reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 15 - Obligation To Furnish Copies And Maintain Records › Section REEB 15.02 - Retention of records

Current through June 24, 2024
(1) A licensee shall promptly provide an
			 exact and complete copy of any document utilized, prepared, or received by the
			 licensee in real estate practice to any person who has signed the
			 document.
(2) A licensee shall
			 promptly distribute to the following persons exact and complete copies of
			 offers to purchase, amendments to contracts of sale, counter-offers, exchange
			 agreements, or grants of option which have been accepted and signed by all the
			 parties:
(a) The seller.
(b) The buyer.
(c) The listing broker.
(d) The selling broker.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 15 - Obligation To Furnish Copies And Maintain Records › Section REEB 15.04 - Retention of records

Current through June 24, 2024
(1) A firm shall retain for at least 2 years,
			 unless required by federal law or there is an active or ongoing investigation
			 by the Board, exact and complete copies of all listing contracts, agency
			 agreements, offers to purchase, leases, closing statements, deposit receipts,
			 cancelled checks, trust account records and other documents or correspondence
			 utilized, received or prepared in connection with any transaction. The
			 retention period shall run from the date of closing of the transaction or, if
			 the transaction has not been consummated, from the date the listing contract or
			 the agency agreement is terminated. These records shall be available for
			 inspection and copying by the board. The firm shall, upon request of the board,
			 promptly send exact and complete copies to the department without charge to the
			 department or board. The board may not require copies to be submitted beyond
			 the retention period. Electronic or digital means may be used to retain
			 records.
(2) A licensee associated
			 with a firm shall submit documents and records related to transactions that are
			 utilized, prepared, or receive by the licensee to the firm in a timely
			 manner.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.01 - Authority

Current through June 24, 2024
The rules in this chapter are adopted pursuant to ss.
				227.11(2),
				452.05(1)
				(b),
				452.07, and
				452.14(3)
				(m), Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.03 - Approved forms

Current through June 24, 2024
(1) In addition to forms prepared and
			 approved by the board pursuant to s.
			 452.05(1)
			 (b), Stats., the board approves the following
			 forms for use by brokers:
(a) Forms prepared
			 and approved by the state bar of Wisconsin for deeds, mortgages, mortgage
			 notes, truth-in-lending disclosures, land contracts, release of mortgage,
			 satisfaction of mortgage, assignment of mortgage, and assignment of land
			 contract.
(b) Uniform commercial
			 code forms: 1, 2, 3, 4, 11, 410, 411, 430, 445, 450, and 451.
(c) Contractual forms for the sale, purchase
			 or rental of real estate or a business opportunity located in another state, if
			 the contractual forms are those which licensees may legally and customarily use
			 for such transactions in the state where the real estate or business
			 opportunity is located.
(d) Forms
			 prepared by governmental, quasi-governmental, and tribal agencies for use in
			 programs administered by them under authority provided by law.
(e) Forms to be used for a property
			 management agreement between a firm and a landlord, prepared by the broker
			 entering into the agreement, an attorney, or the landlord, that contain
			 provisions relating to leasing, managing, marketing, and overall management of
			 the landlord's property.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.04 - When to utilize approved forms

Current through June 24, 2024
(1) Except as
			 provided in subs. (2) and (3), a licensee shall use approved forms when acting
			 as an agent or a party in a real estate or business opportunity
			 transaction.
(2) For those kinds of
			 real estate or business opportunity transactions for which the board has not
			 approved contractual forms, a licensee, when acting as an agent or a party, may
			 use contractual forms drafted by a party or an attorney, if the name of the
			 drafter is imprinted on the form before use by a licensee. For the purpose of
			 this subsection, a listing firm is a party to the listing contract
			 transaction.
(3) A licensee may in
			 any transaction where the licensee is acting as an agent, negotiate an
			 agreement and permit the parties or an attorney for one or other of the parties
			 to draft or prepare a contractual agreement which embodies all of the
			 negotiated terms and conditions.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.05 - Legal advice and practice of law

Current through June 24, 2024
(1) A licensee may
			 not provide advice or opinions concerning the legal rights or obligations of
			 parties to a transaction, the legal effect of a specific contract or
			 conveyance, or the state of title to real estate.
(2) Notwithstanding sub. (1), a licensee may
			 provide a general explanation of the provisions in an approved form to the
			 parties to a transaction at the time of completing the form or when delivering
			 an approved form for the seller's or buyer's acceptance.
(3) A licensee may use approved forms only in
			 those transactions in which the licensee is acting in a capacity as licensee or
			 in which the licensee is a principal, and in either case the use of such forms
			 is incidental to the real estate practice of the licensee.
(4) A licensee may not make a separate charge
			 for completing an approved form in connection with a transaction.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.06 - How to use approved forms

