FREE Wisconsin Real Estate License Ethics & Professional Practices Questions and Answers
Why is accurate property disclosure important in real estate transactions?
Providing accurate property disclosures ensures transparency and protects both buyers and sellers from legal disputes.
What is the primary responsibility of a real estate agent under ethical guidelines?
A real estate agent’s ethical duty is to act in the best interest of their clients, ensuring honesty and integrity in all transactions.
What is the purpose of the Code of Ethics established by the National Association of Realtors (NAR)?
The NAR Code of Ethics provides professional conduct guidelines that promote fairness, integrity, and consumer protection in real estate transactions.
Which practice is considered unethical in real estate?
Steering, or directing buyers toward or away from specific neighborhoods based on race or ethnicity, is a violation of ethical and legal standards.
What does the term 'fiduciary duty' mean in real estate?
Fiduciary duty requires real estate professionals to act with loyalty, confidentiality, and full disclosure when representing a client.
What must an agent do when they have a conflict of interest in a transaction?
An agent must fully disclose any conflict of interest to all parties involved in a transaction to maintain ethical standards.