Wisconsin Real Estate Sales Practice Exam

What form is used to transfer the personal property interest of one person in a real estate transaction?

1. Notice- WB-41

2. Bilateral Contract

3. Bill of Sale- WB-25

4. Cancellation- WB-45

The correct answer is: Bill of Sale- WB-25

In a real estate transaction, the correct form to transfer the personal property interest of one person to another is a Bill of Sale. This document specifically outlines the transfer of ownership of personal property, which can include items such as appliances, fixtures, or furniture that may be included in the sale of real estate. It acts as legal proof that the buyer has acquired ownership of the specified personal property from the seller. The Bill of Sale is an essential document because it provides clarity and detail regarding what personal property is being transferred, thus avoiding potential disputes after the transaction has been completed. It includes relevant information such as the description of the items being sold and the agreed-upon price if applicable. In contrast, other forms mentioned serve different purposes within real estate transactions. A Notice form typically communicates important information but does not facilitate transfers of ownership. A Bilateral Contract involves mutual promises and is generally used to bind parties to an agreement rather than transferring specific property interests. A Cancellation form is used to terminate a contract or agreement, and, while important in the real estate process, does not facilitate the transfer of property ownership. Therefore, the Bill of Sale is specific to the transfer of personal property interests, making it the correct choice for this scenario.