WI Real Estate Sales Exam Marking Scheme New Update

WI Real Estate Sales Exam Marking Scheme New Update 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 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 An unlicensed personal assistant can be employed by: - Answer -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 - Answer -tie-in Which agency duty survives the transaction? - Answer -Confidentiality What are the additional duties to a client? - Answer -N-negotiation O-obligation L-loyalty I-information D- disclosure of material facts What are the duties owed to all persons in a transaction? - Answer -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? - Answer -To the client for whom they are negotiating How is a client suppose to withdraw consent to a multiple representation relationship with designated agency? - Answer -In writing to the broker, at any time How is a client to waive the broker's duty of negotiation? - Answer -Express written waiver or negotiation Which type of agency relationship is created with words? - Answer -Express Agency What type of agency relationship gives an agent the authority to represent a principal in more than one transaction? - Answer -General Agency What are the seven different ways to terminate an agency relationship? - Answer -Death or disability of principal Condemnation or destruction of property Expiration of Contract Mutual Agreement Breach Operation of Law Completion