Download Wisconsin Real Estate Exam questions with correct answers 2025/26 100% CORRECT ANSWERS,. and more Exams Nursing in PDF only on Docsity!
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The foundation upon which real estate brokerage is practiced - Correct Answers ✅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 - Correct Answers ✅Agency Relationship A written agreement between a firm and a client; the client authorizes the firm to provide brokerage services to the client - Correct Answers ✅Agency Agreement What are two agency agreements? - Correct Answers ✅Listing Agreement Buyers Agency Agreement Laws to protect consumers; helps explain agency to consumers; consumers rights and obligations; licensees rights and obligations - Correct Answers ✅Agency Disclosure
Wisconsin Real Estate Exam questions with correct
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Duties owed to all parties involved in a transaction; duties owed to clients; roles in agency relationships; creation and termination of agency - Correct Answers ✅Agency Law Any person licensed under WI statutes Chapter 452 - Correct Answers ✅Licensee The WI statute that governs real estate practice - Correct Answers ✅Chapter 452 What are the 5 parts of the definition of broker? - Correct Answers ✅Negotiation Pattern of Sales Shows Property Advertised Property Opinion of Value What are the three parts of broker-negotiation? - Correct Answers ✅Intermediary Complete Forms Presents Proposals
Wisconsin Real Estate Exam questions with correct
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A person engaged wholly or in part is in the business of selling or exchanging interest in real estate or business to the extent that a pattern of sales is established; 5 sales in 1 year; 10 sales in 5 years - Correct Answers ✅Broker- Pattern of Sales What are the two ways to create a pattern of sales? - Correct Answers ✅5 sales in 1 year 10 sales in 5 years A person who for another person and for commission, money, or other thing of value shows real estate or a business - Correct Answers ✅Broker-Shows Property Does a property manager who does not negotiate or sign leases need a real estate license? If they sign or negotiate leases do they need a real estate license? - Correct Answers ✅Does not negotiate or sign - No Negotiates or signs - Yes A person who for another person and commission, money, or other thing of value promotes the sale, exchange, purchase, option, rental, or leasing of real estate, a time share, or business; does not apply to a person who only publishes or
Wisconsin Real Estate Exam questions with correct
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disseminates verbatim info provided by another party (Newspaper for example) - Correct Answers ✅Broker-Advertises Property Issues a written report of property value that is prepared for another person and that is not an appraisal - Correct Answers ✅Broker-Opinion of Value What can you do with your license? - Correct Answers ✅Residential Sales Exchanges Options to Purchase Business Sales Can be a tax planning tool used in a trade or a business that then defers capital gains - Correct Answers ✅Exchange Why might someone exchange a property instead of buying/selling? - Correct Answers ✅Defer capital gains taxes An agreement to open, for a period of time, an offer to sell or lease real property; can be used to collect several parcels of land; gives a buyer time to resolve zoning,
Wisconsin Real Estate Exam questions with correct
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A licensed individual broker acting as sole proprietorship or a licensed broker business entity - Correct Answers ✅Firm Any person associated with a firm other than a broker or a person who is not required to hold a license; must be licensed according to the state licensing process; practices real estate under the supervision of the supervising broker; extension of the firm - Correct Answers ✅Salesperson Does a sales person have to be associated with a firm in order to practice real estate? - Correct Answers ✅Yes Acts on behalf of a principal (buyer, seller, tenant, or landlord) and carries out the directions of the principal - Correct Answers ✅Agent A seller/buyer hires a firm who then hires an salesperson, what is the relationship between the buyer/seller, firm, and salesperson? - Correct Answers ✅Buyer/Seller = Principal Firm = Agent of buyer/seller
Wisconsin Real Estate Exam questions with correct
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Salesperson = Agent of the firm A party to a transaction who has an agency agreement, such as a listing contract or buyer's agency agreement, with a firm for brokerage services - Correct Answers ✅Client Engages a subagent to provide brokerage services in a transaction - Correct Answers ✅Principal Firm A firm that is engaged by a principal firm to provide brokerage services in a transaction, but that is not associated with the principal firm - Correct Answers ✅Subagent A party to a transaction who receives brokerage services, such as drafting an offer to purchase, from a firm; does not enter into an agency agreement; receives brokerage services on behalf of and for the benefit of another - Correct Answers ✅Customer What are the different agency models? - Correct Answers ✅Single Agency
Wisconsin Real Estate Exam questions with correct
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Firm represents both parties in the transaction; each party gets his or her own agent; agents are NOT neutral, but rather negotiate on behalf of the agents' respective clients - Correct Answers ✅Multiple representation with designated agency A person who is responsible for the property of another - Correct Answers ✅Fiduciary A listing firm and a buyers firm work together on behalf of their respective clients; a listing firm and a subagent work together on behalf of the listing firms client and the buyer-customer; What is the relationship between the two firms? - Correct Answers ✅Cooperating Firms The firm that the seller hires with the listing contract - Correct Answers ✅Listing Firm The agent of the listing firm that executes the listing contract on behalf of the firm
