Wisconsin Real Estate Sales Practice Exam

If a buyer does not receive a Real Estate Condition Report within ten days of acceptance, how many days do they have to rescind the contract?

1. 3 business days in writing

2. 2 business days in writing

3. Immediate rescission

4. 5 business days verbally

The correct answer is: 2 business days in writing

If a buyer does not receive a Real Estate Condition Report within ten days of the acceptance of the offer, they have a statutory right to rescind the contract within two business days of receiving that report. This provision is designed to protect buyers by ensuring they have the opportunity to review the property's condition before fully committing to the transaction. The key aspect of this situation is the buyer's ability to make an informed decision based on the information contained in the Real Estate Condition Report. The law recognizes that timely disclosure of property conditions is crucial, and it allows buyers a short window to reconsider their commitment if that report has not been received in a timely manner. Therefore, the two business days given for rescission reflects a balance of allowing buyers to address their concerns while still moving the transaction process forward.