Wisconsin Real Estate Salesperson Prelicense

Transcription

1 Wisconsin Real Estate Salesperson Prelicense Exam D Presented by: ClickCE LLC Your one stop for continuing education and pre-license in the real estate industry 2006 ClickCE LLC and/or its authors ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher and the copyright holder. This publication is designed to present, as simply and accurately as possible, general information on the subject. It should be noted that the information presented is not all-inclusive. Products, programs and guidelines change due to rapid changes in the industry. This publication should not be used as a substitute for referring to appropriate experts and is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other personalized professional service. If legal or other expert assistance is required, the services of a competent professional should be sought.

2 Modern Real Estate Wisconsin Final Exam D INSTRUCTIONS: Choose the best answer for each question. Fill in the bubble sheet for each answer. The bubble sheet is at the end. 1. In Wisconsin, the common law fiduciary duties a. are the only duties which apply in real estate transactions. b. have been replaced by statutory requirements, c. have been replaced by administrative rules promulgated by the Department of Regulation and Licensing. d. have been supplemented by statutory requirements and administrative regulations which prevail if there is a conflict with the common law duties. 2. A broker who is the agent of the buyer should do which of the following? a. Disclose to the seller that the buyer is a minority person b. Disclose to the seller the maximum price the buyer is willing to pay c. Present to the seller only offers that are acceptable d. Advise the buyer if the listing price of the seller's house is unrealistic 3. Which of the following is NOT a valid basis for terminating a listing agreement? a. Mutual agreement b. Operation of law c. Seller can't find another house to buy d. Impossibility of performance 4. A lot with a depth of 80 feet and an area of 4,800 square feet was sold for $350 per front foot. What was the total sales price? a. $21,000 b. $28,000 c. $31,800 d. $35, The law that requires real estate contracts to be in writing to be enforceable is the a. law of descent and distribution. b. statute of frauds. c. parole evidence rule. d. statute of limitations. 6. All the following clauses in a loan agreement enable the lender to demand the entire remaining debt be paid immediately EXCEPT a(an) a. due-on-sale clause. b. defeasance clause. c. acceleration clause. d. alienation clause. WI RE Salesperson Prelicense Course 2 of 17 ExamD

3 7. The owner of real estate who leases it to another is called the a. vendor. b. lessor. c. grantor. d. trustor. 8. During the marriage of two Wisconsin residents, the husband purchases rental property in his own name. In Wisconsin, the husband a. is the sole owner and may sell the property without the wife signing the deed. b. and wife each own one-half of the property and both must sign the deed to sell the property. c. and wife each own one-half of the property, but the husband alone may sign the deed to sell the property. d. has violated the law, and must give the wife a quit claim deed for one-half of the property within 30 days of the purchase. 9. CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites, a. exempt from responsibility sites that contaminate neighboring properties. b. release from liability owners of contaminated property who did not actually cause the contamination. c. make no provision for recovering Superfund expenses incurred in cleanup operations. d. impose strict, joint and several, and retroactive liability on potentially responsible parties. 10. Which of the following is a lien on real estate? a. An easement b. A recorded mortgage c. An encroachment d. A restrictive covenant 11. After the construction of a building in the air rights above a railroad right-of-way, the trains can a. operate as usual. b. no longer use the tracks under the building. c. use the tracks under the building only if they cause no problem for the building's occupants. d. use the tracks under the building as long as they first obtain the building owner's permission. 12. A salesperson sells buyer Fred property listed by another brokerage firm in the Multiple Listing System. The salesperson has been working with Fred for many months but does not have an agency contract with him. This salesperson has fiduciary obligations to a. the seller. b. the buyer. c. no one. d. the public. WI RE Salesperson Prelicense Course 3 of 17 ExamD

