SB375,39,2422 This disclosure is required by s. section 452.135 of the Wisconsin statutes and
23is for information only. It is a plain-language summary of a broker's the duties owed
24to you under section 452.133 (3) (2) of the Wisconsin statutes.
SB375,40,6
1(b) If a client enters into an agency agreement with a broker firm to receive
2brokerage services related to real estate primarily intended for use as a residential
3property containing one to 4 dwelling units, and the written disclosure statement
4under par. (a) is not incorporated into the agency agreement, the broker firm shall
5request the client's signed acknowledgment that the client has received a copy of the
6written disclosure statement.
SB375,104 7Section 104. 452.137 (1) (b) of the statutes is repealed.
SB375,105 8Section 105. 452.137 (1) (d) of the statutes is repealed.
SB375,106 9Section 106. 452.137 (2) (a) 1. of the statutes is amended to read:
SB375,40,1310 452.137 (2) (a) 1. Enters into a cooperative agreement with a licensed broker
11firm and cooperates with the licensed broker firm on the listing agreement that is
12subject to the cooperative agreement. Each cooperative agreement may cover only
13one listing agreement.
SB375,107 14Section 107. 452.137 (2) (a) 2. of the statutes is amended to read:
SB375,40,1715 452.137 (2) (a) 2. Submits to the licensed broker firm evidence that the
16out-of-state broker is licensed in good standing to engage in real estate brokerage
17in a jurisdiction other than this state.
SB375,108 18Section 108. 452.137 (2) (b) 1. of the statutes is amended to read:
SB375,40,2019 452.137 (2) (b) 1. Enter into a listing agreement concerning real estate any
20property
located in this state.
SB375,109 21Section 109. 452.137 (2) (b) 2. of the statutes is amended to read:
SB375,40,2422 452.137 (2) (b) 2. For commission, money, or other thing of value, promote in
23this state the sale, exchange, purchase, option, rental, or leasing of real estate any
24property
located in this state, including by posting signs on the property.
SB375,110 25Section 110. 452.137 (2) (c) of the statutes is amended to read:
SB375,41,11
1452.137 (2) (c) An out-of-state broker who is a party to a cooperative
2agreement with a licensed broker firm, and any out-of-state salesperson of the
3out-of-state broker, shall comply with the laws of this state, and the out-of-state
4broker shall file with the board an irrevocable consent that actions may be
5commenced against the out-of-state broker in the proper court of any county in this
6state in which a cause of action arises or the plaintiff resides, by the service of any
7process or pleading authorized by the laws of this state on the board or any duly
8authorized employee. The consent shall stipulate and agree that such service is valid
9and binding as due service upon the out-of-state broker in all courts in this state.
10The consent shall be duly acknowledged and, if made by a corporation, shall be
11authenticated by the corporate seal.
SB375,111 12Section 111. 452.137 (2) (d) of the statutes is amended to read:
SB375,41,1713 452.137 (2) (d) A licensed broker who firm that is a party to a cooperative
14agreement with an out-of-state broker, and any licensed salesperson or licensed
15time-share salesperson of
licensee associated with the licensed broker firm, may not
16act under the cooperative agreement on behalf of a broker who is not a party to the
17cooperative agreement.
SB375,112 18Section 112. 452.137 (2) (e) of the statutes is amended to read:
SB375,41,2519 452.137 (2) (e) 1. An out-of-state broker who is a party to a cooperative
20agreement with a licensed broker firm shall maintain the originals or copies of all
21documents the out-of-state broker receives, maintains, or generates in connection
22with any transaction subject to the cooperative agreement, for at least 3 years after
23the date of closing or completion of the transaction, or, if no closing or completion
24occurs, 3 years after the date on which the parties execute the cooperative
25agreement.
SB375,42,5
12. An out-of-state broker who is a party to a cooperative agreement with a
2licensed broker firm shall deposit with the licensed broker firm copies of all
3documents the out-of-state broker is required to maintain under subd. 1., unless the
4out-of-state broker and licensed broker the firm agree in writing that the
5out-of-state broker is not required to do so.
