1 for specific request mail
Wisconsin Real Estate Exam Prep Questions and
Correct Answers | Latest Update
A seller signs listing contract with firm. Who is the agent who is the
principal? Ans: Seller is the principal, firm is the agent.
If you are the listing agent and a buyer asks you to write an offer but
does not sign an agency agreement, how do you describe the buyer? Ans:
Customer
What kind of agency is the firm practicing if they represent just one party
Assignment Expert
in a transaction? Ans: Single Agency
When can a firm engage in multiple representation? Ans: When buyer and
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seller consent and receive full written disclosure.
In what kind of transaction must a firm provide agency disclosure? Ans:
ALL TRANSACTIONS 1-4 family need to sign
2026
By when must a firm provide agency disclosure to client? Customer? Ans:
Before or at the same time executing client agency agreement. Before
©
negotiations for customer.
If you are a buyers agent by when must you disclose your agency
relationship to seller or listing firm. Ans: First chance you get, first
contact when parties exchange information about transaction or the
seller, showing of property, any other negotiation with seller or listing
firm.
What are listing firms agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? Commercial
warehouse? Ans: Must provide disclosure in ALL transactions, 1-4 family
must sign, commercial no signature required.
When does a property manager need to have a real estate license? Ans: If
they are negotiating terms or signing leases on behalf of the landlord.
, 2 for specific request mail
If a licensee is representing a family member who is writing an offer,
what are the disclosure obligations? Does it matter if they are a client or
customer? Ans: Disclose in writing and offer to purchase. Written
consent from all parties.
What are the licensees disclosure obligations if receiving a referral fee
from lawn maintenance company? Referral between agents? Ans: Before
or at time licensee makes they referral, must disclose in writing that they
will receive compensation from lawn care company. Licensees do not
need to disclose referral fees for real estate services.
Assignment Expert
When must a licensee disclose that they hold a real estate license when
selling their own home? Commercial property owned by licensee? Ans:
First contact with party or agent where information is being exchanged,
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showing property or other negotiations.
What tie in arrangements are legal? Ans: If builder and licensee own
property, the buyer has to use builder. Builder and licensee selling
2026
improved - need to pick from house and use builder. Deed restrictions —
use builder to achieve uniformity.
©
Who can retain unlicensed personal assistant? Licensed? Ans: Anyone can
hire unlicensed assistant. Firm can only hire licensed.
When can agent agree to write an offer for a buyer on a property only if
the buyer agrees to list buyers current property with agent? Ans: NEVER-
ILLEGAL
Which agent duty survives the transaction? Ans: Confidentiality
What duties does a firm owe to all parties in a transaction? Ans: Fair and
honest treatment, disclosure of material adverse facts, confidentiality,
provision of accurate market condition information, reasonable skill and
care, accounting, objective presentation of offers.
, 3 for specific request mail
What are the additional duties owed to a client? Ans: Loyalty, Advice,
Disclosure, Obedience (Obligation), Negotiation
When a firm has a multiple representation relationship with designated
agency, to whom will each salesperson provide information, opinions,
advice? Ans: Each client receives full negotiation services from their
designated agent.
How should a client withdraw consent to a multiple representation
relationship? Ans: In writing. Amend agency agreement, terminate
agreement and be a customer or hire a different firm.
Assignment Expert
How should a client waive a firms duty of negotiation? Ans: In writing.
Which type of agency representation is created with written words? Ans:
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Express agency
Which type of agency relationship gives an agent the authority to
represent a principal in more than one transaction? Ans: General agency
2026
What are the seven different ways to terminate an agency relationship?
©
Ans: Death or Incapacity, Destruction or Condemnation of Property -
Eminent Domain, Expiration of Term of the Contract, Mutual Agreement,
Breach, Operation of Law, Completion.
Which agency contracts do not require the seller to pay a commission to
the listing firm when the buyer is procured? Ans: Open Listing Contract /
Exclusive Agency
What type of listing contract is illegal in Wisconsin? Ans: Net Listing
Contract
What are the six requirements to create a valid agency agreement? Ans:
Description of Real Estate, Statement of Price, Statement of the
Commission, Statement of the Term, In Writing, Signed by the Person
Who Will Pay the Commission (doesn't have to be buyer or seller).
