Wisconsin Real Estate Exam Prep questions with correct answers

A seller signs listing contract with firm. Who is the agent who is the principal? CORRECT ANSWER 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 ANSWER Customer What kind of agency is the firm practicing if they represent just one party in a transaction? CORRECT ANSWER Single Agency When can a firm engage in multiple representation? CORRECT ANSWER When buyer and seller consent and receive full written disclosure. In what kind of transaction must a firm provide agency disclosure? CORRECT ANSWER ALL TRANSACTIONS 1-4 family need to sign By when must a firm provide agency disclosure to client? Customer? CORRECT ANSWER 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 ANSWER 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