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

At closing

Answer

After the offer is accepted

Answer

Only if the buyer requests it

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

Disclose only if the buyer asks directly

Answer

No obligation if the seller says not to disclose

Answer

Disclose only after an offer is submitted

Question 3

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

Accepted Answer

The seller through the listing broker

Answer

The buyer who is shown the property

Answer

Both the buyer and seller equally

Answer

The mortgage lender

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

Known defects in the roof

Answer

Presence of underground storage tanks

Answer

History of environmental contamination

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

Keep the information confidential as part of fiduciary duty

Answer

Report the buyer to local law enforcement immediately

Answer

Disclose the plan to the seller

Question 6

Under Wisconsin's agency law, which type of agency allows a broker to represent both the buyer and seller in the same transaction?

Accepted Answer

Dual agency with informed consent

Answer

Single agency

Answer

Designated agency

Answer

Implied agency