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
In Wisconsin, what is the consequence if a seller knowingly provides false information on the Real Estate Condition Report?
Answer: The buyer may recover actual damages plus court costs and attorney fees
A seller who knowingly provides false information on the condition report is liable to the buyer for actual damages plus court costs and attorney fees.
Which of the following contingencies is NOT typically included in a Wisconsin WB-11 offer to purchase?
Answer: Neighbor approval contingency
Neighbor approval is not a standard contingency in any Wisconsin real estate purchase agreement.
In Wisconsin, how long does a buyer typically have to obtain a financing commitment under the standard WB-11 form?
Answer: The date specified in the offer
The financing commitment deadline is specified by the parties in the offer itself rather than being a fixed statutory period.
What is a Wisconsin licensee's obligation regarding multiple offers on the same property?
Answer: Present all offers as soon as reasonably possible
Wisconsin law requires licensees to present all offers to the seller as soon as reasonably possible, regardless of other pending offers.
Under Wisconsin law, which type of listing agreement allows the seller to sell the property independently without owing a commission to the broker?
Answer: Exclusive agency listing
An exclusive agency listing allows the seller to find a buyer independently without owing commission, while the broker is the only authorized agent.
In a Wisconsin land contract (contract for deed), who holds legal title to the property during the contract period?
Answer: The seller retains legal title until the contract is fulfilled
In a Wisconsin land contract, the seller retains legal title while the buyer receives equitable title until all payments are made.