4 13. After the rental agreement has ended, a tenant will not vacate the property voluntarily and owes $5,500 in damages. In Wisconsin, the landlord may a. shut off all utility services to the property if the services are in the landlord's name. b. re-key the locks to prevent the tenant from coming back on to the property. c. sue in small claims court to evict the tenant and sue in large claims court to try to collect the damages, since the small claims court jurisdictional limit is $5,000, d. sue in small claims court to evict the tenant and to try to collect the damages, even though the small claims court jurisdictional limit is $5, The primary survey line running north and south in any area described by the rectangular survey system is its a. township line. b. base line. c. range line. d. principal meridian. 15. When the grantor does not wish to convey certain property rights, he or she a. must note the exceptions in a separate document. b. may not do so, as the deed conveys the entire premises. c. may note the exceptions in the deed of conveyance. d. must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor. 16. The mortgagee foreclosed on a property after the borrower defaulted on the loan payments. At the foreclosure sale, however, the house sold for only $29,000. The unpaid balance of the loan at the time of the sale was $40,000. What must the lender do to recover the $11,000 the borrower still owes? a. Sue for damages b. Sue for specific performance c. Seek a judgment by default d. Seek a deficiency judgment 17. Successful property managers do NOT a. screen the tenants' ability to pay and their space needs. b. study rental rates in the area to get the best possible sense of supply and demand. c. consider the type of business the tenant has and how it will fit businesses already on the property. d. keep on good terms with tenants by overlooking infractions of building rules. 18. Deed restrictions may NOT legally control or limit a. sizes and types of structures to be built. b. potential future uses of the properties. c. the race of future owners and occupants of a property. d. exterior finish and decoration of the structures. 19. In Wisconsin, the local official who records deeds and maintains the grantor/grantee lists is the a. County Clerk. b. Probate Registrar. c. Clerk of Courts. d. Register of Deeds. WI RE Salesperson Prelicense Course 4 of 17 ExamD

5 20. If an owner takes his property off the market for a definite period of time in exchange for some consideration, but he grants an individual the right to purchase the property within that period for a stated price, this is called a(n) a. option. b. contract of sale. c. right of first refusal. d. installment agreement. 21. All of the following are economic characteristics of land EXCEPT a. scarcity. b. permanence of investment. c. uniqueness. d. area preference. 22. Broker Joan shows properties listed for sale with her company to prospect Karl. Karl has refused buyer representation. Karl is Joan s a. client. b. principal. c. customer. d. fiduciary. 23. Joanne and Samuel are next-door neighbors. Samuel tells Joanne that she can store her camper in his yard for a few weeks until he needs the space. Samuel does not charge Joanne rent for the use of his yard. Samuel has given Joanne a(n) a. easement appurtenant. b. easement by necessity. c. estate in land. d. license. 24. A recorded subdivision plat is used in the a. geodetic survey system. b. rectangular survey system. c. lot and block system. d. metes and bounds system. 25. In Wisconsin, when a landlord for a residential tenancy takes a security deposit, the landlord a. must allow the tenant at least seven days to give the landlord a list of preexisting damages to the property. b. may give the tenant a receipt if the security deposit is made with a check bearing a notation that the check is for a security deposit. c. need not do anything because it is the duty of the tenant to protect his or her own interests. d. must give a receipt only if the security deposit exceeds one month's rent. 26. The clause in a mortgage instrument that would prevent the assumption of the mortgage by a new purchaser is a a. due-on-sale clause. b. power of sale clause. c. defeasance clause. d. certificate of sale clause. WI RE Salesperson Prelicense Course 5 of 17 ExamD

