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
On the WB-11 form, what is the default remedy if the seller fails to provide marketable title by the closing date?
Answer: Buyer may extend closing or cancel the offer
The WB-11 provides that if marketable title cannot be delivered by closing, the buyer may extend the deadline or cancel and receive a return of earnest money.
Which Wisconsin form is used when a buyer wants to make a counter-offer in response to a seller's counter-proposal?
Answer: WB-44 Counter-Offer
The WB-44 Counter-Offer form is the approved form for making counter-proposals during offer negotiations in Wisconsin.
In Wisconsin, when must a broker deliver the accepted offer to purchase to all parties?
Answer: Within one business day of acceptance
Wisconsin administrative code requires brokers to deliver copies of the accepted offer to all parties within one business day of acceptance.
What does the inspection contingency on the WB-11 allow the buyer to do after receiving an inspection report?
Answer: Negotiate repairs, accept as-is, or cancel within the contingency period
The inspection contingency gives the buyer the option to negotiate repairs, accept the property as-is, or cancel within the contingency timeframe.
Which approved Wisconsin form is used to cancel an offer to purchase by mutual agreement?
Answer: WB-45 Cancellation Agreement and Mutual Release
The WB-45 is the approved form for mutual cancellation of an offer to purchase and release of the parties from their obligations.
Under Wisconsin law, how must amendments to the earnest money amount in an accepted offer be documented?
Answer: Using the WB-40 Amendment to Offer signed by all parties
Any change to earnest money in an accepted offer must be documented using the WB-40 Amendment form signed by all parties to be enforceable.