Wisconsin Real Estate Exam Prep
questions and answers newest review
A seller signs listing contract with firm. Who is the agent who is the principal? -
ANSSeller is the principal, firm is the agent.
If you are the listing agent and a buyer asks you to write an offer but does not sign an
agency agreement, how do you describe the buyer? - ANSCustomer
What kind of agency is the firm practicing if they represent just one party in a
transaction? - ANSSingle Agency
When can a firm engage in multiple representation? - ANSWhen buyer and seller
consent and receive full written disclosure.
In what kind of transaction must a firm provide agency disclosure? - ANSALL
TRANSACTIONS 1-4 family need to sign
By when must a firm provide agency disclosure to client? Customer? - ANSBefore or
at the same time executing client agency agreement. Before negotiations for customer.
If you are a buyers agent by when must you disclose your agency relationship to seller
or listing firm. - ANSFirst chance you get, first contact when parties exchange
information about transaction or the seller, showing of property, any other negotiation
with seller or listing firm.
What are listing firms agency disclosure obligations when working with a customer who
wants to write an offer on a duplex? Commercial warehouse? - ANSMust provide
disclosure in ALL transactions, 1-4 family must sign, commercial no signature required.
When does a property manager need to have a real estate license? - ANSIf they are
negotiating terms or signing leases on behalf of the landlord.
,If a licensee is representing a family member who is writing an offer, what are the
disclosure obligations? Does it matter if they are a client or customer? - ANSDisclose
in writing and offer to purchase. Written consent from all parties.
What are the licensees disclosure obligations if receiving a referral fee from lawn
maintenance company? Referral between agents? - ANSBefore or at time licensee
makes they referral, must disclose in writing that they will receive compensation from
lawn care company. Licensees do not need to disclose referral fees for real estate
services.
When must a licensee disclose that they hold a real estate license when selling their
own home? Commercial property owned by licensee? - ANSFirst contact with party or
agent where information is being exchanged, showing property or other negotiations.
What tie in arrangements are legal? - ANSIf builder and licensee own property, the
buyer has to use builder. Builder and licensee selling improved - need to pick from
house and use builder. Deed restrictions — use builder to achieve uniformity.
Who can retain unlicensed personal assistant? Licensed? - ANSAnyone can hire
unlicensed assistant. Firm can only hire licensed.
When can agent agree to write an offer for a buyer on a property only if the buyer
agrees to list buyers current property with agent? - ANSNEVER-ILLEGAL
Which agent duty survives the transaction? - ANSConfidentiality
What duties does a firm owe to all parties in a transaction? - ANSFair and honest
treatment, disclosure of material adverse facts, confidentiality, provision of accurate
market condition information, reasonable skill and care, accounting, objective
presentation of offers.
What are the additional duties owed to a client? - ANSLoyalty, Advice, Disclosure,
Obedience (Obligation), Negotiation
When a firm has a multiple representation relationship with designated agency, to whom
will each salesperson provide information, opinions, advice? - ANSEach client receives
full negotiation services from their designated agent.
, How should a client withdraw consent to a multiple representation relationship? -
ANSIn writing. Amend agency agreement, terminate agreement and be a customer or
hire a different firm.
How should a client waive a firms duty of negotiation? - ANSIn writing.
Which type of agency representation is created with written words? - ANSExpress
agency
Which type of agency relationship gives an agent the authority to represent a principal
in more than one transaction? - ANSGeneral agency
What are the seven different ways to terminate an agency relationship? - ANSDeath or
Incapacity, Destruction or Condemnation of Property - Eminent Domain, Expiration of
Term of the Contract, Mutual Agreement, Breach, Operation of Law, Completion.
Which agency contracts do not require the seller to pay a commission to the listing firm
when the buyer is procured? - ANSOpen Listing Contract / Exclusive Agency
What type of listing contract is illegal in Wisconsin? - ANSNet Listing Contract
What are the six requirements to create a valid agency agreement? - ANSDescription
of Real Estate, Statement of Price, Statement of the Commission, Statement of the
Term, In Writing, Signed by the Person Who Will Pay the Commission (doesn't have to
be buyer or seller).
In an unmodified WB-36 Buyer Agency / Tenant Representation Agreement, does a
buyer's firm have to be directly involved in negotiations in order to earn a commission? -
ANSNO, property was found, buyers firm earns commission.
What are the three remedies if an agent breaches and agency agreement? -
ANSRescission, Forfeiture of Commission, Sue for Damages
Who are the parties to the listing contract? - ANSSeller & Firm
How many days does a firm have to deliver to the seller the list of protected buyers? -
ANS3 Days
questions and answers newest review
A seller signs listing contract with firm. Who is the agent who is the principal? -
ANSSeller is the principal, firm is the agent.