- Correct Answers ✅Listing Agent
Wisconsin Real Estate Exam questions with correct
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The firm that procures a buyer and writes the offer - Correct Answers ✅Selling Firm The agent of the selling firm that procures the buyer - Correct Answers ✅Selling Agent What do we know for sure if we see selling firm or selling agent? - Correct Answers ✅The buyer is a customer The firm that the buyer signs a buyer agency agreement with - Correct Answers ✅Buyers Firm The agent who drafts the offer for the buyer client - Correct Answers ✅Buyers Agent Licensees have legal duties to all parties in a transaction, regardless of the party that the licensee represents - Correct Answers ✅Agent's Duties Provide brokerage services honestly and fairly
Wisconsin Real Estate Exam questions with correct
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advice or opinions that would be contrary to another party's interests - Correct Answers ✅Pre-Agency If there is every a conflict between the duties owed to all parties and duties owed to a clients, what duties must the licensees observe? - Correct Answers ✅Duties owed to all parties Provide, when requested, info and advise Disclose material information Fulfill any obligation required by agency agreement - Correct Answers ✅Duties owed to a client Can be waived in full or in part Must be waived in writing Firm must give written disclosure of what is being waived Written Notice to the client that the client may need an attorney or other assistance to fulfill client's goals and duties - Correct Answers ✅Duty to Negotiate Owe the duties owed to all parties in a transaction
Wisconsin Real Estate Exam questions with correct
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Only involved in the transaction because of the authority the seller granted to the listing firm Cannot tell the buyer the property is overprices or advise the buyer to offer less than the list price Can provide negotiation services such as drafting offers or presenting counter offers Must provide disclosure of agency to buyer-customer - Correct Answers ✅Duties for Subagents Are licensees required to discuss agency relationship with buyers/sellers before providing brokerage services? - Correct Answers ✅Yes Do you have to provide agency disclosure if the principal is a customer? If so, how and when? - Correct Answers ✅Yes, with a separate document no later than the time of entering into an agency agreement Can firms and licensees associated with the firms provide legal advice? - Correct Answers ✅No
Wisconsin Real Estate Exam questions with correct
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Can a listing firm pay compensation or an incentive to a licensee who is acting as a buyer in a transaction? - Correct Answers ✅Yes, but only with written consent from the seller Are tie-in arrangements illegal in WI? - Correct Answers ✅Not fully, most are illegal under antitrust laws, but there are exceptions The sale of one product is conditioned on a consumer purchasing another product
- Correct Answers ✅Tie-in Arrangement What are the two categories of people in the real estate office? - Correct Answers ✅Licensed Agents Unlicensed Assistants Only licensed individuals can perform tasks such as: - Correct Answers ✅Showings Open-Houses Negotiating Offers
Wisconsin Real Estate Exam questions with correct
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What happens if you practice real estate without a licensee? - Correct Answers ✅Up to a $1000 fine or imprisoned up to 6 months or both How long do you have to report termination of association with a firm to the DSPS? Can you continue practicing during this time? - Correct Answers ✅10 days No, you must be associated with a firm Formal written or formal verbal agreement (must be in writing for real estate) - Correct Answers ✅Express Agency Created through actions of the parties; typically accidental; may lead to undisclosed multiple representation relationship - Correct Answers ✅Implied Agency Agency agreements are always between... - Correct Answers ✅The client and the firm Without written consent from the licensee's supervising broker, the licensee cannot - Correct Answers ✅Terminate
Wisconsin Real Estate Exam questions with correct
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Authority to represent principal in one transaction - Correct Answers ✅Special Agency Authority to represent principal in more than one transaction - Correct Answers ✅General Agency What are the 4 types of listing contracts? - Correct Answers ✅Exclusive right to sell Exclusive agency Open listing contract One-Party Seller hires one firm to act as the seller's agent in the transaction; if the buyer is found, firm earns a commission regardless of who found the seller - Correct Answers ✅Exclusive right to sell What is the only state approved listing contract? - Correct Answers ✅Exclusive right to sell
Wisconsin Real Estate Exam questions with correct
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The seller hires one firm to represent the seller in the transaction; the firm earns a commission UNLESS the seller finds the buyer - Correct Answers ✅Exclusive agency listing The property is listed with several firms; the firm that find the buyer earns the commission; if the seller finds the buyer, no commission is owed - Correct Answers ✅Open listing The firm earns a commission only if a named buyer buys the property - Correct Answers ✅One-Party Listing The firm's commission is any dollar amount over a minimum sales price agreed upon by the firm and the seller; ILLEGAL IN WI - Correct Answers ✅Net-Listing An employment agreement that creates a relationship between a firm and the buyer; buyer hires the firm to assist in negotiating an option, purchase, or exchange; usually the firm is retained to both locate and negotiate the deal - Correct Answers ✅Buyer Agency Agreement
Wisconsin Real Estate Exam questions with correct
