AB534,4 12Section 4. 452.01 (5e) of the statutes is created to read:
AB534,3,1513 452.01 (5e) “Listing firm” means a firm that has entered into an agency
14agreement with a seller or landlord pursuant to which the firm lists property for sale
15or lease.
AB534,5 16Section 5. 452.01 (5m) (a) of the statutes is amended to read:
AB534,4,7
1452.01 (5m) (a) Acting, whether directly or indirectly, as an intermediary by
2facilitating or participating in communications between parties related to the
3parties' interests in a transaction. In this paragraph, providing advice or opinions
4on matters that are material to a transaction in which a person is engaged or intends
5to engage or showing a party real estate does not, in and of itself, constitute acting
6as an intermediary by facilitating or participating in communications between
7parties.
AB534,6 8Section 6 . 452.05 (1) (b) of the statutes is amended to read:
AB534,4,149 452.05 (1) (b) Approve forms for use in real estate practice. The board may
10conduct public hearings on matters relating to the approval of forms used in real
11estate practice. The board may also solicit comments relating to forms used in real
12estate practice from the council on forms created under s. 452.06 (1) (a) or from a
13professional trade association whose members consist primarily of licensees actively
14engaged in real estate practice.
AB534,7 15Section 7 . 452.06 (1) of the statutes is renumbered 452.06 (1) (a) and amended
16to read:
AB534,4,1917 452.06 (1) (a) The board shall create one or more councils a council on forms
18which that shall meet on a regular basis when directed by the board, be chaired by
19a member of the board, and report to the board.
AB534,4,21 20(b) Any proposed change in a form relating to real estate practice shall be
21referred to the appropriate council on forms for review before the form is approved.
AB534,8 22Section 8 . 452.06 (1) (c) of the statutes is created to read:
AB534,5,223 452.06 (1) (c) The board may direct the council on forms to create or modify a
24form relating to real estate practice and submit that form to the board for approval.

1If the board directs the council to create or modify a form, the board shall establish
2a deadline for the council to submit the form to the board.
AB534,9 3Section 9. 452.07 (3) of the statutes is created to read:
AB534,5,54 452.07 (3) The board may promulgate rules regarding advertising by brokers
5or salespersons that do not conflict with s. 452.136.
AB534,10 6Section 10 . 452.133 (title) of the statutes is amended to read:
AB534,5,7 7452.133 (title) Duties of licensees ; prohibitions.
AB534,11 8Section 11. 452.133 (3) (d) of the statutes is created to read:
AB534,5,139 452.133 (3) (d) Negotiate the sale, exchange, purchase, or rental of personal
10property unless related to the transaction. The licensee may use a form approved by
11the board under s. 452.05 (1) (b) for the conveyance of the seller's interest in the
12personal property. In this paragraph, “use a form” has the meaning given in s. 452.40
13(1) (a).
AB534,12 14Section 12 . 452.134 (1) (a) of the statutes is amended to read:
AB534,5,1815 452.134 (1) (a) Subject to par. (b), a firm and any licensees associated with the
16firm may provide brokerage services to any party to a transaction, whether or not the
17firm has entered into an agency agreement with a party to the transaction or the firm
18has been engaged to provide brokerage services in the transaction as a subagent.
AB534,13 19Section 13. 452.136 of the statutes is created to read:
AB534,5,21 20452.136 Advertising by licensees. (1) False advertising. A licensee may
21not advertise in a manner that is false, deceptive, or misleading.
AB534,6,2 22(2) Disclosure of name. (a) Except for advertisements for the rental of real
23estate owned by the licensee, a licensee shall in all advertising disclose the firm's
24name exactly as printed on the license of the licensed individual broker or licensed
25broker business entity or disclose a trade name previously filed by the firm with the

1department and shall in either case clearly indicate that the firm is a business
2enterprise and not a private party.
AB534,6,73 (b) Except for advertisements for the rental of real estate owned by the licensee,
4a licensee associated with a firm shall advertise under the supervision of and in the
5name of the firm. The firm's name as used in advertising shall be clear and
6conspicuous. This paragraph does not apply to a licensee engaged in independent
7practice as provided in s. 452.30 (6).
AB534,6,128 (c) Notwithstanding pars. (a) and (b), a licensee may advertise the occasional
9sale of real estate owned by the licensee or may engage in the occasional solicitation
10of real estate for purchase by the licensee without complying with pars. (a) and (b),
11provided that the licensee clearly identifies himself, herself, or itself as a real estate
12licensee in the advertisement.