SB375,113 6Section 113. 452.137 (2) (f) of the statutes is amended to read:
SB375,42,97 452.137 (2) (f) No person may pay an out-of-state broker a commission, money,
8or any other thing of value for brokerage services unless the out-of-state broker is
9a party to a cooperative agreement with a licensed broker firm.
SB375,114 10Section 114. 452.137 (2) (g) of the statutes is amended to read:
SB375,42,1411 452.137 (2) (g) Notwithstanding s. 452.01 (2) (bm), no out-of-state broker may,
12for commission, money, or other thing of value, show a property in this state that is
13offered exclusively for rent unless that showing is authorized under a cooperative
14agreement between the out-of-state broker and a licensed broker firm.
SB375,115 15Section 115. 452.137 (3) (intro.) of the statutes is amended to read:
SB375,42,1816 452.137 (3) Out-of-state salespersons. (intro.) An out-of-state salesperson
17may act as a salesperson or time-share salesperson in this state only if all of the
18following conditions are met:
SB375,116 19Section 116. 452.137 (3) (c) of the statutes is amended to read:
SB375,42,2320 452.137 (3) (c) The out-of-state salesperson submits evidence to the licensed
21broker
firm that the out-of-state salesperson is licensed in good standing or is
22otherwise authorized to act as a salesperson or time-share salesperson in a
23jurisdiction other than this state.
SB375,117 24Section 117 . 452.137 (3) (c) of the statutes, as affected by 2015 Wisconsin Act
25.... (this act), is amended to read:
SB375,43,4
1452.137 (3) (c) The out-of-state salesperson submits evidence to the firm that
2the out-of-state salesperson is licensed in good standing or is otherwise authorized
3to act as a salesperson or time-share salesperson in a jurisdiction other than this
4state.
SB375,118 5Section 118. 452.137 (4) (a) of the statutes, as affected by 2015 Wisconsin Act
647
, is amended to read:
SB375,43,97 452.137 (4) (a) The board shall establish the a form and terms of the to be used
8for a
cooperative agreement under this section, which shall include any required
9terms for such an agreement
.
SB375,119 10Section 119. 452.137 (4) (b) (intro.) of the statutes is amended to read:
SB375,43,1311 452.137 (4) (b) (intro.) The A cooperative agreement may be entered into only
12through the use of the form established by the board under par. (a) and
shall do at
13least all of the following:
SB375,120 14Section 120. 452.137 (4) (b) 1. of the statutes is amended to read:
SB375,43,1615 452.137 (4) (b) 1. Establish the terms of cooperation between the out-of state
16broker, any out-of-state salesperson, and the licensed broker firm.
SB375,121 17Section 121. 452.137 (4) (b) 3. of the statutes is amended to read:
SB375,43,2118 452.137 (4) (b) 3. Provide that all client funds, as defined in s. 452.13 (1) (a),
19that the out-of-state broker and licensed broker the firm receive in connection with
20a transaction subject to the cooperative agreement shall be deposited in a trust
21account maintained by the licensed broker firm.
SB375,122 22Section 122. 452.138 of the statutes is amended to read:
SB375,44,3 23452.138 Brokers Firms providing services in more than one
24transaction.
A broker firm may provide brokerage services simultaneously to more
25than one party in different transactions, unless the broker firm agrees with a client

1that the broker firm is to provide brokerage services only to that client. If the broker
2firm and a client agree that the broker firm is to provide brokerage services only to
3that client, the agency agreement shall contain a statement of that agreement.
SB375,123 4Section 123. 452.139 (1), (2) and (3) of the statutes are amended to read:
SB375,44,95 452.139 (1) Common law duties of broker firms. The duties of a broker firm
6specified in this chapter or in rules promulgated under this chapter shall supersede
7duties or obligations under common law to the extent that those common law duties
8or obligations are inconsistent with the duties specified in this chapter or in rules
9promulgated under this chapter.
SB375,44,14 10(2) Misrepresentation by broker. (a) A client is not liable for a
11misrepresentation made by a broker in connection with the broker providing
12provision of brokerage services by a firm or any licensee associated with the firm,
13unless the client knows or should have known of the misrepresentation or the broker
14firm or licensee is repeating a misrepresentation made to him or her by the client.
