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

Question 1

Under Wisconsin law, what is the maximum duration of a listing agreement before it must be renewed?

Accepted Answer

There is no statutory maximum

Answer

Wisconsin does not impose a statutory maximum duration on listing agreements, though DSPS recommends reasonable timeframes.

Question 2

Which Wisconsin-approved form must be provided to a buyer before the buyer signs an offer to purchase?

Accepted Answer

Agency disclosure form

Answer

Wisconsin law requires the agency disclosure form be provided to the buyer before the buyer signs an offer to purchase.

Question 3

In a Wisconsin offer to purchase, what happens if the buyer fails to deliver earnest money by the deadline stated in the contract?

Accepted Answer

The seller may declare the offer in default

Answer

Failure to deliver earnest money by the stated deadline allows the seller to declare the buyer in default of the contract.

Question 4

On the WB-11 Residential Offer to Purchase, which contingency allows the buyer to cancel if they cannot obtain financing approval?

Accepted Answer

Financing commitment contingency

Answer

The financing commitment contingency on the WB-11 permits the buyer to cancel if they cannot secure a loan commitment by the specified date.

Question 5

What is the purpose of the WB-40 Amendment to Offer form in Wisconsin?

Accepted Answer

To modify terms of an accepted offer

Answer

The WB-40 is used to modify or change the terms of an already-accepted offer to purchase with mutual consent.

Wisconsin Real Estate License Practice Test