452.137(1)(d)
(d) "Licensed time-share salesperson" means a time-share salesperson who is licensed under this chapter.
452.137(2)(a)(a) Except as provided in
par. (b), an out-of-state broker may act as a broker in this state only if the out-of-state broker does all of the following:
452.137(2)(a)1.
1. Enters into a cooperative agreement with a licensed broker and cooperates with the licensed broker on the listing agreement that is subject to the cooperative agreement. Each cooperative agreement may cover only one listing agreement.
452.137(2)(a)2.
2. Submits to the licensed broker evidence that the out-of-state broker is licensed in good standing to engage in real estate brokerage in a jurisdiction other than this state.
452.137(2)(b)
(b) An out-of-state broker, including an out-of-state broker who is a party to a cooperative agreement, may not do any of the following:
452.137(2)(b)1.
1. Enter into a listing agreement concerning real estate located in this state.
452.137(2)(b)2.
2. For commission, money, or other thing of value, promote in this state the sale, exchange, purchase, option, rental, or leasing of real estate located in this state, including by posting signs on the property.
452.137(2)(c)
(c) An out-of-state broker who is a party to a cooperative agreement with a licensed broker, and any out-of-state salesperson of the out-of-state broker, shall comply with the laws of this state, and the out-of-state broker shall file with the board an irrevocable consent that actions may be commenced against the out-of-state broker in the proper court of any county in this state in which a cause of action arises or the plaintiff resides, by the service of any process or pleading authorized by the laws of this state on the board or any duly authorized employee. The consent shall stipulate and agree that such service is valid and binding as due service upon the out-of-state broker in all courts in this state. The consent shall be duly acknowledged and, if made by a corporation, shall be authenticated by the corporate seal.
452.137(2)(d)
(d) A licensed broker who is a party to a cooperative agreement with an out-of-state broker, and any licensed salesperson or licensed time-share salesperson of the licensed broker, may not act under the cooperative agreement on behalf of a broker who is not a party to the cooperative agreement.
452.137(2)(e)1.1. An out-of-state broker who is a party to a cooperative agreement with a licensed broker shall maintain the originals or copies of all documents the out-of-state broker receives, maintains, or generates in connection with any transaction subject to the cooperative agreement, for at least 3 years after the date of closing or completion of the transaction, or, if no closing or completion occurs, 3 years after the date on which the parties execute the cooperative agreement.
452.137(2)(e)2.
2. An out-of-state broker who is a party to a cooperative agreement with a licensed broker shall deposit with the licensed broker copies of all documents the out-of-state broker is required to maintain under
subd. 1., unless the out-of-state broker and licensed broker agree in writing that the out-of-state broker is not required to do so.
452.137(2)(f)
(f) No person may pay an out-of-state broker a commission, money, or other thing of value for brokerage services unless the out-of-state broker is a party to a cooperative agreement with a licensed broker.
452.137(2)(g)
(g) Notwithstanding
s. 452.01 (2) (bm), no out-of-state broker may, for commission, money, or other thing of value, show a property in this state that is offered exclusively for rent unless that showing is authorized under a cooperative agreement between the out-of-state broker and a licensed broker.
452.137(3)
(3) Out-of-state salespersons. An out-of-state salesperson may act as a salesperson or time-share salesperson in this state only if all of the following conditions are met:
452.137(3)(a)
(a) The out-of-state broker who employs the out-of-state salesperson satisfies all of the applicable requirements under
sub. (2).
452.137(3)(b)
(b) The out-of-state salesperson works under the direct supervision of the out-of-state broker.
452.137(3)(c)
(c) The out-of-state salesperson submits evidence to the licensed broker that the out-of-state salesperson is licensed in good standing or is otherwise authorized to act as a salesperson or time-share salesperson in a jurisdiction other than this state.
452.137(3)(d)
(d) In any transaction subject to the cooperative agreement, the out-of-state salesperson represents only the out-of-state broker who is a party to the cooperative agreement and with whom the out-of-state salesperson is employed.
452.137(4)(a)(a) The board shall, by rule, establish the form and terms of the cooperative agreement.
452.137(4)(b)
(b) The cooperative agreement shall do at least all of the following:
452.137(4)(b)1.
1. Establish the terms of cooperation between the out-of state broker, any out-of-state salesperson, and the licensed broker.
452.137(4)(b)2.
2. Establish the terms of the out-of-state broker's compensation.
452.137(4)(b)3.
3. 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.
452.137(5)(a)(a) Subject to the rules promulgated under
s. 440.03 (1), the board may conduct investigations and hold hearings to determine whether a person has violated this section or a rule promulgated under this section.
452.137(5)(b)
(b) Notwithstanding
s. 452.17 (3), any person who violates this section or a rule promulgated under this section may be fined, for each violation, not more than the greater of the following:
452.137(5)(b)2.
