Wisconsin Real Estate Sales Practice Exam

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What is required for Multiple Representation to occur in a real estate transaction?

Oral agreement from all parties
Written consent and disclosure from all parties
Agreement from one party
No consent required

The correct answer is: Written consent and disclosure from all parties

Written consent and disclosure from all parties is essential for Multiple Representation to occur in a real estate transaction because it ensures that all parties involved are fully informed and are agreeing to the arrangement knowingly. In a scenario of Multiple Representation, the same real estate broker represents both the buyer and the seller in a transaction. This situation can create potential conflicts of interest, as the broker must balance the interests of both parties. To protect the rights and interests of everyone involved, Wisconsin law mandates that all parties must provide written consent and receive full disclosure about the nature of the representation. This requirement aims to maintain transparency and trust in real estate transactions, ensuring that both the buyer and seller are aware of the broker's dual role and the implications it may have for negotiation and communication. Without this written consent, the broker could face legal repercussions, and the validity of the transaction could be questioned.