REEB 13.01 Cooperative agreement. (1) A cooperative agreement between a licensed broker and an out-of-state broker shall be all of the following:
(a) In writing.
(b) A form approved by the board pursuant to s. 452.05(1)(b). (2) The terms of the cooperative agreement shall contain at least all of the following:
(a) The terms of cooperation between the out-of-state broker, any out-of-state salesperson, and the licensed broker.
(b) The terms of the out-of-state broker’s compensation.
(c) Provide that all client funds, as defined in s. 452.13(1)(a), that the out-of-state broker and licensed broker receive in connection with a transaction subject to the cooperative agreement shall be deposited in a trust account maintained by the licensed broker. Section 2 This emergency rule shall take effect on March 19, 2015.
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FISCAL ESTIMATE
The anticipated effect on county, city, village, town, school district, technical college district and sewerage district fiscal liabilities and revenues.
There will be no effect on these entities.
A projection of the anticipated state fiscal effect during the current biennium and a projection of the net annualized fiscal impact on state funds.
None
For rules that the agency determines may have a significant fiscal effect on the private sector, the anticipated costs that will be incurred by the private sector in complying with the rule.
This rule will not have a significant fiscal effect on the private sector.
