Contracts
A condition that must be met before a sale can move forward, such as a financing or inspection requirement
What is a contingency?
Buyers who put down less than 20% on a conventional loan usually pay this monthly insurance
What is PMI (private mortgage insurance)?
This is the MLS most commonly used by agents in the Milwaukee area
What is MetroMLS?
Wisconsin deeds are recorded at this county office
What is the Register of Deeds?
Keeping your client's bottom-line price private is this duty
What is confidentiality?
This good-faith deposit from the buyer is typically held in the broker's trust account
What is earnest money?
This Wisconsin authority offers down payment assistance and affordable loan programs for eligible buyers
What is WHEDA?
A Seller can elect to have their listing in Delayed Status for a maximum time of this
What is 21 days?
In Wisconsin, this recorded document places a claim or encumbrance on real property to secure payment of a debt, such as for unpaid construction work or materials.
What is a construction lien?
In Wisconsin, agents give this written disclosure to a customer at the first substantive contact, before giving specific advice
What is the Broker Disclosure to Customers?
When a seller wants different terms, this Wisconsin form (WB-5) is used instead of marking up the original offer
What is the Counter-Offer?
A Wisconsin buyer who puts down less than 20% may encounter this added mortgage-related cost, which protects the lender rather than the borrower.
What is private mortgage insurance (PMI)?
This measure, abbreviated DOM, tells how long a listing has been on the market
What is days on market?
Because Wisconsin follows this property system for married couples, a spouse often must sign to sell the homestead
What is marital property?
Mixing client funds with your own money is this violation
What is commingling?
In the WB-11, an offer becomes a binding contract at this moment, once all parties have signed and delivered the acceptance
What is Binding Acceptance?
By the financing deadline in the WB-11, the buyer must deliver written proof of loan approval, known as this
What is a loan commitment?
Since August 2024, offers of this can no longer be made through the MLS
What is compensation to the buyer's broker?
In a Wisconsin offer, this term describes an item that is permanently attached to the property and generally transfers with the real estate unless specifically excluded.
What is a fixture?
Under Wisconsin law, agents must disclose these facts that affect a property's value or a buyer's decision, even if the seller prefers silence
What are material adverse facts?
This phrase in the WB-11 means missing a listed date or deadline can put a party in default
What is "time is of the essence"?
The buyer must receive this document at least 3 business days before closing
What is the Closing Disclosure?
This agent-prepared report uses comparable sales to estimate a home's value, abbreviated CMA
What is a Comparative Market Analysis?
This legal right allows the holder to use another person’s land for a specific purpose—such as access, utilities, or drainage—without owning that land.
What is an easement?
REALTORS pledge to uphold this set of professional standards
What is the NAR Code of Ethics?