Wisconsin Real Estate Exam Prep Questions and Answers 2023
1. A seller signs listing contract with firm. Who is the agent
who is the princi- pal?: Seller is the principal, firm is the agent.
2. If you are the listing agent and a buyer asks you to write an
offer but does not sign an agency agreement, how do you
describe the buyer?: Customer
3. What kind of agency is the firm practicing if they represent
just one party in a transaction?: Single Agency
4. When can a firm engage in multiple representation?: When
buyer and seller consent and receive full written disclosure.
5. In what kind of transaction must a firm provide agency
disclosure?: ALL TRANSACTIONS 1-4 family need to sign
6. By when must a firm provide agency disclosure to client?
Customer?: Be- fore or at the same time executing client agency
agreement. Before negotiations for customer. 7. If you are a buyers agent by when must you disclose your
agency rela- tionship to seller or listing firm.: First chance you
get, first contact when parties exchange information about
transaction or the seller, showing of property, any other negotiation
with seller or listing firm.
8. What are listing firms agency disclosure obligations when
working with a customer who wants to write an offer on a
duplex? Commercial warehouse?-
: Must provide disclosure in ALL transactions, 1-4 family must
sign, commercial no signature required.
9. When does a property manager need to have a real estate
license?: If they are negotiating terms or signing leases on behalf
of the landlord.
10. If a licensee is representing a family member who is writing
an offer, what are the disclosure obligations? Does it matter if
they are a client or customer?: Disclose in writing and offer to
purchase. Written consent from all parties.