REAL ESTATE PRACTICE
Brokers and salespersons licensed.
Duties and powers of board.
Councils and committees.
Board receipt of proposed legislation.
Application for license, contents.
Applications, verification, fees, exceptions.
Nonresident applicants and licensees.
Duties of brokers.
Agency relationships; multiple representation relationships.
Disclosure of duties.
Brokers providing services in more than one transaction.
Changes in common law duties and liabilities of brokers and parties.
Investigation and discipline of licensees.
Limitation on actions for commissions.
Certifications as evidence.
Disclosures, investigations and inspections by brokers and salespersons.
Disclosure duty; immunity for providing notice about the sex offender registry.
Ch. 452 Cross-reference
See definitions in s. 440.01
Ch. 452 Cross-reference
See also chs. REEB 11
, and 26
, Wis. adm. code.
In this chapter:
"Adverse fact" means any of the following:
A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:
Significantly and adversely affecting the value of the property.
Significantly reducing the structural integrity of improvements to real estate.
Presenting a significant health risk to occupants of the property.
Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction.
"Agency agreement" means a written agreement between a broker and a client in which the client authorizes the broker to provide brokerage services to the client.
"Board" means real estate examining board.
"Broker" means any person not excluded by sub. (3)
, who does any of the following:
For another person, and for commission, money, or other thing of value, negotiates or offers or attempts to negotiate a sale, exchange, purchase, or rental of, or the granting or acceptance of an option to sell, exchange, purchase, or rent, an interest or estate in real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property.
Is engaged wholly or in part in the business of selling or exchanging interests or estates in real estate or businesses, including businesses' goodwill, inventory, or fixtures, whether or not the business includes real property, to the extent that a pattern of sales or exchanges is established, whether or not the person owns the real estate or businesses. Five sales or exchanges in one year or 10 sales or exchanges in 5 years is presumptive evidence of a pattern of sales or exchanges.
For another person, and for commission, money, or other thing of value shows real estate or a business or its inventory or fixtures, whether or not the business includes real property, except that this paragraph does not include showing a property that is offered exclusively for rent.
For another person, and for commission, money, or other thing of value, promotes the sale, exchange, purchase, option, rental, or leasing of real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property. This paragraph does not apply to a person who only publishes or disseminates verbatim information provided by another person.
"Broker" does not include any of the following:
Receivers, trustees, personal representatives, guardians, or other persons appointed by or acting under the judgment or order of any court.
Public officers while performing their official duties.
Any bank, trust company, savings bank, savings and loan association, insurance company, or any land mortgage or farm loan association organized under the laws of this state or of the United States, when engaged in the transaction of business within the scope of its corporate powers as provided by law.
Employees of persons enumerated in pars. (a)
when engaged in the specific performance of their duties as such employees.
Any employee of an attorney under par. (h)
if all of the following are true:
The employee's activities are directly supportive of the attorney's provision of legal services to the attorney's client.
The employee's activities are activities that the attorney may perform under par. (h)
The employee is under the direction and supervision of the attorney.
Any custodian, janitor, employee or agent of the owner or manager of a residential building who exhibits a residential unit therein to prospective tenants, accepts applications for leases and furnishes such prospective tenants with information relative to the rental of such unit, terms and conditions of leases required by the owner or manager, and similar information.
Any credit union which negotiates loans secured by real estate mortgages or any licensee under ch. 138
which negotiates loans secured by real estate mortgages or any licensed attorney who, incidental to the general practice of law, negotiates or offers or attempts to negotiate a loan, secured or to be secured by mortgage or other transfer of or encumbrance on real estate.
A person licensed as a mortgage banker under s. 224.72
who does not engage in activities described under sub. (2)
Attorneys licensed to practice in this state while acting within the scope of their attorney's license.