WI Real Estate Exam questions with correct answers

A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their right to sue. CORRECT ANSWER Rescission Uninterrupted chain of events which lead to the sale. CORRECT ANSWER Procurement The broker will earn their commission only if they procure a buyer specified in the listing contract. CORRECT ANSWER One party listing contract Authorized to conduct all of a principal's affairs within the context of one specific contract. CORRECT ANSWER General Agent Laws that make it illegal to conspire to restrain trade or the free flow of goods and services in a market place. CORRECT ANSWER Anti-Trust Laws A remedy for breach of contract whereby a party sues the breaching party for cash damages. CORRECT ANSWER Sue for damages A written employment agreement that creates an agency relationship between a broker and a buyer. The buyer employs the broker to put forth a reasonable effort to find a property for the buyer to purchase and to negotiate on behalf of the buyer. CORRECT ANSWER Buyer agency agreement One authorized by a principal to perform one particular act or transaction. CORRECT ANSWER Special Agent