Wisconsin Real State Exam Correct Questions & Answers EXAM BUNDLE

The listing broker is the seller's - ANSWER agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's - ANSWER customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? - ANSWER Single agency ...

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 : - ANSWER is entitled to collect a commission...

Answer: C The writ of execution is a court order instructing the officer of the court to carry out the decision of the court. It is used in a judgment where the sheriff is told to seize a debtor's property so that it can be sold to pay off a debt. - ANSWER All of the following would be considered ...

The foundation upon which real estate brokerage is practiced - ANSWER Agency A legal and ethical relationship created between a real estate firm and a party to a transaction; the party may be a buyer, seller, landlord, or tenant - ANSWER Agency Relationship A written agreement between a firm a...

Client - ANSWER The person who employs an agent to perform a service on their behalf. Material Adverse Fact - ANSWER An adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it...

Salespeople can use which of the following forms: - ANSWER a form prepared and approved by the Department Which of the following statements is true of property held in joint tenancy? - ANSWER If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased joint tenant...

Which of the following is NOT typically considered client funds? - ANSWER Security deposits collected by a property owner A buyer wants to have the interest earned on their earnest money deposit. Which of the following statements is most correct? - ANSWER The firm cannot draft an escrow agreement...

Salespeople can use which of the following forms: - ANSWER a form prepared and approved by the Department Which of the following are NOT considered client funds? - ANSWER Promissory Notes Zoning laws may NOT be used to regulate which of the following? - ANSWER The placement of interior partiti...

Agency - ANSWER the foundation upon which real estate brokerage is practiced. It describes a legal and ethical relationship between a real estate firm and a party to a transaction. Licensee - ANSWER Any person licensed under state law to practice real estate. Broker - ANSWER A person that, for...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? - ANSWER The sales person who is associated with the firm is the agent and the principal is the client. If you are the listing agent and a buyer asks you to write an offer on one of your firm's listings but...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? ______________ - ANSWER The seller is the principal. The firm is the agent. A buyer asks a listing agent to draft an offer. The buyer does not sign a buyer agency agreement. Is the buyer a customer or a clie...

WB-11 - ANSWER Residential Offer to purchase WB-13 - ANSWER Vacant Land Offer to purchase WB-46 - ANSWER Multiple Counter Proposal Wb-44 - ANSWER Counter offer WB-41 - ANSWER Notice relating to offer to purchase WB-40 - ANSWER Amendment to offer to purchase Wb-14 - ANSWER Residenti...

Express Agency - ANSWER Agency through a formal agreement Implied agency - ANSWER Don't have a formal agreement but develop an agency agreement through one or both of the parties actions unintentionally Express or implied in Wi - ANSWER Express, must be written - a ct will not uphold implied ...

A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their right to sue. - ANSWER Rescission Uninterrupted chain of events which lead to the sale. - ANSWER Procurement The broker will earn their commission only if ...