsin property that is located within a 'tax increment financing (TIF) district' means that the property tax increment generated by new development within the district is:
- Wisconsin's 'architectural control committee' (ACC) in a planned community or subdivision has the authority to:
- Wisconsin's 'comprehensive plan' (Wis. Stat. § 66.1001) requires municipalities to address nine elements including housing, transportation, and utilities. The comprehensive plan serves as:
- A Wisconsin 'extraterritorial jurisdiction' (ETJ) allows a city or village to exercise zoning and subdivision controls over land located:
Ready to Practice?
Take a free Wisconsin practice quiz — no signup required.
Start Free Quiz →