Wisconsin Administrative Code › Real Estate Examining Board › Chapter REEB 16 - Approved Forms And Legal Advice › Section REEB 16.02 - Definitions

Current through June 24, 2024
Definitions contained in s.
				REEB
				11.02 shall also apply to this chapter. In this
				chapter:
(1) "Agency agreement" has
			 the meaning given in s.
			 452.01(1m),
			 Stats.
Note:
Section
				452.01(1m)
				reads: "Agency agreement" means a written agreement between a broker and a
				client under s.
				452.135(1).
(1e) "Approved form" means a contractual or
			 conveyance form which is either prepared and approved by the board, pursuant to
			 s.
			 452.05(1)
			 (b), Stats., or approved in s.
			 REEB
			 16.03.
(1m) Buyer agency/tenant representation
			 agreement means a written agency agreement authorizing a firm to provide
			 brokerage services to the client for the procurement of an interest in property
			 and providing the terms whereby the firm may earn a commission.
(2) "Exclusive agency listing" means a
			 written listing agreement containing all of the elements of an exclusive right
			 to sell listing, except that the owner retains the right to sell the property
			 himself or herself without owing the listing broker a commission.
(2e) Exclusive right to locate buyer
			 agency/tenant representation agreement means a written buyer agency/tenant
			 representation agreement giving the firm the exclusive right to locate an
			 interest in property for the client.
(2m) Exclusive right to locate and negotiate
			 buyer agency/tenant representation agreement means a written buyer
			 agency/tenant representation agreement giving the firm the exclusive right to
			 locate an interest in property and to negotiate the procurement of an interest
			 in property for the client.
(2s)
			 Exclusive right to negotiate buyer agency/tenant representation agreement means
			 a written buyer agency/tenant representation agreement giving the firm the
			 exclusive right to negotiate the procurement of an interest in a property for
			 the client.
(3) Exclusive right to
			 sell listing means a written listing contract making a firm the exclusive agent
			 for the sale of property for a specific period of time, and which entitles the
			 listing firm to a commission if the property is sold by the owner, by the firm,
			 or by anyone else.
(3m) Listing
			 contract means a written agency agreement authorizing a firm to provide
			 brokerage services to the client for the sale or rental of property and
			 providing the terms whereby the broker may earn a commission.
(4) Open listing means a written listing
			 agreement, which may be given to any number of firms, with the first firm to
			 secure a buyer under the terms of the listing agreement earning the
			 commission.
(4m) One-party listing
			 means a written listing contract containing all of the elements of an exclusive
			 right to sell listing, except that listing firm is entitled to a commission
			 only if the property is sold by the owner, by the firm, or by anyone else to a
			 specific party or parties identified in the written listing contract.
(5) Use a form means to complete a
			 contractual or conveyance form by filling in the blanks or modifying printed
			 provisions on a form for the purpose of accomplishing the instruction of a
			 party in a specific real estate transaction.