WI REAL ESTATE SALES EXAM
QUESTIONS & ACTUAL CORRECT
ANSWERS RATED 100% COMPLETE
The listing broker is the seller's - CORRECT ANSWER agent
A licensee writes an offer for a buyer on the licensee's listing. The buyer is the
licensee's - CORRECT ANSWER customer
When a firm is representing only one side of the transaction, the firm is practicing what
type of agency? - CORRECT ANSWER Single agency
Multiple Representation may only occur if - CORRECT ANSWER there is full written
consent and disclosure from all parties
A broker shall provide a copy of the disclosure form to a client: - CORRECT ANSWER
no later than the time of agency agreement
Agency disclosure is required in what types of real estate transactions? - CORRECT
ANSWER All
When acting as a buyer's agent, the agency relationship must be disclosed by the
earlier of: - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT
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? - CORRECT ANSWER R.E. licensee to R.E. licensee
, When must a licensee, selling personally owned property, disclose to the buyer his
licensed status? - CORRECT ANSWER First contact, first showing, negotiation
Tie in arrangements are legal under what circumstances? - CORRECT ANSWER
builder involved
An unlicensed personal assistant can be employed by: - CORRECT 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 - CORRECT
ANSWER tie-in
Which agency duty survives the transaction? - CORRECT ANSWER Confidentiality
What are the additional duties to a client? - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER In writing to the broker, at any time
How is a client to waive the broker's duty of negotiation? - CORRECT ANSWER
Express written waiver or negotiation
Which type of agency relationship is created with words? - CORRECT ANSWER
Express Agency
What type of agency relationship gives an agent the authority to represent a principal in
more than one transaction? - CORRECT ANSWER General Agency
QUESTIONS & ACTUAL CORRECT
ANSWERS RATED 100% COMPLETE
The listing broker is the seller's - CORRECT ANSWER agent
A licensee writes an offer for a buyer on the licensee's listing. The buyer is the
licensee's - CORRECT ANSWER customer
When a firm is representing only one side of the transaction, the firm is practicing what
type of agency? - CORRECT ANSWER Single agency
Multiple Representation may only occur if - CORRECT ANSWER there is full written
consent and disclosure from all parties
A broker shall provide a copy of the disclosure form to a client: - CORRECT ANSWER
no later than the time of agency agreement
Agency disclosure is required in what types of real estate transactions? - CORRECT
ANSWER All
When acting as a buyer's agent, the agency relationship must be disclosed by the
earlier of: - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT
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? - CORRECT ANSWER R.E. licensee to R.E. licensee
, When must a licensee, selling personally owned property, disclose to the buyer his
licensed status? - CORRECT ANSWER First contact, first showing, negotiation
Tie in arrangements are legal under what circumstances? - CORRECT ANSWER
builder involved
An unlicensed personal assistant can be employed by: - CORRECT 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 - CORRECT
ANSWER tie-in
Which agency duty survives the transaction? - CORRECT ANSWER Confidentiality
What are the additional duties to a client? - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER In writing to the broker, at any time
How is a client to waive the broker's duty of negotiation? - CORRECT ANSWER
Express written waiver or negotiation
Which type of agency relationship is created with words? - CORRECT ANSWER
Express Agency
What type of agency relationship gives an agent the authority to represent a principal in
more than one transaction? - CORRECT ANSWER General Agency
