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
A Wisconsin seller's agent is asked by a buyer, 'Will the seller take less?' Without authorization, the agent should:
Answer: Not reveal the seller's willingness to accept a lower price
The seller's negotiating position is confidential, so the agent cannot disclose the seller's willingness to accept less without permission.
Which of the following best describes a fiduciary-level relationship in Wisconsin real estate?
Answer: A client relationship established by a written agency agreement
Client relationships created by written agency agreements carry the highest, fiduciary-level duties.
If a Wisconsin licensee's client instructs them to discriminate against a protected class buyer, the licensee must:
Answer: Refuse, because the instruction is unlawful
The duty of obedience applies only to lawful instructions; a licensee must refuse any unlawful or discriminatory directive.
In Wisconsin, disclosed multiple representation with informed consent requires the firm to remain:
Answer: Neutral and impartial between the two parties
When a firm represents both parties with consent, it must act impartially and cannot favor one party over the other.
A Wisconsin licensee's duty of loyalty means the licensee must:
Answer: Place the client's interests above the licensee's own interests
The duty of loyalty requires putting the client's interests ahead of the licensee's own personal interests.
Which document in a Wisconsin transaction primarily discloses known property defects from the seller?
Answer: Real Estate Condition Report
The Real Estate Condition Report is the seller's disclosure of known conditions and defects of the property.
A Wisconsin licensee terminates an agency agreement but later receives a call from the former client requesting confidential info be revealed to a new buyer. The licensee must:
Answer: Continue protecting the former client's confidential information
Confidentiality survives termination of the agency, so the licensee must continue to protect the former client's confidential information.