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REEB 25.01(3) (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.
REEB 25.01(4) (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.
REEB 25.01(5) (5) "Credit course" means a course which can be applied toward an associate degree or higher degree at an accredited institution of higher education.
REEB 25.01(5m) (5m) "Distance education" means the provision of educational programs or courses without an instructor or a representative of an approved school physically present with the students. "Distance education" includes, but is not limited to, the delivery of educational programs and courses on CD-ROM, computer disk, or the Internet.
REEB 25.01(6) (6) "Evidence of attendance" means an official transcript, student grade report, or board-approved certificate showing satisfactory completion of educational programs or courses.
REEB 25.01(7) (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.
REEB 25.01(8) (8) "Noncredit program" means an educational program which does not satisfy requirements for an associate degree or higher degree at the school offering the educational program.
REEB 25.01 History History: Cr. Register, October, 1979, No. 286, eff. 11-1-79; renum. from REB 16.01 and am. (1) and (6), Register, February, 1983, No. 326, eff. 3-1-83; renum. (1) to (5) to be (2), (7), (5), (8), (1) and am. (8), cr. (3) and (4), am. (6), Register, January, 1992, No. 433, eff. 2-1-92; am. (1), Register, July, 1998, No. 511, eff. 8-1-98; cr. (2m), (5m), am. (3), (4) and (7), Register, August, 1999, No. 524, eff. 9-1-99; correction in (2) to (4), (6) made under s. 13.92 (4) (b) 6., Stats., Register November 2011 No. 671.
REEB 25.02 REEB 25.02 Educational requirements of applicant for an original real estate broker's license.
REEB 25.02(1)(1)Educational requirements. Each applicant for an original real estate broker's license shall satisfy any one of the following requirements:
REEB 25.02(1)(a) (a) Present evidence satisfactory to the board of successful completion, within 5 years before application for a license, of the educational program in sub. (2), which has been approved in accordance with this chapter, and either satisfy the salesperson's educational requirements in s. REEB 25.03 (3) or present evidence satisfactory to the board of licensure as a salesperson.
REEB 25.02(1)(b) (b) Submit proof that the applicant has received 20 semester hour credits in real estate or real estate related law courses from an accredited institution of higher education. A quarter hour credit equals 2/3 of a semester hour credit.
REEB 25.02(1)(c) (c) Submit proof that the applicant is licensed to practice law in Wisconsin.
REEB 25.02(2) (2)Broker's pre-license program. The educational program for applicants for an original real estate broker's license shall cover all of the following topics and shall be designed so that if the educational program were presented as classroom education, it would be presented in no less than 72 hours:
REEB 25.02(2)(a) (a) Contracts.
REEB 25.02(2)(a)1.1. Definition of a contract.
REEB 25.02(2)(a)1.a. a. Contract versus agreement.
REEB 25.02(2)(a)2. 2. Elements of a contract.
REEB 25.02(2)(a)2.b. b. Acceptance.
REEB 25.02(2)(a)2.c. c. Consideration.
REEB 25.02(2)(a)2.d. d. Competent parties.
REEB 25.02(2)(a)3. 3. Time is of the essence.
REEB 25.02(2)(a)4. 4. Acceptance versus counteroffers.
REEB 25.02(2)(a)5. 5. The law of conveyances.
REEB 25.02(2)(a)5.a. a. Conveyance defined.
REEB 25.02(2)(a)5.b. b. Requirements for a valid conveyance.
REEB 25.02(2)(a)6. 6. Agreement to arbitrate real estate transaction disputes — s. 788.015, Stats.
REEB 25.02(2)(a)7. 7. Commercial real estate commission lien — s. 779.32, Stats.
REEB 25.02(2)(b) (b) Approved forms.
REEB 25.02(2)(b)1.1. The forms approval process.
REEB 25.02(2)(b)1.a. a. Forms committee.
REEB 25.02(2)(b)1.b. b. Real estate examining board.