Current through June 24, 2024
(1) When a licensee
			 reproduces or arranges for printing a contractual form prepared and approved by
			 the board pursuant to s.
			 452.05(1)
			 (b), Stats., the licensee shall comply with
			 all of the following:
(a) Assure that the
			 numbering of lines, line contents, and the lines appearing on each page are
			 identical to those on the board-approved forms.
(b) Not reproduce the form in such a manner
			 that optional provisions are omitted and blank lines are filled in without any
			 indication of where the optional provisions and blank lines occur on the
			 board-approved form.
(c) Shall
			 indicate that the form is reproduced by the firm, stating its address and
			 telephone number at an appropriate place on the form.
(d) May not add additional blank lines or add
			 additional lines containing textual content, or alter the format of the form in
			 any other manner. "Alter the format" does not include modifying margins or font
			 size consistent with par. (a) . To add textual content or additional
			 provisions, a licensee shall only fill in blank lines provided for that purpose
			 on a form or add addenda containing additional or altered provisions as
			 provided in subs. (4) and (5).
(e)
			 Retain the board's approval statement and date in the upper left corner exactly
			 as these appear on the board-approved form.
(f) Assure that the formatting of the form is
			 substantially identical to that on the board-approved form.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.07 - Violation of this chapter

Current through June 24, 2024
A licensee who violates this chapter demonstrates, for purposes
				of s.
				452.14(3)
				(i), Stats., incompetency to act as a real
				estate licensee in a manner that safeguards the interests of the public and
				violates s.
				452.14(3)
				(m), Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 17 - Licensees Associated With A Firm › Section REEB 17.01 - Authority

Current through June 24, 2024
The rules in this chapter are adopted pursuant to ss.
				227.11(2),
				452.07,
				452.12(2) and
				(3),
				452.14(3),
				and 452.30(5),
				Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 17 - Licensees Associated With A Firm › Section REEB 17.03 - Limitations on licensees associated with a firm

Current through June 24, 2024
(2) A licensee
			 associated with a firm may personally employ or engage as independent
			 contractors licensed persons only as unlicensed personal assistants within the
			 meaning of s.
			 452.34(1),
			 Stats., subject to the provisions in s.
			 452.34,
			 Stats.
(3) A broker shall be
			 associated with only one firm unless the broker is engaging in independent
			 practice under s. 452.30(6) (a),
			 Stats., or acting as business representative for a licensed business entity
			 under s.
			 452.12(2)
			 (a), Stats.
(4) A salesperson may engage in real estate
			 practice only when associated with a firm.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 17 - Licensees Associated With A Firm › Section REEB 17.04 - Notice of employment

Current through June 24, 2024
A licensee who wishes to engage in real estate practice as an
				employee of a broker-employer shall notify the department of the name of the
				broker-employer on forms prescribed by the board. If this notice is provided at
				the time of application for original licensure, the department may not charge a
				fee in addition to the fee specified in s.
				440.05(1),
				Stats. If the notice is provided other than at the time of application for
				original licensure, the licensee shall pay the fee specified in s.
				440.05(7),
				Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 17 - Licensees Associated With A Firm › Section REEB 17.08 - Supervision of employees (Repealed)

Current through June 24, 2024
Sections REEB 17.08(3) and (4) do not affect a
				  broker-employer's liability under s.
				  452.12(3),
				  Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 17 - Licensees Associated With A Firm › Section REEB 17.12 - Unlicensed personal assistants (Repealed)

Current through June 24, 2024
This rule does not prevent an owner from showing or holding
				  an open house regarding his or her own residence, for example, or from
				  permitting a non-compensation person, such as a relative or neighbor, from
				  showing or holding an open house on the owner's behalf.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.02 - Definitions

Current through June 24, 2024
In this chapter:
Note:
See also definitions in s.
				REEB
				11.02.
(1)
			 "Business day" means any day excluding Saturdays, Sundays, any legal public
			 holiday under Wisconsin or Federal law, and any other day designated by the
			 President of the United States such that the U.S. postal service does not
			 receive registered mail or make regular deliveries on that day.
(1e) "Client funds" has that meaning given in
			 s.
			 452.13(1)
			 (a), Stats.
Note:
Section
				452.13(1)
				(a), Stats., reads: "Client funds" means all
				downpayments, earnest money deposits or other money related to a conveyance of
				real estate that is received by a broker, salesperson or time-share salesperson
				on behalf of the broker's, salesperson's or time-share salesperson's principal
				or any other person. "Client funds" does not include promissory
				notes.'
(4) "Depository
			 institution" has that meaning given in s.
			 452.13(1)
			 (b), Stats.
Note:
Section
				452.13(1)
				(b), Stats., reads: "Depository institution"
				means a bank, savings bank, savings and loan association or credit union that
				is authorized by federal or state law to do business in this state and that is
				insured by the federal deposit insurance corporation or by the national credit
				union share insurance fund.'
(5) "Real estate trust account" means an
			 account for real estate trust funds maintained at a depository institution from
			 which withdrawals or transfers can be made without delay, subject to any notice
			 period that the depository institution is required to observe by law, and
			 includes all of the following:
(a)
			 Interest-bearing common trust accounts established for client funds.
(b) Non-interest bearing real estate trust
			 accounts maintained for real estate trust funds other than client
			 funds.
(c) Interest-bearing real
			 estate trust accounts maintained for real estate trust funds other than client
			 funds.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.031 - Deposits and types of accounts

