Wisconsin WB-1 Residential Listing Contract and
WB-36 Buyer Agency Agreement — Key
Principles, Legal Provisions, and Commission
Scenarios
What authority does a listing licensee have under the WB-1? ✔✔Sign the listing on the listing firm's
behalf.
Whose employment terms are governed by a listing agreement? ✔✔The listing firm.
What must a valid listing contract include? ✔✔A description of the property.
Which statement is true of the extension of the listing provision in the WB-1 Residential Listing
Contract? ✔✔Buyers who negotiate directly with sellers are automatically protected buyers for the
listing firm.
A home is listed for $100,000 and sells for $90,000. If the firm's commission is 7% of the sale price, what
did the firm earn on this transaction? ✔✔6,300.
Over the past year, a seller has paid $850 in condominium association fees of which $600 has been used.
According to the listing contract, what happens to the surplus at closing? ✔✔It stays with the
association.
What can a firm do if a buyer breaches the offer to purchase contract? ✔✔Advise the seller that if the
seller elects to keep earnest money as liquidated damages, the firm's advance fees will be paid first and
WB-36 Buyer Agency Agreement — Key
Principles, Legal Provisions, and Commission
Scenarios
What authority does a listing licensee have under the WB-1? ✔✔Sign the listing on the listing firm's
behalf.
Whose employment terms are governed by a listing agreement? ✔✔The listing firm.
What must a valid listing contract include? ✔✔A description of the property.
Which statement is true of the extension of the listing provision in the WB-1 Residential Listing
Contract? ✔✔Buyers who negotiate directly with sellers are automatically protected buyers for the
listing firm.
A home is listed for $100,000 and sells for $90,000. If the firm's commission is 7% of the sale price, what
did the firm earn on this transaction? ✔✔6,300.
Over the past year, a seller has paid $850 in condominium association fees of which $600 has been used.
According to the listing contract, what happens to the surplus at closing? ✔✔It stays with the
association.
What can a firm do if a buyer breaches the offer to purchase contract? ✔✔Advise the seller that if the
seller elects to keep earnest money as liquidated damages, the firm's advance fees will be paid first and
