FREE Wisconsin Real Estate License Contracts and Approved Forms Questions and Answers

Question 1

A Wisconsin real estate licensee is drafting a WB-11 Residential Offer to Purchase for a buyer client.
The buyer wants to include a provision that is not covered in the standard approved form.
According to Wis.
Admin.
Code § REEB 16, what is the proper procedure for the licensee to add this provision?

Accepted Answer

Write the provision in the blank space under 'Additional Provisions' or attach a separate addendum.

Answer

Modify a pre-printed clause by crossing it out and writing the new provision next to it.

Answer

Advise the buyer that no changes or additions can be made to state-approved forms.

Answer

Use a separate, non-approved form that contains the desired provision.

Question 2

A buyer submits a WB-11 Residential Offer to Purchase to a seller. The seller wishes to change the closing date and the amount of earnest money. Which of the following is the appropriate Wisconsin-approved form for the seller to use to propose these changes to the buyer?

Accepted Answer

WB-44 Counter-Offer

Answer

WB-40 Amendment to Offer to Purchase

Answer

WB-41 Notice Relating to Offer to Purchase

Answer

A new WB-11 Residential Offer to Purchase

Question 3

According to the standard language in the WB-1 Residential Listing Contract - Exclusive Right to Sell, which of the following statements about the termination of the contract is TRUE?

Accepted Answer

Neither the seller nor the firm has the legal right to unilaterally terminate the listing absent a material breach by the other party.

Answer

The seller can terminate the contract at any time with written notice, without penalty.

Answer

The listing agent has the authority to mutually agree to terminate the listing with the seller.

Answer

The contract automatically terminates if the property does not sell within the first 30 days.

Question 4

In a Wisconsin real estate transaction using the WB-11 Residential Offer to Purchase, what is the definition of 'Binding Acceptance'?

Accepted Answer

When the accepted offer is delivered back to the party who made the offer according to the delivery terms specified.

Answer

When the last party to sign the offer does so.

Answer

When the buyer receives verbal confirmation from the seller that the offer is accepted.

Answer

When the earnest money is deposited into the listing firm's trust account.

Question 5

A licensee is using a WB-44 Counter-Offer. The seller's first counter-offer (Counter-Offer #1) is rejected by the buyer, who then submits their own counter-offer. How should the buyer's counter-offer be numbered?

Accepted Answer

Counter-Offer #2

Answer

Counter-Offer #1 by Buyer

Answer

Counter-Offer #1A

Answer

It does not need to be numbered.

Question 6

A buyer includes an inspection contingency in their WB-11 Residential Offer to Purchase. The inspection report reveals a 'Defect' as defined in the offer. The buyer wants to ask the seller to make repairs. What is the buyer's next step according to the standard contingency language?

Accepted Answer

Provide the seller with a WB-40 Amendment to Offer to Purchase proposing the repairs.

Answer

Immediately terminate the offer.

Answer

Send the seller the full inspection report with a verbal request for repairs.

Answer

Send a Notice of Defects to the seller, which automatically terminates the offer.

A Wisconsin real estate licensee is drafting a WB-11 Residential Offer to Purchase for a buyer client.The buyer wants to include a provision that is not covered in the standard approved form.According to Wis.Admin.Code § REEB 16, what is the proper procedure for the licensee to add this provision?