FREE Wisconsin Real Estate License Contracts and Approved Forms Questions and Answers Flashcards
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Read the first 6 FREE Wisconsin Real Estate License Contracts and Approved Forms Questions and Answers flashcards as text
Under Wisconsin's approved forms, what is the consequence if a seller accepts multiple offers simultaneously without using the proper approved form process?
Answer: The seller may face liability for breach of contract with all accepting buyers
A seller who improperly accepts multiple offers may face breach of contract claims from buyers whose accepted offers cannot be performed.
Which section of the Wisconsin WB-11 Residential Offer to Purchase addresses the property condition and seller's disclosure obligations?
Answer: The Condition of Property and Seller Representations section
The Condition of Property and Seller Representations section of the WB-11 covers disclosures about property condition and known defects.
In Wisconsin, the WB-44 Counter-Proposal form is used when a seller wants to change terms of a buyer's offer. What happens to the original offer when a counter-proposal is issued?
Answer: The original offer is rejected and a new proposal is created
Issuing a WB-44 Counter-Proposal constitutes a rejection of the original offer and creates a new proposal with modified terms.
Which Wisconsin approved form must be used when a listing broker wants to establish an exclusive right to sell a residential property?
Answer: WB-1 Residential Listing Contract - Exclusive Right to Sell
The WB-1 is the approved form for establishing an exclusive right to sell listing agreement for residential properties in Wisconsin.
What is required under Wisconsin law when a real estate licensee prepares an offer using approved forms for a transaction involving a property with known environmental contamination?
Answer: The Real Estate Condition Report must disclose known contamination and the appropriate environmental addendum should be attached
Wisconsin law requires disclosure of known environmental contamination on the Real Estate Condition Report, and appropriate addenda should address the specific conditions.
In a Wisconsin real estate transaction, when can earnest money held by the listing broker's trust account be disbursed if there is a dispute between buyer and seller?
Answer: Only upon written agreement of both parties or a court order
Disputed earnest money in a broker's trust account can only be disbursed with written consent of both parties or by court order under Wisconsin law.