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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When is a licensee prohibited from submitting a personal offer to purchase on a company listing?

When the broker knows about a pending offer
When the personal offer exceeds the asking price
When the property has not been inspected
Always

The correct answer is: When the broker knows about a pending offer

A licensee is prohibited from submitting a personal offer to purchase on a company listing when the broker knows about a pending offer. This practice is in place to ensure fairness and ethical conduct in real estate transactions. If a licensee submits a personal offer while another binding offer is already on the table, it can create conflicts of interest and unfair advantages that undermine the integrity of the process. It is essential that all competing offers are treated equally, and submitting a personal offer could give the appearance of favoritism or lead to disputes among buyers. In this context, it's important to understand that other situations, such as the amount of the offer exceeding the asking price, not being contingent on inspection, or personal policy, do not inherently prevent the submission of an offer. The critical issue lies in being aware of competing offers, which raises ethical and legal considerations that can impact the legitimacy of the transaction.