Current through June 24, 2024
(1) TIME OF
			 DEPOSIT. A firm shall deposit all real estate trust funds received by the firm
			 or licensees associated with the firm in a real estate trust account within 48
			 hours of receipt of the trust funds. If funds are received on a day prior to a
			 holiday or other day when the depository institution is closed, the firm shall
			 deposit the funds within the next 2 business days. If a firm receives funds
			 which cannot be deposited by the firm, the firm shall, no later than one
			 business day after receipt, either:
(a)
			 Forward the funds to the payee, if someone other than the firm.
(b) Return the funds to the payer.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.032 - Number of real estate trust accounts

Current through June 24, 2024
A firm may maintain more than one real estate trust account,
				including more than one interest-bearing common trust account for client funds,
				if the firm notifies the department of these accounts, as required in s.
				REEB
				18.035.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.033 - Opening and closing real estate trust accounts

Current through June 24, 2024
(1) OPENING AN
			 ACCOUNT. A firm shall open a real estate trust account if the firm receives
			 real estate trust funds.
(2)
			 CLOSING AN ACCOUNT. A firm may close a real estate trust account if no real
			 estate trust funds remain in the account or for reasons specified in s.
			 REEB
			 18.035.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.034 - Account designation

Current through June 24, 2024
(1) NAME ON TRUST ACCOUNT. A firm shall name
			 the firm's real estate trust account with the name appearing on the broker's
			 license or with a trade name submitted to the department under s.
			 REEB
			 23.03 and shall include the words trust account in the
			 name of the account.
(2) NAME ON
			 CHECKS. A firm shall imprint the name of the real estate trust account on real
			 estate trust account checks, share drafts or drafts.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.035 - Duty to notify the department

Current through June 24, 2024
(1) OPENING AN
			 ACCOUNT. No later than 10 days after opening any real estate trust account a
			 firm shall provide the department with the name and number of the account, with
			 the name of the depository institution in which the firm holds the account and
			 with information concerning whether the account is for client funds or for real
			 estate trust funds other than client funds. The information shall be provided
			 on a form, as required in s.
			 REEB
			 18.037.
(2) CHANGING OR CLOSING AN ACCOUNT. A firm
			 shall notify the department no later than 10 days after a firm changes a real
			 estate trust account name or number, changes the real estate trust account from
			 one depository institution to another, closes a real estate trust account or
			 changes a real estate trust account to or from an interest-bearing common trust
			 account established for client's funds. The notification shall be provided on a
			 form, as required in s.
			 REEB
			 18.037. When closing a real estate trust account, a
			 firm may inform the board by letter.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.036 - Authorization to examine real estate trust accounts and records

Current through June 24, 2024
(1) FIRM'S
			 AUTHORIZATION. No later than 10 days after opening a real estate trust account
			 a firm shall furnish the department authorization for the department to examine
			 and audit all of the firm's real estate trust account records and authorization
			 for the department of administration to examine all of the firm's
			 interest-bearing common trust accounts maintained for client funds. The
			 authorization shall be provided on a form, as required in s.
			 REEB
			 18.037.
(2) DEPOSITORY INSTITUTION'S CERTIFICATION.
			 No later than 10 days after opening a real estate trust account a firm shall
			 obtain the certification of every depository institution in which the firm
			 maintains a real estate trust account attesting to the existence of the account
			 and consenting to the examination and audit of the account by a duly authorized
			 representative of the department or, in the case of interest-bearing common
			 trust accounts maintained for client funds, the department of administration.
			 The certification shall be provided to the department on a form, as required in
			 s.
			 REEB
			 18.037.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.037 - Form for notification and authorization

