Agency Law and Disclosures Flashcards
7 cards from real Wisconsin Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Agency Law and Disclosures flashcards as text
The Wisconsin Real Estate Condition Report (RECR) is generally completed by the:
Answer: Seller/owner
The owner completes the RECR based on their knowledge of the property's condition.
A residential seller in Wisconsin must generally deliver the Real Estate Condition Report to a buyer within how many days of acceptance?
Answer: Within 10 days
Wisconsin law generally requires delivery of the RECR within 10 days of acceptance of the offer.
Which sale is typically EXEMPT from providing a Real Estate Condition Report in Wisconsin?
Answer: A transfer by a personal representative of an estate
Transfers by personal representatives, trustees, and similar fiduciaries are exempt because they lack personal knowledge of the property.
If a buyer receives the RECR after signing the offer and finds a disclosed defect they object to, the buyer may:
Answer: Rescind within the time allowed by the offer
Receiving the report after acceptance can trigger a rescission right within the timeframe stated in the offer.
A 'defect' on the Wisconsin RECR is defined as a condition that would have a significant adverse effect on:
Answer: The value of the property or health/safety of occupants
The RECR defines a defect as something significantly affecting value or the health and safety of occupants.
For vacant land sales in Wisconsin, the seller may be required to provide the:
Answer: Vacant Land Disclosure Report
Vacant land transfers use the Vacant Land Disclosure Report rather than the residential RECR.
If a seller genuinely does not know the answer to a RECR item, the correct entry is:
Answer: Mark 'No representation' / not applicable as provided
Sellers should indicate they have no knowledge rather than guess or leave items blank.