Wisconsin Real Estate License FREE Wisconsin Real Estate License Agency Law and Disclosures Questions and Answers 2

Question 1

Under Wisconsin law, when must a real estate licensee provide the agency disclosure form to a prospective buyer?

Accepted Answer

At the first substantive contact

Answer

Wisconsin law requires the agency disclosure to be provided at the first substantive contact with a prospective buyer.

Question 2

A listing agent in Wisconsin discovers that the property has a history of flooding in the basement. What is the agent's obligation?

Accepted Answer

Disclose the known material adverse fact to prospective buyers

Answer

Wisconsin agents must disclose known material adverse facts regardless of seller instructions.

Question 3

In Wisconsin, a subagent owes fiduciary duties to which party?

Accepted Answer

The seller through the listing broker

Answer

A subagent works through the listing broker and owes fiduciary duties to the seller.

Question 4

Which of the following is NOT a required disclosure on the Wisconsin Real Estate Condition Report?

Accepted Answer

The original purchase price paid by the seller

Answer

The original purchase price is not a required item on the Wisconsin Real Estate Condition Report.

Question 5

A buyer's agent in Wisconsin learns that the buyer plans to use the property for an illegal purpose. What should the agent do?

Accepted Answer

Terminate the agency relationship

Answer

An agent should terminate the relationship rather than assist in an illegal activity, as confidentiality does not extend to illegal acts.

Wisconsin Real Estate License Practice Test