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

Notice of Buyer's Termination

Answer

Inspection Contingency addendum

Answer

Counter-Proposal form

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

The offer is automatically void

Answer

The buyer must pay a penalty fee

Answer

The seller must extend the deadline by 5 days

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

WB-41 Notice Relating to Offer to Purchase

Answer

WB-44 Counter-Proposal

Answer

WB-45 Cancellation Agreement

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

At the time of writing an offer

Answer

After the offer has been accepted

Answer

Only if the buyer requests representation

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

WB-15 Commercial Offer to Purchase

Answer

WB-12 Commercial Listing Contract

Answer

WB-13 Commercial Offer to Purchase

Question 6

What is the primary purpose of the WB-36 Buyer Agency/Tenant Representation Agreement in Wisconsin?

Accepted Answer

To establish exclusive buyer agency representation

Answer

To disclose dual agency to the buyer

Answer

To terminate a listing agreement

Answer

To authorize a licensee to show properties only