Wisconsin Real Estate Exam Correct Questions & Answers

The foundation upon which real estate brokerage is practiced - 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 - ANSWER Agency Relationship A written agreement between a firm and a client; the client authorizes the firm to provide brokerage services to the client - ANSWER Agency Agreement What are two agency agreements? - ANSWER Listing Agreement Buyers Agency Agreement Laws to protect consumers; helps explain agency to consumers; consumers rights and obligations; licensees rights and obligations - 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 - ANSWER Agency Law Any person licensed under WI statutes Chapter 452 - ANSWER Licensee The WI statute that governs real estate practice - ANSWER Chapter 452 What are the 5 parts of the definition of broker? - ANSWER Negotiation Pattern of Sales Shows Property Advertised Property Opinion of Value What are the three parts of broker-negotiation? - ANSWER Intermediary Complete Forms Presents Proposals For another, and for commission, money, or other thing of value, negotiates, or offers to negotiate - ANSWER Broker as Negotiator Negotiator = - ANSWER For someone else Facilitating or participating in communications between parties related to the parties interest in a transaction; agents talking to each other about a buyer or seller's interest in a transaction - ANSWER Broker-Negotiator-Acting as Intermediary