2. For a sales transaction, 1 percent of the purchase price of the property subject to the cooperative agreement.
452.137(5)(b)3.
3. For a lease or rental transaction, 1 percent of the total lease or rental value of the property subject to the cooperative agreement.
452.137 History
History: 2013 a. 259; s. 35.17 correction in (2) (f).
452.138
452.138
Brokers providing services in more than one transaction. A broker may provide brokerage services simultaneously to more than one party in different transactions unless the broker agrees with a client that the broker is to provide brokerage services only to that client. If the broker and a client agree that the broker is to provide brokerage services only to that client, the agency agreement shall contain a statement of that agreement.
452.138 History
History: 1993 a. 127;
2005 a. 87.
452.138 Cross-reference
Cross-reference: See also ch.
REEB 24, Wis. adm. code.
452.139
452.139
Changes in common law duties and liabilities of brokers and parties. 452.139(1)
(1)
Common law duties of broker. The duties of a broker specified in this chapter or in rules promulgated under this chapter shall supersede duties or obligations under common law to the extent that those common law duties or obligations are inconsistent with the duties specified in this chapter or in rules promulgated under this chapter.
452.139(2)(a)(a) A client is not liable for a misrepresentation made by a broker in connection with the broker providing brokerage services, unless the client knows or should have known of the misrepresentation or the broker is repeating a misrepresentation made to him or her by the client.
452.139(2)(b)
(b) A broker who is providing brokerage services to a client and who retains another broker to provide brokerage services to that client is not liable for a misrepresentation made by the other broker, unless the broker knew or should have known of the other broker's misrepresentation or the other broker is repeating a misrepresentation made to him or her by the broker.
452.139(2)(c)
(c) Nothing in this subsection limits the liability of a broker under
s. 452.12 (3) for misrepresentations made by an employee who is a broker. Nothing in this subsection limits the liability of a client for a misrepresentation that the client makes in connection with brokerage services.
452.139(3)
(3) Liability for negligent hiring. An employing broker that hires an individual who is licensed or registered under this chapter and who commits a crime under the laws of this state or another wrongful act may not be held civilly liable for hiring that individual in a claim brought for negligent hiring if, regardless of whether the employing broker conducted its own investigation, the employing broker relied on the investigations conducted by the department under
s. 440.03 (13) or on any determination made by the board, including a determination under
s. 452.07 (2) or
452.25.
452.139 Cross-reference
Cross-reference: See also ch.
REEB 24, Wis. adm. code.
452.14
452.14
Investigation and discipline of licensees. 452.14(1)(1) The board shall, upon motion of the secretary or his or her designee or upon its own determination, conduct investigations and, as appropriate, may hold hearings and make findings, if the board or the department receives credible information that a broker, salesperson, or time-share salesperson has violated this chapter or any rule promulgated under this chapter.
452.14(2)
(2) The board may commence disciplinary proceedings on any matter under investigation concerning a licensee or registrant.
452.14(2m)
(2m) The board shall conduct disciplinary proceedings in accordance with the rules adopted under
s. 440.03 (1).
452.14(3)
(3) The board may revoke, suspend or limit any broker's, salesperson's, or time-share salesperson's license or registration, or reprimand the holder of the license or registration, if it finds that the holder of the license or registration has:
452.14(3)(a)
(a) Made a material misstatement in the application for a license or registration, or in any information furnished to the board or department;
452.14(3)(b)
(b) Made any substantial misrepresentation with reference to a transaction injurious to a seller or purchaser in which the broker, salesperson or time-share salesperson acts as agent;
452.14(3)(c)
(c) Made any false promises of a character such as to influence, persuade or induce the seller or purchaser to his or her injury or damage;
452.14(3)(d)
(d) Pursued a continued and flagrant course of misrepresentation or made false promises through agents or salespersons or advertising;
452.14(3)(f)
(f) Accepted from any person except the broker's, salesperson's, or time-share salesperson's employer, if the broker, salesperson, or time-share salesperson is employed as a salesperson or time-share salesperson by a broker, a commission or valuable consideration as a salesperson or time-share salesperson for the performance of any act specified in this chapter or as compensation for referring a person to another broker, salesperson, or time-share salesperson or to any other person in connection with a transaction;
452.14(3)(g)
(g) Represented or attempted to represent a broker other than the employer, without the express knowledge and consent of the employer;
452.14(3)(h)
(h) Failed, within a reasonable time, to account for or remit any moneys coming into the broker's, salesperson's or time-share salesperson's possession which belong to another person;
452.14(3)(i)
(i) Demonstrated incompetency to act as a broker, salesperson or time-share salesperson in a manner which safeguards the interests of the public;
452.14(3)(j)
(j) Paid or offered to pay a commission or valuable consideration to any person for acts or services in violation of this chapter;
452.14(3)(jm)
(jm) Intentionally encouraged or discouraged any person from purchasing or renting real estate in a particular area on the basis of race. If the board finds that any broker, salesperson or time-share salesperson has violated this paragraph, the board shall, in addition to any temporary penalty imposed under this subsection, apply the penalty provided in
s. 452.17 (4);
452.14(3)(k)
(k) Been guilty of any other conduct, whether of the same or a different character from that specified herein, which constitutes improper, fraudulent or dishonest dealing;
452.14(3)(L)
(L) Violated any provision of this chapter or any rule promulgated under this chapter;
452.14(3)(n)
(n) Treated any person unequally solely because of sex, race, color, handicap, national origin, ancestry, marital status, lawful source of income, or status as a victim of domestic abuse, sexual assault, or stalking, as defined in
s. 106.50 (1m) (u).
