Real Estate Wisconsin State Exam Correct Questions & Answers

Broker Alex, who has an agreement to list Lisa's house, finds a buyer that is ready, willing and able to purchase Lisa's home. Lisa accepts the buyer's offer, but a week later decides she doesn't really want to move and withdraws her acceptance Alex : - ANSWER is entitled to collect a commission. If a real estate company has agency agreements with both a seller and a buyer, and the buyer wants to make an offer on the seller's property, is this legal under Wisconsin license law? - ANSWER Yes, if the buyer and seller give informed and written consent to dual agency. Susan's listing agreement with Alex has expired, so Alex lists his property with Lisa. Then Susan finds a buyer that is interested in Alex's property. Susan: - ANSWER cannot tell the buyers about any offers that Alex received while the property was listed with her. Lauren is working with the Douglas family to help them find their home. She succeeds, and the Douglas family ask Lauren if she can help them find a mortgage. Lauren knows a lender that pays a fee for referring purchasers to them. Can Lauren refer the Douglas family to this lender? - ANSWER Yes, if she discloses the referral fee to the sellers and the Douglas family and has their consent. Stephen calls Armonk Realty, saying he wants to buy a home in the area. Without entering into a buyer agency relationship with Stephen, a salesperson from the real estate office can do all of the following EXCEPT: - ANSWER inform the seller's of Stephen's financial status. Explaining agency agreements, mortgage rates and terms and providing information on property in the area are all part of the licensee's duties. A salesperson with Young Realty who is working with Oscar, without a buyer agency agreement, may show Oscar an in-house listing if: - ANSWER the salesperson gives Oscar an agency disclosure statement indicating that the company represents the seller. An exclusive right-to-buy contract in Wisconsin: - ANSWER has the same legal requirements as a listing contract except the specific property does not need to be identified in the contract. An exclusive right-to-buy contract is a buyer agency agreement In Wisconsin, buyer-brokerage contracts: - ANSWER must be in writing All of the following are provisions in Wisconsin statutes and are included in the Wisconsin Department of Regulation and Licensing rules regarding listing agreements EXCEPT that: - ANSWER There is no requirement that th