Current through June 24, 2024
A firm shall provide the information and authorization as
				specified in ss.
				REEB
				18.035 and
				18.036 on a form provided by the
				department. This form shall be designated consent to examine and audit trust
				account.
A copy of this form may be obtained from the Department of
				  Safety and Professional Services, Division of Professional Credential
				  Processing, 1400 East Washington Avenue, P.O. Box 8935, Madison, Wisconsin
				  53708-8935 or downloading from the department's webpage:
http://dsps.wi.gov
.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.06 - Escrow agreement for earnest money not held by the firm

Current through June 24, 2024
If the parties to a transaction do not desire that the firm
				hold the earnest money in the firm's real estate trust account, and wish to
				designate an escrow agent other than the firm, the licensee may not draft the
				escrow agreement. The escrow agreement shall be drafted by the parties or an
				attorney. The firm may not hold the funds in the firm's real estate trust
				account, nor may the firm act in any way as custodian of the funds for the
				parties. The funds, pursuant to the escrow agreement, shall be held by a party
				other than the firm, such as: a bank, a savings and loan association, a credit
				union, or an attorney.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.07 - After closing escrow agreements

Current through June 24, 2024
(1) BY SEPARATE
			 AGREEMENT. If the parties to a contract wish, or are required, to place funds
			 in escrow which are to be held after closing by the firm in the firm's trust
			 account or by another person until some future occurrence, an agreement to that
			 effect shall be prepared by the parties or an attorney. If the firm holds these
			 funds, the firm shall place them in the firm's real estate trust account. The
			 licensee may draft the escrow agreement if a form for this purpose has been
			 approved by the board for use by licensees pursuant to s.
			 REEB
			 16.03.
(2)
			 ON CLOSING STATEMENT. A firm may hold in the firm's trust account without a
			 separate escrow agreement occupancy or possession escrows, escrows for final
			 proration of taxes, and escrows for charges incurred by a seller but not yet
			 billed, provided that the closing statement shows that the firm is holding the
			 funds.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.09 - Disbursement of trust funds

Current through June 24, 2024
(1) PROPER
			 DISBURSEMENT. A firm who disburses trust funds from the firm's real estate
			 trust account under any of the following circumstances shall not be deemed to
			 have violated s.
			 452.14(3)
			 (i), Stats.:
(a) To the payer upon the rejection,
			 expiration or withdrawal prior to binding acceptance of an offer to purchase,
			 lease, exchange agreement or option on real estate or a business
			 opportunity.
(b) As directed in a
			 written earnest money disbursement agreement signed by all parties having an
			 interest in the trust funds. For the purposes of this subsection, a closing
			 statement is a written earnest money disbursement agreement.
(c) To a court having jurisdiction over a
			 civil action involving all parties having an interest in the trust
			 funds.
(d) As directed by order of
			 a court.
(e) Upon a good faith
			 decision based upon advice of an attorney not representing any party to the
			 contract.
(f) Upon authorization
			 granted within the contract.
(g) As
			 otherwise provided by law.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.10 - Comingling funds prohibited

Current through June 24, 2024
(1) DEPOSITABLE
			 FUNDS. A broker shall deposit only real estate trust funds in the broker's real
			 estate trust account.
(a) EXCEPT FOR SUB. (b),
			 a broker shall not commingle the broker's personal funds or other funds in the
			 real estate trust account.
(b) A
			 broker may deposit and maintain a sum not to exceed $300.00 from the broker's
			 personal funds in any real estate trust account. Such sum shall be specifically
			 identified and deposited to cover service charges relating to the real estate
			 trust account.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.11 - Non-depositable items

Current through June 24, 2024
A firm shall not hold any instrument, equity or thing of value
				which is not depositable in a real estate trust account. Non-depositable items
				shall be held by one of the parties to a transaction or some other party,
				subject to an escrow agreement prepared by the parties or an
				attorney.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.13 - Bookkeeping system

Current through June 24, 2024
Each firm shall maintain and be responsible for a bookkeeping
				system in the firm's office consisting of at least the following:
(1) CASH JOURNAL. A firm shall maintain a
			 record, called a journal showing the chronological sequence in which real
			 estate trust funds are received and disbursed as follows:
(a) For funds received, the journal shall
			 include at least the date, the name of the party providing the money, and the
			 amount.
(b) For disbursements, the
			 journal shall include at least the date, the payee, the number of the check,
			 share draft, or draft, and the amount.
(c) The journal shall identify each
			 transaction by including at least the name of the principal, an identification
			 number or other means of identification linking the journal to the transactions
			 and the ledger described in sub. (2).
(d) The journal shall include a running
			 balance for each day on which receipts or disbursements are entered.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 18 - Trust Accounts › Section REEB 18.14 - Violation of rules

