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
A dual agency situation in Wisconsin requires that the licensee obtain:
Answer: Written consent from all parties involved
Multiple representation requires written consent from all parties before it can proceed.
When a firm designates different agents to represent the buyer and seller separately, this is called:
Answer: Designated agency
Designated agency assigns individual licensees within one firm to each party.
In multiple representation with designated agency, confidential information a buyer shared with their designated agent:
Answer: Is kept confidential from the other designated agent
Designated agency allows each agent to keep their party's confidences from the other side.
A licensee acting for both parties without designation may NOT do which of the following?
Answer: Advocate one party's price position over the other's
A non-designated dual agent must remain neutral and cannot advocate one party's interests over the other's.
Confidential information a Wisconsin client shares that must generally be protected includes:
Answer: The client's willingness to accept a lower price
A client's bottom-line negotiating position is confidential and must not be revealed without consent.
How long must a Wisconsin licensee generally keep a client's confidential information private?
Answer: Even after the transaction ends, unless released
The duty to protect confidential information continues after the transaction unless the client authorizes release.
A licensee who fails to disclose a required agency relationship in Wisconsin may face:
Answer: Disciplinary action by the licensing authority
Failing to make required agency disclosures can lead to disciplinary action against the license.