Wisconsin Real Estate License Wisconsin Real Estate License Contracts and Approved Forms Questions and Answers 2

Question 1

Under Wisconsin law, what is the maximum duration of a listing agreement before it must be renewed?

Accepted Answer

There is no statutory maximum

Answer

6 months

Answer

12 months

Answer

24 months

Question 2

Which Wisconsin-approved form must be provided to a buyer before the buyer signs an offer to purchase?

Accepted Answer

Agency disclosure form

Answer

Seller disclosure form

Answer

Lead paint disclosure

Answer

Condominium resale certificate

Question 3

In a Wisconsin offer to purchase, what happens if the buyer fails to deliver earnest money by the deadline stated in the contract?

Accepted Answer

The seller may declare the offer in default

Answer

The offer is automatically void

Answer

The buyer receives automatic extension

Answer

The listing broker must cover the shortfall

Question 4

On the WB-11 Residential Offer to Purchase, which contingency allows the buyer to cancel if they cannot obtain financing approval?

Accepted Answer

Financing commitment contingency

Answer

Inspection contingency

Answer

Appraisal contingency

Answer

Title contingency

Question 5

What is the purpose of the WB-40 Amendment to Offer form in Wisconsin?

Accepted Answer

To modify terms of an accepted offer

Answer

To cancel an existing offer

Answer

To extend the listing agreement

Answer

To transfer earnest money to the seller

Question 6

Under Wisconsin's approved forms, who is required to sign the condition report (seller disclosure)?

Accepted Answer

The seller or the seller's agent with direct knowledge

Answer

Only the listing agent

Answer

Only the buyer

Answer

Only a licensed appraiser