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

$1,000

Answer

$5,000

Answer

$25,000

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

Before the buyer makes an offer

Answer

Within 10 days after acceptance

Answer

At the time of closing

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

There is no statutory rescission period in Wisconsin

Answer

The buyer has a 3-day rescission period after receiving the condition report

Answer

The seller may rescind within 5 days of acceptance

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

The broker keeps the earnest money as commission

Answer

The earnest money automatically goes to the seller after 60 days

Answer

The broker returns it to the buyer after 30 days

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

WRA Form 1

Answer

WDRL Purchase Agreement

Answer

WB-1 Listing Contract

Question 6

Under Wisconsin's agency disclosure requirements, when must a licensee provide the agency disclosure form to a prospective buyer?

Accepted Answer

At the first substantive contact or before showing properties

Answer

At the time of closing

Answer

Within 5 days of first contact

Answer

Only if the buyer requests it