452.14(4)
(4) If a broker is a business entity it shall be sufficient cause for reprimand or for the limitation, suspension or revocation of a broker's license that any business representative of the business entity, or anyone who has a financial interest in or is in any way connected with the operation of a brokerage business, has been guilty of any act or omission which would be cause for refusing a broker's license to such person as an individual.
452.14(4m)
(4m) In addition to or in lieu of a reprimand or a revocation, limitation, or suspension of a license or certificate of registration under
sub. (3), the board may do any of the following:
452.14(4m)(a)
(a) Assess against a person who is licensed or registered under this chapter a forfeiture of not more than $1,000 for each violation enumerated under
sub. (3).
452.14(4m)(b)
(b) Require a licensee to successfully complete education or training, in addition to any education or training required for licensure or registration or for renewal of a license or certificate under this chapter, as a condition of continued licensure or registration or reinstatement of a license or certificate.
452.14(4r)
(4r) The board may assess against an individual who is licensed or registered under this chapter a forfeiture of $1,000 for a violation under
s. 452.25 (2) (a).
452.14(5)
(5) The department may seek judicial review under
ch. 227 of any final decision of the board. The department shall be represented in such review proceedings by an attorney within the department. Upon request of the board, the attorney general may represent the board. If the attorney general does not represent the board, the board may retain special counsel which shall be paid for out of the appropriation under
s. 20.165 (1) (g).
452.14 Cross-reference
Cross-reference: See also chs.
REEB 15,
16, and
24, Wis. adm. code.
452.14 Annotation
Real estate brokers may engage in guaranteed sales plans if there is full disclosure and the broker does not engage in fraud, misrepresentation, or improper dealing. 61 Atty. Gen. 3.
452.14 Annotation
Provisions in Executive Order 67 (1973), with respect to duty of real estate brokers to advise prospective purchasers of floodplain zoning status of property, do not constitute a new standard but suggest a course of action that the real estate examining board might take. The action to be taken would depend on the facts in each case. 63 Atty. Gen. 236.
452.14 Annotation
Neither s. 440.20, 452.10 (2), 1977 stats., nor the rules of the department of regulation and licensing require the board to hold a hearing when a citizen files a verified complaint with the board requesting institution of disciplinary proceedings against a licensee. 68 Atty. Gen. 30.
452.15(1)(1) Except as otherwise provided in
sub. (2), no license or certificate of registration may be issued under this chapter to any person whose license or certificate under this chapter has been revoked until the expiration of a period determined in each case by the board or, in the case of revocation under
s. 452.17 (4) (a) 2., a period determined in each case by the board of not less than 5 years from the date the revocation became finally effective.
452.15(2)
(2) Issuance of a license or certificate of registration to an individual whose license or certificate is revoked under
s. 452.14 (3) (p) is subject to the provisions in
s. 452.25 (1).
452.17(1)(1) Any person who engages in or follows the business or occupation of, or advertises or holds himself or herself out as or acts temporarily or otherwise as a broker or salesperson in this state without a license under this chapter shall be prosecuted by the district attorney in the county where the violation occurs or by the attorney general and may be fined not more than $1,000 or imprisoned not more than 6 months or both.
452.17(2)
(2) Any person who engages in or follows the business or occupation of, or advertises or holds himself or herself out as or acts temporarily or otherwise as, a time-share salesperson in this state without being registered with the board shall be prosecuted by the district attorney in the county where the violation occurs and may be fined not less than $25 nor more than $200 or imprisoned not less than 10 days nor more than 6 months or both.
452.17(3)
(3) Any person who otherwise violates any provision of this chapter may be fined not more than $1,000 or imprisoned for not more than 6 months or both.
452.17(4)(a)1.
1. Shall, for the first offense, suspend the license or registration of the broker, salesperson or time-share salesperson for not less than 90 days.
452.17(4)(a)2.
2. Shall, for the 2nd offense, revoke the license or registration of the broker, salesperson or time-share salesperson.
