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Wisconsin Auto Sales License EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+$25.49
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Wisconsin Auto Sales License EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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Course
Wisconsin Auto Sales License
Institution
Wisconsin Auto Sales License
Wisconsin Auto Sales License EXAM AND PRACTICE EXAM
NEWEST ACTUAL EXAM COMPLETE 500 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
What aren't you allowed to do while advertising - CORRECT ANSWER use deceptive or
misleading advertising to induce price
What te...
Wisconsin Auto Sales License EXAM AND PRACTICE EXAM
NEWEST ACTUAL EXAM COMPLETE 500 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
What aren't you allowed to do while advertising - CORRECT ANSWER use deceptive or
misleading advertising to induce price
What terms cannot be used when discussing trade in allowance? - CORRECT ANSWER
- We will pay up to
- appraise your own vehicle
- as much as
what wording can you NOT use in advertisements unless the dealership is going out of
business - CORRECT ANSWER - close out
- last of remaining
Do you always have to disclose when a vehicle has been flood damaged - CORRECT
ANSWER yes
MSRP - CORRECT ANSWER a label on the window of a car that has information on
standard equipment, base price, transport method, assembly point, receiving dealer
Are MSRPs required for trucks? - CORRECT ANSWER no
Dealer Supplemental Price Label - CORRECT ANSWER a label that lists optional
equipment or accessories installed by the dealership
Wisconsin Buyers Guide - CORRECT ANSWER the results of a safety inspection
when is the Wisconsin Buyers Guide not required - CORRECT ANSWER - trucks over
16,000 pounds
- demo vehicles
- unrepaired salvage
- leased vehicles that are bought after the leasing period is up
what must you include about the model year - CORRECT ANSWER model year,
whether or not it's used or new, or "one-owner" when applicable
,what must be ensured to list a vehicle as available - CORRECT ANSWER that there is
enough available or that it can be delivered within a reasonable time
Do you need to include the dealership name in advertisements? - CORRECT ANSWER
yes
Agency - CORRECT 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 - CORRECT ANSWER Any person licensed under state law to practice real
estate.
Broker - CORRECT ANSWER A person that, for another person, and for commission,
money or other thing of value, negotiates or offers or attempts to negotiate, whether
directly or indirectly.
A party is negotiating when: - CORRECT ANSWER 1) Acting as an intermediary by
facilitating between a parties transaction.
2) Completing appropriate forms and writing documents
3) Presenting party proposals of other parties and explaining provisions.
Exchange - CORRECT ANSWER tax-planing tool for property owner to exchange one
property for another and defer payment of the tax on income earned on the transfer.
The tax is differed not tax free (starker).
Option to Purchase - CORRECT ANSWER An agreement to keep open, for a set
period, an offer to sell or lease real property. (layaway) Buyer pays an option fee for the
right to purchase by agreed terms. Unilateral sale...buyer doesn't have to buy buy seller
has to sell.
Business Sale - CORRECT ANSWER Any type of business that is for sale including the
goodwill of an existing business and all the assets, with or without real estate.
Who doesn't need a license? - CORRECT ANSWER 1) Persons appointed under the
order of the court
2) Public officers
3) Manager of residential building who shows a residential unit to prospective tenants
4) Attorneys
Firm - CORRECT ANSWER Any licensed individual broker acting as a sole proprietor or
a licensed broker business entity
Salesperson - CORRECT ANSWER Any person associated with a firm, other than a
broker or individual who is not required to hold a license. Must be associated with firm
and if it loses its license must stop practicing immediately.
,Agent - CORRECT ANSWER Acts on behalf of a principal, such as a buyer or seller,
and carries out the directions of the principal.
Client - CORRECT ANSWER A party represented by a broker in an agency relationship
in which the agent represents their interests
Principal Firm - CORRECT ANSWER A firm that engages a subagent to provide
brokerage services in a transaction. Many times its the listing firm.
Subagent - CORRECT ANSWER Firm that is engaged by a principal firm to provide
brokerage services in a transaction, but is not associated with the principal firm.
Customer - CORRECT ANSWER Party to a transaction who receives brokerage
services, such as drafting an offer to purchase from a firm but who is not the firm's
client. Doesn't enter into agency agreement.
Agency Models - CORRECT ANSWER There are three different options that a client
chooses that with structure the relationship with the firm.
Single Agency - CORRECT ANSWER When a firm represents either the buyer or the
seller as a client, but never both in the same transaction.
Multiple Representation - CORRECT ANSWER Firm represents two or more clients in
the same transactions. When buyer and seller are both clients of the same firm and
participation in the same transaction. Both parties must consent. Client can withdraw at
any time (in writing).
Multiple Representation without designated Agency - CORRECT ANSWER Firm
provides services as agreed to in the clients' agency agreements, but the firm must take
a neutral position in the transaction negotiations. Agent cannot place the interest of one
client ahead of another.
Multiple Representation with Designated Agency - CORRECT ANSWER The firm
represents multiple parties in the transaction. Firm designates an agent to each client
and the designated agent does not have to remain neutral in the transaction.
Fiduciary - CORRECT ANSWER Person who is responsible for the property of another
Cooperating Firm - CORRECT ANSWER Firms the cooperate with the listing firm in one
transaction. Can either be the seller's firm or the cooperating firm.
Listing FIrm - CORRECT ANSWER Firm that the seller hires with the listing contract.
The seller is their client whom they represent.
Listing Agent/Licensee - CORRECT ANSWER Agent associated with firm who secures
and executes the listing contract.
, Selling Firm - CORRECT ANSWER Firm that finds the buyer and writes the offer.
Subagent of the listing firm.
Selling Agent/Licensee - CORRECT ANSWER Finds the buyer and writes offer.
Buyers Firm - CORRECT ANSWER Firm the signs a buyer agency agreement with a
buyer. Buyer is a client.
Buyer's Agent/Licensee - CORRECT ANSWER Associated with the buyer's firm who
drafts the offer for the buyer-client.
Duties for Subagents - CORRECT ANSWER Firm engaged by a principal firm to
provide brokerage services in a transaction, but that is not associated with the principal
firm. Owes all duties owed to all persons as well as the duty of loyalty to the seller.
Customer Agency Disclosure Obligations - CORRECT ANSWER To customers, cannot
negotiate on behalf unless the licensee provides them with state-mandated disclosure
statements. Can disclose plain-language summary.
Client Agency Disclosure Obligations - CORRECT ANSWER To clients, must provide
the state written disclosure statements no later that the time the firm enters into an
agency.
Providing Agency Disclosure - CORRECT ANSWER Must provide in all transactions to
either clients or customers depending on each situation.
Disclosure Obligations by Buyer's Firm - CORRECT ANSWER Firm that represents the
buyer who is working directly with the the seller, must notify the seller during first
contact, a showing of the property, or any other negotiations with the seller.
Disclosure of Compensation and Interests - CORRECT ANSWER Licensees do not
need to disclose referral fees for real estate services between licensees
Broker practicing with others - CORRECT ANSWER Broker can practice with other firm
with written consent and working with firm that is non competing
Notifying the Department of Safety and Professional Services - CORRECT ANSWER
Must notify them if there are any changes to their practice or changes affecting their
license.
Licensee termination - CORRECT ANSWER Must notify DSPS in writing within 10 days
Licensee conviction - CORRECT ANSWER Must send to Real Estate Examining Board
within 48 hours
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