SB375,44,2115 (b) A broker who firm that is providing brokerage services to a client and who
16that
retains another broker firm to provide brokerage services to that client as a
17subagent
is not liable for a misrepresentation made by the other broker subagent or
18any licensee associated with the subagent
, unless the broker firm knew or should
19have known of the other broker's misrepresentation or the other broker subagent or
20licensee
is repeating a misrepresentation made to him or her by the broker firm or
21any licensee associated with the firm
.
SB375,45,222 (c) Nothing in this subsection limits the liability responsibility of a broker firm
23under s. 452.12 (3) for misrepresentations made by an employee who is a broker a
24licensee associated with the firm
. Nothing in this subsection limits the liability of

1a client for a misrepresentation that the client makes in connection with brokerage
2services.
SB375,45,11 3(3) Liability for negligent hiring. An employing broker that hires an
4individual who is licensed or registered under this chapter and who
If a licensee
5associated with a firm
commits a crime under the laws of this state or another
6wrongful act, the firm may not be held civilly liable for hiring that individual licensee
7in a claim brought for negligent hiring if, regardless of whether the employing broker
8firm conducted its own investigation, the employing broker firm relied on the
9investigations conducted by the department under s. 440.03 (13) or on any
10determination made by the board, including a determination under s. 452.07 (2) or
11452.25.
SB375,124 12Section 124. 452.14 (1) of the statutes is amended to read:
SB375,45,1713 452.14 (1) The board shall, upon motion of the secretary or his or her designee
14or upon its own determination, conduct investigations and, as appropriate, may hold
15hearings and make findings, if the board or the department receives credible
16information that a broker, or salesperson, or time-share salesperson has violated
17this chapter or any rule promulgated under this chapter.
SB375,125 18Section 125. 452.14 (2) of the statutes is amended to read:
SB375,45,2019 452.14 (2) The board may commence disciplinary proceedings on any matter
20under investigation concerning a licensee or registrant.
SB375,126 21Section 126. 452.14 (3) (intro.) of the statutes is repealed and recreated to
22read:
SB375,45,2523 452.14 (3) (intro.) The board may revoke, suspend, or limit the license or
24registration of any licensee, or reprimand the licensee, if it finds that the licensee has
25done any of the following:
SB375,127
1Section 127. 452.14 (3) (intro.) of the statutes, as affected by 2015 Wisconsin
2Act .... (this act), is amended to read:
SB375,46,53 452.14 (3) (intro.) The board may revoke, suspend, or limit the license or
4registration
of any licensee, or reprimand the licensee, if it finds that the licensee has
5done any of the following:
SB375,128 6Section 128. 452.14 (3) (a) of the statutes is amended to read:
SB375,46,87 452.14 (3) (a) Made a material misstatement in the application for a license or
8registration
, or in any information furnished to the board or department;.
SB375,129 9Section 129. 452.14 (3) (b) of the statutes is amended to read:
SB375,46,1210 452.14 (3) (b) Made any substantial misrepresentation with reference to a
11transaction injurious to a seller or purchaser party in which the broker, salesperson
12or time share salesperson licensee acts as agent;.
SB375,130 13Section 130. 452.14 (3) (c) of the statutes is amended to read:
SB375,46,1514 452.14 (3) (c) Made any false promises of a character such as to influence,
15persuade, or induce the seller or purchaser a party to his or her injury or damage;.
SB375,131 16Section 131. 452.14 (3) (d) of the statutes is amended to read:
SB375,46,1917 452.14 (3) (d) Pursued a continued and flagrant course of misrepresentation
18or made false promises through agents or salespersons other licensees or through
19advertising;.
SB375,132 20Section 132. 452.14 (3) (f) of the statutes is amended to read:
SB375,47,321 452.14 (3) (f) Accepted from any person except the broker's, salesperson's, or
22time-share salesperson's employer
firm with which the licensee is associated, if the
23broker, salesperson, or time-share salesperson is employed as a salesperson or
24time-share salesperson by a broker
licensee is associated with a firm, a commission
25or valuable consideration as a salesperson or time-share salesperson for the

1performance of any act specified in this chapter or as compensation for referring a
2person to another broker, salesperson, or time-share salesperson licensee or to any
3other person in connection with a transaction;.
