Question 1

A licensed broker, pursuant to a WB-1 listing contract, procures a ready, willing, & able buyer for their seller-principal. The seller first accepts the buyer's offer in writing, but then changes the mind withdrawing the original acceptance. The broker...

Accepted Answer

Earned commission because of acceptance
Deposit must be returned to the buyer & commission cant be taken
WI R&L forms require "delivery" as defined by both parties when negotiating, referred to as 'binding acceptance' (stated on line 20-30 of the WB-11

Question 2

A real estate company has entered into agency agreements with both seller and buyer. The buyer is interested in making an offer on the seller's property. Can this occur?

Accepted Answer

Yes, If dual agency consent is provided in writing by both parties, the broker may represent both parties.  This is known as a "Multiple Representation' relationship in WI (452.137 WI statue)

Question 3

The listing agreement with a seller has expired & the seller lists with another brokerage firm. The original listing agent now has a buyer interested in the property. The original listing agent?

Accepted Answer

They are still free to represent the buyer, not the seller (yet they must keep seller info confidential). Agents must always disclose info about known & suspected adverse conditions as well & conditions that may effect the property value (see RL 24.07)

Question 4

A buyer asks a salesperson to refer a lender who can help them secure a mortgage. The salesperson knows a lender who pays a fee for such referrals. Can the sales person refer the buyer to the lender?

Accepted Answer

Yes WI RL 24.05(3) & 452.133 statues allow licensee's to receive referral fees under specific conditions, fees must be disclosed to both parties. The licensee must be aware receiving such fees may violate the federal Real Estate Settlement Procedures Act.

Question 5

A buyer contacts a real estate agent office with interest in buying a home in the area. Without entering into a buyer agency relationship with the buyer, the salesperson can do all of the following except...

Accepted Answer

Inform the seller of the buyer's financial status. Buyer information must be confidential, unless given written permission, according to WI statue 452.135. A Disclosure of Real Estate Agency form containing this info must be given to the buyer.

Question 6

A prospective buyer is interested in seeing a listing w/a real estate company, but doesn't want enter into a buyer agency agreement. A salesperson from the company may show the buyer the in-house listing if...

Accepted Answer

The salesperson must indicate that the agency represents the seller. This is not a dual agency or 'multiple representation' because the buyer doesn't wish representation.

Question 7

In Wisconsin, an exclusive-right-to-buy contract is?

Accepted Answer

WI licensee's may rep buyers using form "WB-36 Buyer Agency/Tenancy Rep Agreement. Any contract must comply w/240.10 WI statues. Because the buyer may not have a specific property in mind the statue require that a 'type of property' be identified.

Question 8

Buyer-brokerage contracts in WI

Accepted Answer

Must be in writing to be enforceable. These contracts are regulated under WI statue 240.10. This statue deals with requirements for forming agency contracts and representing buyers, sellers, landlords, and/or tenants.

Question 9

All of the following provisions are included in the WI statues & WI Dept. of Regulations and Licensing rules regarding listing agreements except

Accepted Answer

The agreement doesn't have to have a qualified expert's report of the property's condition. It must state the exact broker fee (either flat/percentage), be in writing & signed by both broker & seller. The seller must receive a true copy of the agreement.

Question 10

What are the three types of real estate agency relationships between parties and brokers recognized in Wisconsin?

Accepted Answer

A licensee my rep both seller & buyer w/written permission from both parties. Subagency is a relationship between licensees only meaning that one licensee is acting as an agent of another licensee, not directly for a buyer or seller.

Question 11

In a multiple rep situation, a broker may collect a commission from both the seller and the buyer if?

Accepted Answer

Both parties must give their informed written consent to the dual compensation. There is no license for multiple representation.

Question 12

A buyer is interested in seeing a house listed with XYZ Realty, but doesn't want to engage in an agency relationship. A salesperson from LMN Realty can show the buyer the house if?

Accepted Answer

The buyer has indicated they do not want representation. The seller must give permission for subagency. Before any meaningful discussion w/the LMN salesperson, the buyer must be given a Disclosure for Real Estate Agency form.

