REAL ESTATE - WISCONSIN EXAM STUDY GUIDE GRADED 100%

A seller signs a listing contract with a firm. Who is the agent and who is the principal? ______________ - ANSWER The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? - ANSWER The buyer is a 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 Written consent of both parties, agency disclosure to both parties In what kind of transactions must a firm provide agency disclosure? ____________________________ - ANSWER All transactions (residential, commercial, vacant land etc.) By when must a firm provide agency disclosure to a client? A customer? _________________________ - ANSWER Before or at the time of entering into the agency agreement By when must a buyer's agent disclose the buyer agency relationship to the seller or the listing firm? _____ - ANSWER The earliest of first contact, a showing, or any other negotiations with the seller or the listing firm. What are a listing firm's agency disclosure obligations when working with a customer who wants to write an offer on a duplex? What if the buyer wants to write an offer on a commercial warehouse? - ANSWER Provide agency disclosure to buyer for duplex and ask that buyer to sign the agency disclosure because this is a 1-4 family transaction. Provide agency disclosure to buyer for commercial warehouse but you do not have to ask that buyer to sign because it is not a 1-4 family property. When does a property manager need to have a real estate license? ____________________________ - ANSWER If signing or negotiating leases on behalf of the property owner. If a licensee is representing a family member who is writing an offer on a property, what are the licensee's disclosure obligations? customer? _____ - ANSWER Disclose the relationship in writing and obtain consent of both parties.