Wisconsin Real Estate Exam Prep QUESTIONS WITH ANSWERS

Wisconsin Real Estate Exam Prep |\ |\ |\ |\ |\




QUESTIONS WITH ANSWERS |\ |\




A seller signs listing contract with firm. Who is the agent
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



who is the principal? - CORRECT ANSWERS ✔✔Seller is
|\ |\ |\ |\ |\ |\ |\ |\ |\



the principal, firm is the agent.
|\ |\ |\ |\ |\




If you are the listing agent and a buyer asks you to write
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



an offer but does not sign an agency agreement, how do
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



you describe the buyer? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\



✔✔Customer


What kind of agency is the firm practicing if they
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



represent just one party in a transaction? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔Single Agency |\ |\




When can a firm engage in multiple representation? -
|\ |\ |\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔When buyer and seller consent |\ |\ |\ |\ |\ |\ |\



and receive full written disclosure.
|\ |\ |\ |\




In what kind of transaction must a firm provide agency
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



disclosure? - CORRECT ANSWERS ✔✔ALL TRANSACTIONS |\ |\ |\ |\ |\ |\



1-4 family need to sign
|\ |\ |\ |\

,By when must a firm provide agency disclosure to client?
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



Customer? - CORRECT ANSWERS ✔✔Before or at the |\ |\ |\ |\ |\ |\ |\ |\



same time executing client agency agreement. Before
|\ |\ |\ |\ |\ |\ |\



negotiations for customer. |\ |\




If you are a buyers agent by when must you disclose your
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



agency relationship to seller or listing firm. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔First chance you get, first contact when |\ |\ |\ |\ |\ |\ |\ |\



parties exchange information about transaction or the
|\ |\ |\ |\ |\ |\ |\



seller, showing of property, any other negotiation with
|\ |\ |\ |\ |\ |\ |\ |\



seller or listing firm. |\ |\ |\




What are listing firms agency disclosure obligations when
|\ |\ |\ |\ |\ |\ |\ |\



working with a customer who wants to write an offer on a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



duplex? Commercial warehouse? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\



✔✔Must provide disclosure in ALL transactions, 1-4 family
|\ |\ |\ |\ |\ |\ |\



must sign, commercial no signature required.
|\ |\ |\ |\ |\ |\




When does a property manager need to have a real
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



estate license? - CORRECT ANSWERS ✔✔If they are
|\ |\ |\ |\ |\ |\ |\ |\



negotiating terms or signing leases on behalf of the |\ |\ |\ |\ |\ |\ |\ |\ |\



landlord.


If a licensee is representing a family member who is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



writing an offer, what are the disclosure obligations? Does
|\ |\ |\ |\ |\ |\ |\ |\



it matter if they are a client or customer? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\

,ANSWERS ✔✔Disclose in writing and offer to purchase. |\ |\ |\ |\ |\ |\ |\ |\



Written consent from all parties. |\ |\ |\ |\




What are the licensees disclosure obligations if receiving
|\ |\ |\ |\ |\ |\ |\ |\



a referral fee from lawn maintenance company? Referral
|\ |\ |\ |\ |\ |\ |\ |\



between agents? - CORRECT ANSWERS ✔✔Before or at |\ |\ |\ |\ |\ |\ |\ |\



time licensee makes they referral, must disclose in writing
|\ |\ |\ |\ |\ |\ |\ |\



that they will receive compensation from lawn care
|\ |\ |\ |\ |\ |\ |\ |\ |\



company. Licensees do not need to disclose referral fees |\ |\ |\ |\ |\ |\ |\ |\ |\



for real estate services.
|\ |\ |\




When must a licensee disclose that they hold a real
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



estate license when selling their own home? Commercial
|\ |\ |\ |\ |\ |\ |\ |\



property owned by licensee? - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔First contact with party or agent where information is
|\ |\ |\ |\ |\ |\ |\ |\ |\



being exchanged, showing property or other negotiations.
|\ |\ |\ |\ |\ |\




What tie in arrangements are legal? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\



✔✔If builder and licensee own property, the buyer has to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



use builder. Builder and licensee selling improved - need
|\ |\ |\ |\ |\ |\ |\ |\ |\



to pick from house and use builder. Deed restrictions —
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



use builder to achieve uniformity.
|\ |\ |\ |\




Who can retain unlicensed personal assistant? Licensed? -
|\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔Anyone can hire unlicensed
|\ |\ |\ |\ |\ |\ |\



assistant. Firm can only hire licensed. |\ |\ |\ |\ |\

, When can agent agree to write an offer for a buyer on a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



property only if the buyer agrees to list buyers current
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



property with agent? - CORRECT ANSWERS ✔✔NEVER-
|\ |\ |\ |\ |\ |\



ILLEGAL


Which agent duty survives the transaction? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔Confidentiality |\




What duties does a firm owe to all parties in a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



transaction? - CORRECT ANSWERS ✔✔Fair and honest |\ |\ |\ |\ |\ |\ |\



treatment, disclosure of material adverse facts,
|\ |\ |\ |\ |\ |\



confidentiality, provision of accurate market condition |\ |\ |\ |\ |\ |\



information, reasonable skill and care, accounting,|\ |\ |\ |\ |\ |\



objective presentation of offers. |\ |\ |\




What are the additional duties owed to a client? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔Loyalty, Advice, Disclosure,
|\ |\ |\ |\ |\



Obedience (Obligation), Negotiation |\ |\




When a firm has a multiple representation relationship
|\ |\ |\ |\ |\ |\ |\ |\



with designated agency, to whom will each salesperson
|\ |\ |\ |\ |\ |\ |\ |\



provide information, opinions, advice? - CORRECT
|\ |\ |\ |\ |\ |\



ANSWERS ✔✔Each client receives full negotiation
|\ |\ |\ |\ |\ |\



services from their designated agent.
|\ |\ |\ |\