WI Real Estate Salesperson Chapter 1
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Quiz WITH ANSWERS |\ |\
Which of the following statements INCORRECTLY
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describes a multiple representation relationship? |\ |\ |\ |\
|\ A: The firm owes both parties the duty of confidentiality.
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B: A firm must disclose multiple representation to all
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parties in writing. |\ |\
C: The firm owes loyalty to the party who first signed an
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agency agreement with the firm. |\ |\ |\ |\
D: All parties must consent in writing to a firm
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representing multiple parties in a transaction. - CORRECT |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔C: The firm owes loyalty to the party who |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
first signed an agency agreement with the firm.
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Wis. Stat. § 452.134 If a firm's client in a multiple
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representation relationship does not consent to |\ |\ |\ |\ |\ |\
designated agency or withdraws consent to designated |\ |\ |\ |\ |\ |\ |\
agency, the firm and any licensees associated with the
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firm may not place the interests of any client ahead of the
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interests of any other in the negotiations.
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Which of the following describes the relationship when a
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seller lists a property with a firm?
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,|\ A: The seller is the firm's customer
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|\ B: The firm is the selling firm
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|\ C: The seller is the firm's client
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D: The seller is a fiduciary of the firm - CORRECT
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ANSWERS ✔✔C: The seller is the firm's client |\ |\ |\ |\ |\ |\ |\
The listing contract is an agency agreement, making the
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seller the firm's client. |\ |\ |\
When must a licensee inform a client about multiple
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representation relationships? |\
|\ A: Any time
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|\ B: Before commission is paid
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|\ C: When presenting the closing statement
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D: Prior to or at the time of entering into the agency
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agreement - CORRECT ANSWERS ✔✔D: Prior to or at the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
time of entering into the agency agreement
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A firm must disclose agency to clients prior to or at the
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time of entering into an agency agreement. A client
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chooses whether to consent to multiple representation
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relationships when executing an agency agreement. A |\ |\ |\ |\ |\ |\ |\
firm must provide agency disclosure to customers before
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negotiations.
, Which agreement gives a buyer the right to acquire a
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property at a fixed price for a period of time? |\ |\ |\ |\ |\ |\ |\ |\ |\
|\ A: An option to purchase
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|\ B: A lease
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|\ C: An offer to purchase
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D: An exchange - CORRECT ANSWERS ✔✔A: An option to
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purchase
An option to purchase is an agreement between a buyer
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and a seller where the buyer has the right to purchase a
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property for a fixed period of time. |\ |\ |\ |\ |\ |\
When can a licensee draft an offer for a family member?
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|\ A: The licensee does not disclose it
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B: The licensee discloses the relationship and the buyer
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and the seller consent |\ |\ |\
|\ C: Never
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D: The licensee refuses to sign a buyer agency
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agreement with the buyer - CORRECT ANSWERS ✔✔B: |\ |\ |\ |\ |\ |\ |\ |\
The licensee discloses the relationship and the buyer and
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the seller consent |\ |\
Representing family members in a real estate transaction |\ |\ |\ |\ |\ |\ |\ |\
is permitted as long as there is consent and disclosure to
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all parties.
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Quiz WITH ANSWERS |\ |\
Which of the following statements INCORRECTLY
|\ |\ |\ |\ |\ |\
describes a multiple representation relationship? |\ |\ |\ |\
|\ A: The firm owes both parties the duty of confidentiality.
|\ |\ |\ |\ |\ |\ |\ |\ |\
B: A firm must disclose multiple representation to all
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
parties in writing. |\ |\
C: The firm owes loyalty to the party who first signed an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agency agreement with the firm. |\ |\ |\ |\
D: All parties must consent in writing to a firm
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
representing multiple parties in a transaction. - CORRECT |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔C: The firm owes loyalty to the party who |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
first signed an agency agreement with the firm.
|\ |\ |\ |\ |\ |\ |\
Wis. Stat. § 452.134 If a firm's client in a multiple
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
representation relationship does not consent to |\ |\ |\ |\ |\ |\
designated agency or withdraws consent to designated |\ |\ |\ |\ |\ |\ |\
agency, the firm and any licensees associated with the
|\ |\ |\ |\ |\ |\ |\ |\ |\
firm may not place the interests of any client ahead of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
interests of any other in the negotiations.
|\ |\ |\ |\ |\ |\ |\
Which of the following describes the relationship when a
|\ |\ |\ |\ |\ |\ |\ |\ |\
seller lists a property with a firm?
|\ |\ |\ |\ |\ |\
,|\ A: The seller is the firm's customer
|\ |\ |\ |\ |\ |\
|\ B: The firm is the selling firm
|\ |\ |\ |\ |\ |\
|\ C: The seller is the firm's client
|\ |\ |\ |\ |\ |\
D: The seller is a fiduciary of the firm - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔C: The seller is the firm's client |\ |\ |\ |\ |\ |\ |\
The listing contract is an agency agreement, making the
|\ |\ |\ |\ |\ |\ |\ |\ |\
seller the firm's client. |\ |\ |\
When must a licensee inform a client about multiple
|\ |\ |\ |\ |\ |\ |\ |\ |\
representation relationships? |\
|\ A: Any time
|\ |\
|\ B: Before commission is paid
|\ |\ |\ |\
|\ C: When presenting the closing statement
|\ |\ |\ |\ |\
D: Prior to or at the time of entering into the agency
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement - CORRECT ANSWERS ✔✔D: Prior to or at the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
time of entering into the agency agreement
|\ |\ |\ |\ |\ |\
A firm must disclose agency to clients prior to or at the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
time of entering into an agency agreement. A client
|\ |\ |\ |\ |\ |\ |\ |\ |\
chooses whether to consent to multiple representation
|\ |\ |\ |\ |\ |\ |\
relationships when executing an agency agreement. A |\ |\ |\ |\ |\ |\ |\
firm must provide agency disclosure to customers before
|\ |\ |\ |\ |\ |\ |\ |\
negotiations.
, Which agreement gives a buyer the right to acquire a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
property at a fixed price for a period of time? |\ |\ |\ |\ |\ |\ |\ |\ |\
|\ A: An option to purchase
|\ |\ |\ |\
|\ B: A lease
|\ |\
|\ C: An offer to purchase
|\ |\ |\ |\
D: An exchange - CORRECT ANSWERS ✔✔A: An option to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purchase
An option to purchase is an agreement between a buyer
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and a seller where the buyer has the right to purchase a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
property for a fixed period of time. |\ |\ |\ |\ |\ |\
When can a licensee draft an offer for a family member?
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
|\ A: The licensee does not disclose it
|\ |\ |\ |\ |\ |\
B: The licensee discloses the relationship and the buyer
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and the seller consent |\ |\ |\
|\ C: Never
|\
D: The licensee refuses to sign a buyer agency
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement with the buyer - CORRECT ANSWERS ✔✔B: |\ |\ |\ |\ |\ |\ |\ |\
The licensee discloses the relationship and the buyer and
|\ |\ |\ |\ |\ |\ |\ |\ |\
the seller consent |\ |\
Representing family members in a real estate transaction |\ |\ |\ |\ |\ |\ |\ |\
is permitted as long as there is consent and disclosure to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
all parties.
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