Agency
A Wisconsin listing agent who discovers a material defect in the listed property must:
AKeep it confidential to protect the seller
BDisclose it to prospective buyers✓ Correct
COnly disclose it if the buyer asks
DDisclose it only to the seller
Explanation
Wisconsin law requires licensees to disclose material adverse facts about a property to all parties, including prospective buyers, regardless of which party the licensee represents.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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