Which of the following is prohibited in Wisconsin? Exclusive Right to Sell Listing Net Listing Exclusive Listing Exclusive Right to Lease Listing

Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction? Adverse Fact Material Fact Adverse Possession Material Adverse Fact

A fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or affects or would affect the party's decision about the terms of such a contract or agreement? Material Fact Adverse Fact Adverse Possession Material Adverse Fact

A licensee shall conduct a reasonably competent and diligent inspection of accessible areas of the structure and immediately surrounding areas of the property to detect observable, material adverse facts. TRUE FALSE

The firm who has an agency agreement with a buyer is known as the ___________________________. listing firm buyer's firm principle's firm buyer agency agreement

Adverse Fact has the following meanings except? Significantly and adversely affecting the value of the property Significantly reducing the structural integrity of improvements to real estate Presenting a significant health risk to occupants of the property Information that indicates that a party to a transaction is able to or intends to meet his or her obligations under a contract

A federal, state or local governmental agency, or any person whom the broker, salesperson or a party to the real estate transaction reasonably believes has the expertise necessary to meet the industry standards of practice for the type of inspection or investigation that has been conducted by the third party in order to prepare the written report? Adverse Fact Secured Lender Party Qualified Third Party

The sale, exchange, purchase or rental of, or the granting or acceptance of an option to sell, exchange, purchase or rent, an interest in real estate, a business or a business opportunity? Written Proposal Transaction Effectively Controlled Commonly Controlled Corporation

A written proposal is? Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction An adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or affects or would affect the party's decision about the terms of such a contract or agreement The sale, exchange, purchase or rental of, or the granting or acceptance of an option to sell, exchange, purchase or rent, an interest in real estate, a business or a business opportunity Any written document provided by one party to another during the course of a transaction, including but not limited to notices, offers, counteroffers, options, exchanges, rental agreements, and amendments

Licensees shall not provide services that the licensee is not competent to provide unless the licensee engages the assistance of another person who is competent. Any person engaged to provide such assistance shall be identified and that person's contribution shall be described in the documents or records related to the transaction. Tie-in arrangements Inspection and disclosure duties Competent services Disclosure of agency

Competent services includes all of the following except: Licensees are not required to have the technical knowledge, skills or training possessed by competent third party inspectors and investigators of real estate and related areas. A licensee shall be knowledgeable regarding laws, public policies and current market conditions on real estate matters and shall assist, guide, and advise the parties on these factors. Licensees shall act to protect the public against fraud, misrepresentation and unethical practices. Licensees shall not knowingly give false information about another licensee or property listed with another licensee.

Accept any fee or compensation related to the transaction from any person other than the licensee's client, principal firm, or firm, without the prior written consent of all parties to the transaction. Disclosure of Licensure Disclosure of Compensation Disclosure of Interest Disclosure to Seller

A licensee shall follow the requirements for disclosure of interest if they are to act in a transaction on the licensee's own behalf, on behalf of the licensee's immediate family if the firm is an individual, on behalf of the licensee's firm, or on behalf of any organization or business entity in which the licensee has an interest, without the prior written consent of all parties to the transaction. Disclosure of Licensure Disclosure of Compensation Disclosure of Interest Disclosure to Seller

A licensee acting as a principal in a real estate transaction shall disclose their license status and intent to act in the transaction as a principal at the earliest of all of the following except: The first contact with the other party or licensee Once a listing is sent to a buyer A showing of the property Any other negotiation with any party

When listing real estate and prior to execution of the listing contract, a licensee shall inspect the real estate, and shall make inquiries of the seller on the condition of the structure, mechanical systems and other relevant aspects of the property as applicable. Listing Firm Selling Firm Buyer's Firm Sub Agent's Firm

Significantly and adversely affecting the value of the property? Material Fact Adverse Fact Adverse Possession Material Adverse Fact

Licensees, other than listing firms, shall inspect the real estate prior to or during a showing of the property, unless the licensee is not given access for a showing. Selling Firm Listing Firm Seller's Firm Co-Brokerage Firm

A listing firm may not pay any compensation or incentive to a licensee who is acting as a buyer in a transaction without prior written consent from the seller. Disclosure of Licensure Disclosure of Compensation Disclosure of Interest Disclosure to Seller

A licensee shall conduct a reasonably competent and diligent inspection of the vacant land that is accessible to the licensee to detect observable material adverse facts. TRUE FALSE

A reasonably competent and diligent inspection of real estate improved with a structure, by a licensee, does not require any following except: Starting an April Air system attached to the furnace Entering the crawl space under the home Entering the attic opening in a closet Entering the partially finished basement to look for cracks

Significantly reducing the structural integrity of improvements to real estate? Material Fact Adverse Possession Adverse Fact Material Adverse Fact

A licensee is required to retain third party inspectors or investigators to complete a reasonably competent and diligent inspection. TRUE FALSE

If a licensee or a party in a transaction engages the services of a qualified third party to conduct a property inspection or investigation of material facts, the licensee may rely on the results of the inspection or investigation providing the licensee obtains a written report of the inspection or investigation and delivers a copy of the report to all parties in a timely manner. Disclosure of material adverse facts Disclosure of side agreements Reliance upon third party inspections and investigations Unauthorized practice of law

Licensees shall not knowingly give false information about another licensee or property listed with another licensee. TRUE FALSE

This form must be provided to a person who has not agreed to be represented by a brokerage in a real estate transaction. Disclosure to Client Disclosure to Customer Disclosure of Side Agreements Disclosure of information suggesting material adverse facts

A buyer decides they want to become represented by a licensee even though they already signed a disclosure that already provided them with the duties owed to all parties in a transaction, they would have to complete ____________________________________. Addendum S Lead Based Paint Disclosure Disclosure to Customer Disclosure to Client Disclosure of side agreements

Licensee acting as an agent of a potential buyer of real estate shall disclose the licensee's buyer agency relationship at the earlier of all of the following, except: The first contact with the seller or the listing firm where information regarding the seller or transaction is being exchanged A showing of the property Any other negotiation with the seller or the listing firm A licensee inspects the condition of a structure, mechanical systems and other relevant aspects of a property being shown

A licensee must indicate who they represent in all the following except: Amendment Offer to purchase Lease Option to purchase

A licensee may not condition the sale of a property based on the sale of another property owned or controlled by the licensee is known as a _____________________________. Unauthorized practice of law Tie-in agreements Competent services Net Listing

All real estate related agreements, addendums, counter offers, amendments and notices must be ______________________________. dropped off in the mail in writing sent to the state of Wisconsin signed by all parties

A licensee may not _________________ a potential client regarding the __________________ that might be realized by using the licensee's services. lead, benefits mislead, benefits work, happiness mislead, negatives

Licensees shall not obtain, negotiate or attempt to obtain or negotiate any listing contract providing for a stipulated net price to the owner with the excess over the stipulated net price to be received by the firm as commission is known as a ________________________. Exclusive Right to Sell Listing Exclusive Listing Net Listing Exclusive Right to Lease Listing

Presenting a significant health risk to occupants of the property? Material Fact Adverse Fact Adverse Possession Material Adverse Fact

A reasonably competent and diligent inspection of real estate improved with a structure, by a licensee, does not require: Operation of mechanical equipment Moving furniture, boxes or other property Opening panels, doors or covers to access mechanical systems All of the above