Transactions & Contracts 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 Transactions & Contracts flashcards as text
In a Wisconsin transaction, what is the function of a deed?
Answer: To transfer legal title to real property from grantor to grantee
A deed is the legal instrument that conveys ownership of real property from the grantor to the grantee.
Which Wisconsin deed provides the greatest protection by warranting clear title against all defects?
Answer: Warranty deed
A warranty deed guarantees clear title and warrants against all defects, offering the buyer the most protection.
A Wisconsin quitclaim deed conveys what to the grantee?
Answer: Whatever interest the grantor has, with no warranties
A quitclaim deed transfers only whatever interest the grantor holds, without any warranties of title.
For a Wisconsin deed to be valid, which element is required?
Answer: Grantor's signature and delivery to the grantee
A valid deed requires the grantor's signature and delivery (with acceptance) to the grantee; the grantee need not sign.
What is the main benefit of recording a deed at the Wisconsin register of deeds?
Answer: It gives public/constructive notice and protects priority of ownership
Recording provides constructive notice to the public and establishes the priority of the owner's interest.
In Wisconsin, the Real Estate Transfer Return and transfer fee are generally the responsibility of whom?
Answer: The seller (grantor)
The seller/grantor is typically responsible for the transfer fee and filing the Real Estate Transfer Return at conveyance.
What does 'marketable title' mean in a Wisconsin real estate contract?
Answer: Title reasonably free of defects and encumbrances that a prudent buyer would accept
Marketable title is title free from significant defects or clouds that a reasonable, informed buyer would accept without objection.