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Quiz – WI Session 1

Quiz – WI Session 1

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Hour 1: Buyer Agency In Wisconsin* (includes NAR Code of Ethics articles 1 and 9) 0%
Hour 2: Contract Drafting in Wisconsin 0%
Hour 3: When the Wisconsin Transaction Does Not Close* (includes Code of Ethics article 2) 0%

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Question 1 of 15

1. Question

In signing a client as a buyer, which of the following statements is not true?

You must give them a Disclosure to Customer at first contact, first negotiation or first showing
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The Buyer Agency has now incorporated the Agency Disclosure into its form.
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Sub-agency does not need to be addressed
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None of the above
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Question 2 of 15

2. Question

Agency must be disclosed at what point:

First contact
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Showing the property
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Negotiations with the party
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All the above
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Question 3 of 15

3. Question

In Designated agency, what can the agent do in an in-house sale?

Negotiate for their client
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Provide advice to their client
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Use information gained about the other party to the benefit of their client
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All the above
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Question 4 of 15

4. Question

If a buyer wants to see a property listed by another firm and there is no buyer representation agreement in place, whom are you representing?

The buyer due to our actions
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The seller
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The listing company under sub-agency
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No one
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Question 5 of 15

5. Question

Under Article One of the Code of Ethics, when entering into buyer/tenant agreements, REALTORS® must advise potential clients of:

the REALTOR®’s company policies regarding cooperation
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the amount of compensation to be paid by the client
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the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties
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All the above
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Question 6 of 15

6. Question

A license may do which of the following when drafting a contract:

Strike a single line through a word.
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Check the box.
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Fill in the blanks.
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All the above
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Question 7 of 15

7. Question

If the condition report has not been delivered to the buyer. how many days after the (10-day period) does the buyer have to rescind the contract?

2 days
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5 days
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7 days
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2 business days
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Question 8 of 15

8. Question

The addendum to use to ask for seller paying buyer closing costs is:

Addendum A
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Addendum O
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Addendum S
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Addendum Z
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Question 9 of 15

9. Question

A house was built before 1978. There may be lead-based paint in the property. The addendum to use would be the:

Addendum A
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Addendum O
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Addendum S
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Addendum Z
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Question 10 of 15

10. Question

What is the deadline for delivery and events?

5:00 pm
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Midnight
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11:59 pm
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Noon
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Question 11 of 15

11. Question

A seller must deliver an amended condition report no later than:

2 business days after acceptance
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10 business days after acceptance
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7 days after acceptance.
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10 days after acceptance
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Question 12 of 15

12. Question

If a transaction does not close, and the earnest money is being disbursed, who may not authorize the disbursement of money?

The person who wrote the check
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An attorney
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Court
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All the above
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Question 13 of 15

13. Question

Under Article 2 of the Code of Ethics, a REALTOR® must move boxes, test for mold and CO and discover latent defects.

True
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False
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Question 14 of 15

14. Question

Under Article 2, a REALTOR® must not

Exaggerate
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Misrepresent
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Conceal pertinent facts
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All the above
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Question 15 of 15

15. Question

In the WB-11 Offer to Purchase, under the “default” covenant, what actions can an injured party take against the breaching party?

Sue for specific performance
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Terminate the offer
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Sue for actual damages
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All the above
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