SB375,133 4Section 133. 452.14 (3) (g) of the statutes is amended to read:
SB375,47,65 452.14 (3) (g) Represented or attempted to represent a broker other than the
6employer,
firm without the express knowledge and consent of the employer; firm.
SB375,134 7Section 134. 452.14 (3) (h) of the statutes is amended to read:
SB375,47,108 452.14 (3) (h) Failed, within a reasonable time, to account for or remit any
9moneys coming into the broker's, salesperson's or time-share salesperson's licensee's
10possession which belong to another person;.
SB375,135 11Section 135. 452.14 (3) (i) of the statutes is amended to read:
SB375,47,1412 452.14 (3) (i) Demonstrated incompetency to act as a broker, or salesperson or
13time-share salesperson
, whichever is applicable, in a manner which safeguards the
14interests of the public;.
SB375,136 15Section 136. 452.14 (3) (j) of the statutes is amended to read:
SB375,47,1716 452.14 (3) (j) Paid or offered to pay a commission or valuable consideration to
17any person for acts or services in violation of this chapter;.
SB375,137 18Section 137. 452.14 (3) (jm) of the statutes is amended to read:
SB375,47,2319 452.14 (3) (jm) Intentionally encouraged or discouraged any person from
20purchasing or renting real estate in a particular area on the basis of race. If the board
21finds that any broker, salesperson or time-share salesperson licensee has violated
22this paragraph, the board shall, in addition to any temporary penalty imposed under
23this subsection, apply the penalty provided in s. 452.17 (4);.
SB375,138 24Section 138. 452.14 (3) (k) of the statutes is amended to read:
SB375,48,3
1452.14 (3) (k) Been guilty of any other conduct, whether of the same or a
2different character from that specified herein, which that constitutes improper,
3fraudulent, or dishonest dealing;.
SB375,139 4Section 139. 452.14 (3) (L) of the statutes is amended to read:
SB375,48,65 452.14 (3) (L) Violated any provision of this chapter or any rule promulgated
6under this chapter;.
SB375,140 7Section 140. 452.14 (3) (m) of the statutes is amended to read:
SB375,48,88 452.14 (3) (m) Failed to use forms approved under s. 452.05 (1) (b); or.
SB375,141 9Section 141. 452.14 (3) (p) of the statutes is amended to read:
SB375,48,1110 452.14 (3) (p) Been convicted of a felony that is a bar to licensure or registration
11under s. 452.25 (1) (a).
SB375,142 12Section 142. 452.14 (4) of the statutes is amended to read:
SB375,48,1813 452.14 (4) If a broker firm is a business entity it shall be sufficient cause for
14reprimand or for the limitation, suspension, or revocation of a broker's the firm's
15license that any business representative of the business entity firm, or anyone who
16has a financial interest in or is in any way connected with the operation of a the
17firm's
brokerage business, has been guilty of any act or omission which that would
18be cause for refusing a broker's license to such person as an individual.
SB375,143 19Section 143. 452.14 (4m) (intro.) of the statutes is amended to read:
SB375,48,2220 452.14 (4m) (intro.) In addition to or in lieu of a reprimand or a revocation,
21limitation, or suspension of a license or certificate of registration under sub. (3), the
22board may do any of the following:
SB375,144 23Section 144. 452.14 (4m) (a) of the statutes is amended to read:
SB375,49,3
1452.14 (4m) (a) Assess against a person who is licensed or registered under this
2chapter
licensee a forfeiture of not more than $1,000 for each violation enumerated
3under sub. (3).
SB375,145 4Section 145. 452.14 (4m) (b) of the statutes is amended to read:
SB375,49,85 452.14 (4m) (b) Require a licensee to successfully complete education or
6training, in addition to any education or training required for licensure or
7registration
or for renewal of a license or certificate under this chapter, as a condition
8of continued licensure or registration or reinstatement of a license or certificate.
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