Wisconsin Real Estate Exam questions with correct answers

The foundation upon which real estate brokerage is practiced CORRECT ANSWER Agency A legal and ethical relationship created between a real estate firm and a party to a transaction; the party may be a buyer, seller, landlord, or tenant CORRECT ANSWER Agency Relationship A written agreement between a firm and a client; the client authorizes the firm to provide brokerage services to the client CORRECT ANSWER Agency Agreement What are two agency agreements? CORRECT ANSWER Listing Agreement Buyers Agency Agreement Laws to protect consumers; helps explain agency to consumers; consumers rights and obligations; licensees rights and obligations CORRECT ANSWER Agency Disclosure Duties owed to all parties involved in a transaction; duties owed to clients; roles in agency relationships; creation and termination of agency CORRECT ANSWER Agency Law Any person licensed under WI statutes Chapter 452 CORRECT ANSWER Licensee The WI statute that governs real estat