6 27. Despite the complexity of today s laws affecting properties, a property manager does NOT need to be familiar with a. environmental hazards. b. accessible construction. c. nondiscriminatory practices. d. investment securities laws. 28. Which of the following best describes the purpose of a building permit? a. Provide a basis either to override or to uphold deed restrictions b. Provide municipal control over the volume of construction and gross density c. Secure compliance with municipal construction codes and zoning ordinances d. Regulate the area and size of buildings as well as their building-line setbacks 29. The Real Estate Settlement Procedures Act requires a. that the closing of a transaction be held within 90 days of the date of the sales contract. b. that disclosure be made to the borrower of all closing costs prior to the closing. c. the lender to disclose the annual percentage rate the borrower will be paying. d. that lenders follow certain advertising procedures when advertising credit. 30. Under the terms of a trust established by a will, the trustee is required to sell the real estate the trust holds. The deed that will be delivered at settlement of such a sale is a a. deed of release. b. warranty deed. c. trustee's deed. d. trustor's deed. 31. In Wisconsin, the landlord may terminate a month-to-month tenancy if a tenant fails to pay rent when due. How many days after the due date can the landlord give to the defaulted tenant before the tenancy can be terminated? a. 3 days b. 5 days c. 10 days d. 30 days 32. Marva, a licensed real estate salesperson, may properly receive compensation or commissions a. only from her employing broker. b. from the principal. c. from any broker. d. from a landlord. 33. Your neighbors use your driveway to reach their garage which is on their property. Your attorney explains that ownership of the neighbors' real estate includes an easement appurtenant giving them the right to do this. Your property is the a. leasehold interest. b. dominant tenement. c. servient tenement. d. license property. WI RE Salesperson Prelicense Course 6 of 17 ExamD

7 34. Gordon has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has highest priority? a. An outstanding first mortgage lien dated and recorded one year ago b. A real estate tax lien for the current year c. A judgment lien rendered and recorded last month d. A mechanic's lien for work started two months before the mortgage was recorded 35. In which of the following situations could a quitclaim deed NOT be used? a. To convey a marketable title b. To release a nominal real estate interest c. To remove a cloud on title d. To warrant that a title is valid 36. A borrower obtained a $7,000 second mortgage loan for 5 years at 6 percent interest per annum. Monthly payments of principal and interest were $50. The final payment included the remaining outstanding principal balance. What type of loan is this? a. A fully amortized loan b. A straight loan c. A partially amortized loan d. An accelerated loan 37. The duties of a property manager generally do NOT include a. renting space to tenants. b. preparing a budget. c. complying with legal requirements. d. repairing tenant fixtures. 38. Discrimination based on familial status was prohibited with the passage of the a. Civil Rights Act of b. Civil Rights Act of c. Fair Housing Act of d. Fair Housing Amendments Act of If a minor enters into a contract in Wisconsin, what is the period of time within which he or she may legally void the contract after reaching the age of majority? a. 6 months b. 1 year c. The contract may be voided only up to the date when the minor reaches the age of majority; after that date, the contract is binding. d. at any time, as long as the time is reasonable. 40. The body of law that governs personal property transactions (but does not apply to real estate) and involves use of security agreements, financing statements, and bulk transfers is the a. American Land Title Association. b. Uniform Commercial Code. c. Parol Evidence Rule. d. Statute of Limitations. WI RE Salesperson Prelicense Course 7 of 17 ExamD

8 41. An important characteristic of land is that it may be modified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. Which one of the following would NOT be considered to be an improvement? a. Sewers b. Crops c. Buildings d. Roads 42. The listing and the selling broker agree to split a 7 percent commission 50-50on a $96,900 sale. The listing broker gives the listing salesperson 30 percent of his commission, and the selling broker gives the selling salesperson 35 percent of his commission. How much does the selling salesperson earn from the sale? a. $1, b. $1, c. $ d. $1, A married couple resides in Wisconsin. If their co-owned home is sold in order to satisfy their unpaid credit card debts, how much will the creditors receive if the property sells for $165,000? a. Nothing. By statute in Wisconsin, a resident's home may not be sold except to satisfy a mortgage debt or real estate taxes. b. $125,000 c. $157,500 d. $163, After real estate has been sold by the state or county to satisfy a delinquent tax lien, the defaulted owner usually has a right to a. have the sale canceled by paying the back taxes and penalties. b. pay his or her creditors directly and have their liens removed. c. redeem the property within the time specified by law. d. record a notice of nonresponsibility for the unpaid taxes. 45. The condemnation of private property for public use is exercised under the government right of a. taxation. b. escheat. c. manifest destiny. d. eminent domain. 46. The discount points charged on a VA guaranteed mortgage loan could NOT be paid a. by the buyer. b. by the seller. c. by the buyer and seller. d. from the mortgage loan proceeds. 47. An office rents for $450 per month and measures 12 feet by 20 feet. The advertised annual rent per square foot would be a. $ b. $4.50. c. $ d. $ WI RE Salesperson Prelicense Course 8 of 17 ExamD