REEB 25.02(2)(b)1.c. c. Department of safety and professional services.
REEB 25.02(2)(b)2. 2. The authorized practice of law.
REEB 25.02(2)(b)2.a. a. Reynolds v. Dinger, 14 Wis. 2d 193.
REEB 25.02(2)(b)3. 3. Review of forms.
REEB 25.02(2)(b)3.a. a. Listing contract.
REEB 25.02(2)(b)3.c. c. Counteroffer.
REEB 25.02(2)(b)3.d. d. Amendment.
REEB 25.02(2)(b)3.e. e. Buyer agency agreement.
REEB 25.02(2)(b)3.g. g. Grant of option.
REEB 25.02(2)(b)3.h. h. Bill of sale.
REEB 25.02(2)(b)3.i. i. Offer to exchange property with acceptance.
REEB 25.02(2)(b)3.j. j. Cancellation and mutual release.
REEB 25.02(2)(b)3.k. k. State bar forms — s. REEB 16.03 (1).
REEB 25.02(2)(b)3.L. L. Uniform commercial code forms.
REEB 25.02(2)(b)3.m. m. Forms used in other states.
REEB 25.02(2)(b)4. 4. Developing a form and contingency manual.
REEB 25.02(2)(b)5. 5. Supervising salesperson's use of approved forms.
REEB 25.02(2)(c) (c) Trust accounts, escrow, closing statement.
REEB 25.02(2)(c)1.1. Trust accounts — ch. REEB 18.
REEB 25.02(2)(c)1.a. a. Trust account definition.
REEB 25.02(2)(c)1.b. b. Trust funds definition.
REEB 25.02(2)(c)1.c. c. When is a trust account required.
REEB 25.02(2)(c)1.d. d. Procedure to open a trust account.
REEB 25.02(2)(c)1.e. e. Procedure to open an interest bearing trust account.
REEB 25.02(2)(c)1.f. f. Authorization to sign trust account checks.
REEB 25.02(2)(c)1.g. g. Deposit of trust funds.
REEB 25.02(2)(c)1.h. h. Disbursement of trust funds.
REEB 25.02(2)(c)1.i. i. Bookkeeping system.
REEB 25.02(2)(c)2. 2. Escrow agreement procedures.
REEB 25.02(2)(c)2.a. a. Escrows requiring separate escrow agreements.
REEB 25.02(2)(c)2.b. b. Pre-closing earnest money escrows.
REEB 25.02(2)(c)2.c. c. Post closing escrows.
REEB 25.02(2)(c)2.d. d. Escrows not requiring separate escrow agreements.
REEB 25.02(2)(c)2.e. e. Drafting escrow agreements.
REEB 25.02(2)(c)3. 3. Closing procedures.
REEB 25.02(2)(c)3.a. a. Licensees are not required by license law to perform closings.
REEB 25.02(2)(c)3.b. b. Choosing a closing statement.
REEB 25.02(2)(c)3.c. c. Closing preparation procedures.
REEB 25.02(2)(c)3.d. d. Setting a closing date.
REEB 25.02(2)(c)3.e. e. Preparing closing documentation.
REEB 25.02(2)(c)3.f. f. Closing procedures.
REEB 25.02(2)(c)3.g. g. Post closing procedures.
REEB 25.02(2)(d) (d) Business management and marketing.
REEB 25.02(2)(d)1.1. The legal environment.
REEB 25.02(2)(d)1.a. a. Licensure.
REEB 25.02(2)(d)1.b. b. Legal concerns.
REEB 25.02(2)(d)1.c. c. Policy manual — s. REEB 17.08.
REEB 25.02(2)(d)2. 2. The business plan.
REEB 25.02(2)(d)2.a. a. Form of ownership.
REEB 25.02(2)(d)2.b. b. Start up.
REEB 25.02(2)(d)2.c. c. Capital budget.
REEB 25.02(2)(d)2.d. d. Operation budget.
REEB 25.02(2)(d)2.e. e. Marketing strategies.
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