Current through June 24, 2024
A firm who fails to comply with the rules in this chapter
				shall be considered to have demonstrated incompetency to act as a licensed
				individual broker or a licensed broker business entity in a manner as to
				safeguard the interests of the public, as specified in s.
				452.14(3),
				Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 23 - Change Of Name Or Address On License, Trade Name Or Form Of Organization › Section REEB 23.02 - Change of name or address

Current through June 24, 2024
Any person licensed under ch. 452, Stats., who changes the name
				appearing on a current license or moves from the last address provided to the
				department shall notify the department in writing of the new name or address
				within 30 days of the change.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 23 - Change Of Name Or Address On License, Trade Name Or Form Of Organization › Section REEB 23.03 - Trade name

Current through June 24, 2024
(1) DEFINITION. Trade name means the name
			 other than the name appearing on the license, under which the licensed
			 individual broker or a licensed broker business entity advertises or does
			 business.
(2) NOTIFICATION. A
			 licensee, before doing business under any trade name, shall notify the
			 department in writing of the trade name.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 23 - Change Of Name Or Address On License, Trade Name Or Form Of Organization › Section REEB 23.04 - Change of form of business organization

Current through June 24, 2024
(1) APPLICATION. A
			 licensed broker business entity who intends to conduct business under a
			 different business type, shall apply for a new license. Upon payment of the fee
			 specified in s.
			 440.05(1),
			 Stats., the board shall issue to the applicant a license under the new business
			 type.
(2) NEW LICENSE REQUIRED. A
			 broker business entity shall not engage in real estate activities under a
			 different business type until a new license is issued.
Applications are available upon request to the department
				  offices located at 1400 East Washington Avenue, P.O. Box 8935, Madison,
				  Wisconsin 53708-8935; phone (608) 266-1212 or available for download on the
				  department webpage:
http://dsps.wi.gov/Licenses-Permits/Credentialing/Business-Professions/
.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.01 - Authority and intent

Current through June 24, 2024
(1) The rules in this chapter are adopted
			 pursuant to ss.
			 227.11,
			 452.01,
			 452.07,
			 452.133,
			 452.138,
			 452.139
			 and
			 452.14,
			 Stats.
(2) The intent of the board
			 in adopting the rules in this chapter is to establish minimum standards of
			 conduct for real estate licensees and to define conduct that may result in
			 board discipline pursuant to s.
			 452.14,
			 Stats.
(3) If a licensee violates
			 rules in this chapter, the licensee has demonstrated incompetency to act as a
			 broker or salesperson in such manner as to safeguard the interests of the
			 public under s.
			 452.14(3)
			 (i), Stats. However, the term "incompetency"
			 is not limited in its meaning to violations of this chapter.
(4) If a licensee violates the rules set
			 forth in s.
			 REEB 24.075,
			 the licensee has engaged in improper, fraudulent or dishonest dealing as used
			 in s.
			 452.14(3)
			 (k), Stats. However, the terms "improper,
			 fraudulent or dishonest dealing" are not limited in their meaning to violations
			 of s.
			 REEB
			 24.075.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.02 - Definitions

Current through June 24, 2024
(1) "Adverse fact" means any of the
			 following:
(a) A condition or occurrence that
			 is generally recognized by a competent licensee as doing any of the following:
1. Significantly and adversely affecting the
			 value of the property.
2.
			 Significantly reducing the structural integrity of improvements to real
			 estate.
3. Presenting a significant
			 health risk to occupants of the property.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.03 - Competent services

Current through June 24, 2024
(1) DISCRIMINATION PROHIBITED. Licensees may
			 not discriminate against, nor deny equal services to, nor be a party to any
			 plan or agreement to discriminate against any person in any manner unlawful
			 under applicable federal, state or local fair housing law.
Note:
The primary references for federal and state
				fair housing laws are the 1988 amendments to the Federal Housing Act (Title VII
				of the Civil Rights Act of 1968) and Chapter 106, Subchapter II,
				Stats.
(2) COMPETENCE
			 REQUIRED.
(a) Licensees shall not provide
			 services that the licensee is not competent to provide unless the licensee
			 engages the assistance of another person who is competent. Any person engaged
			 to provide such assistance shall be identified and that person's contribution
			 shall be described in the documents or records related to the
			 transaction.
(b) Licensees shall
			 act to protect the public against fraud, misrepresentation and unethical
			 practices.
(c) A licensee shall be
			 knowledgeable regarding laws, public policies and current market conditions on
			 real estate matters and shall assist, guide, and advise the parties on these
			 factors.
(d) Licensees are not
			 required to have the technical knowledge, skills or training possessed by
			 competent third party inspectors and investigators of real estate and related
			 areas.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.05 - Disclosure of compensation and interests

