Property Laws & Regulations Flashcards
7 cards from real Wisconsin Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Property Laws & Regulations flashcards as text
In Wisconsin, the most common instrument used to finance a home purchase and secure the loan against the property is a:
Answer: Mortgage
A mortgage creates a lien on the property as security for repayment of the loan in Wisconsin.
Wisconsin follows which theory regarding mortgages, meaning the borrower retains title while the lender holds a lien?
Answer: Lien theory
Wisconsin is a lien theory state, so the borrower keeps title and the lender holds only a lien until the debt is paid.
In a Wisconsin land contract, when does the buyer typically receive legal title to the property?
Answer: After making the final payment
Under a land contract, the seller retains legal title until the buyer completes all payments, at which point title transfers.
Which type of lien in Wisconsin can a contractor file against a property for unpaid labor or materials?
Answer: Construction (mechanic's) lien
Wisconsin's construction lien law lets contractors and suppliers place a lien on property for unpaid work or materials.
In Wisconsin, unpaid property taxes create what kind of lien priority?
Answer: A lien superior to most other liens
Property tax liens generally take priority over most other liens, including mortgages, in Wisconsin.
A Wisconsin borrower who defaults on a mortgage may lose the property through a court-supervised process called:
Answer: Judicial foreclosure
Wisconsin primarily uses judicial foreclosure, requiring the lender to obtain a court judgment before selling the property.
The Wisconsin redemption period gives a defaulting borrower the right to:
Answer: Pay the debt and reclaim the property before the sale
Wisconsin law grants borrowers a redemption period to cure the default by paying the amount owed before the foreclosure sale is confirmed.