Under Wis. Stat. § 709.02, which of the following transactions is NOT exempt from the Real Estate Condition Report (RECR) requirement?
Correct Answer
D) A standard arm's-length sale of a single-family home between unrelated parties.
A standard arm's-length sale of a single-family home between unrelated parties is NOT exempt from the RECR requirement — it is the primary transaction type for which the RECR is required. Under Wis. Stat. § 709.02, the RECR is mandatory for sales of residential property (1-4 units) in arm's-length transactions. The question asks which is NOT exempt, and this is the transaction that requires the RECR.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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