Wisconsin Real Estate License Property Laws & Regulations 4

Question 1

In Wisconsin, the most common instrument used to finance a home purchase and secure the loan against the property is a:

Accepted Answer

Mortgage

Answer

Land contract

Answer

Bill of sale

Answer

Quitclaim deed

Question 2

Wisconsin follows which theory regarding mortgages, meaning the borrower retains title while the lender holds a lien?

Accepted Answer

Lien theory

Answer

Title theory

Answer

Intermediate theory

Answer

Trust theory

Question 3

In a Wisconsin land contract, when does the buyer typically receive legal title to the property?

Accepted Answer

After making the final payment

Answer

Immediately at signing

Answer

When the contract is recorded

Answer

Never, only equitable title

Question 4

Which type of lien in Wisconsin can a contractor file against a property for unpaid labor or materials?

Accepted Answer

Construction (mechanic's) lien

Answer

Judgment lien

Answer

Tax lien

Answer

Mortgage lien

Question 5

In Wisconsin, unpaid property taxes create what kind of lien priority?

Accepted Answer

A lien superior to most other liens

Answer

Lowest priority lien

Answer

No lien at all

Answer

Equal priority with mortgages

Question 6

A Wisconsin borrower who defaults on a mortgage may lose the property through a court-supervised process called:

Accepted Answer

Judicial foreclosure

Answer

Escheat

Answer

Partition

Answer

Novation

Question 7

The Wisconsin redemption period gives a defaulting borrower the right to:

Accepted Answer

Pay the debt and reclaim the property before the sale

Answer

Refuse the appraisal

Answer

Waive property taxes

Answer

Transfer the mortgage to a new buyer