Current through June 24, 2024
(1) COMPENSATION. A
			 licensee shall follow the requirements for compensation as specified under s.
			 452.133(3) (a)
			 and (c), Stats.
(2) DISCLOSURE OF INTEREST. A licensee shall
			 follow the requirements for disclosure of interest as specified under s.
			 452.133(3)
			 (b), Stats.
(4) DISCLOSURE TO SELLER. A listing firm may
			 not pay any compensation or incentive to a licensee who is acting as a buyer in
			 a transaction without prior written consent from the seller.
(5) DISCLOSURE OF LICENSURE.
(a) A licensee acting as a principal in a
			 real estate or business opportunity transaction shall disclose his, her, or its
			 license status and intent to act in the transaction as a principal at the
			 earliest of all of the following:
1. The first
			 contact with the other party or an agent representing the other party where
			 information regarding the other party or the transaction is being
			 exchanged.
2. A showing of the
			 property.
3. Any other negotiation
			 with the seller, the listing firm, or other party or firm representing the
			 other party.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.06 - Unauthorized practice of law

Current through June 24, 2024
(1) UNAUTHORIZED
			 PRACTICE OF LAW PROHIBITED. Licensees shall not engage in activities that
			 constitute the unauthorized practice of law.
(2) LEGAL COUNSEL NOT TO BE DISCOURAGED.
			 Licensees shall not discourage any person from retaining an attorney.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.07 - Inspection and disclosure duties

Current through June 24, 2024
(1) INSPECTION OF
			 REAL ESTATE.
(a)
General
			 requirement.
A licensee, when engaging in real estate practice that
			 involves real estate improved with a structure, shall conduct a reasonably
			 competent and diligent inspection of accessible areas of the structure and
			 immediately surrounding areas of the property to detect observable, material
			 adverse facts. A licensee, when engaging in real estate practice that involves
			 vacant land, shall, if the vacant land is accessible, conduct a reasonably
			 competent and diligent inspection of the vacant land to detect observable
			 material adverse facts.
(b)
Listing firm.
When listing real estate and prior to execution
			 of the listing contract, a licensee shall inspect the real estate as required
			 by sub. (1), and shall make inquiries of the seller on the condition of the
			 structure, mechanical systems and other relevant aspects of the property as
			 applicable. The licensee shall request that the seller provide a written
			 response to the licensee's inquiry.
(c)
Other licensees.
Licensees, other than listing firms, shall inspect the real estate as required
			 by sub. (1) prior to or during a showing of the property, unless the licensee
			 is not given access for a showing.
(d)
Specific conduct regarding
			 inspections.
A reasonably competent and diligent inspection of real
			 estate improved with a structure does not require the operation of mechanical
			 equipment; the opening of panels, doors or covers for access to mechanical
			 systems; or the moving of furniture, boxes or other property; nor does it
			 require a licensee to observe areas of the property for which entry presents an
			 unreasonable risk of injury or areas accessible only by ladder, by crawling or
			 other equivalent means of access. A licensee is not required to retain third
			 party inspectors or investigators to complete a reasonably competent and
			 diligent inspection. A reasonably competent and diligent inspection of vacant
			 land does not require an observation of the entire property, but shall include,
			 if given access, an observation of the property from at least one point on or
			 adjacent to the property.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.075 - Tie-in arrangements

Current through June 24, 2024
Licensees shall not:
(1) Condition the sale of real estate owned
			 by the licensee or whose sale is effectively controlled by the licensee to a
			 buyer upon the buyer's agreement to purchase another parcel or real
			 estate.
(2) Condition the sale of
			 real estate owned by the licensee or whose sale is effectively controlled by
			 the licensee upon the buyer's agreement to list the real estate or other real
			 estate owned by the buyer with the licensee.
Note:
The following are 2 common examples of
				activities which would violate this subsection:
(1) requiring a builder to list a speculation
			 home with the licensee; and
(2)
			 requiring a buyer to list a present home with the licensee.
(3) Condition the sale of vacant real estate
			 owned by the licensee or whose sale is effectively controlled by the licensee
			 upon the buyer's agreement to employ one or more specific builders to make
			 improvements on the real estate unless:
(a)
			 The builder owns a bona fide interest in the real estate; and there is full
			 disclosure as specified under s.
			 452.133(3)
			 (c), Stats.
(b) The builder and the licensee or the
			 builder and the owner of the real estate are the same person or are commonly
			 controlled corporations and whose business is selling improved property and not
			 vacant land; and there is full disclosure as specified in s.
			 452.133(3)
			 (c), Stats.
(c) The agreement is a bona fide effort to
			 maintain development quality or architectural uniformity and no consideration
			 passes from a builder to a licensee for soliciting this agreement.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.08 - Agreements to be in writing