AB534,6,15 13(3) Advertising without agency agreement prohibited. A firm and any
14licensees associated with the firm may not advertise a property unless one of the
15following applies:
AB534,6,1616 (a) The firm is the listing firm for the property.
AB534,6,1817 (b) The firm or a licensee associated with the firm has obtained consent to
18advertise the property from the listing firm for the property.
AB534,6,21 19(4) Advertised price. A licensee may not advertise property at a price other
20than that agreed upon with the owner, except that the price may be stated as a range
21or in general terms if it reflects the agreed upon price.
AB534,14 22Section 14. 452.137 (1) (a) of the statutes is renumbered 452.137 (1) (d) and
23amended to read:
AB534,7,3
1452.137 (1) (d) “Cooperative agreement" means the an agreement established
2by the board under sub. (4)
entered into between an out-of-state broker and a firm
3as provided in this section
.
AB534,15 4Section 15. 452.137 (1) (am) of the statutes is created to read:
AB534,7,75 452.137 (1) (am) Notwithstanding s. 452.01 (1m), “agency agreement" includes
6a written agreement between an out-of-state broker and a client in which the client
7authorizes the out-of-state broker to provide brokerage services to the client.
AB534,16 8Section 16. 452.137 (1) (c) of the statutes is renumbered 452.137 (1) (h).
AB534,17 9Section 17. 452.137 (1) (cm) of the statutes is created to read:
AB534,7,1210 452.137 (1) (cm) 1. “Commercial transaction” means a transaction concerning
11any real property, other than real property containing 1 to 4 dwelling units or real
12property zoned for agricultural use.
AB534,7,1513 2. “Commercial transaction” does not include any transaction concerning a
14dwelling unit that is a part of real property containing more than 4 dwelling units
15and that is being sold on a unit-by-unit basis.
AB534,18 16Section 18. 452.137 (1) (e) of the statutes is created to read:
AB534,7,1717 452.137 (1) (e) “Dwelling unit” has the meaning given in s. 440.97 (3).
AB534,19 18Section 19. 452.137 (2) (a) (intro.) of the statutes is renumbered 452.137 (2)
19(a) and amended to read:
AB534,7,2120 452.137 (2) (a) Except as provided in par. (b), an An out-of-state broker may
21act as a broker in this state only as provided in par. (ag) or (am).
AB534,7,23 22(ag) An out-of state broker may, subject to par. (b), act as a broker in this state
23if the out-of-state broker does all of the following:
AB534,20 24Section 20. 452.137 (2) (a) 1. of the statutes is renumbered 452.137 (2) (ag) 1.
25and amended to read:
AB534,8,4
1452.137 (2) (ag) 1. Enters into a cooperative agreement with a listing firm and
2cooperates with the listing firm on the listing agreement that is subject to the
3cooperative agreement. Each cooperative agreement may cover only one listing
4agreement.
AB534,21 5Section 21. 452.137 (2) (a) 2. of the statutes is renumbered 452.137 (2) (ag) 2.
6and amended to read:
AB534,8,97 452.137 (2) (ag) 2. Submits to the listing firm evidence that the out-of-state
8broker is licensed in good standing to engage in real estate brokerage in a jurisdiction
9other than this state.
AB534,22 10Section 22. 452.137 (2) (am) of the statutes is created to read:
AB534,8,1411 452.137 (2) (am) An out-of-state broker representing a person who is seeking
12to buy or rent property located in this state in a commercial transaction may, subject
13to pars. (b) and (bm), act as a broker in this state if the out-of-state broker does all
14of the following:
AB534,8,1815 1. Enters into a cooperative agreement with a firm and cooperates with the
16firm. Each cooperative agreement shall be limited to a type of property, type of
17function, geographic area, or other criteria specified in the buyer's or tenant's search
18parameters.
AB534,8,2019 2. Submits to the firm evidence that the out-of-state broker is licensed in good
20standing to engage in real estate brokerage in a jurisdiction other than this state.
AB534,9,521 3. Either the out-of-state-broker or the firm enters into an agency agreement
22with the prospective buyer or tenant. The cooperative agreement shall acknowledge
23whether the out-of-state broker or firm has the agency agreement. If the
24out-of-state broker has entered into the agency agreement with the prospective
25buyer or tenant, the out-of-state broker and the prospective buyer or tenant shall,

1notwithstanding s. 452.01 (3m) and (5w), be considered to be a principal firm and
2client for purposes of this chapter, and the firm shall be a subagent and shall provide
3the out-of-state broker with a copy of the disclosure statement under s. 452.135 (2)
4to be given to the client. The out-of-state broker is not required to request that the
5client sign the statement.
