Wisconsin Real Estate License Agency Law and Relationships 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 Wisconsin Real Estate License Agency Law and Relationships Questions and Answers flashcards as text
In Wisconsin, a listing broker who cooperates with a buyer's broker through the MLS is generally offering what type of relationship to the buyer's broker?
Answer: Cooperative compensation without subagency
Modern MLS practice in Wisconsin typically offers cooperative compensation to a buyer's broker without creating a subagency relationship.
A Wisconsin real estate agent discovers that their seller client's property has a leaking underground storage tank. What is the agent's obligation?
Answer: Disclose it to prospective buyers as a material adverse fact
Material adverse facts affecting the property must be disclosed to all parties regardless of whom the licensee represents.
Under Wisconsin law, which of the following best describes a transaction broker's role?
Answer: Provides services to both parties without representing either as a client
A transaction broker facilitates the transaction by providing services to both parties without owing fiduciary duties to either party.
A Wisconsin buyer's agent learns during a showing that the buyer plans to convert a residential property to a commercial use that violates local zoning. What should the agent do?
Answer: Keep the information confidential as it relates to the buyer's intended use
The buyer's intended use of the property after purchase is confidential client information that the agent must protect under their duty of confidentiality.
Which Wisconsin regulatory body oversees real estate licensing and enforces agency law compliance?
Answer: Wisconsin Real Estate Examining Board (REEB)
The Wisconsin Real Estate Examining Board (REEB), operating under the Department of Safety and Professional Services, oversees real estate licensing and enforcement.
If a Wisconsin licensee acts as a dual agent without obtaining written consent from both parties, what is the most likely consequence?
Answer: The licensee may face license suspension or revocation and the transaction may be voidable
Undisclosed dual agency violates Wisconsin law and can result in disciplinary action including license suspension or revocation, and the affected party may seek to void the transaction.