If you are the listing agent and a buyer asks you to write an offer but does not sign an
agency agreement, how do you describe the buyer? - ANSCustomer
What kind of agency is the firm practicing if they represent just one party in a
transaction? - ANSSingle Agency
When can a firm engage in multiple representation? - ANSWhen buyer and seller
consent and receive full written disclosure.
In what kind of transaction must a firm provide agency disclosure? - ANSALL
TRANSACTIONS 1-4 family need to sign
By when must a firm provide agency disclosure to client? Customer? - ANSBefore or
at the same time executing client agency agreement. Before negotiations for customer.
If you are a buyers agent by when must you disclose your agency relationship to seller
or listing firm. - ANSFirst chance you get, first contact when parties exchange
information about transaction or the seller, showing of property, any other negotiation
with seller or listing firm.
What are listing firms agency disclosure obligations when working with a customer who
wants to write an offer on a duplex? Commercial warehouse? - ANSMust provide
disclosure in ALL transactions, 1-4 family must sign, commercial no signature required.
When does a property manager need to have a real estate license? - ANSIf they are
negotiating terms or signing leases on behalf of the landlord.
,If a licensee is representing a family member who is writing an offer, what are the
disclosure obligations? Does it matter if they are a client or customer? - ANSDisclose
in writing and offer to purchase. Written consent from all parties.
What are the licensees disclosure obligations if receiving a referral fee from lawn
maintenance company? Referral between agents? - ANSBefore or at time licensee
makes they referral, must disclose in writing that they will receive compensation from
lawn care company. Licensees do not need to disclose referral fees for real estate
services.
When must a licensee disclose that they hold a real estate license when selling their
own home? Commercial property owned by licensee? - ANSFirst contact with party or
agent where information is being exchanged, showing property or other negotiations.
What tie in arrangements are legal? - ANSIf builder and licensee own property, the
buyer has to use builder. Builder and licensee selling improved - need to pick from
house and use builder. Deed restrictions — use builder to achieve uniformity.
Who can retain unlicensed personal assistant? Licensed? - ANSAnyone can hire
unlicensed assistant. Firm can only hire licensed.
When can agent agree to write an offer for a buyer on a property only if the buyer
agrees to list buyers current property with agent? - ANSNEVER-ILLEGAL
Which agent duty survives the transaction? - ANSConfidentiality
What duties does a firm owe to all parties in a transaction? - ANSFair and honest
treatment, disclosure of material adverse facts, confidentiality, provision of accurate
market condition information, reasonable skill and care, accounting, objective
presentation of offers.
What are the additional duties owed to a client? - ANSLoyalty, Advice, Disclosure,
Obedience (Obligation), Negotiation
When a firm has a multiple representation relationship with designated agency, to whom
will each salesperson provide information, opinions, advice? - ANSEach client receives
full negotiation services from their designated agent.
, How should a client withdraw consent to a multiple representation relationship? -
ANSIn writing. Amend agency agreement, terminate agreement and be a customer or
hire a different firm.
How should a client waive a firms duty of negotiation? - ANSIn writing.
Which type of agency representation is created with written words? - ANSExpress
agency
Which type of agency relationship gives an agent the authority to represent a principal
in more than one transaction? - ANSGeneral agency
What are the seven different ways to terminate an agency relationship? - ANSDeath or
Incapacity, Destruction or Condemnation of Property - Eminent Domain, Expiration of
Term of the Contract, Mutual Agreement, Breach, Operation of Law, Completion.
Which agency contracts do not require the seller to pay a commission to the listing firm
when the buyer is procured? - ANSOpen Listing Contract / Exclusive Agency
What type of listing contract is illegal in Wisconsin? - ANSNet Listing Contract
What are the six requirements to create a valid agency agreement? - ANSDescription
of Real Estate, Statement of Price, Statement of the Commission, Statement of the
Term, In Writing, Signed by the Person Who Will Pay the Commission (doesn't have to
be buyer or seller).
In an unmodified WB-36 Buyer Agency / Tenant Representation Agreement, does a
buyer's firm have to be directly involved in negotiations in order to earn a commission? -
ANSNO, property was found, buyers firm earns commission.
What are the three remedies if an agent breaches and agency agreement? -
ANSRescission, Forfeiture of Commission, Sue for Damages
Who are the parties to the listing contract? - ANSSeller & Firm
How many days does a firm have to deliver to the seller the list of protected buyers? -
ANS3 Days
