WI Real Estate Sales Exam Already
Passed
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 representin
...
WI Real Estate Sales Exam Already
Passed
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
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