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
In Wisconsin, what happens if a licensee fails to provide the mandatory agency disclosure form?
Answer: The licensee may face disciplinary action from DSPS
Failure to provide the required agency disclosure can result in disciplinary action by the Wisconsin Department of Safety and Professional Services.
A Wisconsin real estate agent acting as a transaction broker owes which of the following to both parties?
Answer: Limited duties including honesty, fairness, and disclosure of material facts
A transaction broker in Wisconsin owes limited duties of honesty, fairness, and disclosure of material adverse facts to both parties.
Which disclosure is a Wisconsin seller exempt from providing on the Real Estate Condition Report?
Answer: Transfers made by a court-appointed fiduciary such as a personal representative
Transfers by court-appointed fiduciaries, such as estate sales through a personal representative, are exempt from the condition report requirement.
A designated agent in Wisconsin owes fiduciary duties to whom?
Answer: Only the party they are designated to represent
A designated agent owes fiduciary duties solely to the party they have been designated to represent within the transaction.
Under Wisconsin law, which of the following must be disclosed by a seller even if it is not on the condition report?
Answer: Known structural defects that materially affect the property's value
Known structural defects that materially affect value must be disclosed regardless of whether they appear on the standard condition report.
In Wisconsin, how long must a broker retain copies of agency disclosure forms and transaction records?
Answer: 7 years
Wisconsin brokers are required to retain transaction records, including agency disclosures, for a minimum of 7 years.