Wisconsin Real Estate Sales Practice Exam

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Prepare for the Wisconsin Real Estate Sales Exam. Utilize flashcards and multiple choice questions with detailed explanations. Achieve success on your test!

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If a seller becomes aware of a defect after an Offer to Purchase has been accepted, must they amend the Real Estate Condition Report?

Yes, they must amend and deliver it
No, they do not have to
Only if the buyer requests it
Yes, but only if the defect affects the sale price

The correct answer is: No, they do not have to

In Wisconsin, once an Offer to Purchase has been accepted, the seller is not legally required to amend the Real Estate Condition Report if they become aware of a defect. This situation arises because the condition report is intended to provide disclosures about property defects at the time of preparing the report and before the buyer's offer is finalized. At this point, the contract has already been established, and while it's ethical for a seller to disclose any newfound information that may affect the buyer's decision, there is no statutory obligation requiring them to update the report. The responsibility to negotiate any changes or disclosures about defects typically falls to the buyer or their agent, rather than being mandated for the seller to amend the report. Thus, a seller can choose not to amend the report, allowing them to proceed without that added requirement once the acceptance of the offer is complete.