REAL ESTATE - WISCONSIN EXAM STUDY GUIDE ||
QUESTIONS AND 100% VERIFIED ANSWERS.
A seller signs a listing contract with a firm. Who is the agent and who is the principal?
______________ correct answers 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? correct answers The buyer is a customer.
What kind of agency is a firm practicing if the firm represents just one party in the transaction?
correct answers Single agency
When can a firm engage in multiple representation? correct answers Written consent of both
parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure?
____________________________ correct answers All transactions (residential, commercial,
vacant land etc.)
By when must a firm provide agency disclosure to a client? A customer?
_________________________ correct answers 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? _____ correct answers 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? correct answers 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?
____________________________ correct answers 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? _____ correct answers Disclose the relationship in
writing and obtain consent of both parties.
What are a licensee's disclosure obligations if the licensee is going to receive a fee from referring
a lawn maintenance company? What if the licensee is a listing agent who is referring a client to a
buyer's agent? correct answers For the lawn maintenance company, disclose the potential referral
, fee in writing before or at the time of making the referral. Referral fees from license to license do
not need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license when selling the
licensee's own home? What if the licensee is selling commercial property owned by the licensee?
____ correct answers The earliest of first contact, a showing, or any other negotiations. The
disclosure shall be in writing and is the same whether selling personally owned home or
commercial property.
What tie-in arrangements are legal? correct answers +Condition the sale of vacant land owned by
the licensee upon the buyer's agreement to use a specific builder if the builder co-owns the
property with the licensee.
+Condition the sale of vacant land owned by the licensee upon the buyer's agreement to use a
specific builder if the builder and the licensee are the same person.
+Condition the sale of vacant land owned by the license upon the buyer's agreement to use a
specific builder if the agreement to use the builder is a legitimate effort to maintain
developmental quality/ architectural uniformity and no compensation passes from the builder to
the licensee.
Who can retain an unlicensed personal assistant? Who can retain a licensed personal assistant?
_______ correct answers Unlicensed personal assistant - anyone. Licensed personal assistant -
just the firm.
Which agency duty survives the transaction? correct answers Confidentially
16. What duties does a firm owe to all parties in a transaction?
_______________________________________ correct answers Provide brokerage services to
all parties honestly and fairly.
Provide brokerage services with reasonable skill and care.
Timely disclose material adverse facts in writing that the firm knows and that the party does not
know or cannot discover through reasonably vigilant observation, unless the disclosure is
prohibited by law.
Keep confidential any information given to the firm, or any information obtained by the firm that
the firm knows a reasonable party would want to be kept confidential, unless the information
must be disclosed by law or the person whose interests may be adversely affected by the
disclosure specifically authorizes the disclosure of particular information.
Provide accurate information about market conditions that affect a person's transaction to any
party who requests the information, within a reasonable time of the person's request.
Safeguard trust funds and other property held by the firm as required by statute and rule.
When negotiating on behalf of a party, present contract proposals in an objective and unbiased
manner and disclose the advantages and disadvantages of the proposals.
What are the additional duties owed to a client?
______________________________________________ correct answers Loyally represent the
client's interests by placing the client's interests ahead of the firm's interest.
QUESTIONS AND 100% VERIFIED ANSWERS.
A seller signs a listing contract with a firm. Who is the agent and who is the principal?
______________ correct answers 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? correct answers The buyer is a customer.
What kind of agency is a firm practicing if the firm represents just one party in the transaction?
correct answers Single agency
When can a firm engage in multiple representation? correct answers Written consent of both
parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure?
____________________________ correct answers All transactions (residential, commercial,
vacant land etc.)
By when must a firm provide agency disclosure to a client? A customer?
_________________________ correct answers 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? _____ correct answers 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? correct answers 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?
____________________________ correct answers 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? _____ correct answers Disclose the relationship in
writing and obtain consent of both parties.
What are a licensee's disclosure obligations if the licensee is going to receive a fee from referring
a lawn maintenance company? What if the licensee is a listing agent who is referring a client to a
buyer's agent? correct answers For the lawn maintenance company, disclose the potential referral
, fee in writing before or at the time of making the referral. Referral fees from license to license do
not need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license when selling the
licensee's own home? What if the licensee is selling commercial property owned by the licensee?
____ correct answers The earliest of first contact, a showing, or any other negotiations. The
disclosure shall be in writing and is the same whether selling personally owned home or
commercial property.
What tie-in arrangements are legal? correct answers +Condition the sale of vacant land owned by
the licensee upon the buyer's agreement to use a specific builder if the builder co-owns the
property with the licensee.
+Condition the sale of vacant land owned by the licensee upon the buyer's agreement to use a
specific builder if the builder and the licensee are the same person.
+Condition the sale of vacant land owned by the license upon the buyer's agreement to use a
specific builder if the agreement to use the builder is a legitimate effort to maintain
developmental quality/ architectural uniformity and no compensation passes from the builder to
the licensee.
Who can retain an unlicensed personal assistant? Who can retain a licensed personal assistant?
_______ correct answers Unlicensed personal assistant - anyone. Licensed personal assistant -
just the firm.
Which agency duty survives the transaction? correct answers Confidentially
16. What duties does a firm owe to all parties in a transaction?
_______________________________________ correct answers Provide brokerage services to
all parties honestly and fairly.
Provide brokerage services with reasonable skill and care.
Timely disclose material adverse facts in writing that the firm knows and that the party does not
know or cannot discover through reasonably vigilant observation, unless the disclosure is
prohibited by law.
Keep confidential any information given to the firm, or any information obtained by the firm that
the firm knows a reasonable party would want to be kept confidential, unless the information
must be disclosed by law or the person whose interests may be adversely affected by the
disclosure specifically authorizes the disclosure of particular information.
Provide accurate information about market conditions that affect a person's transaction to any
party who requests the information, within a reasonable time of the person's request.
Safeguard trust funds and other property held by the firm as required by statute and rule.
When negotiating on behalf of a party, present contract proposals in an objective and unbiased
manner and disclose the advantages and disadvantages of the proposals.
What are the additional duties owed to a client?
______________________________________________ correct answers Loyally represent the
client's interests by placing the client's interests ahead of the firm's interest.
