Wisconsin Real Estate Salesperson Exam — All Questions

Wisconsin salesperson and broker licenses are renewed on a biennial cycle ending:

• a.Monthly
• b.December 14 of even-numbered years✓
• c.every leap year
• d.annually on July 1

Wisconsin real estate salesperson and broker credentials renew biennially, with the renewal deadline of December 14 of each even-numbered year set under Wis. Stat. 440.08. Licensees must complete required continuing education for the period to renew on active status. Confirm current continuing education hours with DSPS.

How many hours does the Wisconsin salesperson pre-license education program consist of?

• a.72 hours✓
• b.40 hours
• c.63 hours
• d.120 hours

Section REEB 25.033 sets the salesperson pre-license program at 72 hours, and s. REEB 25.023 sets the broker's pre-license business management program at 72 hours as well. Section REEB 12.013 (1) (a) requires completion within 4 years of licensure. Cite: Wis. Admin. Code REEB 25.033.

What experience must a Wisconsin salesperson show to qualify for a broker's license?

• a.Three years of licensed practice and 60 closed transactions
• b.One year of licensed practice under any supervising broker
• c.Two years within the last four, worth at least 40 points✓
• d.Any two years of licensure, with no transaction requirement

Section 452.09 (4) (a) requires practice as a licensed salesperson under the direct supervision of a licensed broker for at least 2 years within the last 4 years, and at least 40 points under a point system: 5 points per closed residential transaction, 10 per commercial, 0.5 per month of a property management contract, and 1 per closed time share. Cite: Wis. Stat. 452.09 (4) (a).

A Wisconsin applicant wants to skip the pre-license course using college credit. How many semester credits in real estate or real estate law are needed?

• a.Five for a salesperson's license and 10 for a broker's
• b.Ten for a salesperson's license and 20 for a broker's✓
• c.Fifteen for either license
• d.Twenty for a salesperson's license and 30 for a broker's

Section 452.09 (2) (a) lets the board waive the salesperson education requirement on proof of 10 academic credits in real estate or real estate related law from an accredited institution, and sub. (2) (d) sets 20 credits for the broker requirement. Section REEB 12.017 (1) (d) also excuses an applicant licensed to practice law in this state. Cite: Wis. Stat. 452.09 (2) (a) and (d).

A Wisconsin salesperson leaves her firm on the 3rd of the month. What must she file, and when?

• a.Written notice to the department within 10 days✓
• b.Written notice to the department within 30 days of ceasing association
• c.Nothing, because the firm files the only required notice
• d.A surrender of her license until she joins another firm

Section 452.30 (4) (a) requires a licensee who ceases to be associated with a firm to send written notice to the department, on a prescribed form, within 10 days after ceasing. Sub. (4) (b) puts the same 10-day duty on a firm that terminates a licensee, so both notices are owed, not one. Cite: Wis. Stat. 452.30 (4).

A Wisconsin firm opens its first real estate trust account. What must it file with the department, and by when?

• a.The depository institution's monthly statements, quarterly
• b.A copy of the signature card, before the first deposit
• c.The account information and audit authorization, within 10 days✓
• d.A bond equal to the expected average balance, within 30 days

Section REEB 18.035 (1) gives the firm 10 days after opening any real estate trust account to report the account name and number, the depository institution, and whether the account holds client funds. Section REEB 18.036 sets the same 10-day deadline for the firm's audit authorization and the institution's certification, both on the department's "consent to examine and audit trust account" form. Cite: Wis. Admin. Code REEB 18.035 and 18.036.

How long must a Wisconsin firm keep listing contracts, offers, closing statements and trust account records?

• a.One year from the date the document was signed
• b.At least 2 years from closing or termination✓
• c.At least 5 years from the date of the listing contract
• d.Seven years from the end of the licensing biennium

Section REEB 15.04 (1) requires a firm to retain exact and complete copies for at least 2 years, running from the date of closing or, if the transaction was not consummated, from the date the listing contract or agency agreement terminated. Federal law or an active board investigation can extend it; electronic retention is allowed. Cite: Wis. Admin. Code REEB 15.04 (1).

The department writes to a Wisconsin licensee requesting information during an investigation. What does the code require?

• a.A response through the licensee's attorney only
• b.A response within 10 business days of the request
• c.No response, absent a formal subpoena from the board
• d.A response within 30 days of the date of the request✓

Section REEB 24.17 (5) makes it a duty of licensees and applicants to respond to the department and the board regarding any request for information within 30 days of the date of the request. Separately, sub. (1) requires a licensee convicted of a crime to send the board the judgment of conviction within 48 hours. Cite: Wis. Admin. Code REEB 24.17 (5).