Wisconsin Real State Exam Correct Questions & Answers(RATED A+)

A seller signs a listing contract with a firm. Who is the agent and who is the principal? - ANSWER The sales person who is associated with the firm is the agent and the principal is the client. If you are the listing agent and a buyer asks you to write an offer on one of your firm's listings but the buyer does not sign a buyer agreement with your firm, how do you describe the buyer? - ANSWER Customer What kind of agency is a firm practicing if the firm represents just one party in the transaction? - ANSWER Single Agency When can a firm engage in multiple representation? - ANSWER When a firm represent two or more clients in the same transaction. What are the two forms of multiple representation relationships? - ANSWER Multiple representation without designated agency; Multiple representation with designated agency. Multiple Representation without Designated Agency - ANSWER A firm provides services as agreed to in the clients agency agreements, but the firm and all licensees associated with the firm must remain neutral in the transaction negotiations. Multiple Representation with Designated Agency - ANSWER the firm is representing multiple parties in the transaction but the firm designates an agent to each client and the designated agent does not have to remain neutral in the transaction. Fiduciary - ANSWER is a person who is responsable for the property of another. In what kind of transactions must a firm provide agency disclosure? - ANSWER Before any transaction is made between the client and the agent. By when must a firm provide agency disclosure to a client? A customer? - ANSWER A firm or a licensee associated with a firm must provide the state-mandated written agency disclosure statements to a client no later than the time the firm enters into an agency agreement with the client. If you are a buyer's agent, by when must you disclose your agency relationship to the seller or the listing firm? - ANSWER No later than the time the firm enters into an agency agreement with the client.