A developer in Green Bay, Wisconsin builds a brand-new single-family home and sells it to the first buyer. The buyer's agent asks whether a Real Estate Condition Report is required. Which of the following is correct under Wisconsin law?
Correct Answer
D) An RECR is not required because new construction that has never been occupied is exempt under Chapter 709
Wisconsin Statutes § 709.01(2) exempts new construction that has never been occupied from the RECR requirement. Because this is a brand-new home being sold for the first time without any prior occupancy, the developer qualifies for this specific exemption and is not obligated to provide a Real Estate Condition Report to the buyer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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