Contracts
Rescission of a Wisconsin real estate contract means:
AModifying the terms of the contract
BCanceling the contract and restoring both parties to their original positions✓ Correct
CEnforcing the contract through specific performance
DAssigning the contract to a third party
Explanation
Rescission cancels the contract and attempts to restore both parties to the position they were in before contracting — the buyer gets their earnest money back and the seller regains full right to sell the property.
Related Wisconsin Contracts Questions
- Wisconsin's WB-44 Counter-Offer form is used when:
- An 'exclusive right to sell' Wisconsin listing agreement means:
- A Wisconsin seller who accepts an offer subject to a kick-out clause and then receives a competing offer must:
- Under Wisconsin law, a purchase contract clause stating 'buyer may void the contract for any reason within 3 days of signing' creates a:
- A Wisconsin seller receives two offers simultaneously. The seller may:
- The Wisconsin Real Property Lister's (RPL) license is required for:
- The Wisconsin WB-11 provides that if the inspection reveals defects, the buyer may:
- If a Wisconsin buyer defaults on a real estate contract and the seller retains the earnest money as liquidated damages, this is permissible when:
Practice More Wisconsin Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wisconsin Quiz →