Wisconsin Real Estate Broker Exam — All Questions
3 questions
Wisconsin real estate practice is regulated under Chapter 452 of the Wisconsin Statutes and administered by the:
- a.Wisconsin Department of Revenue
- b.Real Estate Examining Board within the Department of Safety and Professional Services (DSPS)✓
- c.Wisconsin Realtors Association
- d.Wisconsin Department of Transportation
Real estate licensing and practice in Wisconsin are governed by Chapter 452 and administered by the Real Estate Examining Board (REEB) within the Department of Safety and Professional Services (DSPS). The REEB sets standards, adopts conduct rules, and disciplines licensees. A trade association has no licensing authority.
In a typical Wisconsin residential transaction, a firm and its brokers owe duties to all parties, including:
- a.Providing brokerage services honestly and disclosing material adverse facts the licensee knows✓
- b.Guaranteeing the buyer's loan approval
- c.Warranting that the home will not need repairs
- d.Setting the property's assessed value for tax purposes
Wisconsin firms and their licensees owe duties to all parties in a transaction, including honesty, reasonable care, and disclosure of material adverse facts the licensee knows or should know. They do not guarantee financing, warrant the property's future condition, or set tax assessments.
The Wisconsin broker exam differs from the salesperson exam mainly because it:
- a.Adds a national portion the salesperson exam lacks
- b.Is shorter and easier
- c.Focuses entirely on advanced Wisconsin broker content with no national portion✓
- d.Tests only federal fair housing law
The Wisconsin salesperson exam is an integrated general-plus-Wisconsin test, but the broker exam is 100 percent advanced Wisconsin content with no national portion. It concentrates on drafting and supervision, conduct and ethics, trust accounts, forms, and practice, reflecting the broker's heightened responsibility for the firm.