Wisconsin Real Estate Sales Practice Exam

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What does the Extension of Listing provision in the WB-1 Residential Listing Contract pertain to regarding protected buyers?

It extends for an indefinite period
It must be renewed annually
It sets a period of 1 year
It allows for 2 years of protection

The correct answer is: It sets a period of 1 year

The Extension of Listing provision in the WB-1 Residential Listing Contract establishes a specific timeframe for the protection of buyers that the agent has solicited during the listing period. By specifying a period of 1 year, the provision ensures that, even after the listing agreement has ended, if a buyer who was introduced to the property during that listing period eventually purchases the property within that year, the listing agent retains their right to a commission. This provision is designed to protect agents for the effort they invested in marketing the property to buyers who showed interest while the listing was active. In this context, extending protection for 1 year promotes fair compensation for real estate agents in situations where they may have initiated a transaction that closes after the contract expires. This time frame aligns with industry standards and provides clarity for both agents and sellers regarding the continued rights of agents post-listing.