Wisconsin Real Estate License Contracts and Approved Forms 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 Contracts and Approved Forms Questions and Answers flashcards as text
Under Wisconsin law, what is the maximum duration of a listing agreement before it must be renewed?
Answer: There is no statutory maximum
Wisconsin does not impose a statutory maximum duration on listing agreements, though DSPS recommends reasonable timeframes.
Which Wisconsin-approved form must be provided to a buyer before the buyer signs an offer to purchase?
Answer: Agency disclosure form
Wisconsin law requires the agency disclosure form be provided to the buyer before the buyer signs an offer to purchase.
In a Wisconsin offer to purchase, what happens if the buyer fails to deliver earnest money by the deadline stated in the contract?
Answer: The seller may declare the offer in default
Failure to deliver earnest money by the stated deadline allows the seller to declare the buyer in default of the contract.
On the WB-11 Residential Offer to Purchase, which contingency allows the buyer to cancel if they cannot obtain financing approval?
Answer: Financing commitment contingency
The financing commitment contingency on the WB-11 permits the buyer to cancel if they cannot secure a loan commitment by the specified date.
What is the purpose of the WB-40 Amendment to Offer form in Wisconsin?
Answer: To modify terms of an accepted offer
The WB-40 is used to modify or change the terms of an already-accepted offer to purchase with mutual consent.
Under Wisconsin's approved forms, who is required to sign the condition report (seller disclosure)?
Answer: The seller or the seller's agent with direct knowledge
The Real Estate Condition Report must be completed and signed by the seller or someone with direct knowledge of the property's condition.