License Law and Regulations 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 License Law and Regulations flashcards as text
What does the acronym 'REEB' stand for in Wisconsin real estate regulation?
Answer: Real Estate Examining Board
REEB stands for the Real Estate Examining Board, the Wisconsin body that sets licensure standards and professional conduct requirements.
Which of the following activities requires a Wisconsin real estate license?
Answer: Negotiating the sale of real property for another person for compensation
Acting on behalf of another person to negotiate a real estate transaction in exchange for compensation requires a Wisconsin real estate license.
Which of the following is a recognized ground for disciplinary action against a Wisconsin real estate licensee?
Answer: Commingling client trust funds with personal funds
Commingling client funds with personal or brokerage operating funds is a serious violation that can result in license suspension or revocation by REEB.
What range of disciplinary actions can the Wisconsin Real Estate Examining Board (REEB) impose on a licensee?
Answer: Reprimand, license suspension, license revocation, and/or monetary fines
REEB has broad disciplinary authority including issuing reprimands, suspending or revoking licenses, and imposing monetary fines based on the severity of the violation.
When a Wisconsin salesperson changes their employing broker, how many days do they have to notify DSPS?
Answer: 10 days
Wisconsin licensees must notify DSPS within 10 days of changing their employing broker to keep licensing records current.
What must a Wisconsin salesperson do if their employing broker's license is revoked?
Answer: Immediately cease practicing real estate until affiliated with a new licensed broker
If the sponsoring broker's license is revoked, affiliated salespersons must immediately stop practicing real estate until they affiliate with a new licensed broker.