WI Real Estate Sales Exam Questions & Answers

The listing broker is the seller's - ANSWER agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's - ANSWER customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? - ANSWER Single agency Multiple Representation may only occur if - ANSWER there is full written consent and disclosure from all parties A broker shall provide a copy of the disclosure form to a client: - ANSWER no later than the time of agency agreement Agency disclosure is required in what types of real estate transactions? - ANSWER All When acting as a buyer's agent, the agency relationship must be disclosed by the earlier of: - ANSWER 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? - ANSWER 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? - ANSWER 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? - ANSWER 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? - ANSWER R.E. licensee to R.E. licensee When must a licensee, selling personally owned property, disclose to the buyer his licensed status? - ANSWER First contact, first showing, negotiation Tie in arrangements are legal under what circumstances? - ANSWER builder involved