AB534,23 6Section 23. 452.137 (2) (b) 3. of the statutes is created to read:
AB534,9,97 452.137 (2) (b) 3. Enter into a cooperative agreement with a person who is not
8licensed under this chapter as authority to sell, lease, rent, exchange, or attempt to
9sell, lease, rent, or exchange property in this state.
AB534,24 10Section 24. 452.137 (2) (bm) of the statutes is created to read:
AB534,9,1211 452.137 (2) (bm) An out-of-state broker acting under par. (am) may not do any
12of the following:
AB534,9,1513 1. Negotiate with a seller or landlord, unless authorized under the cooperative
14agreement. If a property is not listed with a listing firm, the firm shall conduct all
15negotiations with the seller or landlord of that property.
AB534,9,1916 2. View or show commercial property in this state for sale or lease without the
17firm or a licensee associated with the firm being present, unless authorized under
18the cooperative agreement. If a property is not listed with a listing firm, the firm
19shall view or show the property with the out-of-state broker.
AB534,9,2120 3. Have contact with another firm or another firm's seller or landlord, unless
21otherwise agreed to in the cooperative agreement.
AB534,25 22Section 25 . 452.137 (2) (c) of the statutes is amended to read:
AB534,9,2523 452.137 (2) (c) An out-of-state broker who is a party to a cooperative
24agreement with a firm, and any out-of-state salesperson of the out-of-state broker,
25are not required to be licensed under this chapter but shall otherwise be treated as

1licensees for purposes of this chapter and
shall comply with the laws of this state as
2they apply to licensees
, and the out-of-state broker shall file with the board an
3irrevocable consent that actions may be commenced against the out-of-state broker
4in the proper court of any county in this state in which a cause of action arises or the
5plaintiff resides, by the service of any process or pleading authorized by the laws of
6this state on the board or any duly authorized employee. The consent shall stipulate
7and agree that such service is valid and binding as due service upon the out-of-state
8broker in all courts in this state. The consent shall be duly acknowledged and, if
9made by a corporation, shall be authenticated by the corporate seal.
AB534,26 10Section 26. 452.137 (4) (a) of the statutes is amended to read:
AB534,10,1311 452.137 (4) (a) The board shall establish a form one or more forms to be used
12for a cooperative agreement agreements under this section, which shall include any
13required terms for such an agreement.
AB534,27 14Section 27. 452.137 (4) (b) (intro.) of the statutes is amended to read:
AB534,10,1715 452.137 (4) (b) (intro.) A cooperative agreement may be entered into only
16through the use of the a form established by the board under par. (a) and shall do at
17least all of the following:
AB534,28 18Section 28. 452.137 (4) (c) of the statutes is created to read:
AB534,10,2219 452.137 (4) (c) A cooperative agreement under sub. (2) (am) shall describe the
20type, function, location, approximate size, and functional or geographic limitations
21of the property being sought. A separate cooperative agreement shall be entered into
22for each type of property.
AB534,29 23Section 29. 452.14 (3) (p) of the statutes is repealed and recreated to read:
AB534,10,2524 452.14 (3) (p) Subject to ss. 111.321, 111.322, and 111.335, been convicted of an
25offense the circumstances of which substantially relate to real estate practice.
AB534,30
1Section 30. 452.25 (1) (a) of the statutes is amended to read:
AB534,11,42 452.25 (1) (a) Notwithstanding ss. 111.321, 111.322, and 111.335, and except
3as provided in pars. (b) to (e), no applicant who is an individual may be issued a an
4initial
broker's or salesperson's license if the applicant has been convicted of a felony.
AB534,31 5Section 31. 452.25 (1) (f) of the statutes is created to read:
AB534,11,66 452.25 (1) (f) This subsection does not apply to the renewal of a license.
AB534,32 7Section 32 . Effective dates. This act takes effect on the day after publication,
8except as follows:
AB534,11,129 (1) The treatment of section 452.137 (1) (a), (am), (c), (cm), and (e), (2) (a)
10(intro.), 1., and 2., (am), (b) 3., (bm), and (c), and (4) (a), (b) (intro.), and (c) of the
11statutes takes effect on March 1, 2018, or on the day after publication, whichever is
12later.
AB534,11,1313 (End)
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