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 buyer's agent learns the buyer plans to resell quickly for profit. Does the agent disclose this to the seller?
Answer: No, it is confidential information of the client
A client's motivation is confidential information that the agent must not disclose without consent.
Which of the following is a material adverse fact a Wisconsin licensee must disclose?
Answer: A known structural foundation problem
A known structural defect significantly affecting the property is a material adverse fact requiring disclosure.
Under Wisconsin's fair housing rules, refusing to show homes in certain neighborhoods based on race is called:
Answer: Steering
Steering is directing buyers toward or away from areas based on protected class characteristics.
A licensee exaggerates that a home has 'the best view in the city.' This is generally:
Answer: Legal puffing (opinion)
Puffing is a non-factual opinion statement that is generally permissible and not fraud.
How long must a Wisconsin broker generally retain transaction records?
Answer: At least the period required by DSPS rules (multiple years)
Brokers must retain transaction and trust account records for the multi-year period set by DSPS.
A Wisconsin licensee accepts a referral fee from a home inspector without telling the client. This is:
Answer: An undisclosed conflict of interest violation
Accepting undisclosed compensation that creates a conflict of interest violates the duty of disclosure.
When a Wisconsin agency relationship ends, which duty typically continues?
Answer: Duty of confidentiality
The duty to keep confidential information private survives the end of the agency relationship.