9 48. Discrimination on the basis of any of the following could be construed as violations of fair housing laws EXCEPT for discrimination based on a. ethnic considerations. b. sexual considerations. c. economic considerations. d. religious considerations. 49. An example of a kickback that is prohibited by RESPA is a. a fee paid by Broker A to Broker B for referring a buyer to Broker A. b. a share of the commission paid by Broker A to her salesperson. c. a fee paid by a surveyor to a broker for referring a property to be surveyed. d. a flower arrangement that a salesperson sends to the buyer as a housewarming gift. 50. In Wisconsin, what, if any, is the statutory usury ceiling on first mortgage loans secured by one- to four-family owner occupied residential real estate? a. 10 percent b. 15 percent c. 22 percent d. There is no statutory usury ceiling. 51. The buyer of a $125,000 home has paid $2,000 as earnest money and has a loan commitment for 70 percent of the purchase price. The balance of the cash the buyer needs to complete the transaction is a. $3,500. b. $35,500. c. $37,000. d. $37, Unless some other written agreement has been made, broker Hugo will usually receive his brokerage commission when a. the purchaser takes possession of the property. b. the seller lists the property with the broker. c. the transaction is closed. d. an offer, procured from a ready, willing, and able buyer, has been accepted by the seller. 53. A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements would own a a. cooperative. b. share in a real estate investment trust. c. condominium. d. time-share interest. 54. Normally, the priority of general liens is determined by a. the order in which they are filed or recorded. b. the order in which the cause of action arose. c. the size of the claim. d. the court. WI RE Salesperson Prelicense Course 9 of 17 ExamD

10 55. Which one of the following would NOT be acceptable as evidence of marketable title? a. A Torrens certificate b. A title insurance policy c. An abstract and legal opinion d. A property owner's warranty deed 56. The principal distinction between the primary mortgage market and the secondary mortgage market is in the a. insuring versus the guaranteeing of mortgage loans. b. origination versus the purchase of mortgage loans. c. use of mortgages versus the use of deeds of trust. d. use of discount points versus the use of origination fees. 57. Unclaimed probate property escheats to the state of Wisconsin and is used for the state's a. general fund. b. school fund. c. real estate recovery fund. d. first time buyer's mortgage fund. 58. There are no exceptions to fair housing law for a. retirement communities. b. private clubs. c. religious organizations. d. racial considerations. 59. The seller-landlord has collected the September rent from all five tenants: two paying $345 per month each, and three paying $425 per month each. Determine the prorated amount to be allowed the buyer when the sale closes on September 19th. a. $ b. $ c. $1, d. $1, An extension of credit from a seller to a buyer to allow the buyer to complete the transaction is called a a. growing equity mortgage. b. purchase money mortgage. c. package mortgage. d. blanket mortgage. 61. A homeowner who wishes coverage greater than that provided by a basic insurance policy may choose a broad-form policy to cover which of the following additional perils? a. Smoke damage b. Riot and civil commotion c. Falling objects d. Damage from vehicles and aircraft WI RE Salesperson Prelicense Course 10 of 17 ExamD

