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 customer (not a client) asks a Wisconsin licensee for advice. The licensee owes the customer a duty of:
Answer: Fair and honest dealing, including disclosure of material adverse facts
Even to non-client customers, licensees owe honesty, fair dealing, and disclosure of material adverse facts.
A Wisconsin licensee receives two offers and favors the one from a friend, steering the seller toward it. This breaches:
Answer: Duty of loyalty and impartial service to the client
Favoring a personal contact over the client's best interest breaches the duty of loyalty.
Under Wisconsin law, a licensee who is convicted of a felony must:
Answer: Report it to the licensing authority as required
Licensees must report certain criminal convictions to the licensing authority as required by law.
A dual-agency situation in Wisconsin most notably limits the licensee's ability to:
Answer: Fully advocate for one party over the other
In multiple representation, the licensee cannot fully advocate for one party against the other.
A licensee knowingly conceals a past basement flooding problem from buyers. This is:
Answer: Fraudulent concealment of a material adverse fact
Knowingly hiding a material defect like recurring flooding is fraudulent concealment.
Which best describes a licensee's duty of accounting in Wisconsin?
Answer: Promptly accounting for all money and property received on the client's behalf
The duty of accounting requires promptly reporting and handling all funds and documents belonging to the client.
A Wisconsin licensee wants to place a sign on a listed property. Ethically and legally, they must first obtain:
Answer: The seller/owner's permission
A licensee must have the owner's permission before placing a sign on the property.