FREE Wisconsin Real Estate License Agency Law and Disclosures Questions and Answers Flashcards
6 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 6 FREE Wisconsin Real Estate License Agency Law and Disclosures Questions and Answers flashcards as text
Under Wisconsin law, when must a real estate licensee provide the agency disclosure form to a prospective buyer?
Answer: At the first substantive contact
Wisconsin law requires the agency disclosure to be provided at the first substantive contact with a prospective buyer.
A listing agent in Wisconsin discovers that the property has a history of flooding in the basement. What is the agent's obligation?
Answer: Disclose the known material adverse fact to prospective buyers
Wisconsin agents must disclose known material adverse facts regardless of seller instructions.
In Wisconsin, a subagent owes fiduciary duties to which party?
Answer: The seller through the listing broker
A subagent works through the listing broker and owes fiduciary duties to the seller.
Which of the following is NOT a required disclosure on the Wisconsin Real Estate Condition Report?
Answer: The original purchase price paid by the seller
The original purchase price is not a required item on the Wisconsin Real Estate Condition Report.
A buyer's agent in Wisconsin learns that the buyer plans to use the property for an illegal purpose. What should the agent do?
Answer: Terminate the agency relationship
An agent should terminate the relationship rather than assist in an illegal activity, as confidentiality does not extend to illegal acts.
Under Wisconsin's agency law, which type of agency allows a broker to represent both the buyer and seller in the same transaction?
Answer: Dual agency with informed consent
Dual agency is permitted in Wisconsin only when both parties give informed written consent.