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Wisconsin Real Estate Salesperson Examination — Information & Free Practice

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Wisconsin Real Estate Salesperson Examination

Provider
Pearson VUE
Format
Computer-delivered multiple-choice examination
Exam questions
140 scored items and 5–10 unscored pretest items
Time limit
4 hours
Passing score
Scaled score of 75 on a 0–100 scale
Exam fee
$65
Examination outline
  • I. OWNERSHIP AND TRANSFER OF PROPERTY (14 ITEMS)
    • A. Property Ownership (6 Questions)
    • A.1. Definition of an encumbrance (easements, liens, encroachments, property taxes, special assessments)
    • A.2. Differences between real and personal property
    • A.3. Types of ownership under Wisconsin law (e.g., joint tenancy, tenancy in common, marital property)
    • B. Transfer of Property (8 Questions)
    • B.1. Title insurance (preliminary report, gap insurance)
    • B.2. Difference between warranty, quit claim, personal reps deed
    • B.3. Definition of a deed
    • B.4. Deeds, warranties, and defects in title
    • B.5. Definition of security interest and bills of sale
    • B.6. Conveyances of real estate property, recording titles
  • II. LAND USE CONTROLS AND REGULATIONS (5 ITEMS)
    • A. Private controls (e.g. restrictions, deed conditions, covenants)
    • B. Public controls of permitted use, conditional use, non-conforming use, variance, setbacks
    • C. PUDS
  • III. VALUING AND FINANCING PROPERTY; CALCULATIONS (20 ITEMS)
    • A. Valuation and market analysis (3 Questions)
    • A.1. Comparative market analysis
    • A.2. Definition of market value/assessed value/appraised value
    • A.3. Principles of value
    • B. Financing (8 Questions)
    • B.1. Types of loans (fixed, adjustable rate mortgage, balloon mortgages)
    • B.2. Definitions (loan-to-value ratio (LTV), points, loan origination fees, private mortgage insurance (PMI))
    • B.3. RESPA (Illegal kickbacks)
    • B.4. Government programs (e.g. FHA, VA)
    • B.5. Lending requirements
    • B.6. Sources (seller/owner, land/installment contracts, primary market)
    • B.7. Regulation Z
    • B.8. TRID
    • B.9. Mortgage fraud and secondary market fraud
    • C. Mathematics (9 Questions)
    • C.1. Basic mathematical skills involved in real estate calculations
    • C.2. Prorations
    • C.3. Calculation property tax payment - mill rate times assessed value
    • C.4. Loan-to-value (LTV) ratios
    • C.5. Calculation of transfer fee
  • IV. AGENCY (32 ITEMS)
    • A. Laws of agency (17 Questions)
    • A.1. Types of agencies and agents
    • A.2. Duties to customers and clients
    • A.3. Termination of agency
    • A.4. Creation of agency
    • B. Agency contracts (15 Questions)
    • B.1. WB-1 - Residential Listing Contract
    • B.2. WB-4 - Residential Condominium Listing Contract
    • B.3. WB-36 - Buyer Agency/Tenant Representation agreement
    • B.4. Real estate agency contracts
  • V. DISCLOSURES (13 ITEMS)
    • A. Environmental disclosures (e.g., asbestos, Underground Storage Tanks)
    • B. Disclosure by owners of residential real estate and vacant land
    • C. Condominium disclosure requirements
    • D. Federal lead-based paint disclosure law
    • E. Other disclosure obligations
  • VI. CONTRACT LAW AND APPROVED FORMS (22 ITEMS)
    • A. Contracts (6 Questions)
    • A.1. Approved forms and legal advice
    • A.2. Obligation to furnish copies and maintain records
    • B. Offers to Purchase (16 Questions)
    • B.1. WB-11 – Residential Offer to Purchase
    • B.2. WB-13 – Vacant Land Offer to Purchase
    • B.3. WB-14 – Residential Condominium Offer to Purchase
    • B.4. WB-40 – Amendment to Offer to Purchase
    • B.5. WB-41 – Notice Relating to Offer to Purchase
    • B.6. WB-44 – Counter-Offer
    • B.7. WB-46 – Multiple Counter Proposal
  • VII. BUSINESS ETHICS (14 ITEMS)
    • A. Conduct and ethical practice for real estate licensees
    • B. Real estate practice
  • VIII. FAIR HOUSING (6 ITEMS)
    • A. Fair Housing Law
    • B. Local equal opportunities
    • C. Providing auxiliary services for the disabled (Americans with Disabilities Act)
  • IX. FEDERAL ANTI-TRUST LAW (2 ITEMS)
    • A. Price fixing
    • B. Group boycotts
  • X. MISCELLANEOUS (12 ITEMS)
    • A. Trust accounts
    • B. Fee splitting
    • C. Responsibilities of firms and licensees
    • D. Legal effects of leases as they pertain to approved forms
    • E. Rental residential practices
Examination sources

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