Wisconsin Real Estate License Transactions & Contracts 3

Question 1

In Wisconsin, which type of listing agreement gives one broker the exclusive right to earn a commission even if the owner finds the buyer?

Accepted Answer

Exclusive right-to-sell listing

Answer

An exclusive right-to-sell listing entitles the broker to a commission regardless of who procures the buyer during the term.

Question 2

Net listings are treated how under Wisconsin real estate practice?

Accepted Answer

They are discouraged/prohibited due to conflict-of-interest risk

Answer

Net listings create a conflict of interest and are prohibited or strongly discouraged because the broker's pay depends on price above a set net to the seller.

Question 3

Under Wisconsin law, a listing contract for real estate must be in what form to be enforceable for a commission?

Accepted Answer

In writing and signed by the seller

Answer

To collect a commission, the listing agreement must be in writing and signed by the party to be charged.

Question 4

What generally happens to a Wisconsin listing agreement if the property owner dies before the listing term ends?

Accepted Answer

The listing is typically terminated

Answer

Death of the principal is one of the events that generally terminates an agency/listing agreement.

Question 5

A Wisconsin broker representing the seller owes the seller which core duty regarding offers received?

Accepted Answer

Promptly present all written offers

Answer

A broker must promptly present all written offers to the client unless instructed otherwise in writing.

Wisconsin Real Estate License Practice Test

Wisconsin Real Estate License Practice Test

Wisconsin Real Estate License Transactions & Contracts 3