Wisconsin Real Estate Exam Prep
(2025) Questions with Complete
Solutions.
A seller signs listing contract with firm. Who is the agent who is the principal?
>>CORRECT ANS>> Seller is the principal firm is the agent.
If you are the listing agent and a buyer asks you to write an offer but does not
sign an agency agreement, how do you describe the buyer? >>CORRECT
ANS>> Customer
What kind of agency is the firm practicing if they represent just one party in a
transaction? >>CORRECT ANS>> Single Agency
When can a firm engage in multiple representation? >>CORRECT ANS>> When
buyer and seller consent and receive full written disclosure.
In what kind of transaction must a firm provide agency disclosure?
>>CORRECT ANS>> ALL TRANSACTIONS 1-4 family need to sign
By when must a firm provide agency disclosure to client? Customer?
>>CORRECT ANS>> Before or at the same time executing client agency
agreement. Before negotiations for customer.
If you are a buyers agent by when must you disclose your agency relationship
to seller or listing firm. >>CORRECT ANS>> First chance you get, first contact
when parties exchange information about transaction or the seller, showing of
property, any other negotiation with seller or listing firm.
What are listing firms agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? Commercial warehouse?
>>CORRECT ANS>> Must provide disclosure in ALL transactions, 1-4 family
must sign, commercial no signature required.
When does a property manager need to have a real estate license?
>>CORRECT ANS>> If they are negotiating terms or signing leases on behalf of
the landlord.
If a licensee is representing a family member who is writing an offer, what are
the disclosure obligations? Does it matter if they are a client or customer?
,>>CORRECT ANS>> Disclose in writing and offer to purchase. Written consent
from all parties.
What are the licensees disclosure obligations if receiving a referral fee from
lawn maintenance company? Referral between agents? >>CORRECT ANS>>
Before or at time licensee makes they referral, must disclose in writing that
they will receive compensation from lawn care company. Licensees do not
need to disclose referral fees for real estate services.
When must a licensee disclose that they hold a real estate license when selling
their own home? Commercial property owned by licensee? >>CORRECT
ANS>> First contact with party or agent where information is being exchanged,
showing property or other negotiations.
What tie in arrangements are legal? >>CORRECT ANS>> If builder and licensee
own property, the buyer has to use builder. Builder and licensee selling
improved - need to pick from house and use builder. Deed restrictions — use
builder to achieve uniformity.
Who can retain unlicensed personal assistant? Licensed? >>CORRECT ANS>>
Anyone can hire unlicensed assistant. Firm can only hire licensed.
When can agent agrees to write an offer for a buyer on a property only if the
buyer agrees to list buyers’ current property with agent? >>CORRECT ANS>>
NEVER-ILLEGAL
Which agent duty survives the transaction? >>CORRECT ANS>>
Confidentiality
What duties does a firm owe to all parties in a transaction? >>CORRECT
ANS>> Fair and honest treatment, disclosure of material adverse facts,
confidentiality, provision of accurate market condition information, reasonable
skill and care, accounting, objective presentation of offers.
What are the additional duties owed to a client? >>CORRECT ANS>> Loyalty,
Advice, Disclosure, Obedience (Obligation), Negotiation
When a firm has a multiple representation relationship with designated agency,
to whom will each salesperson provide information, opinions, advice?
>>CORRECT ANS>> Each client receives full negotiation services from their
designated agent.
How should a client withdraw consent to a multiple representation
relationship? >>CORRECT ANS>> In writing. Amend agency agreement,
terminate agreement and be a customer or hire a different firm.
How should a client waive a firms duty of negotiation? >>CORRECT ANS>> In
, writing.
Which type of agency representation is created with written words?
>>CORRECT ANS>> Express agency
Which type of agency relationship gives an agent the authority to represent a
principal in more than one transaction? >>CORRECT ANS>> General agency
What are the seven different ways to terminate an agency relationship?
>>CORRECT ANS>> Death or Incapacity, Destruction or Condemnation of
Property - Eminent Domain,
Expiration of Term of the Contract, Mutual Agreement, Breach, Operation of
Law, Completion.
Which agency contracts do not require the seller to pay a commission to the
listing firm when the buyer is procured? >>CORRECT ANS>> Open Listing
Contract / Exclusive Agency
What type of listing contract is illegal in Wisconsin? >>CORRECT ANS>> Net
Listing Contract
What are the six requirements to create a valid agency agreement?
>>CORRECT ANS>> Description of Real Estate, Statement of Price, Statement
of the Commission, Statement of the Term, In Writing, Signed by the Person
Who Will Pay the Commission (doesn't have to be buyer or seller).
In an unmodified WB-36 Buyer Agency / Tenant Representation Agreement,
does a buyer's firm have to be directly involved in negotiations in order to earn
a commission? >>CORRECT ANS>> NO, property was found, buyers firm earns
commission.
What are the three remedies if an agent breaches and agency agreement?
>>CORRECT ANS>> Rescission, Forfeiture of Commission, Sue for Damages
Who are the parties to the listing contract? >>CORRECT ANS>> Seller & Firm
How many days does a firm have to deliver to the seller the list of protected
buyers? >>CORRECT ANS>> 3 Days
The seller accepts the responsibility for preparing the property to minimize the
likelihood of injury, damage and/or loss of personal property. When will a firm
be held responsible? >>CORRECT ANS>> In the case of negligence or
(2025) Questions with Complete
Solutions.
