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A seller signs a listing contract with a firm. Who is the agent and who is the principal? : 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 client? : The buyer is a...

Which of the following is a duty ONLY to a client? : Loyalty represents interest. Which of the following Services should NOT be performed for a buyer customer? : Creating a market analyst of the property the buyer wishes to purchase. Which of the following would a buyer's broker NOT be required...

Which of the following is a duty owed ONLY to a client? A:Objective presentation of contract proposals B:Loyally represents interests C:Safeguard trust funds D:Disclose material adverse facts : Loyally represents interests The duties owed to a CLIENT include: Loyally represent the client's in...

A selling licensee can receive a commission from the: A:selling firm B:buyer C:buyer's firm D:seller : selling firm Wis. Stat. § 452.14(3)(f) Disciplinary proceedings shall be conducted by the board if it finds that a licensee accepted from any person except the firm with which the license...

Agency : Is the foundation upon which real estate brokerage is practiced. Agency describes a legal and ethical relationship between a real estate licensee and a party to a transaction. A party can be a buyer, a seller, a landlord, or a tenant. Licensee : Is any person licensed under state law...

Express Agency : An agency relationship created through spoken or written words. Mirror Image Offer : An offer to purchase that is written at the price and on substantially the same terms set forth in the listing. Even if the seller does not accept this offer, the firm may be owed a commissio...

According to the terms of the WB-1 Residential Listing Contract, how many days does the seller have to provide a new listing firm with the former listing firm's list of protected buyers? : B:Seven days What document does a seller use to convey ownership of personal property to a buyer? : a b...

Encumbrances : Any claim against the property that may diminish its value Easement : An incorporeal right help by one party to make use of the land of another for a limited purpose Liens : A legal right to place a claim or encumbrance on property or have it sold for payment of a debt Encro...

How are the listing contract and the buyer agency agreement similar? : They satisfy the minimum requirements to create a lawful agency relationship and ensure that the firm has the right to enforce its commission with a court. Housing that meets the Fair Housing Act's definition of "housing fo...

A seller signs a listing contract with a firm. Who is the agent and who is the principal? : 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 client? : he buyer is a ...

What rights to property come with ownership? : Control; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? : Survivorship marital property. A special form of joint ten...

A buyers uses a buyers licensee to draft an offer. The WB-11 residential offer to purchase directs the buyer's licensee to make the earnest money check payable to the: A. Buyers firms trust account B: selling firms trust account C: sellers account D: Listing firms trust account : listing fi...

The buyer, in an effort to meet the terms of the Financing Contingency found in the WB11 Residential Offer to Purchase, delivers a notice to the seller indicating that the buyer is ready to proceed to closing. Has the buyer waived the Financing Commitment Contingency? A:No, because the buyer do...