WRA Chapter 1 Quiz Latest Update (2023/2024) Already Passed

WRA Chapter 1 Quiz Latest Update (2023/2024) Already Passed What is a fiduciary? A person who is responsible for the property of another. When must a licensee inform a client about multiple representation relationships? Prior to or at the time of entering into the agency agreement. To whom does a licensee owe the duties of providing brokerage services fairly and honestly, providing accurate market conditions, safeguarding trust funds, using reasonable skill and care, disclosure of all material adverse facts, confidentiality, and objectively presenting offers? All parties to the transaction. Which of the following is true of a licensee's agency disclosure duties? The licensee must provide agency disclosure and request acknowledgment from the recipient of the disclosure when listing a single-family home. Which of the following INCORRECTLY describes a multiple representation relationship? The firm owes loyalty to the party who first signed an agency agreement with the firm. A seller executes a listing contract with a licensee for the listing firm. Which of the following statements INCORRECTLY describes the parties' relationship? If the listing licensee dies, the agency agreement terminates. A buyer executes an option to purchase with a seller. Which of the following is true? The seller must sell if the buyer chooses to buy. What must occur when a licensee terminates association with a firm? The licensee must notify the DSPS in writing of the termination within 10 days. What or who does the seller hire with an agency agreement? The listing firm How long does a licensee have to close transactions if the licensee is no longer associated with a firm? A licensee cannot practice real estate unless associated with a firm. When can a licensee draft an offer for a family member? : The licensee discloses the relationship and the buyer and the seller consent. A licensee wants to write an offer on a property listed with the licensee's firm. What duty to the client is the licensee in danger of violating? Loyalty. What is presumptive evidence of a pattern of sales? Five sales in one year or 10 sales in five years. When can a client waive the duty of negotiation? The waiver is in writing and a firm provides mandatory disclosure of the effect of a waiver of the duty of negotiation. What should a salesperson do if the DSPS suspends the licensee's firm's license? Stop participating in any real estate transactions. Which of the following describes the relationship when a seller lists a property with a firm? The seller is the firm's client. When can a firm collect compensation from both a buyer and a seller? The firm's client consents. Which agreement gives a buyer the right to acquire a property at a fixed price for a period of time? An option to purchase. What is a licensee's deadline for providing agency disclosure to a client? Before or at the time of entering into an agency agreement with the client. Which activity requires a real estate license? An individual negotiating the terms of another's business sale. A homeowner is selling a residential property without listing it to a buyer who is not working with a firm. What do the seller and the buyer need to do to fill out the state-approved offer to purchase? Nothing. How does multiple representation with designated agency affect clients? If both parties consent to designated agency in writing, each designated agent negotiates on behalf of the agent's client, even if negotiation places the interests of one client ahead of another. Which activity can an unlicensed personal assistant NOT do? Negotiate an offer on behalf of a licensee's buyer. A builder owns several lots in a subdivision. The builder sells a lot contingent on the buyer's agreement to use the builder to construct a home on the lot. Can the builder do this? Yes, it is a legal tie-in arrangement according to Wisconsin administrative rules. Unlicensed individuals working in a real estate office may: Be employed by licensed salespeople. A licensee's son wants to list property with the licensee's firm. What are the licensee's ethical obligations? The licensee must disclose the relationship between the licensee and the seller. A firm operates a home staging company. The firm takes a listing for a seller and the firm wants to offer home staging services to the seller. Can a licensee associated with the firm contact the seller and offer home staging services? Yes, the firm can offer home staging services to the seller as long as the firm discloses the firm's interest in the home staging business. A listing firm lists a property. A buyer's firm successfully writes the offer on the property. How do you describe the firms? Cooperating firms. Who is NOT acting as a licensee? An unlicensed personal assistant who holds a valid real estate license. A firm lists a property for a husband and wife for $157,000. The wife's employer transferred her position to another state and the couple needs to sell quickly. To assist the couple and entice some offers for the couple to consider, the listing licensee decides to tell a buyer that the couple will probably accept slightly below list price. The buyer wrote an offer that the sellers accepted. What did the licensee do? Violated the duties to a client. Which of the following INCORRECTLY describe a firm's supervision responsibilities? The firm cannot delegate supervision to a supervising broker. Which of the following is true of multiple representation relationships with designated agency? Clients that select designated agency must consent in writing. What must a licensee do for the licensee's client? Fulfill the requirements of the agency agreement.