Wisconsin Real Estate License Agency Law and Disclosures 3

Question 1

The Wisconsin Real Estate Condition Report (RECR) is generally completed by the:

Accepted Answer

Seller/owner

Answer

The owner completes the RECR based on their knowledge of the property's condition.

Question 2

A residential seller in Wisconsin must generally deliver the Real Estate Condition Report to a buyer within how many days of acceptance?

Accepted Answer

Within 10 days

Answer

Wisconsin law generally requires delivery of the RECR within 10 days of acceptance of the offer.

Question 3

Which sale is typically EXEMPT from providing a Real Estate Condition Report in Wisconsin?

Accepted Answer

A transfer by a personal representative of an estate

Answer

Transfers by personal representatives, trustees, and similar fiduciaries are exempt because they lack personal knowledge of the property.

Question 4

If a buyer receives the RECR after signing the offer and finds a disclosed defect they object to, the buyer may:

Accepted Answer

Rescind within the time allowed by the offer

Answer

Receiving the report after acceptance can trigger a rescission right within the timeframe stated in the offer.

Question 5

A 'defect' on the Wisconsin RECR is defined as a condition that would have a significant adverse effect on:

Accepted Answer

The value of the property or health/safety of occupants

Answer

The RECR defines a defect as something significantly affecting value or the health and safety of occupants.

Wisconsin Real Estate License Practice Test