Wisconsin Real Estate License Ethics & Professional Practices 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 Ethics & Professional Practices flashcards as text
A Wisconsin real estate broker learns that a competing agent has been advertising properties with misleading square footage claims. What is the broker's ethical obligation?
Answer: Report the conduct to the local MLS and Wisconsin DSPS
Wisconsin licensees have an ethical duty to report known violations by other licensees to the appropriate regulatory authorities to protect consumers.
Under Wisconsin Administrative Code REEB 24, which situation requires a licensee to provide the agency disclosure form?
Answer: At the first substantive contact with a consumer about a specific property
Wisconsin requires the agency disclosure to be provided at the earliest substantive contact, before any confidential information might be shared.
A Wisconsin licensee personally owns an investment property and wants to sell it. Which disclosure requirement applies?
Answer: The licensee must disclose their ownership interest in all marketing and to all prospective buyers
Wisconsin law requires licensees to disclose their licensed status and ownership interest whenever they are a party to a real estate transaction.
Which of the following best describes the concept of 'negligent misrepresentation' in Wisconsin real estate practice?
Answer: Making a false statement about a property without exercising reasonable care to verify its accuracy
Negligent misrepresentation occurs when a licensee makes inaccurate statements without taking reasonable steps to verify the information, even without intent to deceive.
A Wisconsin seller's agent receives two offers simultaneously. Which practice aligns with the agent's ethical and legal duties?
Answer: Present both offers promptly and let the seller decide without the agent's bias
Wisconsin licensees must present all offers promptly and fairly, allowing the seller to make an informed decision without the agent filtering or prioritizing.
Under Wisconsin law, what action must a brokerage take when a licensee affiliated with the firm has their license suspended by the DSPS?
Answer: Immediately terminate the licensee's affiliation and notify all active clients
A suspended licensee cannot perform any licensed activities, so the brokerage must immediately end the affiliation and ensure clients are properly transferred.