WI Real Estate study guide
WI Real Estate · Work through your exam, one topic at a time.
The Wisconsin Real Estate Salesperson (RES) credential is the entry-level real estate license issued by the Department of Safety and Professional Services (DSPS). DSPS lists it in its A-Z professions directory alongside the Real Estate Broker (REB) and Real Estate Business Entity (REBE) credentials, and candidates apply for, renew, and manage the credential through LicensE, the department's online credentialing system. The WI Real Estate study guide has 6 sections and about 2,895 words.
01Wisconsin Real Estate Law: Regulatory Framework and Licensing
Wisconsin regulates brokerage through Wis. 452 and the rules of the Real Estate Examining Board (REEB) , a board attached to the Department of Safety and Professional Services (DSPS) .
315 words, about 2 min02Agency Relationships and Fiduciary Duties
Questions in this domain test whether you can match a fact pattern to the right body of law. Build a mental map of the chapters: Ch.
664 words, about 3 min03Ownership, Interests, Title and Transfer of Property
A Wisconsin real estate contract needs offer, acceptance, consideration, capacity, lawful purpose, and - because of the statute of frauds in ch. 706 - a writing signed by the parties to be bound, containing the essential terms: the parties, a description of the land sufficient to identify it, the price, and the terms of payment.
643 words, about 3 min04Offers and Closing Documents
Wisconsin practice runs on approved forms: the WB-11 Residential Offer to Purchase , the WB-13 for vacant land, the WB-14 for commercial property, the WB-40 amendment, WB-41 notice relating to offer, WB-44 counter-offer, and WB-45 cancellation agreement. Learn the architecture of the WB-11 rather than memorizing line numbers: parties, legal description, purchase price and financing terms, earnest money, title evidence and objections, inspections and testing contingencies, appraisal contingency, property condition and smoking/lead disclosures, closing and possession dates, and default remedies.
322 words, about 2 min05Financing, Valuation and Appraisal Fundamentals
Wisconsin is a mortgage state, not a deed-of-trust state: the borrower gives a promissory note (the debt) and a mortgage (the lien) to the lender. The note controls the obligation; the mortgage secures it against the property.
624 words, about 3 min06Listing, Marketing, Pricing, and Real Estate Practice
Listing agreements must be in writing and should state the term, the compensation, the scope of authority, and the type of listing. The exclusive right to sell earns a fee no matter who procures the buyer; exclusive agency reserves the seller's own procured buyer; open listing pays only the licensee who produces the buyer.
327 words, about 2 min