WI Real Estate Salesperson Chapter 2 True/False Latest Update Graded A+

WI Real Estate Salesperson Chapter 2 True/False Latest Update Graded A+ It is illegal for a firm to pay a referral fee to a secretary for business the secretary refers to the firm. TRUE...Wisconsin law declares that no licensed firm or corporation may pay a fee for a referral to any person who is not licensed to practice real estate. Wisconsin law requires that all sellers sign the listing contract. FALSE...Wisconsin law requires the party paying the commission to sign the agency agreement. Usually this is a buyer or a seller but the law does not require that it be the buyer or the seller. Only the person who is agreeing to pay the commission must sign the agency agreement. A listing agreement typically creates a special agency. TRUE...Unless the listing contract states the contrary, the listing firm is given the right to represent the seller in one specific transaction. To create an open listing, the parties would modify the exclusive agency contract. FALSE...To create an open listing, the parties would modify the exclusive right to sell listing contract rather than an exclusive agency contract. The exclusive right to sell listing contract is the only state-approved listing contract. Sonja is a salesperson for Firm A but she is going to transfer her license to Firm B. Sonja should contact her current listings to discuss early termination so she can transfer them to new listing agreements when she is at Firm B. FALSE...Agency agreements are between the firm and the client. Licensees do not have the legal authority to terminate or shorten the term of an agency agreement or reduce the commission without the written consent of the supervising broker. A listing firm and a seller use an exclusive right to sell listing contract to create implied agency. FALSE...Parties using a written contract create an express agency relationship. There is typically not a single act that determines procuring cause. TRUE...Procurement is generally defined as the uninterrupted chain of events that led to a sale. A listing firm lists five parcels of land using five listing contracts. The listing firm is acting as a special agent. TRUE...A special agency relationship gives the agent the authority to represent the principal in a single transaction. A listing firm lists five parcels of land using one listing contract. The listing firm is acting as a general agent. TRUE...A general agency relationship gives the agent the authority to represent the principal in a range of matters. A firm can pay an unlicensed personal assistant $50.00 for each lead the assistant generates through a telemarketing campaign. FALSE...An unlicensed personal assistant must be paid an hourly wage or salary. Compensation based on success or sales, such as commission or bonuses, is illegal fee-splitting with a non-licensee. A buyer pays the buyer's firm according to the terms of the listing contract. FALSE...A buyer pays a buyer's firm according to the terms of