WISCONSIN REAL ESTATE EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS

WISCONSIN REAL ESTATE EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS A seller signs a listing contract with a firm. Who is the agent and who is the principal? ______________ The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? The buyer is a customer. What kind of agency is a firm practicing if the firm represents just one party in the transaction? Single agency When can a firm engage in multiple representation? Written consent of both parties, agency disclosure to both parties In what kind of transactions must a firm provide agency disclosure? ____________________________ All transactions (residential, commercial, vacant land etc.) By when must a firm provide agency disclosure to a client? A customer? _________________________ Before or at the time of entering into the agency agreement By when must a buyer's agent disclose the buyer agency relationship to the seller or the listing firm? _____ The earliest of first contact, a showing, or any other negotiations with the seller or the listing firm. What are a listing firm's agency disclosure obligations when working with a customer who wants to write an offer on a duplex? What if the buyer wants to write an offer on a commercial warehouse? Provide agency disclosure to buyer for duplex and ask that buyer to sign the agency disclosure because this is a 1-4 family transaction. Provide agency disclosure to buyer for commercial warehouse but you do not have to ask that buyer to sign because it is not a 1-4 family property. When does a property manager need to have a real estate license? ____________________________ If signing or negotiating leases on behalf of the property owner. If a licensee is representing a family member who is writing an offer on a property, what are the licensee's disclosure obligations? customer? _____ Disclose the relationship in writing and obtain consent of both parties. What are a licensee's disclosure obligations if the licensee is going to receive a fee from referring a lawn maintenance company? What if the licensee is a listing agent who is referring a client to a buyer's agent? For the lawn maintenance company, disclose the potential referral fee in writing before or at the time of making the referral. Referral fees from license to license do not need to be disclosed. When must a licensee disclose that the licensee holds a real estate license when selling the licensee's own home? What if the licensee is selling commercial property owned by the licensee? ____ The earliest of first contact, a showing, or any other negotiations. The disclosure shall be in writing and is the same whether selling personally owned home or commercial property. What tie-in arrangements are legal? +Condition the sale of vacant land owned by the licensee upon the buyer's agreement to use a specific builder if the builder co-owns the property with the licensee. +Condition the sale of vacant land owned by the licensee upon the buyer's agreement to use a specific builder if the builder and the licensee are the same