Current through June 24, 2024
A licensee shall put in writing all listing contracts,
				guaranteed sales agreements, buyer agency agreements, offers to purchase,
				property management agreements, options, financial obligations and any other
				written proposals regarding transactions, expressing the exact agreement of the
				parties. This section does not apply if the writing is completed by the parties
				or their attorneys or the writing is outside the scope of the licensee's
				authority under ch. REEB 16.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.09 - Securing agency agreements

Current through June 24, 2024
A licensee may not mislead a potential client regarding the
				benefits that might be realized by using the licensee's services. A licensee
				also may not mislead a potential client regarding the market value of real
				estate or a business opportunity to be leased, rented, purchased, optioned, or
				sold under an agency agreement.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.10 - Net listing prohibited

Current through June 24, 2024
Licensees shall not obtain, negotiate or attempt to obtain or
				negotiate any listing contract providing for a stipulated net price to the
				owner with the excess over the stipulated net price to be received by the firm
				as commission.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.12 - Confidentiality of offers

Current through June 24, 2024
(1) Except as
			 provided in sub. (2), a licensee acting as a principal or an agent in a real
			 estate or business opportunity transaction shall not disclose any of the terms
			 of one prospective buyer's offer to purchase, exchange agreement, or option to
			 any other prospective buyer or to any person with the intent that this
			 information be disclosed to any other prospective buyer. Licensees shall
			 encourage all prospective buyers to submit their best offers. A licensee may,
			 but is not required to, disclose information known by the licensee regarding
			 the existence of other offers on the property, that a seller has accepted an
			 offer, that the offer is subject to contingencies, and that the offer is
			 subject to a clause requiring removal of certain contingencies upon the
			 occurrence of an event such as receipt, acceptance, or conditional acceptance
			 of another offer.
(2) If a licensee
			 is providing brokerage services in a transaction and the licensee has knowledge
			 that the property is subject to a right of first refusal, the licensee shall
			 disclose the right of first refusal, in writing and in a timely manner, to all
			 persons seeking to acquire an interest subject to the right of first refusal.
			 After disclosure of the right of first refusal to a party seeking to acquire an
			 interest in the property, the licensee may deliver a copy of that party's offer
			 to purchase, exchange agreement, option, or lease to the party holding the
			 right of first refusal.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.13 - Drafting and submission of written proposals

Current through June 24, 2024
(1) REFUSAL
			 PROHIBITED. Licensees shall not refuse to draft or submit any written proposal
			 unless the terms of the written proposal would be contrary to specific written
			 instructions of the other party.
(2) ACCESS TO PROPERTY FOR SHOWINGS. Listing
			 firms shall permit access to listed property for showing purposes, to all
			 buyers and persons assisting or advising buyers, without unreasonable delay,
			 unless the buyer's or other person's access is contrary to specific written
			 instructions of the seller.
(3)
			 FAIR PRESENTATION OF WRITTEN PROPOSALS.
(a)
			 Licensees shall present all written proposals in an objective and unbiased
			 manner to their clients and customers. Licensees shall inform their clients and
			 customers of the advantages and disadvantages of all submitted written
			 proposals.
(b) If a firm has a
			 property listed, no licensee associated with the listing firm, including a
			 licensed individual broker acting as a sole proprietor and licensed broker
			 business entity, or listing firm, may submit a personal written proposal or
			 offer to purchase a property, if the licensee has knowledge of the terms of any
			 pending offer, except that a firm may arrange for a guaranteed sale at the time
			 of listing.
(c) A licensee shall
			 promptly present all written proposals received to the licensee's client or
			 customer unless the presentation would be contrary to specific written
			 instructions from the licensee's client or customer. A licensee shall not
			 withhold any written proposal from presentation pending the party's action on a
			 written proposal previously presented unless the presentation would be contrary
			 to specific written instructions from the licensee's client or
			 customer.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 24 - Conduct And Ethical Practices For Real Estate Licensees › Section REEB 24.17 - Miscellaneous requirements

