Wisconsin Real Estate License FREE Wisconsin Real Estate License Contracts and Approved Forms Questions and Answers 2

Question 1

Under Wisconsin law, which approved form must be used when a buyer wants to make an offer contingent on the sale of their current property?

Accepted Answer

Contingency for Sale of Buyer's Property addendum

Answer

The WB-40 Contingency for Sale of Buyer's Property addendum is the approved form for making an offer contingent on the buyer selling their existing property.

Question 2

In a Wisconsin WB-11 Residential Offer to Purchase, what happens if the buyer fails to deliver earnest money within the time specified?

Accepted Answer

The offer becomes voidable at the seller's option

Answer

If earnest money is not delivered within the specified time, the seller may void the offer, but it is not automatically terminated.

Question 3

Which Wisconsin approved form is used to amend the terms of an accepted offer to purchase after mutual acceptance?

Accepted Answer

WB-40 Amendment to Offer

Answer

The WB-40 Amendment to Offer is the approved form used to modify terms of an already-accepted offer with both parties' consent.

Question 4

When must a Wisconsin real estate licensee provide a buyer with the approved Consumer Notice form?

Accepted Answer

At the first substantive contact with the buyer

Answer

Wisconsin Administrative Code requires licensees to provide the Consumer Notice at the time of first substantive contact with a prospective buyer.

Question 5

In a Wisconsin commercial real estate transaction, which approved form is used instead of the WB-11?

Accepted Answer

WB-14 Commercial Offer to Purchase

Answer

The WB-14 is the approved form for commercial offers to purchase in Wisconsin, distinct from the residential WB-11.

Wisconsin Real Estate License Practice Test

Wisconsin Real Estate License Practice Test

Wisconsin Real Estate License FREE Wisconsin Real Estate License Contracts and Approved Forms Questions and Answers 2