Exam (elaborations)
Real Estate Wisconsin State Exam|94 Answered Questions
Real Estate Wisconsin State Exam|94 Answered Questions
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Real Estate Wisconsin State Exam|94Answered Questions
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 : - -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? - -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: - -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? - -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: - -
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: - -the salesperson
gives Oscar an agency disclosure statement indicating that the company
represents the seller.
-An exclusive right-to-buy contract in Wisconsin: - -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: - -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: - -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? - -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: - -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: - -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: - -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: - -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: - -no. The Real Estate Condition Report is
not a guaranty of the condition of the property but is a statement of known
defects.
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