Wisconsin Real Estate Exam Prep Complete Questions & Answers

A seller signs listing contract with firm. Who is the agent who is the principal? - ANSWER Seller is the principal, firm is the agent. If you are the listing agent and a buyer asks you to write an offer but does not sign an agency agreement, how do you describe the buyer? - ANSWER Customer What kind of agency is the firm practicing if they represent just one party in a transaction? - ANSWER Single Agency When can a firm engage in multiple representation? - ANSWER When buyer and seller consent and receive full written disclosure. In what kind of transaction must a firm provide agency disclosure? - ANSWER ALL TRANSACTIONS 1-4 family need to sign By when must a firm provide agency disclosure to client? Customer? - ANSWER Before or at the same time executing client agency agreement. Before negotiations for customer. If you are a buyers agent by when must you disclose your agency relationship to seller or listing firm. - ANSWER First chance you get, first contact when parties exchange information about transaction or the seller, showing of property, any other negotiation with seller or listing firm. What are listing firms agency disclosure obligations when working with a customer who wants to write an offer on a duplex? Commercial warehouse? - ANSWER Must provide disclosure in ALL transactions, 1-4 family must sign, commercial no signature required. When does a property manager need to have a real estate license? - ANSWER If they are negotiating terms or signing leases on behalf of the landlord. If a licensee is representing a family member who is writing an offer, what are the disclosure obligations? Does it matter if they are a client or customer? - ANSWER Disclose in writing and offer to purchase. Written consent from all parties. What are the licensees disclosure obligations if receiving a referral fee from lawn maintenance company? Referral between agents? - ANSWER Before or at time licensee makes they referral, must disclose in writing that they will receive compensation from lawn care company. Licensees do not need to disclose referral fees for real estate services.