Wisconsin Real Estate Exam Prep Questions and
Correct Answers | Latest Update
A seller signs listing contract with firm. Who is the agent who is the
principal? Ans: Seller is the principal, firm is the agent.
If you are the listing agent and a buyer asks you to write an offer but
does not sign an agency agreement, how do you describe the buyer? Ans:
Customer
What kind of agency is the firm practicing if they represent just one party
Assignment Expert
in a transaction? Ans: Single Agency
When can a firm engage in multiple representation? Ans: When buyer and
Guru01 - Stuvia
seller consent and receive full written disclosure.
In what kind of transaction must a firm provide agency disclosure? Ans:
ALL TRANSACTIONS 1-4 family need to sign
2026
By when must a firm provide agency disclosure to client? Customer? Ans:
Before or at the same time executing client agency agreement. Before
©
negotiations for customer.
If you are a buyers agent by when must you disclose your agency
relationship to seller or listing firm. Ans: First chance you get, first
contact when parties exchange information about transaction or the
seller, showing of property, any other negotiation with seller or listing
firm.
What are listing firms agency disclosure obligations when working with a
customer who wants to write an offer on a duplex? Commercial
warehouse? Ans: Must provide disclosure in ALL transactions, 1-4 family
must sign, commercial no signature required.
When does a property manager need to have a real estate license? Ans: If
they are negotiating terms or signing leases on behalf of the landlord.
, 2 for specific request mail
If a licensee is representing a family member who is writing an offer,
what are the disclosure obligations? Does it matter if they are a client or
customer? Ans: Disclose in writing and offer to purchase. Written
consent from all parties.
What are the licensees disclosure obligations if receiving a referral fee
from lawn maintenance company? Referral between agents? Ans: Before
or at time licensee makes they referral, must disclose in writing that they
will receive compensation from lawn care company. Licensees do not
need to disclose referral fees for real estate services.
Assignment Expert
When must a licensee disclose that they hold a real estate license when
selling their own home? Commercial property owned by licensee? Ans:
First contact with party or agent where information is being exchanged,
Guru01 - Stuvia
showing property or other negotiations.
What tie in arrangements are legal? Ans: If builder and licensee own
property, the buyer has to use builder. Builder and licensee selling
2026
improved - need to pick from house and use builder. Deed restrictions —
use builder to achieve uniformity.
©
Who can retain unlicensed personal assistant? Licensed? Ans: Anyone can
hire unlicensed assistant. Firm can only hire licensed.
When can agent agree to write an offer for a buyer on a property only if
the buyer agrees to list buyers current property with agent? Ans: NEVER-
ILLEGAL
Which agent duty survives the transaction? Ans: Confidentiality
What duties does a firm owe to all parties in a transaction? Ans: Fair and
honest treatment, disclosure of material adverse facts, confidentiality,
provision of accurate market condition information, reasonable skill and
care, accounting, objective presentation of offers.
, 3 for specific request mail
What are the additional duties owed to a client? Ans: Loyalty, Advice,
Disclosure, Obedience (Obligation), Negotiation
When a firm has a multiple representation relationship with designated
agency, to whom will each salesperson provide information, opinions,
advice? Ans: Each client receives full negotiation services from their
designated agent.
How should a client withdraw consent to a multiple representation
relationship? Ans: In writing. Amend agency agreement, terminate
agreement and be a customer or hire a different firm.
Assignment Expert
How should a client waive a firms duty of negotiation? Ans: In writing.
Which type of agency representation is created with written words? Ans:
Guru01 - Stuvia
Express agency
Which type of agency relationship gives an agent the authority to
represent a principal in more than one transaction? Ans: General agency
2026
What are the seven different ways to terminate an agency relationship?
©
Ans: Death or Incapacity, Destruction or Condemnation of Property -
Eminent Domain, Expiration of Term of the Contract, Mutual Agreement,
Breach, Operation of Law, Completion.
Which agency contracts do not require the seller to pay a commission to
the listing firm when the buyer is procured? Ans: Open Listing Contract /
Exclusive Agency
What type of listing contract is illegal in Wisconsin? Ans: Net Listing
Contract
What are the six requirements to create a valid agency agreement? Ans:
Description of Real Estate, Statement of Price, Statement of the
Commission, Statement of the Term, In Writing, Signed by the Person
Who Will Pay the Commission (doesn't have to be buyer or seller).
