REAL ESTATE - WISCONSIN EXAM STUDY GUIDE

A seller signs a listing contract with a firm. Who is the agent and who is the principal? ______________ CORRECT ANSWER The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a client? CORRECT ANSWER The buyer is a customer. What kind of agency is a firm practicing if the firm represents just one party in the transaction? CORRECT ANSWER Single agency When can a firm engage in multiple representation? CORRECT ANSWER Written consent of both parties, agency disclosure to both parties In what kind of transactions must a firm provide agency disclosure? ____________________________ CORRECT ANSWER All transactions (residential, commercial, vacant land etc.) By when must a firm provide agency disclosure to a client? A customer? _________________________ CORRECT ANSWER Before or at the time of entering into the agency agreement By when must a buyer's agent disclose the buyer agency relationship to the seller or the listing firm? _____ CORRECT ANSWER The earliest of first contact, a showing, or any other negotiations with t