Current through June 24, 2024
(1) VIOLATIONS OF
			 LAW. Licensees may not violate, or aid or abet the violation of, any law the
			 circumstances of which substantially relate to the practices of a real estate
			 licensee. A licensee, who has been convicted of a crime, shall send to the
			 board, within 48 hours after the judgment of conviction, a copy of the
			 complaint or other information that describes the nature of the crime and the
			 judgment of conviction in order that the board determine whether the
			 circumstances of the crime of which the licensee was convicted are
			 substantially related to the practice of a real estate licensee, pursuant to s.
			 111.335(3)
			 (a), Stats.
(2) CONVICTION. The board may discipline a
			 licensee on the basis of a conviction of any crime, the circumstances of which
			 substantially relate to the practice of real estate. A certified copy of a
			 judgment of a court of record showing such conviction, within this state or
			 without, shall be presumptive evidence of conviction.
(2m) FELONY CONVICTION. The board may revoke
			 a license based on a conviction of a felony that is a bar to licensure under s.
			 452.25(1)
			 (a), Stats.
(3) VIOLATION OF STATUTES, ADMINISTRATIVE
			 CODE AND BOARD ORDERS. Licensees may not violate any provisions or terms or
			 conditions of, or aid or abet the violation of ch. 452, Stats., chs.
			 REEB
			 11 to 25 or any order of, the board.
(4) IMPAIRED PRACTICE. Licensees shall not
			 render services while the ability of the licensee to competently perform duties
			 is impaired by mental or emotional disorder, drugs or alcohol.
(5) DUTY TO COOPERATE WITH THE BOARD AND THE
			 DEPARTMENT. Licensees and applicants shall respond to the department and the
			 board regarding any request for information within 30 days of the date of the
			 request.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 25 - Education › Section REEB 25.005 - Authority

Current through June 24, 2024
The following rules are adopted pursuant to ss.
				227.11(2),
				452.05,
				452.07,
				452.09(2) and
				(3) and
				452.12(5)
				(c), Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 25 - Education › Section REEB 25.01 - Definitions

Current through June 24, 2024
As used in this chapter, unless the context otherwise
				specifically requires:
(1) "Accredited
			 institution of higher education" means a law school accredited by the American
			 bar association or other schools accredited by one of the regional
			 institutional accrediting commissions or associations which have been
			 recognized by the U.S. department of education.
(2) "Board" means the real estate examining
			 board.
(3) "Continuing education
			 course" means an approved segment of a continuing education program required by
			 the board pursuant to s.
			 452.05(1)
			 (d), Stats.
(4) "Continuing education program" means the
			 total number of continuing education hours or subjects required by the board
			 pursuant to s.
			 452.05(1)
			 (d), Stats.
(6) "Evidence of completion" means an
			 official transcript, student grade report, or board-approved certificate
			 showing satisfactory completion of education programs or courses.
(7) "Hour" means a period of 50 minutes of
			 actual instruction and shall not include time spent in writing tests or
			 examinations given by the school.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 25 - Education › Section REEB 25.023 - Real estate broker's pre-license business management program

Current through June 24, 2024
An education program in business management for applicants for
				a real estate broker's license shall consist of 72 hours. The education program
				in business management shall contain all of the following topics:
(1) CONTRACTS. Instruction relating to real
			 estate contracts shall include all of the following:
(a) The definition of a contract, including
			 the difference between a contract and an agreement.
(b) Elements of a contract, including all of
			 the following:
1. Offer.
2. Acceptance.
3. Consideration.
4. Competent parties.
(c) Parties to a contract, including all of
			 the following:
1. Parties to an agency
			 agreement.
2. Parties to a sales
			 contract, option, or lease.
3.
			 Multiple parties.
(d)
			 Creating binding contracts, including all of the following:
1. Signatures.
2. Acceptance and binding
			 acceptance.
3. Delivery.
4. Deadlines.
5. Time is of the essence.
(e) Validity of
			 contracts.
(f) Drafting contracts
			 and contingencies, including all of the following:
1. Properly drafting.
2. Pre-printed.
3. Customized.
(g) Ending the contractual relationship,
			 including all of the following:
1.
			 Rescission.
2.
			 Termination.
3.
			 Modification.
4. Death of a
			 party.
5. Default and
			 breach.
(h) Acceptance
			 and counteroffers, including the difference between acceptance and
			 counteroffers.
(i) The law of
			 conveyances, including all of the following:
1. Conveyance defined.
2. Requirements for a valid
			 conveyance.
(j)
			 Agreement to arbitrate real estate transaction disputes under s.
			 788.015,
			 Stats.
(k) Commercial real estate
			 commission lien under s.
			 779.32,
			 Stats.
Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 25 - Education › Section REEB 25.025 - Satisfaction of broker's educational requirements by out-of-state applicants

Current through June 24, 2024
(1) An applicant who has held an active real
			 estate broker's license in another licensing jurisdiction within the 2 year
			 period prior to filing an application for an original real estate broker's
			 license in Wisconsin may satisfy the broker's educational requirements of s.
			 REEB
			 25.02(1) by submitting evidence of
			 one of the following:
(a) Completion of the
			 educational programs under sub. (2) and s.
			 REEB
			 25.035(2) at a school approved by the
			 board under s.
			 REEB
			 25.05 or
			 25.06.
(b) Satisfaction of the requirements in s.
			 REEB
			 25.02(1) (b) or (c).