Wisconsin Real Estate Sales Practice Exam

Who represents the seller in a real estate transaction?

1. Listing broker

2. Buyer's agent

3. Transaction facilitator

4. Neutral broker

The correct answer is: Listing broker

The listing broker is the professional who represents the seller in a real estate transaction. This role involves marketing the property, communicating with potential buyers, and negotiating offers. The listing broker has a fiduciary duty to the seller, which includes acting in the seller's best interest throughout the selling process. This responsibility encompasses providing advice on pricing, strategizing marketing efforts, and ensuring proper disclosures are made. In contrast, the buyer's agent represents the interests of the buyer and focuses on finding a property that meets the buyer's needs while negotiating primarily for the buyer’s benefits. The transaction facilitator does not represent either party but rather acts as a neutral third party to assist with the transaction process. Lastly, the neutral broker has a similar role to that of the transaction facilitator, providing support without being an advocate for either the buyer or the seller. Thus, understanding the distinct roles in a real estate transaction helps to clarify the responsibilities and relationships involved.