REAL ESTATE - WISCONSIN EXAM STUDY GUIDE QUESTIONS WITH ANSWERS

REAL ESTATE - WISCONSIN EXAM |\ |\ |\ |\ |\




STUDY GUIDE QUESTIONS WITH |\ |\ |\ |\




ANSWERS

A seller signs a listing contract with a firm. Who is the
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agent and who is the principal? ______________ - CORRECT
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ANSWERS ✔✔The seller is the principal. The firm is the
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agent.


A buyer asks a listing agent to draft an offer. The buyer
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does not sign a buyer agency agreement. Is the buyer a
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customer or a client? - CORRECT ANSWERS ✔✔The buyer
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is a customer.
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What kind of agency is a firm practicing if the firm
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represents just one party in the transaction? - CORRECT |\ |\ |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔Single agency |\ |\




When can a firm engage in multiple representation? -
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CORRECT ANSWERS ✔✔Written consent of both parties,
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agency disclosure to both parties
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In what kind of transactions must a firm provide agency
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disclosure? ____________________________ - CORRECT |\ |\ |\ |\

,ANSWERS ✔✔All transactions (residential, commercial, |\ |\ |\ |\ |\



vacant land etc.) |\ |\




By when must a firm provide agency disclosure to a
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client? A customer? _________________________ - CORRECT
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ANSWERS ✔✔Before or at the time of entering into the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



agency agreement |\




By when must a buyer's agent disclose the buyer agency
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relationship to the seller or the listing firm? _____ - |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔The earliest of first contact, a |\ |\ |\ |\ |\ |\ |\ |\



showing, or any other negotiations with the seller or the
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listing firm. |\




What are a listing firm's agency disclosure obligations
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when working with a customer who wants to write an
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offer on a duplex? What if the buyer wants to write an
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offer on a commercial warehouse? - CORRECT ANSWERS
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✔✔Provide agency disclosure to buyer for duplex and ask |\ |\ |\ |\ |\ |\ |\ |\ |\



that buyer to sign the agency disclosure because this is a
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1-4 family transaction. Provide agency disclosure to buyer
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for commercial warehouse but you do not have to ask
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that buyer to sign because it is not a 1-4 family property.
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When does a property manager need to have a real
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estate license? ____________________________ - CORRECT
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,ANSWERS ✔✔If signing or negotiating leases on behalf of |\ |\ |\ |\ |\ |\ |\ |\ |\



the property owner.
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If a licensee is representing a family member who is
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writing an offer on a property, what are the licensee's
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disclosure obligations? customer? _____ - CORRECT |\ |\ |\ |\ |\ |\



ANSWERS ✔✔Disclose the relationship in writing and |\ |\ |\ |\ |\ |\ |\



obtain consent of both parties. |\ |\ |\ |\




What are a licensee's disclosure obligations if the licensee
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is going to receive a fee from referring a lawn
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maintenance company? What if the licensee is a listing |\ |\ |\ |\ |\ |\ |\ |\ |\



agent who is referring a client to a buyer's agent? -
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CORRECT ANSWERS ✔✔For the lawn maintenance |\ |\ |\ |\ |\ |\



company, disclose the potential referral fee in writing |\ |\ |\ |\ |\ |\ |\ |\



before or at the time of making the referral. Referral fees
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from license to license do not need to be disclosed.
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When must a licensee disclose that the licensee holds a
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real estate license when selling the licensee's own home?
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What if the licensee is selling commercial property owned
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by the licensee? ____ - CORRECT ANSWERS ✔✔The
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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
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commercial property. |\

, What tie-in arrangements are legal? - CORRECT ANSWERS
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✔✔+Condition the sale of vacant land owned by the
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licensee upon the buyer's agreement to use a specific
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builder if the builder co-owns the property with the
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licensee.
+Condition the sale of vacant land owned by the licensee |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



upon the buyer's agreement to use a specific builder if
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the builder and the licensee are the same person.
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+Condition the sale of vacant land owned by the license |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



upon the buyer's agreement to use a specific builder if
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the agreement to use the builder is a legitimate effort to
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maintain developmental quality/ architectural uniformity
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and no compensation passes from the builder to the
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licensee.


Who can retain an unlicensed personal assistant? Who
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can retain a licensed personal assistant? _______ -
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CORRECT ANSWERS ✔✔Unlicensed personal assistant -
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anyone. Licensed personal assistant - just the firm.
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Which agency duty survives the transaction? - CORRECT
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ANSWERS ✔✔Confidentially |\




16. What duties does a firm owe to all parties in a
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transaction? _______________________________________ - |\ |\ |\



CORRECT ANSWERS ✔✔Provide brokerage services to all
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parties honestly and fairly. |\ |\ |\