A seller signs listing contract with firm. Who is the agent who is the principal?
>>CORRECT ANS>> Seller is the principal firm is the agent.
If you are the listing agent and a buyer asks you to write an offer but does not
sign an agency agreement, how do you describe the buyer? >>CORRECT
ANS>> Customer
What kind of agency is the firm practicing if they represent just one party in a
transaction? >>CORRECT ANS>> Single Agency
When can a firm engage in multiple representation? >>CORRECT ANS>> When
buyer and seller consent and receive full written disclosure.
In what kind of transaction must a firm provide agency disclosure?
>>CORRECT ANS>> ALL TRANSACTIONS 1-4 family need to sign
By when must a firm provide agency disclosure to client? Customer?
>>CORRECT ANS>> Before or at the same time executing client agency
agreement. Before negotiations for customer.
If you are a buyers agent by when must you disclose your agency relationship
to seller or listing firm. >>CORRECT ANS>> First chance you get, first contact
when parties exchange information about transaction or the seller, showing of
property, any other negotiation with seller or listing firm.
What are listing firms agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? Commercial warehouse?
>>CORRECT ANS>> Must provide disclosure in ALL transactions, 1-4 family
must sign, commercial no signature required.
When does a property manager need to have a real estate license?
>>CORRECT ANS>> If they are negotiating terms or signing leases on behalf of
the landlord.
If a licensee is representing a family member who is writing an offer, what are
the disclosure obligations? Does it matter if they are a client or customer?
,>>CORRECT ANS>> Disclose in writing and offer to purchase. Written consent
from all parties.
What are the licensees disclosure obligations if receiving a referral fee from
lawn maintenance company? Referral between agents? >>CORRECT ANS>>
Before or at time licensee makes they referral, must disclose in writing that
they will receive compensation from lawn care company. Licensees do not
need to disclose referral fees for real estate services.
When must a licensee disclose that they hold a real estate license when selling
their own home? Commercial property owned by licensee? >>CORRECT
ANS>> First contact with party or agent where information is being exchanged,
showing property or other negotiations.
What tie in arrangements are legal? >>CORRECT ANS>> If builder and licensee
own property, the buyer has to use builder. Builder and licensee selling
improved - need to pick from house and use builder. Deed restrictions — use
builder to achieve uniformity.
Who can retain unlicensed personal assistant? Licensed? >>CORRECT ANS>>
Anyone can hire unlicensed assistant. Firm can only hire licensed.
When can agent agrees to write an offer for a buyer on a property only if the
buyer agrees to list buyers’ current property with agent? >>CORRECT ANS>>
NEVER-ILLEGAL
Which agent duty survives the transaction? >>CORRECT ANS>>
Confidentiality
What duties does a firm owe to all parties in a transaction? >>CORRECT
ANS>> Fair and honest treatment, disclosure of material adverse facts,
confidentiality, provision of accurate market condition information, reasonable
skill and care, accounting, objective presentation of offers.
What are the additional duties owed to a client? >>CORRECT ANS>> Loyalty,
Advice, Disclosure, Obedience (Obligation), Negotiation
When a firm has a multiple representation relationship with designated agency,
to whom will each salesperson provide information, opinions, advice?
>>CORRECT ANS>> Each client receives full negotiation services from their
designated agent.
How should a client withdraw consent to a multiple representation
relationship? >>CORRECT ANS>> In writing. Amend agency agreement,
terminate agreement and be a customer or hire a different firm.
How should a client waive a firms duty of negotiation? >>CORRECT ANS>> In
, writing.
Which type of agency representation is created with written words?
>>CORRECT ANS>> Express agency
Which type of agency relationship gives an agent the authority to represent a
principal in more than one transaction? >>CORRECT ANS>> General agency
What are the seven different ways to terminate an agency relationship?
>>CORRECT ANS>> Death or Incapacity, Destruction or Condemnation of
Property - Eminent Domain,
Expiration of Term of the Contract, Mutual Agreement, Breach, Operation of
Law, Completion.
Which agency contracts do not require the seller to pay a commission to the
listing firm when the buyer is procured? >>CORRECT ANS>> Open Listing
Contract / Exclusive Agency
What type of listing contract is illegal in Wisconsin? >>CORRECT ANS>> Net
Listing Contract
What are the six requirements to create a valid agency agreement?
>>CORRECT ANS>> Description of Real Estate, Statement of Price, Statement
of the Commission, Statement of the Term, In Writing, Signed by the Person
Who Will Pay the Commission (doesn't have to be buyer or seller).
In an unmodified WB-36 Buyer Agency / Tenant Representation Agreement,
does a buyer's firm have to be directly involved in negotiations in order to earn
a commission? >>CORRECT ANS>> NO, property was found, buyers firm earns
commission.
What are the three remedies if an agent breaches and agency agreement?
>>CORRECT ANS>> Rescission, Forfeiture of Commission, Sue for Damages
Who are the parties to the listing contract? >>CORRECT ANS>> Seller & Firm
How many days does a firm have to deliver to the seller the list of protected
buyers? >>CORRECT ANS>> 3 Days
The seller accepts the responsibility for preparing the property to minimize the
likelihood of injury, damage and/or loss of personal property. When will a firm
be held responsible? >>CORRECT ANS>> In the case of negligence or
