A Wisconsin broker, Pine Ridge Realty, has a listing agreement with seller Maria. During the listing period, Maria's neighbor, Bob, approaches Pine Ridge Realty directly and expresses interest in buying the property without a buyer's agent. Pine Ridge Realty shows Bob the property and Bob submits an offer. Under Wisconsin's REEB 24 rules on agency, how must Pine Ridge Realty handle its relationship with Bob?
Correct Answer
B) Pine Ridge Realty must provide Bob with the Disclosure to Customers form and may work with him as a customer, not a client
Under Wisconsin Administrative Code REEB 24, when a listing broker works with a buyer who is not represented by another broker, the broker must provide the buyer with the Disclosure to Customers form. This form explains that the broker represents the seller and that the buyer is a customer, not a client. The broker owes the buyer honesty and disclosure of material facts but does not owe the buyer the full fiduciary duties owed to the seller-client. This is the proper way to handle an unrepresented buyer under Wisconsin's agency disclosure rules.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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