Wisconsin Real Estate Broker Exam: Study Guide & Practice  /  Business Courses

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Wisconsin Real Estate Practice Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. When do all Wisconsin business entity real estate licenses expire?

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Question 2 2. If a brokerage or business entity fails to renew its license on time, how many days does the business representative or broker have to notify the department that he/she has terminated the employment all all the entity's licensees?

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Question 3 3. Business entities looking to practice real estate in Wisconsin must have a business representative with a broker's license and apply to the _____ for a business entity license.

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Question 4 4. The responsibilities that brokerage firms and licensees in Wisconsin are required to abide by during real estate transactions can be found in the _____.

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Question 5 5. In the event that firm does not designate a supervising broker to oversee a licensee's activities, who is responsible for the licensee's work in real estate?

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Question 6 6. If, after reviewing a licensee's paperwork before closing, a supervising broker finds errors, who is responsible for disclosing those mistakes to the firm's client?

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Question 7 7. When a Wisconsin real estate licensee administers a lease on behalf of a client, when are they required to give a copy of the fully executed lease to the landlord?

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Question 8 8. When should a Wisconsin real estate licensee deliver a copy of a fully executed listing agreement to the client who signed it?

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Question 9 9. The Wisconsin requirements for copies and real estate record keeping are laid out in the _____.

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Question 10 10. A Wisconsin real estate professional must disclose information regarding a person required to register as a sex offender if _____.

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Question 11 11. The required duties to a customer by a Wisconsin real estate professional include _____.

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Question 12 12. A Wisconsin real estate professional has a duty to his client to provide _____.

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Question 13 13. In Wisconsin, brokerages must keep confidential information private unless the information must be disclosed by law or if the information will impact the interest of the party they are representing. Confidentiality must be kept until:

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Question 14 14. In Wisconsin, agency law creates a legal obligation between which parties?

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Question 15 15. In Wisconsin, anyone who acts on behalf of a principal and conducts the directions of the principal is referred to as:

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Question 16 16. The _____ lay(s) out the guidelines all real estate licensees must follow when making changes to their license information.

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Question 17 17. When a broker business entity operates under a different name than the one appearing on their real estate license, the name they operate under is known as a(n) _____.

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Question 18 18. When a broker business entity wants to change the type of business entity they are operating as, who do they file an application for a new license with?

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Question 19 19. If a licensee commits a crime while employed, their employing broker is shielded from liability for making a negligent hire if _____.

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Question 20 20. Under the Wisconsin Statutes, who is responsible for the damages caused by the misrepresentation of material facts by a licensee they employ?

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Question 21 21. Under the Wisconsin Statutes, who is responsible for the misrepresentation of material facts by a property owner.

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Question 22 22. In Wisconsin, the full list of a licensee's duties to their client in a real estate transaction can be found in the _____.

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Question 23 23. What is a licensee's first duty to all parties in any real estate transaction?

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Question 24 24. What are licensees required to do before they are allowed to receive a referral fee from a third party service?

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Question 25 25. Where can the renewal requirements for a Wisconsin business entity real estate license be found?

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Question 26 26. What is the legal term in Wisconsin for a firm that is representing both the buyer and the seller in a real estate transaction?

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Question 27 27. If a Wisconsin real estate transaction does not close successfully, when does the two year period the brokerage is required to hold the records begin?

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Question 28 28. A Wisconsin real estate professional is not required to disclose _____.

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Question 29 29. In Wisconsin, in a _____ relationship a broker provides the agreed upon services but must take a neutral position in negotiations when representing two or more parties within a transaction.

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Question 30 30. Real estate licensees must notify the department in writing within _____ days of making a change to the name or address that appears on their real estate license.

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Wisconsin Real Estate Practice Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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