Agency Law and Relationships 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 Relationships flashcards as text
In Wisconsin, when does an agency relationship between a broker and a consumer typically begin?
Answer: When a written listing or buyer agency agreement is signed
An agency relationship in Wisconsin is created when the parties sign a written agreement authorizing the firm to act on the client's behalf.
Under Wisconsin law, what duty requires a licensee to keep a client's confidential information private even after the transaction ends?
Answer: Confidentiality
The duty of confidentiality obligates a licensee to protect a client's confidential information indefinitely, including after closing.
A Wisconsin firm representing both the buyer and seller in the same transaction is engaging in what practice?
Answer: Multiple representation (dual agency)
When one firm represents both parties in a transaction it is providing multiple representation, which requires written consent.
What written document must a Wisconsin broker provide describing the different agency relationships available to consumers?
Answer: Disclosure to Customers / agency disclosure statement
Wisconsin requires licensees to provide consumers with a disclosure explaining the agency relationships the firm offers.
In Wisconsin, a licensee working with a buyer who has NOT signed a buyer agency agreement generally treats that buyer as a:
Answer: Customer
Without a written agency agreement, the buyer is a customer to whom the licensee owes fair and honest dealing but not full client-level duties.
Which duty requires a Wisconsin licensee to promptly account for money and property belonging to the client?
Answer: Accounting
The duty of accounting requires prompt and accurate handling of client funds and property, including trust account deposits.
A Wisconsin broker who follows a client's lawful instructions even when the broker disagrees is fulfilling which duty?
Answer: Obedience
The duty of obedience requires a licensee to follow the client's lawful and reasonable instructions.