Wisconsin Real Estate questions with correct answers

Express Agency CORRECT ANSWER Agency through a formal agreement Implied agency CORRECT ANSWER Don't have a formal agreement but develop an agency agreement through one or both of the parties actions unintentionally Express or implied in Wi CORRECT ANSWER Express, must be written - a ct will not uphold implied agency Ready, willing and able buyer CORRECT ANSWER Not under duress, is financially qualified, and of legal age What must an agency agreement have to be valid? (6 things) CORRECT ANSWER 1. description of property 2. statement of the price 3. statement of the commission 4. statement of the term 5. in writing 6. signed by the person who will pay the commission Special Agency Relationship CORRECT ANSWER gives the agent authority to represent a principal in a single transaction