Wisconsin Real Estate License Transactions & Contracts 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 Transactions & Contracts flashcards as text
Under Wisconsin law, what is the maximum amount of earnest money a broker can hold in their trust account without depositing it into an interest-bearing account?
Answer: There is no maximum; all earnest money must be deposited
Wisconsin law requires all earnest money to be deposited into the broker's trust account promptly, regardless of amount.
In a Wisconsin real estate transaction, when must a seller provide the Real Estate Condition Report to the buyer?
Answer: Before acceptance of the offer
Wisconsin Statute 709.02 requires the seller to furnish the condition report before acceptance of a contract of sale.
Which of the following is TRUE about the rescission period for a Wisconsin residential real estate contract?
Answer: The buyer has a 2-business-day rescission period after receiving the condition report
Wisconsin provides a 2-business-day rescission period after the buyer receives the Real Estate Condition Report.
What happens to earnest money in Wisconsin if the buyer and seller cannot agree on its disbursement after a failed transaction?
Answer: The broker must interplead the funds with the court
When there is a dispute over earnest money, the Wisconsin broker must interplead the funds with the court for resolution.
In Wisconsin, which document is used as the standard offer to purchase residential real estate?
Answer: WB-11 Residential Offer to Purchase
The WB-11 is the standard approved form used for residential offers to purchase in Wisconsin.
Under Wisconsin's agency disclosure requirements, when must a licensee provide the agency disclosure form to a prospective buyer?
Answer: At the first substantive contact or before showing properties
Wisconsin requires agency disclosure at the first substantive contact with a prospective buyer or before showing properties.