AB605,3,87 (a) "Cooperative agreement" means the agreement established by the board
8under sub. (4).
AB605,3,99 (b) "Licensed broker" means a broker who is licensed under this chapter.
AB605,3,1110 (c) "Licensed salesperson" means a salesperson who is licensed under this
11chapter.
AB605,3,1312 (d) "Licensed time-share salesperson" means a time-share salesperson who is
13licensed under this chapter.
AB605,3,16 14(2) Out-of-state brokers. (a) Except as provided in par. (b), an out-of-state
15broker may act as a broker in this state only if the out-of-state broker does all of the
16following:
AB605,3,1817 1. Enters into a cooperative agreement with a licensed broker and cooperates
18with the licensed broker on all transactions subject to the cooperative agreement.
AB605,3,2119 2. Submits to the licensed broker evidence that the out-of-state broker is
20licensed in good standing to engage in real estate brokerage in a jurisdiction other
21than this state.
AB605,3,2322 (b) An out-of-state broker, including an out-of-state broker who is a party to
23a cooperative agreement, may not do any of the following:
AB605,3,2424 1. Enter into a listing agreement concerning real estate located in this state.
AB605,4,3
12. For commission, money, or other thing of value, promote in this state the sale,
2exchange, purchase, option, rental, or leasing of real estate located in this state,
3including by posting signs on the property.
AB605,4,144 (c) An out-of-state broker who is a party to a cooperative agreement with a
5licensed broker, and any out-of-state salesperson of the out-of-state broker, shall
6comply with the laws of this state, and the out-of-state broker shall file with the
7board an irrevocable consent that actions may be commenced against the
8out-of-state broker in the proper court of any county in this state in which a cause
9of action arises or the plaintiff resides, by the service of any process or pleading
10authorized by the laws of this state on the board or any duly authorized employee.
11The consent shall stipulate and agree that such service is valid and binding as due
12service upon the out-of-state broker in all courts in this state. The consent shall be
13duly acknowledged and, if made by a corporation, shall be authenticated by the
14corporate seal.
AB605,4,1815 (d) A licensed broker who is a party to a cooperative agreement with an
16out-of-state broker, and any licensed salesperson or licensed time-share
17salesperson of the licensed broker, may not act under the cooperative agreement on
18behalf of a broker who is not a party to the cooperative agreement.
AB605,4,2419 (e) 1. An out-of-state broker who is a party to a cooperative agreement with
20a licensed broker shall maintain the originals or copies of all documents the
21out-of-state broker receives, maintains, or generates in connection with any
22transaction subject to the cooperative agreement, for at least 3 years after the date
23of closing or completion of the transaction, or, if no closing or completion occurs, 3
24years after the date on which the parties execute the cooperative agreement.
AB605,5,5
12. An out-of-state broker who is a party to a cooperative agreement with a
2licensed broker shall deposit with the licensed broker copies of all documents the
3out-of-state broker is required to maintain under subd. 1., unless the out-of-state
4broker and licensed broker agree in writing that the out-of-state broker is not
5required to do so.
AB605,5,86 (f) No person may pay an out-of state-broker a commission, money, or other
7thing of value for brokerage services unless the out-of-state broker is a party to a
8cooperative agreement with a licensed broker.
AB605,5,129 (g) Notwithstanding s. 452.01 (2) (bm), no out-of-state broker may, for
10commission, money, or other thing of value, show a property in this state that is
11offered exclusively for rent unless that showing is authorized under a cooperative
12agreement between the out-of-state broker and a licensed broker.
AB605,5,15 13(3) Out-of-state salespersons. An out-of-state salesperson may act as a
14salesperson or time-share salesperson in this state only if all of the following
15conditions are met:
AB605,5,1716 (a) The out-of-state broker who employs the out-of-state salesperson satisfies
17all of the applicable requirements under sub. (2).
AB605,5,1918 (b) The out-of-state salesperson works under the direct supervision of the
19out-of-state broker.
AB605,5,2320 (c) The out-of-state salesperson submits evidence to the licensed broker that
21the out-of-state salesperson is licensed in good standing or is otherwise authorized
22to act as a salesperson or time-share salesperson in a jurisdiction other than this
23state.
AB605,6,3
1(d) In any transaction subject to the cooperative agreement, the out-of-state
2salesperson represents only the out-of-state broker who is a party to the cooperative
3agreement and with whom the out-of-state salesperson is employed.
AB605,6,5 4(4) Cooperative agreement. (a) The board shall, by rule, establish the form
5and terms of the cooperative agreement.
AB605,6,66 (b) The cooperative agreement shall do at least all of the following:
AB605,6,87 1. Establish the terms of cooperation between the out-of state broker, any
8out-of-state salesperson, and the licensed broker.
AB605,6,99 2. Establish the terms of the out-of-state broker's compensation.
AB605,6,1310 3. Provide that all client funds, as defined in s. 452.13 (1) (a), that the
11out-of-state broker and licensed broker receive in connection with a transaction
12subject to the cooperative agreement shall be deposited in a trust account
13maintained by the licensed broker.
AB605,6,16 14(5) Penalty. (a) Subject to the rules promulgated under s. 440.03 (1), the board
15may conduct investigations and hold hearings to determine whether a person has
16violated this section or a rule promulgated under this section.
AB605,6,1817 (b) Notwithstanding s. 452.17 (3), any person who violates this section or a rule
18promulgated under this section may be fined not more than $5,000 for each violation.
AB605,4 19Section 4. Effective date.
AB605,6,2020 (1) This act takes effect on January 1, 2015.
AB605,6,2121 (End)
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