Wisconsin Real State Exam questions with correct answers

A seller signs a listing contract with a firm. Who is the agent and who is the principal? CORRECT ANSWER The sales person who is associated with the firm is the agent and the principal is the client. If you are the listing agent and a buyer asks you to write an offer on one of your firm's listings but the buyer does not sign a buyer agreement with your firm, how do you describe the buyer? CORRECT ANSWER 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 When a firm represent two or more clients in the same transaction. What are the two forms of multiple representation relationships? CORRECT ANSWER Multiple representation without designated agency; Multiple representation with designated agency. Multiple Representation without Designated Agency CORRECT ANSWER A firm provides services as agreed to in the clients agency agreements, but the firm and all licensees associated with the firm must remain neutral in the transaction negotiations. Multiple Representation with Designated Agency CORRECT ANSWER the firm is representing multiple parties in the transaction but the firm designates an agent to each client and the designated agent does not have to remain neutral in the transaction.