Wisconsin Real Estate Salesperson Exam — All Questions
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2 questions
Wisconsin Practice & WB Forms
Wisconsin law generally requires the seller of residential property of one to four units to provide the buyer a:
- a.Real Estate Condition Report (RECR)✓
- b.title insurance policy paid by the seller
- c.boundary survey
- d.appraisal report
Wisconsin's Real Estate Condition Report (RECR) requires most sellers of residential property of one to four dwelling units to disclose known conditions and defects to the buyer. The report helps buyers learn about the property's condition before closing.
Wisconsin Practice & WB Forms
Trust or escrow funds a Wisconsin broker holds for clients must be:
- a.Kept in the broker's business operating account
- b.Held in a separate trust account and not commingled✓
- c.Kept as cash in the office
- d.Held personally by the salesperson
Wisconsin brokers must hold client funds such as earnest money in a separate trust account, keeping them apart from the broker's own money. Commingling or misusing trust funds violates Chapter 452 and REEB rules and can result in discipline.