FREE Wisconsin Real Estate License Property Ownership and Transfer Questions and Answers

Question 1

Two unmarried individuals in Wisconsin decide to purchase a property together. The deed does not specify the form of co-ownership. How will the ownership be legally presumed?

Accepted Answer

As tenants in common

Answer

As joint tenants with right of survivorship

Answer

As tenants by the entirety

Answer

As survivorship marital property

Question 2

A property owner in Wisconsin properly executes and records a Transfer on Death (TOD) Deed, naming their child as the beneficiary. Which of the following statements is TRUE regarding the owner's rights during their lifetime?

Accepted Answer

The owner can revoke the TOD Deed at any time before their death.

Answer

The owner needs the child's consent to sell the property.

Answer

The child becomes a co-owner of the property immediately.

Answer

The property is now protected from the owner's creditors.

Question 3

Under which of the following scenarios would a conveyance of real estate in Wisconsin be EXEMPT from the real estate transfer fee?

Accepted Answer

A deed from a trustee to a beneficiary for no actual consideration.

Answer

A sale of a commercial building between two unrelated corporations.

Answer

A transfer between a parent and child where the child assumes the existing mortgage.

Answer

A transfer of land valued at $1,500.

Question 4

An individual has been openly, continuously, and without permission, using a neighbor's driveway to access a back portion of their property for the past 22 years. In Wisconsin, this person may be able to claim what type of interest in the neighbor's property?

Accepted Answer

Prescriptive easement

Answer

Easement by necessity

Answer

License

Answer

Fee simple determinable

Question 5

A married couple in Wisconsin acquires a home after their marriage. Under Wisconsin's Marital Property Act, how is this property generally classified, assuming there is no marital property agreement to the contrary?

Accepted Answer

Marital property.

Answer

Separate property of the spouse whose name is on the title.

Answer

Joint tenancy with right of survivorship.

Answer

Individual property.

Question 6

Which of the following is a primary characteristic that distinguishes joint tenancy from tenancy in common in Wisconsin?

Accepted Answer

The right of survivorship.

Answer

The ability to hold unequal ownership shares.

Answer

The requirement that owners must be related.

Answer

The property passes to heirs according to a will.