Transactions & Contracts 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 Transactions & Contracts flashcards as text
In Wisconsin, which type of listing agreement gives one broker the exclusive right to earn a commission even if the owner finds the buyer?
Answer: Exclusive right-to-sell listing
An exclusive right-to-sell listing entitles the broker to a commission regardless of who procures the buyer during the term.
Net listings are treated how under Wisconsin real estate practice?
Answer: They are discouraged/prohibited due to conflict-of-interest risk
Net listings create a conflict of interest and are prohibited or strongly discouraged because the broker's pay depends on price above a set net to the seller.
Under Wisconsin law, a listing contract for real estate must be in what form to be enforceable for a commission?
Answer: In writing and signed by the seller
To collect a commission, the listing agreement must be in writing and signed by the party to be charged.
What generally happens to a Wisconsin listing agreement if the property owner dies before the listing term ends?
Answer: The listing is typically terminated
Death of the principal is one of the events that generally terminates an agency/listing agreement.
A Wisconsin broker representing the seller owes the seller which core duty regarding offers received?
Answer: Promptly present all written offers
A broker must promptly present all written offers to the client unless instructed otherwise in writing.
In Wisconsin, when may a firm act as a multiple representation (both buyer and seller) firm in one transaction?
Answer: With written disclosure and consent of both parties
A firm may work with both parties only after providing required disclosure and obtaining the parties' consent.
What is a protection (or override) period in a Wisconsin listing contract?
Answer: A period after expiration when the broker may still earn a commission from a protected buyer
The protection period lets the broker collect a commission if a buyer they introduced during the listing purchases shortly after expiration.