Wisconsin Real Estate License Wisconsin Real Estate License Transactions & Contracts 2

Question 1

Under Wisconsin law, what is the maximum amount of earnest money a broker can hold in their trust account without depositing it into an interest-bearing account?

Accepted Answer

There is no maximum; all earnest money must be deposited

Answer

Wisconsin law requires all earnest money to be deposited into the broker's trust account promptly, regardless of amount.

Question 2

In a Wisconsin real estate transaction, when must a seller provide the Real Estate Condition Report to the buyer?

Accepted Answer

Before acceptance of the offer

Answer

Wisconsin Statute 709.02 requires the seller to furnish the condition report before acceptance of a contract of sale.

Question 3

Which of the following is TRUE about the rescission period for a Wisconsin residential real estate contract?

Accepted Answer

The buyer has a 2-business-day rescission period after receiving the condition report

Answer

Wisconsin provides a 2-business-day rescission period after the buyer receives the Real Estate Condition Report.

Question 4

What happens to earnest money in Wisconsin if the buyer and seller cannot agree on its disbursement after a failed transaction?

Accepted Answer

The broker must interplead the funds with the court

Answer

When there is a dispute over earnest money, the Wisconsin broker must interplead the funds with the court for resolution.

Question 5

In Wisconsin, which document is used as the standard offer to purchase residential real estate?

Accepted Answer

WB-11 Residential Offer to Purchase

Answer

The WB-11 is the standard approved form used for residential offers to purchase in Wisconsin.

Wisconsin Real Estate License Practice Test

Wisconsin Real Estate License Practice Test

Wisconsin Real Estate License Wisconsin Real Estate License Transactions & Contracts 2