Wisconsin Real Estate License Exam 100% Accurate!!

Agency - ANSWER the foundation upon which real estate brokerage is practiced. It describes a legal and ethical relationship between a real estate firm and a party to a transaction. Licensee - ANSWER Any person licensed under state law to practice real estate. Broker - ANSWER A person that, for another person, and for commission, money or other thing of value, negotiates or offers or attempts to negotiate, whether directly or indirectly. A party is negotiating when: - ANSWER 1) Acting as an intermediary by facilitating between a parties transaction. 2) Completing appropriate forms and writing documents 3) Presenting party proposals of other parties and explaining provisions. Exchange - ANSWER tax-planing tool for property owner to exchange one property for another and defer payment of the tax on income earned on the transfer. The tax is differed not tax free (starker). Option to Purchase - ANSWER An agreement to keep open, for a set period, an offer to sell or lease real property. (layaway) Buyer pays an option fee for the right to purchase by agreed terms. Unilateral sale...buyer doesn't have to buy buy seller has to sell. Business Sale - ANSWER Any type of business that is for sale including the goodwill of an existing business and all the assets, with or without real estate. Who doesn't need a license? - ANSWER 1) Persons appointed under the order of the court 2) Public officers 3) Manager of residential building who shows a residential unit to prospective tenants 4) Attorneys Firm - ANSWER Any licensed individual broker acting as a sole proprietor or a licensed broker business entity Salesperson - ANSWER Any person associated with a firm, other than a broker or individual who is not required to hold a license. Must be associated with firm and if it loses its license must stop practicing immediately.