11 62. A seller refused to pay a commission to the broker even though there was a valid listing agreement and the broker had procured a buyer for the property. What can the broker do? a. Sue the seller for the commission b. File a lien on the seller's property for the amount of the commission c. Obtain an injunction to stop the transaction until the commission is paid d. Collect the commission from the buyer 63. In defining a corporation as a legal entity, which statement is NOT true? a. Stockholders have a direct ownership interest in the real estate. b. It is managed by a Board of Directors. c. It continues to exist until formally dissolved. d. Profits are taxed on two levels: as corporation profit and as dividends to stockholders. 64. Which of the following are NOT specific liens? a. Real estate taxes b. Judgments c. Mortgages d. Mechanic's liens 65. In Wisconsin, a real estate office is required to a. maintain escrow account records for five years. b. keep transaction records for three years. c. display signage at the office location. d. employ at least one salesperson. 66. A real estate loan payable in periodic installments that are sufficient to pay the principal in full during the term of the loan is called a a. conventional loan. b. straight loan. c. partially amortized loan. d. fully amortized loan. 67. Using which of the following would require the value of the land to be calculated separately from the value of the improvements? a. The income approach b. The cost approach c. The sales comparison approach d. The gross rent multiplier 68. Steering is a. guiding prospective homeowners to or away from certain neighborhoods. b. refusing to make loans on properties located in certain areas. c. a requirement for the broker to join MLS. d. a practice of standardizing commission rates. WI RE Salesperson Prelicense Course 11 of 17 ExamD

12 69. Business tenant Emerson pays 2 percent of his total gross sales volume as rent, with a minimum base rental of $1,000 per month. In the past year, his sales totaled $435,000. How much rent did he pay? a. $8,460 b. $8,700 c. $12,000 d. $20, A lease that will terminate within one year of its inception a. is invalid. b. violates the provisions of the statute of frauds. c. must be in writing. d. may be oral. 71. Three years ago Dr. and Mrs. Henderson moved from the house they had owned for 20 years, but did not sell it. They decided to travel and bought a mobile home to live in. They now sell the house. How much of their capital gain on the house will be taxable? a. 15 percent, depending on their tax bracket b. 28 percent, depending on their tax bracket c. All of it, if it is over $500,000 d. None of it, if it is less than $500, Under an exclusive buyer agency agreement the real estate broker would NOT be entitled to a commission a. if the broker sells the buyer a listing from another firm. b. if the property is a FSBO. c. if the buyer finds a suitable property without the broker. d. if the buyer cancels the agreement of sale. 73. The phrase "use a form" in Wisconsin a. means to complete contract and conveyance forms by filling in blanks and modifying pre-printed provisions to accomplish the contractual intent of the parties. b. means that a licensee must either type on a pre-printed form, or fill in blanks on a form generated by a computer. c. has no special meaning. d. means that a licensee must not use faxed signatures on contract forms. 74. A bilateral contract is one in which a. only one of the parties is obligated to act. b. the promise of one party is given in exchange for the promise of the other party. c. something is to be done by one party only. d. a restriction is placed in the contract by one party to limit the performance by the other. 75. The best assurance of good title that a real estate purchaser can obtain is a a. valid warranty deed signed by the seller. b. valid quitclaim deed signed by the seller. c. policy of title insurance. d. certificate of title. WI RE Salesperson Prelicense Course 12 of 17 ExamD

