WI Real Estate Sales Exam Already Passed

WI Real Estate Sales Exam Already Passed The listing broker is the seller's agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? Single agency Multiple Representation may only occur if there is full written consent and disclosure from all parties A broker shall provide a copy of the disclosure form to a client: no later than the time of agency agreement Agency disclosure is required in what types of real estate transactions? All When acting as a buyer's agent, the agency relationship must be disclosed by the earlier of: first contact, showing, negotiation w/seller or listing broker What are the agency disclosure requirements, including a buyer's acknowledgment of the disclosure, for a buyer intending to purchase a duplex versus a buyer intending to purchase a commercial warehouse? Give disclosure for both. Need acknowledgment for residential, not commercial. A property manager is showing a unit to a prospective tenant, In what situations would a property manager need to be licensed? If signing leases on behalf of landlord. A licensee is representing a family member in the purchase of property. At minimum, where would the licensee disclose this information to the other party? On the offer to purchase. What types of referral fees may be paid or received without disclosure to the parties in a real estate transaction? R.E. licensee to R.E. licensee When must a licensee, selling personally owned property, disclose to the buyer his licensed status? First contact, first showing, negotiation Tie in arrangements are legal under what circumstances? builder involved An unlicensed personal assistant can be employed by: Any licensee in firm, sales employee If an agent agrees to write an offer on a property for a buyer only if the buyer then agrees to list his current property with that agent, that would be an illegal tie-in Which agency duty survives the transaction? Confidentiality What are the additional duties to a client? N-negotiation O-obligation L-loyalty I-information D- disclosure of material facts What are the duties owed to all persons in a transaction? S-safeguard H-honesty O-objective C-confidentiality A-accurate information R-reasonable skill and care D- disclosure of adverse material facts Under a multiple representation relationship with designated agency to whom will each salesperson provide information, opinions, and advice? To the client for whom they are negotiating How is a client suppose to withdraw consent to a multiple representation relationship with designated agency? In writing to the broker, at any time How is a client to waive the broker's duty of negotiation? Express written waiver or negotiation Which type of agency relationship is created with words? Express Agency What type of agency relationship gives an agent the authority to represent a principal in more than one transaction? General Agency What are the seven different ways to terminate an agency relationship? Death or disability of principal Condemnation or destruction of property Expiration of Contract Mutual Agreement Breach Operation of Law Completion Which agency contract(s) does (do) not require the seller to pay a commission to the listing broker when the buyer is procured? Exclusive agency Open listing What type of listing contract is illegal in Wisconsin? Net listing What are the six requirements to create a valid agency agreement? Describe the land Term Price Commission In writing Signed by the party paying commission In an unmodified WB-36 Buyer Agency/Tenant Representation Agreement, does a buyer's broker have to be directly involved in negotiations in order to earn his commission? No What are the three remedies if an agent breaches an agency agreement? Recission Sue for damages Forfeit commission A seller sold his home for $180,000 and paid a 6% commission. What is the listing broker's commission after giving 40% to the selling broker? $6,480