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Quiz – WI Session 6

Quiz – WI Session 6

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Categories

Elective Hour 4 Incentives in Wisconsin Real Estate Transactions 0%
Elective Hour 5 Commissions and Dispute Resolution in the Wisconsin Listing Contracts 0%
Elective Hour 6 Personal Property and Fixtures in Wisconsin Transactions 0%

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Question 1 of 15

1. Question

A licensee receiving compensation from a referring partner must:

Orally tell the client
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Disclose in writing
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Refuse compensation
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Get a matching dollar amount from the client
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Question 2 of 15

2. Question

No licensee may pay a fee or a commission for a referral or as a finder’s fee to any person who is not licensed or who is not regularly and lawfully engaged in the real estate brokerage business in another state.

True
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False
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Question 3 of 15

3. Question

A referral fee or payment for a Broker Price Opinion must be paid to:

The licensee who did the BPO or referral.
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The broker of the licensee
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The corporation owned by the licensee
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The spouse of the licensee.
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Question 4 of 15

4. Question

A licensee is hosting an Open House with the promotion “win a 65” TV” drawing. The parties must deposit money at the licensee’s favorite charity and complete a ticket which will be drawn later

This is legal because the money is going to charity
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This is legal as it is a worthwhile endeavor
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This is illegal because the party must give out private information
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This is illegal because consideration is required.
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Question 5 of 15

5. Question

When advertising a property for sale, the licensee

Must be honest
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Cannot offer at a price different than the listing contract
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Cannot be misleading or deceptive
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All the above
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Question 6 of 15

6. Question

In the WB-1 Listing Agreement, compensation is earned:

When the seller signs the Listing Agreement
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When the buyer makes an offer
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When a ready, willing and able buyer makes an offer that is substantially the same terms as the listing contract.
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When the buyer and seller close the transaction.
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Question 7 of 15

7. Question

If there is a dispute with the Listing Agreement, the choices to resolve the issue is/are”

Mediation
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Judicial
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Arbitration
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All the above
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Question 8 of 15

8. Question

If the parties (seller and listing broker) wish to submit disputes to arbitration or mediation, they should add such provisions in an Additional Provisions or Addendum to Listing Contract.

True
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False
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Question 9 of 15

9. Question

A seller may advertise, in addition to compensation to buyer broker, an additional incentive or concession.

True
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False
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Question 10 of 15

10. Question

If the seller is paying a concession through the MLS, it can be conditioned on the retention of payment to the cooperating brokers

True
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False
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Question 11 of 15

11. Question

The seller has listed the property and is including the Viking stove. In the Offer to Purchase, there is no mention of the Stove. Which statement is true?

The stove must stay because it was advertised as such
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Since it is not in the Offer, the seller can take the stove
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The buyer must pay additional money for the stove
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There is a tax on personal property being conveyed
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Correct

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Question 12 of 15

12. Question

What would be a good phrase to use in the WB-11 Offer to Purchase to ensure the appliances are correctly included.

“As seen on xx/xx/xxxx”
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“Currently in use”
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“as per the MLS”
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A and B and not C
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Question 13 of 15

13. Question

A way to make sure the property is in substantially the same condition as it was seen on the date of the Offer, a prudent practice is:

Have the seller sign an affidavit the property will be broom swept clean.
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Do a walkthrough before closing.
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After closing, meet the buyer at the house with a closing gift.
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Use MLS pictures of the listing
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Question 14 of 15

14. Question

The document to complete to include personal property is:

Bill of sale
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Listing contract
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Buyer Agency
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B and C and not A
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Correct

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Question 15 of 15

15. Question

Personal property transferred in a sale/purchase is taxable:

True
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False
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Correct

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