Wisconsin Real Estate License Agency Law and Relationships 2

Question 1

In Wisconsin, when does an agency relationship between a broker and a consumer typically begin?

Accepted Answer

When a written listing or buyer agency agreement is signed

Answer

When the consumer first walks into the office

Answer

When the consumer views a property

Answer

When a purchase offer is accepted

Question 2

Under Wisconsin law, what duty requires a licensee to keep a client's confidential information private even after the transaction ends?

Accepted Answer

Confidentiality

Answer

Disclosure

Answer

Accounting

Answer

Obedience

Question 3

A Wisconsin firm representing both the buyer and seller in the same transaction is engaging in what practice?

Accepted Answer

Multiple representation (dual agency)

Answer

Subagency

Answer

Designated agency

Answer

Single agency

Question 4

What written document must a Wisconsin broker provide describing the different agency relationships available to consumers?

Accepted Answer

Disclosure to Customers / agency disclosure statement

Answer

Real Estate Condition Report

Answer

Closing Disclosure

Answer

Offer to Purchase

Question 5

In Wisconsin, a licensee working with a buyer who has NOT signed a buyer agency agreement generally treats that buyer as a:

Accepted Answer

Customer

Answer

Client

Answer

Principal

Answer

Fiduciary

Question 6

Which duty requires a Wisconsin licensee to promptly account for money and property belonging to the client?

Accepted Answer

Accounting

Answer

Loyalty

Answer

Confidentiality

Answer

Reasonable skill and care

Question 7

A Wisconsin broker who follows a client's lawful instructions even when the broker disagrees is fulfilling which duty?

Accepted Answer

Obedience

Answer

Disclosure

Answer

Confidentiality

Answer

Accounting