Ethics & Professional Practices 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 Ethics & Professional Practices flashcards as text
A Wisconsin broker discovers a material defect in a listed property after the listing is signed. What is required?
Answer: Disclose it to prospective buyers regardless of who asks
Wisconsin licensees must disclose known material adverse facts to all parties in the transaction.
Under Wisconsin license law, when must an agency disclosure be provided to a customer?
Answer: At the first substantive contact with a customer
Agency disclosure must be made at the licensee's first substantive contact with a customer.
A Wisconsin licensee represents both buyer and seller in the same transaction. This arrangement requires:
Answer: Written consent from both parties for multiple representation
Multiple representation in Wisconsin requires the written consent of all parties involved.
What must a Wisconsin broker do with earnest money received from a buyer?
Answer: Hold it in the broker's trust account by the required deadline
Earnest money must be placed in the broker's trust account within the timeframe set by law.
A licensee is asked to draft a complex addendum outside standard approved forms. The ethical action is to:
Answer: Advise the client to consult an attorney for legal drafting
Drafting original legal language is the practice of law, so licensees should refer clients to an attorney.
Commingling in Wisconsin real estate practice refers to:
Answer: Mixing client trust funds with the broker's own funds
Commingling is improperly mixing client trust funds with the broker's personal or business funds.
A Wisconsin salesperson must conduct all licensed real estate activity under whom?
Answer: A supervising broker
A salesperson must work under the supervision of a licensed employing broker.