Wisconsin Real Estate License Property Laws & Regulations Flashcards
6 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 6 Wisconsin Real Estate License Property Laws & Regulations flashcards as text
In Wisconsin, what is the maximum security deposit a landlord may collect for a residential rental property?
Answer: There is no statutory limit
Wisconsin does not impose a statutory cap on the amount a landlord may charge as a security deposit for residential properties.
Under Wisconsin Chapter 706, which requirement must be met for a valid conveyance of real property?
Answer: Notarized written instrument signed by the grantor
Wisconsin Chapter 706 requires conveyances of interest in real property to be by written instrument that is signed by the grantor and notarized for recording purposes.
What does Wisconsin's 'right of first refusal' law allow a municipality to do regarding tax-delinquent properties?
Answer: Purchase the property before it goes to public auction
Wisconsin law grants municipalities a right of first refusal to acquire tax-delinquent properties before they are offered at public tax sale.
Which Wisconsin regulation requires sellers of residential property to disclose known defects using a standardized form?
Answer: Wisconsin Statute 709
Wisconsin Statute 709 mandates that sellers of residential real property provide buyers with a completed Real Estate Condition Report disclosing known defects.
In Wisconsin, what is the legal effect of recording a lis pendens on a property?
Answer: It provides notice that litigation affecting the property is pending
Recording a lis pendens in Wisconsin serves as constructive notice to potential buyers and lenders that there is pending litigation that may affect title to the property.
Under Wisconsin condominium law (Chapter 703), what document establishes the creation of a condominium and defines unit boundaries?
Answer: Condominium declaration
Wisconsin Chapter 703 requires a condominium declaration to be recorded, which legally creates the condominium and defines the boundaries of each unit and common elements.