Which statement about Wisconsin's license law is incorrect?

Which statement about Wisconsin's license law is incorrect?

• A. A listing firm must compensate a selling firm or buyer's firm
• B. Agents must renew licenses every two years
• C. Licensees are required to disclose their status
• D. Only one agent can represent a client at a time

Answer: (A)

The statement indicating that a listing firm must compensate a selling firm or buyer's firm is not accurate according to Wisconsin's license law. In practice, compensation arrangements between brokerage firms are determined by the terms set forth in the listing agreement or other contractual arrangements. These agreements are typically negotiated between the parties involved and are not mandated by law itself. In contrast, the other statements reflect accurate aspects of Wisconsin's licensing regulations. Licensees are indeed required to renew their licenses every two years to ensure they stay up-to-date with continuing education and industry practices. Additionally, it is a crucial requirement for agents to disclose their relationship status and whether they are acting as agents to ensure transparency in transactions. Lastly, while the representation of a client by only one agent is a common practice to maintain loyalty and focus, it can vary based on agreements, but fundamentally, conflicts of interest are avoided by having one agent represent a client at a time.

The statement indicating that a listing firm must compensate a selling firm or buyer's firm is not accurate according to Wisconsin's license law. In practice, compensation arrangements between brokerage firms are determined by the terms set forth in the listing agreement or other contractual arrangements. These agreements are typically negotiated between the parties involved and are not mandated by law itself.

In contrast, the other statements reflect accurate aspects of Wisconsin's licensing regulations. Licensees are indeed required to renew their licenses every two years to ensure they stay up-to-date with continuing education and industry practices. Additionally, it is a crucial requirement for agents to disclose their relationship status and whether they are acting as agents to ensure transparency in transactions. Lastly, while the representation of a client by only one agent is a common practice to maintain loyalty and focus, it can vary based on agreements, but fundamentally, conflicts of interest are avoided by having one agent represent a client at a time.