13 76. The principal difference between an estate for years and an estate from year to year is that a. an estate for years is a life estate. b. an estate for years cannot be terminated. c. an estate from year to year must be in writing. d. an estate from year to year has no expiration date. 77. Reconciliation is best described as a. selecting the highest value given by the three approaches to value. b. comparing comparable properties and identifying their amenities. c. determining the final value by selecting one value from those given. d. analyzing the results obtained from the three approaches to value. 78. Contamination from underground storage tanks is a. found only in petroleum stations. b. addressed by EPA regulations. c. only caused by tanks currently in use. d. easily detected and eliminated. 79. A lease provides that the tenants pays $760 minimum rent per month plus 4 percent of the gross sales in excess of $150,000 per year. If the tenant paid a total rent of $20,520 last year, what was the gross sales volume? a. $150,000 b. $285,000 c. $435,000 d. $513, The steps in the appraisal process do NOT include a. gathering specific data on the subject property. b. gathering general data for the area of the subject property. c. considering the seller's estimate of the property's value. d. applying the three approaches to value to the collected data. 81. The federal tax provisions allowing Mary Homeowner to exclude a certain level of residential capital gain from taxation require that a. either Mary or her spouse be over age 55. b. Mary has lived in the property two of the most recent five years. c. Mary purchase and occupy a replacement residence of equal or greater value within 24 months of the sale. d. Mary not be a real estate brokerage licensee. 82. Under an exclusive-agency listing, the listing broker would NOT be entitled to a commission if a. the broker sells the property herself. b. the property is sold through another broker. c. the property is sold through the multiple-listing service. d. the seller sells the property to a neighbor across the street who has her property listed with another broker. WI RE Salesperson Prelicense Course 13 of 17 ExamD

14 83. The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If this neighbor does not pay the taxes a. a lien can be filed against the condominium, including all of the units. b. a lien can be filed against the neighbor's unit and his percentage of the common elements. c. a lien can be filed only against the common areas of the condominium. d. the taxing authority can order the condominium to be dissolved. 84. When do real estate licensees' licenses expire in Wisconsin? a. March 31 of every odd-numbered year b. June 30 of every even-numbered year c. December 31 of every even-numbered year d. January 31 of every odd-numbered year 85. A document that protects against hidden risks such as forgeries and loss due to defects in the title, subject to specific exceptions, is called a(n) a. chain of title. b. abstract of title. c. certificate of title. d. title insurance policy. 86. The covenant implied in a lease that ensures that the tenant will not be evicted by someone claiming ownership of the property prior to that of the lessor is the covenant a. of seizin. b. of quiet enjoyment. c. of warranty forever. d. against encumbrances. 87. A building is valued at $215,000 and contains 4 apartments that rent for $470 each per month. The owner estimates that the net operating income is 65 percent of the gross rental receipts. What is the capitalization rate? a. 3.7 percent b. 6.8 percent c percent d percent 88. Electromagnetic fields a. have been proven to cause serious health problems in humans and animals. b. are produced only by large electrical appliances. c. from high power transmission lines are suspected of causing cancer and other health problems. d. are a major national public health concern. 89. If a residence is valued at $87,500 and its assessment ratio is 50 percent of market value, what are the annual taxes if the tax rate of $7.80 per $100 of assessed valuation? a. $3, b. $3, c. $5, d. $6, WI RE Salesperson Prelicense Course 14 of 17 ExamD

15 90. Under a limited partnership, the individual who organizes, operates, and is responsible for the syndicate is a. a passive investor. b. the general partner. c. a Securities and Exchange Commission official. d. the trustor of the syndicate. 91. Which of the following best defines the law of agency? a. The selling of another's property by a properly licensed brokerage company b. The rules of law that apply to the responsibilities of a person who acts as agent for another c. The principles that govern one's conduct in business d. The rules and regulations of the state's licensing agency 92. Regarding listing agreements in Wisconsin, which of the following could result in the suspension or revocation of a licensee's license to practice real estate? a. A specified commission rate b. No specific termination date c. No broker protection clause d. A specific termination date 93. A section a. is 1 mile square. b. contains 460 acres. c. has a perimeter of 5,280 square feet. d. can be any numbered anywhere from 1 to Broker Kenneth arrives to present a purchase offer to Dorita, an invalid, and finds her son and his wife also present. In the presence of Broker Kenneth, both individuals persistently urge Dorita to accept the offer, even though it is much lower than the price she has been asking for her home. If Dorita accepts the offer, she may later claim that a. Kenneth should not have brought her such a low offer for her property. b. she was under duress from her son and daughter-in-law, and therefore, the contract is voidable. c. Kenneth defrauded her by allowing her son and his wife to see the purchase offer he brought to her. d. her consumer protection rights have been usurped by her son and daughter-in-law. 95. A person who assumes an existing mortgage loan is a. not personally liable for the repayment of the debt. b. not in danger of losing the property by default. c. personally responsible for paying the principal balance. d. generally released from liability, but not always. 96. A tenant has an estate for years. According to the written one-year lease, the tenancy will expire on May 1st. To obtain possession as of that date, the landlord a. must give the tenant 30 days' notice. b. must give the tenant 60 day's notice. c. must give the tenant notice before April 15th. d. is not required to give the tenant any notice. WI RE Salesperson Prelicense Course 15 of 17 ExamD

