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WI Real Estate Sales Exam Questions with Complete Answers
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WI Real Estate Sales Exam Questions with Complete Answers
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WI Real Estate Sales Exam Questions withComplete Answers
The listing broker is the seller's - -agent
-A licensee writes an offer for a buyer on the licensee's listing. The buyer is the
licensee's - -customer
-When a firm is representing only one side of the transaction, the firm is practicing what
type of agency? - -Single agency
-Multiple Representation may only occur if - -there is full written consent and disclosure
from all parties
-A broker shall provide a copy of the disclosure form to a client: - -no later than the
time of agency agreement
-Agency disclosure is required in what types of real estate transactions? - -All
-When acting as a buyer's agent, the agency relationship must be disclosed by the
earlier of: - -first contact, showing, negotiation w/seller or listing broker
-What are the agency disclosure requirements, including a buyer's acknowledgment of
the disclosure, for a buyer intending to purchase a duplex versus a buyer intending to
purchase a commercial warehouse? - -Give disclosure for both. Need acknowledgment
for residential, not commercial.
-A property manager is showing a unit to a prospective tenant, In what situations would
a property manager need to be licensed? - -If signing leases on behalf of landlord.
-A licensee is representing a family member in the purchase of property. At minimum,
where would the licensee disclose this information to the other party? - -On the offer to
purchase.
-What types of referral fees may be paid or received without disclosure to the parties in
a real estate transaction? - -R.E. licensee to R.E. licensee
-When must a licensee, selling personally owned property, disclose to the buyer his
licensed status? - -First contact, first showing, negotiation
-Tie in arrangements are legal under what circumstances? - -builder involved
-An unlicensed personal assistant can be employed by: - -Any licensee in firm, sales
employee
, -If an agent agrees to write an offer on a property for a buyer only if the buyer then
agrees to list his current property with that agent, that would be an illegal - -tie-in
-Which agency duty survives the transaction? - -Confidentiality
-What are the additional duties to a client? - -N-negotiation
O-obligation
L-loyalty
I-information
D- disclosure of material facts
-What are the duties owed to all persons in a transaction? - -S-safeguard
H-honesty
O-objective
C-confidentiality
A-accurate information
R-reasonable skill and care
D- disclosure of adverse material facts
-Under a multiple representation relationship with designated agency to whom will each
salesperson provide information, opinions, and advice? - -To the client for whom they
are negotiating
-How is a client suppose to withdraw consent to a multiple representation relationship
with designated agency? - -In writing to the broker, at any time
-How is a client to waive the broker's duty of negotiation? - -Express written waiver or
negotiation
-Which type of agency relationship is created with words? - -Express Agency
-What type of agency relationship gives an agent the authority to represent a principal
in more than one transaction? - -General Agency
-What are the seven different ways to terminate an agency relationship? - -Death or
disability of principal
Condemnation or destruction of property
Expiration of Contract
Mutual Agreement
Breach
Operation of Law
Completion
-Which agency contract(s) does (do) not require the seller to pay a commission to the
listing broker when the buyer is procured? - -Exclusive agency
Open listing
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