Wisconsin Real Estate Chapter 1 Complete Questions & Answers Correct 100%

Client - ANSWER The person who employs an agent to perform a service on their behalf. Material Adverse Fact - ANSWER An adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects the party's decision to enter into a contract or the terms of a contract. Optionor - ANSWER The seller under an option contract. Selling Broker - ANSWER The firm, representing the seller, which procured the buyer for a seller. Unlicensed Personal Assistant - ANSWER Person who assists a licensee, who is not licensed under chapter 452 or licensed but not employed for the purpose of providing services for which a license is required. This person can perform administrative tasks on another licensee's behalf. Single Agency - ANSWER The practice of representing either the buyer or the seller but never both in the same transaction. Agent - ANSWER A person who is authorized by another to act on their behalf. Sales Person - ANSWER Any person other than a broker who is employed by a broker to perform any act authorized by chapter 452 to be performed by a broker. Listing Agent - ANSWER An individual employed by the listing broker who actually secured the business for the listing firm. Dual Compensation - ANSWER Receiving compensation related to the real estate transaction from someone other than the licensee's client without prior written consent from all parties to the transaction. Laws of Agency - ANSWER The body of law that determines the rights and duties owed by an agent to a principal. Agency - ANSWER A relationship in which one person acts for or represents another.