1 for specific request mail
REAL ESTATE - WISCONSIN EXAM STUDY GUIDE
Questions and Correct Answers | Latest Update
A seller signs a listing contract with a firm. Who is the agent and who is
the principal? ______________ Ans: The seller is the principal. The firm is
the agent.
A buyer asks a listing agent to draft an offer. The buyer does not sign a
buyer agency agreement. Is the buyer a customer or a client? Ans: The
buyer is a customer.
Assignment Expert
What kind of agency is a firm practicing if the firm represents just one
party in the transaction? Ans: Single agency
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When can a firm engage in multiple representation? Ans: Written consent
of both parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure?
2026
____________________________ Ans: All transactions (residential,
commercial, vacant land etc.)
©
By when must a firm provide agency disclosure to a client? A customer?
_________________________ Ans: Before or at the time of entering into the
agency agreement
By when must a buyer's agent disclose the buyer agency relationship to
the seller or the listing firm? _____ Ans: The earliest of first contact, a
showing, or any other negotiations with the seller or the listing firm.
What are a listing firm's agency disclosure obligations when working with
a customer who wants to write an offer on a duplex? What if the buyer
wants to write an offer on a commercial warehouse? Ans: Provide agency
disclosure to buyer for duplex and ask that buyer to sign the agency
disclosure because this is a 1-4 family transaction. Provide agency
disclosure to buyer for commercial warehouse but you do not have to ask
that buyer to sign because it is not a 1-4 family property.
, 2 for specific request mail
When does a property manager need to have a real estate license?
____________________________ Ans: If signing or negotiating leases on
behalf of the property owner.
If a licensee is representing a family member who is writing an offer on a
property, what are the licensee's disclosure obligations? customer? _____
Ans: Disclose the relationship in writing and obtain consent of both
parties.
What are a licensee's disclosure obligations if the licensee is going to
receive a fee from referring a lawn maintenance company? What if the
Assignment Expert
licensee is a listing agent who is referring a client to a buyer's agent?
Ans: For the lawn maintenance company, disclose the potential referral
fee in writing before or at the time of making the referral. Referral fees
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from license to license do not need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license
when selling the licensee's own home? What if the licensee is selling
2026
commercial property owned by the licensee? ____ Ans: The earliest of
first contact, a showing, or any other negotiations. The disclosure shall
©
be in writing and is the same whether selling personally owned home or
commercial property.
What tie-in arrangements are legal? Ans: +Condition the sale of vacant
land owned by the licensee upon the buyer's agreement to use a specific
builder if the builder co-owns the property with the licensee.
+Condition the sale of vacant land owned by the licensee upon the
buyer's agreement to use a specific builder if the builder and the licensee
are the same person.
+Condition the sale of vacant land owned by the license upon the buyer's
agreement to use a specific builder if the agreement to use the builder is
a legitimate effort to maintain developmental quality/ architectural
uniformity and no compensation passes from the builder to the licensee.
, 3 for specific request mail
Who can retain an unlicensed personal assistant? Who can retain a
licensed personal assistant? _______ Ans: Unlicensed personal assistant -
anyone. Licensed personal assistant - just the firm.
Which agency duty survives the transaction? Ans: Confidentially
16. What duties does a firm owe to all parties in a transaction?
_______________________________________ Ans: Provide brokerage services to
all parties honestly and fairly.
Provide brokerage services with reasonable skill and care.
Assignment Expert
Timely disclose material adverse facts in writing that the firm knows and
that the party does not know or cannot discover through reasonably
vigilant observation, unless the disclosure is prohibited by law.
Guru01 - Stuvia
Keep confidential any information given to the firm, or any information
obtained by the firm that the firm knows a reasonable party would want
to be kept confidential, unless the information must be disclosed by law
2026
or the person whose interests may be adversely affected by the
disclosure specifically authorizes the disclosure of particular
©
information.
Provide accurate information about market conditions that affect a
person's transaction to any party who requests the information, within a
reasonable time of the person's request.
Safeguard trust funds and other property held by the firm as required by
statute and rule.
When negotiating on behalf of a party, present contract proposals in an
objective and unbiased manner and disclose the advantages and
disadvantages of the proposals.
What are the additional duties owed to a client?
