Wisconsin Salesperson Exam Prep Edge Wisconsin Practice Real Estate Exam Questions

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Below are free Wisconsin real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. In Wisconsin, evictions can be ______.

  1. Completed as the landlord pleases
  2. Completed without tenant knowledge
  3. Conducted at the will of the landlord
  4. Conducted only through the legal process set forth by the state

2. Before entering into a written agreement for representation with a buyer or seller, what must be done?

  1. Act as an agent to demonstrate licensee skills.
  2. Be designated as an agent by a responsible broker.
  3. Obtain written acknowledgment of having provided the agency disclosure.
  4. Talk about agency types.

3. Sandra retired from a career in the Navy and is ready to buy her first home, a small bungalow in a quiet neighborhood, for $169,900. Her military service gives her the benefit of Veterans Affairs (VA) loan. What’s her required down payment?

  1. $0
  2. $1,699
  3. $2,548.50
  4. $500

4. Charles is selling his property to Seth. Charles is financing part of the transaction for Seth, who will make payments to Charles while Charles retains the property title. What is this an example of?

  1. A land contract
  2. An assumable mortgage
  3. A straight-term loan
  4. A wraparound mortgage

5. Which of these Wisconsin licensees is NOT making proper disclosure when buying or selling property in which they have an interest?

  1. "After some negotiation with the listing agent, Gidget attaches her business card to the offer she makes on a property.
  2. Bill is selling his own home. He gives his business card to everyone who comes to the open house.
  3. Janice is buying a new home for herself and discloses the fact in writing when she first contacts the seller’s agent.
  4. When Terry first meets with prospective tenants for the unit he co-owns, he gives them his business card and explains that he’s licensed and co-owns the unit.

6. When a deed of trust used as the security instrument for a mortgage loan, which of the following is a true statement?

  1. A promissory note creates a lien against the property used as security for the loan.
  2. It's generally much easier for a lender to foreclose on a property.
  3. The lien makes non-judicial foreclosure typical.
  4. The mortgage creates a lien against the property used as security for the loan.

7. Richie is selling his condominium unit in Madison. He’s completed the property condition representation on the WB-11 Residential Offer to Purchase and the RECR. What other information must he provide to the buyer?

  1. An addendum from the condominium association attorney that provides the details of any pending litigation
  2. An addendum that contains additional information about the condominium and the condominium association
  3. An addendum that contains the condominium association insurance and attorney information
  4. An addendum that details the condominium association liability for shared spaces and amenities

8. Which of the following forms is among those approved by the Wisconsin DSPS?

  1. A deed drawn up by the State Bar of Wisconsin
  2. A UCC form
  3. WB-11
  4. WB-88
Answers: 1. D, 2. C, 3. A, 4. A, 5. A, 6. B, 7. B, 8. C

 

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