16 97. The condemnation of private property for public use is allowed under the state s right of a. police power. b. escheat. c. eminent domain. d. confiscation. 98. Which of the following is NOT true about underground water contamination? a. It is a minor problem in the United States. b. Any contamination of underground water can threaten the supply of pure, clean water from private wells and from public water systems. c. Protective state and federal laws concerning water supply have been enacted. d. Real estate licensees need to be aware of potential contamination sources. 99. A salesperson represents a seller in a transaction. When prospective buyers ask to look at the property, the salesperson must a. tell them that they must first enter into a buyer representation agreement with another licensee. b. inform them in writing that the salesperson represents the seller's interests. c. inform them, either orally or in writing, that the salesperson represents the seller's interests. d. show them the property without making any disclosures about the salesperson's relationship with the seller because such disclosure would be a violation of the salesperson's fiduciary duties Taxation on capital gains can be deferred with the use of a. boot. b. an exchange. c. refinancing. d. depreciation. WI RE Salesperson Prelicense Course 16 of 17 ExamD

17 Student Name: Student Phone Number: Student Student Address: Student City, State Zip Employer: Completion Date: State(s) of License Issuance: License(s) #: Date of License Expiration: Signature of Student: T F T F T F T F 1. ABCDE 26. ABCDE 51. ABCDE 76. ABCDE 2. ABCDE 27. ABCDE 52. ABCDE 77. ABCDE 3. ABCDE 28. ABCDE 53. ABCDE 78. ABCDE 4. ABCDE 29. ABCDE 54. ABCDE 79. ABCDE 5. ABCDE 30. ABCDE 55. ABCDE 80. ABCDE 6. ABCDE 31. ABCDE 56. ABCDE 81. ABCDE 7. ABCDE 32. ABCDE 57. ABCDE 82. ABCDE 8. ABCDE 33. ABCDE 58. ABCDE 83. ABCDE 9. ABCDE 34. ABCDE 59. ABCDE 84. ABCDE 10. ABCDE 35. ABCDE 60. ABCDE 85. ABCDE 11. ABCDE 36. ABCDE 61. ABCDE 86. ABCDE 12. ABCDE 37. ABCDE 62. ABCDE 87. ABCDE 13. ABCDE 38. ABCDE 63. ABCDE 88. ABCDE 14. ABCDE 39. ABCDE 64. ABCDE 89. ABCDE 15. ABCDE 40. ABCDE 65. ABCDE 90. ABCDE 16. ABCDE 41. ABCDE 66. ABCDE 91. ABCDE 17. ABCDE 42. ABCDE 67. ABCDE 92. ABCDE 18. ABCDE 43. ABCDE 68. ABCDE 93. ABCDE 19. ABCDE 44. ABCDE 69. ABCDE 94. ABCDE 20. ABCDE 45. ABCDE 70. ABCDE 95. ABCDE 21. ABCDE 46. ABCDE 71. ABCDE 96. ABCDE 22. ABCDE 47. ABCDE 72. ABCDE 97. ABCDE 23. ABCDE 48. ABCDE 73. ABCDE 98. ABCDE 24. ABCDE 49. ABCDE 74. ABCDE 99. ABCDE 25. ABCDE 50. ABCDE 75. ABCDE 100. ABCDE WI RE Salesperson Prelicense Course 17 of 17 ExamD