______________________________________________ Ans: Loyally represent the
REAL ESTATE - WISCONSIN EXAM STUDY GUIDE
Questions and Correct Answers | Latest Update
A seller signs a listing contract with a firm. Who is the agent and who is
the principal? ______________ Ans: The seller is the principal. The firm is
the agent.
A buyer asks a listing agent to draft an offer. The buyer does not sign a
buyer agency agreement. Is the buyer a customer or a client? Ans: The
buyer is a customer.
Assignment Expert
What kind of agency is a firm practicing if the firm represents just one
party in the transaction? Ans: Single agency
Guru01 - Stuvia
When can a firm engage in multiple representation? Ans: Written consent
of both parties, agency disclosure to both parties
In what kind of transactions must a firm provide agency disclosure?
2026
____________________________ Ans: All transactions (residential,
commercial, vacant land etc.)
©
By when must a firm provide agency disclosure to a client? A customer?
_________________________ Ans: Before or at the time of entering into the
agency agreement
By when must a buyer's agent disclose the buyer agency relationship to
the seller or the listing firm? _____ Ans: The earliest of first contact, a
showing, or any other negotiations with the seller or the listing firm.
What are a listing firm's agency disclosure obligations when working with
a customer who wants to write an offer on a duplex? What if the buyer
wants to write an offer on a commercial warehouse? Ans: Provide agency
disclosure to buyer for duplex and ask that buyer to sign the agency
disclosure because this is a 1-4 family transaction. Provide agency
disclosure to buyer for commercial warehouse but you do not have to ask
that buyer to sign because it is not a 1-4 family property.
, 2 for specific request mail
When does a property manager need to have a real estate license?
____________________________ Ans: If signing or negotiating leases on
behalf of the property owner.
If a licensee is representing a family member who is writing an offer on a
property, what are the licensee's disclosure obligations? customer? _____
Ans: Disclose the relationship in writing and obtain consent of both
parties.
What are a licensee's disclosure obligations if the licensee is going to
receive a fee from referring a lawn maintenance company? What if the
Assignment Expert
licensee is a listing agent who is referring a client to a buyer's agent?
Ans: For the lawn maintenance company, disclose the potential referral
fee in writing before or at the time of making the referral. Referral fees
Guru01 - Stuvia
from license to license do not need to be disclosed.
When must a licensee disclose that the licensee holds a real estate license
when selling the licensee's own home? What if the licensee is selling
2026
commercial property owned by the licensee? ____ Ans: The earliest of
first contact, a showing, or any other negotiations. The disclosure shall
©
be in writing and is the same whether selling personally owned home or
commercial property.
What tie-in arrangements are legal? Ans: +Condition the sale of vacant
land owned by the licensee upon the buyer's agreement to use a specific
builder if the builder co-owns the property with the licensee.
+Condition the sale of vacant land owned by the licensee upon the
buyer's agreement to use a specific builder if the builder and the licensee
are the same person.
+Condition the sale of vacant land owned by the license upon the buyer's
agreement to use a specific builder if the agreement to use the builder is
a legitimate effort to maintain developmental quality/ architectural
uniformity and no compensation passes from the builder to the licensee.
, 3 for specific request mail
Who can retain an unlicensed personal assistant? Who can retain a
licensed personal assistant? _______ Ans: Unlicensed personal assistant -
anyone. Licensed personal assistant - just the firm.
Which agency duty survives the transaction? Ans: Confidentially
16. What duties does a firm owe to all parties in a transaction?
_______________________________________ Ans: Provide brokerage services to
all parties honestly and fairly.
Provide brokerage services with reasonable skill and care.
Assignment Expert
Timely disclose material adverse facts in writing that the firm knows and
that the party does not know or cannot discover through reasonably
vigilant observation, unless the disclosure is prohibited by law.
Guru01 - Stuvia
Keep confidential any information given to the firm, or any information
obtained by the firm that the firm knows a reasonable party would want
to be kept confidential, unless the information must be disclosed by law
2026
or the person whose interests may be adversely affected by the
disclosure specifically authorizes the disclosure of particular
©
information.
Provide accurate information about market conditions that affect a
person's transaction to any party who requests the information, within a
reasonable time of the person's request.
Safeguard trust funds and other property held by the firm as required by
statute and rule.
When negotiating on behalf of a party, present contract proposals in an
objective and unbiased manner and disclose the advantages and
disadvantages of the proposals.
What are the additional duties owed to a client?
______________________________________________ Ans: Loyally represent the
