About This Chapter
Wisconsin Real Estate Practice - Chapter Summary
As a real estate professional, one must understand essential real estate practices. The engaging and entertaining lessons in this chapter on Wisconsin provide in-depth explanations of licensing requirements, duties and prohibitions, agency rules, and much more. When finished with this chapter, you should be able to do the following:
- Communicate about Wisconsin's real estate licensing requirements
- Discuss real estate agency rules, regulations, and disclosures
- Describe changes in the common law duties of brokers
- Identify the responsibilities of firms and licensees in Wisconsin
- Explain how to make changes to a Wisconsin real estate license
- State real estate obligations for copies and records
This chapter offers you the flexibility to study the lessons in any order, depending on which portion of the material you'd like to focus on. Additionally, you can access all of the study materials at any time, day or night, on your computer or other mobile device. After each lesson, you can take a short, multiple-choice quiz to check what you've retained about real estate practices. If you have questions during the study process, you can also send questions to our subject-matter experts.
1. Wisconsin Real Estate Licensing Requirements
The Wisconsin Statutes on real estate have specific licensing requirements that must be met by both individuals and business entities in order to legally practice real estate in Wisconsin. This lesson will examine those requirements.
2. Wisconsin Real Estate License Duties & Prohibitions
Every Wisconsin real estate licensee has specific duties they must perform in a real estate transaction. Likewise, there are certain behaviors by licensees that are strictly prohibited. Both the duties and prohibitions can be found in the Wisconsin Statutes. This lesson will examine them.
3. Wisconsin Real Estate Agencies: Rules, Regulations & Disclosures
In this lesson we review agency law and agency relationships within the real estate sector of Wisconsin. We define key terms, explore the different types of agency relationships, and look at the duties of agents within a real estate transaction.
4. Changes in Common Law Duties of Brokers & Parties in Wisconsin
Wisconsin's real estate law differs from Wisconsin common law in several significant aspects where the duties of brokers and clients are concerned. This lesson will examine those differences.
5. Wisconsin Real Estate Practice Disclosures
The purpose of this lesson is to provide an overview of various disclosures required by Wisconsin real estate licensees regarding real estate practice. Disclosures, investigations, and inspections by brokers and salespersons; disclosure duty and immunity for providing notice about the sex offender registry; and disclosure of duties will be discussed.
6. Responsibilities of Firms & Licensees for Wisconsin Real Estate
In the interest of ensuring Wisconsin consumers are adequately represented in real estate transactions, the Wisconsin statutes designate responsibilities that all firms and licensees must honor while in agency relationships. This lesson examines those responsibilities.
7. Making Changes to a Wisconsin Real Estate License
Real estate licensees and brokerage firms in Wisconsin are required to notify the Wisconsin Department of Safety and Professional Services whenever they change the information on their real estate license. This lesson will examine the requirements and the process involved in that notification.
8. Wisconsin Real Estate Obligations for Copies & Records
Wisconsin real estate licensees and brokers have specific obligations they are required to meet when it comes to both record keeping and making copies of those records available. This lesson will examine those records
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Other chapters within the Wisconsin Real Estate Broker Exam: Study Guide & Practice course
- Introduction to Real Property
- Public & Private Land-Use Control
- Estate Ownership, Rights & Interest
- Deeds & Property Transfers
- Property Titles
- Property Value & Appraisal
- Introduction to Real Estate Contracts
- Real Estate Agencies & Agency Relationships
- Listing Agreements & Property Management
- Fair Housing & Consumer Protection
- Risk Management in Real Estate
- Property Disclosures
- Introduction to Real Estate Financing
- Real Estate Lender Requirements
- Federal Real Estate Financing Regulations
- Closing & Settlement Real Estate Transactions
- Real Estate Investments
- Wisconsin Real Estate Trust Accounts
- Conduct & Ethical Practices for Wisconsin Real Estate Licensees
- Wisconsin Approved Forms & Legal Advice
- Wisconsin Real Estate Drafting & Supervision Knowledge