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Wisconsin Real Estate > Definitions > Flashcards

Flashcards in Definitions Deck (25)
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1
Q

Adverse Fact

A

A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:

  1. Significantly and adversely affecting the value of the property.
  2. Significantly reducing the structural integrity of improvements to real estate.
  3. Presenting a significant health risk to occupants of the property.

OR

Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction

2
Q

Agency Agreement

A

written agreement between a firm and a client in which the client authorizes the firm to provide brokerage services to the client.

3
Q

Associated with a firm

A

Means to have been engaged by a firm to provide brokerage services to the firm’s clients and customers on behalf of the firm under the firm’s supervision

4
Q

Associated with a subagent

A

to be associated with a firm that is engaged as a subagent.

5
Q

USTs Underground storage tanks used to hold hazardous substances are exempt from regulation when? (SPS 310)

A
  1. residential and farm tanks that hold less than 1,100 gallons used for noncommercial purposes are exempt
  2. when a tank holds less than 110 gallons
6
Q

Net Listing

A

when firms will market and try to sell the property at the highest price obtainable in order to increase their commission. Net listings are forbidden and illegal. Reeb 24.10 states that licensees shall not obtain, negotiate, or attempt to obtain or negotiate a net listing contract.

7
Q

Tenancy in Common

A

Two or more people can own a fractional interest in real property.

8
Q

Balloon Loan

A

Payments may be lower in the years before then you owe a big amount at the end of the loan.

9
Q

Acre

A

43560 square feet

10
Q

Mile

A

5280 Feet

11
Q

Sqaure Mile

A

640 Acres

12
Q

Price Fixing

A

the practice of setting prices for products or services rather than letting competition in the open market establish those prices.

13
Q

Multiple Representation / Dual Agency

A

if a firm has an agency agreement with more than one client who is a party in the same transaction.

14
Q

Land Contract

A

Installment contract for sale with the buyer receiving equitable title and right to possession with the seller (or vendor) retaining legal title.

15
Q

Fee Splitting

A

Personal assistants may not be paid based on production or commissions. Paying of an unlicensed personal assistant an individual commission or based on production may be considered illegal fee splitting. Fee Splitting is an illegal practice with fines up to $10,000 that may lead to imprisonment

16
Q

How much may a firm deposit up to but not exceeding from personal funds into a real estate trust account to cover the cost of service charges relating to the real estate trust account?

A

$300

17
Q

Statute of limitation regarding licensees and the conveyances of real estate?

A

6 Years

18
Q

Who signs the deed?

A

The Grantor

19
Q

Vendor is ?

A

Seller

20
Q

Vendee is?

A

Purchaser

21
Q

After what year is all property owned equally in Wisconsin

A

January 1986

22
Q

How many days does a buyer have to rescind a time share purchase?

A

5 Days

23
Q

Tie-in Agreement

A

When a property owner wants to require the one property to be sold contingent on the sale of another.

Tie-in agreements are illegal in Wisconsin, minus one exception: if a builder owns a group of lots, the builder can require/demand they use his building services, and the seller be in the business of building homes and not selling real estate.

24
Q

Designated Agency

A

multiple representation relationship which occurs when both the buyer and the seller are clients of one firm. In that one transaction, the firm designates one agent of the firm to provide brokerage services for the seller and designates another agent to the buyer all under the same firm.

25
Q

Requirement for License renewal

A

by completing 18 hours of Continuing Education Class by December 14th once every even numbered year