Agency Law and Relationships 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 Relationships flashcards as text
In a Wisconsin multiple representation situation, what may a firm NOT disclose without permission?
Answer: Confidential information such as one party's willingness to accept a lower price
In multiple representation the firm must keep each party's confidential negotiating information private unless authorized to share it.
Wisconsin's practice of a firm appointing separate agents to each party in a transaction is called:
Answer: Designated agency
Designated agency allows a firm to appoint different licensees to represent each party while managing conflicts within the firm.
Which of the following is a material adverse fact that a Wisconsin licensee must disclose to all parties?
Answer: A known structural defect affecting the property's safety
Licensees must disclose material adverse facts, such as known defects, to all parties regardless of who they represent.
In Wisconsin, when a listing broker authorizes a cooperating broker to act on the seller's behalf, this creates:
Answer: Subagency
Subagency occurs when a cooperating broker is authorized to represent the seller's interests through the listing broker.
How long must a Wisconsin licensee maintain the duty of confidentiality regarding a former client's confidential information?
Answer: Indefinitely, even after the transaction closes
Confidential information must be protected indefinitely, with no expiration once the relationship ends.
A Wisconsin licensee owes a customer which of the following?
Answer: Fair and honest dealing and disclosure of material adverse facts
Customers are owed honesty and disclosure of material adverse facts but not the full client-level duties.
If a Wisconsin client refuses to authorize multiple representation, the firm must:
Answer: Not proceed with representing both parties in that transaction
Multiple representation requires the informed written consent of the parties; without it the firm cannot represent both.