Agency Law and Disclosures Flashcards
7 cards from real Wisconsin Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Agency Law and Disclosures flashcards as text
Federal law requires a Lead-Based Paint Disclosure for homes built before:
Answer: 1978
The disclosure applies to residential housing constructed before 1978.
Under the lead-based paint rule, a buyer of a pre-1978 home must be given how many days to conduct a lead inspection unless waived?
Answer: 10 days
Buyers must be offered a 10-day period to inspect for lead-based paint hazards.
A Wisconsin licensee learns of a material adverse fact after an offer is accepted but before closing. The licensee must:
Answer: Disclose it promptly to the parties
Material adverse facts must be disclosed timely to the parties even after acceptance.
Which of the following is generally NOT considered a material adverse fact requiring disclosure in Wisconsin?
Answer: The fact a prior occupant died of natural causes
Wisconsin does not treat the mere fact of a natural-cause death on a property as a material adverse fact.
A material adverse fact under Wisconsin law is significant because it may affect a party's decision about the transaction OR:
Answer: The party's obligations under the contract
A material adverse fact can affect the decision to transact or a party's contractual obligations.
If a licensee is uncertain whether a fact is a material adverse fact, the safest practice is to:
Answer: Disclose it and let the party evaluate
When in doubt, disclosing the fact protects both the parties and the licensee.
The seller in a pre-1978 home refuses to provide the lead-based paint pamphlet. The licensee should:
Answer: Advise it is federally required and must be provided
The EPA-approved lead hazard pamphlet is a mandatory part of the federal disclosure for pre-1978 homes.