Real Estate Wisconsin State Exam || with Errorless Solutions 100%.
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Course
Real Estate Wisconsin State
Institution
Real Estate Wisconsin State
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 : correct answers is entitled to collect a commis...
Real Estate Wisconsin State Exam || with Errorless Solutions
100%.
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 : correct answers 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? correct
answers 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: correct answers 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?
correct answers 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: correct answers 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: correct answers the salesperson gives Oscar
an agency disclosure statement indicating that the company represents the seller.
An exclusive right-to-buy contract in Wisconsin: correct answers 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: correct answers 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:
correct answers There is no requirement that the listing agreement must be accompanied by a
report on the condition of the property. However, it must be in writing, state the broker's
commission and be signed by the broker and seller. The seller must, after signing, receive a copy
of the listing agreement.
, What three types of real estate agency relationships between brokers and members of the public
are recognized in Wisconsin? correct answers seller, buyer, disclosed multiple representation. A
licensee may represent a buyer, seller or both as disclosed multiple representation, thus only
these three types of agency agreements are recognized. Subagency is an agreement between
licensees.
Rose wants to see a house that is listed with Lee Realty but does not want to have a buyer agency
agreement. A salesperson from Seddon Realty can show Rose a house if: correct answers Lee
Realty has the seller's written consent to subagency, which allows Seddon Realty to act as a
subagent of Lee Realty, and Rose is given a disclosure form stating that Seddon Realty
represents the seller.
In all of the following cases a seller is required to provide the buyer with a Real Estate Condition
Report EXCEPT: correct answers when it is a sale of commercial property and vacant land,
complexes of five or more residential units or industrial property.
The Real Estate Condition Report must be delivered to the buyer: correct answers within 10 days
of accepting a sales contract. If they buyer learns of a defect from the report, the buyer has two
days to rescind the contract.
Wendy doesn't realize her home has plumbing problems, but it does. She decides to sell her
home. When she is filling out the Real Estate Condition Report, where it asks if the seller has
any knowledge of plumbing system problems, Wendy should respond: correct answers No. A
seller that has no knowledge of a particular problem can only answer "no" when asked if there is
knowledge that problem. The Real Estate Condition Report is not a guaranty of the condition of
the property but is a statement of known defects.
Carol doesn't realize her home has plumbing problems, but it does. She decides to sell her home.
When she is filling out the Real Estate Condition Report, where it asks if the seller has any
knowledge of plumbing system problems, Carol should respond: correct answers no. The Real
Estate Condition Report is not a guaranty of the condition of the property but is a statement of
known defects.
In regards to the seller's Real Estate Condition Report, which of the following statements is
True? correct answers Wisconsin statutes require that the seller disclose known property
conditions. Property disclosures must be made for the sale of all one- to four- family residential
units in Wisconsin, whether or not a real estate agent is employed for the sale.
A condominium complex was the site of a brutal and well-publicized murder three years ago.
The unit was then sold to an elderly man that contracted AIDS through a blood transfusion and
died in the unit. What must an agent for the man's estate disclose about the property? correct
answers The murder must be disclosed if the agent believes it adversely affects the property
value. In Wisconsin, a licensee must disclose conditions or occurrences that have an adverse
affect on property value. However, "stigmatized property" can present problems to a licensee.
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