Question 13

A seller is required to give a buyer a Real Estate Condition Report (RECR)  in all of the following transaction EXCEPT

Accepted Answer

State law doesn't mandate this disclosure in selling commercial property, vacant land, complexes of 5+ residential units, or industrial property.  RECR is required in the transfer of one- to four-dwelling units regardless of occupancy (WI statue 709.01)

Question 14

The seller's Real Estate Condition Report must be delivered to the buyer

Accepted Answer

No later than 10 days after the contract is formed. If the buyer learns of a defect of which they were not aware of when the contract was made they have 2 business days to rescind the contract (WI statue 709.05)

Term

Term

Term

WI Real Estate Exam1

Wisconsin Real Estate Exam Prep

Term	Definition
A licensed broker, pursuant to a WB-1 listing contract, procures a ready, willing, & able buyer for their seller-principal. The seller first accepts the buyer's offer in writing, but then changes the mind withdrawing the original acceptance. The broker...	Earned commission because of acceptance Deposit must be returned to the buyer & commission cant be taken WI R&L forms require "delivery" as defined by both parties when negotiating, referred to as 'binding acceptance' (stated on line 20-30 of the WB-11
A real estate company has entered into agency agreements with both seller and buyer. The buyer is interested in making an offer on the seller's property. Can this occur?	Yes, If dual agency consent is provided in writing by both parties, the broker may represent both parties. This is known as a "Multiple Representation' relationship in WI (452.137 WI statue)
The listing agreement with a seller has expired & the seller lists with another brokerage firm. The original listing agent now has a buyer interested in the property. The original listing agent?	They are still free to represent the buyer, not the seller (yet they must keep seller info confidential). Agents must always disclose info about known & suspected adverse conditions as well & conditions that may effect the property value (see RL 24.07)
A buyer asks a salesperson to refer a lender who can help them secure a mortgage. The salesperson knows a lender who pays a fee for such referrals. Can the sales person refer the buyer to the lender?	Yes WI RL 24.05(3) & 452.133 statues allow licensee's to receive referral fees under specific conditions, fees must be disclosed to both parties. The licensee must be aware receiving such fees may violate the federal Real Estate Settlement Procedures Act.
A buyer contacts a real estate agent office with interest in buying a home in the area. Without entering into a buyer agency relationship with the buyer, the salesperson can do all of the following except...	Inform the seller of the buyer's financial status. Buyer information must be confidential, unless given written permission, according to WI statue 452.135. A Disclosure of Real Estate Agency form containing this info must be given to the buyer.
A prospective buyer is interested in seeing a listing w/a real estate company, but doesn't want enter into a buyer agency agreement. A salesperson from the company may show the buyer the in-house listing if...	The salesperson must indicate that the agency represents the seller. This is not a dual agency or 'multiple representation' because the buyer doesn't wish representation.
In Wisconsin, an exclusive-right-to-buy contract is?	WI licensee's may rep buyers using form "WB-36 Buyer Agency/Tenancy Rep Agreement. Any contract must comply w/240.10 WI statues. Because the buyer may not have a specific property in mind the statue require that a 'type of property' be identified.
Buyer-brokerage contracts in WI	Must be in writing to be enforceable. These contracts are regulated under WI statue 240.10. This statue deals with requirements for forming agency contracts and representing buyers, sellers, landlords, and/or tenants.
All of the following provisions are included in the WI statues & WI Dept. of Regulations and Licensing rules regarding listing agreements except	The agreement doesn't have to have a qualified expert's report of the property's condition. It must state the exact broker fee (either flat/percentage), be in writing & signed by both broker & seller. The seller must receive a true copy of the agreement.
What are the three types of real estate agency relationships between parties and brokers recognized in Wisconsin?	A licensee my rep both seller & buyer w/written permission from both parties. Subagency is a relationship between licensees only meaning that one licensee is acting as an agent of another licensee, not directly for a buyer or seller.
In a multiple rep situation, a broker may collect a commission from both the seller and the buyer if?	Both parties must give their informed written consent to the dual compensation. There is no license for multiple representation.
A buyer is interested in seeing a house listed with XYZ Realty, but doesn't want to engage in an agency relationship. A salesperson from LMN Realty can show the buyer the house if?	The buyer has indicated they do not want representation. The seller must give permission for subagency. Before any meaningful discussion w/the LMN salesperson, the buyer must be given a Disclosure for Real Estate Agency form.
A seller is required to give a buyer a Real Estate Condition Report (RECR) in all of the following transaction EXCEPT	State law doesn't mandate this disclosure in selling commercial property, vacant land, complexes of 5+ residential units, or industrial property. RECR is required in the transfer of one- to four-dwelling units regardless of occupancy (WI statue 709.01)
The seller's Real Estate Condition Report must be delivered to the buyer	No later than 10 days after the contract is formed. If the buyer learns of a defect of which they were not aware of when the contract was made they have 2 business days to rescind the contract (WI statue 709.05)

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