Quiz – WI Session 5

If a wholesaler is purchasing a property, they must:

The seller of real property must deliver a condition report to the buyer not later than:

In the sale of a condo unit, the seller shall provide to the buyer:

If the buyer receives a Condition Report after the submission of an offer and before the end applicable deadline, a buyer may rescind their contract and get a refund of earnest money.

A buyer may waive in writing the right to rescind and/or the right to receive the report.

If no boxes are checked under tax prorations, both parties agree:

Special assessments, if any, levied or for work commenced prior to the date this Offer was drafted shall be paid by

Assessments (other than those levied or work begins) shall be paid for by the:

The current assessed value of the property is $200,000 with a mill rate of 10. How much are the annual property taxes?

Property taxes after closing may be substantially different than what the property taxes are at the time of closing:

When selling a personal residence, a licensee must:

When referring to a service provider where the licensee will receive compensation from the service provider, the licensee must:

If a licensee has a financial ownership interest in a referred partner, that does not need to be disclosed to the party being referred to:

A licensee, when acting as a principal in a real estate transaction must disclose their license status + their intent to act as a principal in the transaction:

To identify the parties understand the role of the principal/licensee or business/family relationship with the client, the disclosure is ideally memorialized: