Wisconsin Real Estate Exam Correct Questions & Answers

Drafting approved forms to accomplish the instruction of the party Understanding laws affecting real estate practice Avoid transactions in which the licensee does not have experience, unless assisted by a competent licensee or attorney {Ans: Competent Practice}What are the 2 types of agency contracts? {Ans: Special Agency General Agency}Is specific performance a remedy for breach of contract {Ans: no}Falsely representing that housing is unavailable for inspection, rental, or sale {Ans: Steering}For sales of existing mortgagees; attracts investment in mortgages and gives investors a relatively liquid asset {Ans: Secondary Market}Contract created when two promises are given, one in exchange for the other {Ans: Bilateral Contract}Firm represents both parties in the transaction; each party gets his or her own agent; agents are NOT neutral, but rather negotiate on behalf of the agents' respective clients {Ans: Multiple representation with designated agency}Provide, when requested, info and advise Disclose material information Fulfill any obligation required by agency agreement {Ans: Duties owed to a client}What happens if there is less than or equal to 5% of property damage between acceptance and closing? {Ans: Seller notifies the buyer, seller fixes, and lien waivers to buyer at closing}A person's