Wisconsin Real Estate Sales Practice Exam

In the WB-14 Residential Condominium Offer to Purchase, where does the buyer indicate the contingency of Association Approval of Sale of Unit?

1. Lines 200-205

2. Lines 307-308

3. Lines 400-405

4. There is no indication for this

The correct answer is: Lines 307-308

In the WB-14 Residential Condominium Offer to Purchase, the buyer indicates the contingency of Association Approval of the Sale of Unit on lines 307-308. This section is specifically designed to address contingencies related to the approval by the condominium association, which is a crucial aspect for buyers in condominium transactions. The buyer can stipulate that the offer is contingent upon receiving approval from the association, ensuring that all necessary governance and regulations regarding the sale are adhered to. Understanding this part of the form is important because association approval can significantly affect the sale process. If the approval is not granted, it could potentially void the transaction. Therefore, accurately referring to these lines is essential for ensuring that all parties are aware of this possibility and can act accordingly. The other options do not serve this specific purpose in the document. Lines 200-205 and lines 400-405 pertain to different clauses and contingencies that are not centered around association approval, while the implication that there is no indication for this would overlook the clearly designated space provided in the form for this important buyer contingency.