REEB 16.04 REEB 16.04 When to utilize approved forms.
REEB 16.04(1)(1) Except as provided in subs. (2) and (3), a licensee shall use approved forms when acting as an agent or a party in a real estate or business opportunity transaction.
REEB 16.04(2) (2) For those kinds of real estate or business opportunity transactions for which the board has not approved contractual forms a licensee, when acting as an agent or a party, may use contractual forms drafted by a party or an attorney, if the name of the drafter is imprinted on the form before use by a licensee. For the purpose of this subsection, a listing broker is a party to the listing contract transaction.
REEB 16.04(3) (3) A licensee may in any transaction where the licensee is acting as an agent, negotiate an agreement and permit the parties or an attorney for one or other of the parties to draft or prepare a contractual agreement which embodies all of the negotiated terms and conditions.
REEB 16.04 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; am. (1) to (3), cr. (2m) and (3m), Register, July, 1992, No. 439, eff. 8-1-92; am. (1) and (2), r. (2m) to (3m), renum. (4) to be (3) and am., Register, July, 1993, No. 451, eff. 8-1-93; correction in (2) made under s. 13.92 (4) (b) 6., Stats., Register November 2011 No. 671.
REEB 16.05 REEB 16.05 Legal advice and practice of law.
REEB 16.05(1) (1) A licensee may not provide advice or opinions concerning the legal rights or obligations of parties to a transaction, the legal effect of a specific contract or conveyance, or the state of title to real estate.
REEB 16.05(2) (2) Notwithstanding sub. (1), a licensee may provide a general explanation of the provisions in an approved form to the parties to a transaction at the time of completing the form or when delivering an approved form for the seller's or buyer's acceptance.
REEB 16.05(3) (3) A licensee may use approved forms only in those transactions in which the licensee is acting in a capacity as licensee or in which the licensee is a principal, and in either case the use of such forms is incidental to the real estate practice of the licensee.
REEB 16.05(4) (4) A licensee may not make a separate charge for completing an approved form in connection with a transaction.
REEB 16.05 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; CR 13-073: am. (1), (2) Register May 2014 No. 701, eff. 7-1-14.
REEB 16.06 REEB 16.06 How to use approved forms.
REEB 16.06(1) (1) When a licensee reproduces or arranges for printing a contractual form prepared and approved by the board pursuant to s. 452.05 (1) (b), Stats., the licensee shall comply with all of the following:
REEB 16.06(1)(a) (a) Assure that the numbering of lines, line contents, and the lines appearing on each page are identical to those on the board-approved forms.
REEB 16.06(1)(b) (b) [Not] reproduce the form in such a manner that optional provisions are omitted and blank lines are filled in without any indication of where the optional provisions and blank lines occur on the board-approved form.
REEB 16.06 Note Note: "Not" was included in the initial rule filed with the legislative council clearinghouse, but unintentionally omitted from the final draft submitted to the legislature. A correction will be made in subsequent rule-making.
REEB 16.06(1)(c) (c) Shall indicate that the form is reproduced by the licensee's firm, stating its address and telephone number at an appropriate place on the form.
REEB 16.06(1)(d) (d) May not add additional blank lines or add additional lines containing textual content, or alter the format of the form in any other manner. "Alter the format" does not include modifying margins or font size consistent with par. (a). To add textual content or additional provisions, a licensee shall only fill in blank lines provided for that purpose on a form or add addenda containing additional or altered provisions as provided in subs. (4) and (5).
REEB 16.06(1)(e) (e) Retain the board's approval statement and date in the upper left corner exactly as these appear on the board-approved form.
REEB 16.06(1)(f) (f) Assure that the formatting of the form is substantially identical to that on the board-approved form.
REEB 16.06(2) (2) A licensee who reproduces or arranges for printing a form under s. REEB 16.03 (1) (a) or (b) may not modify the form in any way.
REEB 16.06(3) (3) A licensee may cross out provisions on approved forms to reflect the agreement of a party to a transaction, provided that the deleted provisions remain legible.
REEB 16.06(4) (4) Except as provided in sub. (5), a licensee may use a pre-prepared addendum form and attach it to an approved form under all of the following circumstances:
REEB 16.06(4)(a) (a) The addendum has been prepared by the broker or an attorney who is identified on the addendum.
REEB 16.06(4)(b) (b) The addendum is incorporated by reference into the approved form and the approved form and the addendum are properly related to one another.
REEB 16.06(4)(c) (c) The addendum relates to the blanks on an approved form; or alters or supplants optional provisions within an approved form.
REEB 16.06(5) (5) A licensee may use a pre-prepared addendum which supplants or alters the printed provisions of an approved form only if the following conditions are met:
REEB 16.06(5)(a) (a) The addendum has been drafted by an attorney who is identified on the addendum.
REEB 16.06(5)(b) (b) There are no optional or multiple choice provisions in the addendum.
REEB 16.06(5)(c) (c) There are no blank lines or fill-in provisions in the addendum except for spaces for the signatures of the parties and those items required under par. (d).
REEB 16.06(5)(d) (d) The addendum is incorporated by reference into the approved form and the approved form and the addendum are properly related to one another.
REEB 16.06(6) (6) A licensee may alter an approved exclusive right to sell listing contract to create an exclusive agency listing, an open listing, or a one-party listing.
REEB 16.06(7) (7) A licensee shall use the latest approved version of a board-approved form.
REEB 16.06(8) (8) A licensee shall use approved forms and prepare addenda in such a manner as to adequately accomplish the contractual intent of the person for whom the licensee uses the forms and prepares the addenda.
REEB 16.06(9) (9) A licensee may alter an approved buyer agency/tenant representation agreement in order to create an exclusive right to negotiate, exclusive right to locate, or an exclusive right to locate and negotiate buyer agency/tenant representation agreement.
REEB 16.06 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; am. (4), Register, June, 1988, No. 390, eff. 7-1-88; am. (4), Register, July, 1993, No. 451, eff. 8-1-93; cr. (1) (f), Register, August, 1994, No. 464, eff. 9-1-94; r. and recr. (4), Register, July, 1998, No. 511, eff. 8-1-98; EmR0811: emerg. am. (1) (a), (b) and (d), eff. 4-16-08; CR 08-040: am. (1) (a), (b) and (d) Register October 2008 No. 634, eff. 11-1-08; correction in (1) (intro.), (2) made under s. 13.92 (4) (b) 6., 7., Stats., Register November 2011 No. 671; CR 13-073: am. (1) (intro.), (a), (b), (e), (f), (4) (intro.), (a), (b), (5) (intro.), (a) to (c), (6), (7), cr. (9) Register May 2014 No. 701, eff. 7-1-14.
REEB 16.07 REEB 16.07 Violation of this chapter. A licensee who violates this chapter demonstrates, for purposes of s. 452.14 (3) (i), Stats., incompetency to act as a real estate licensee in a manner that safeguards the interests of the public and violates s. 452.14 (3) (m), Stats.
REEB 16.07 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; am. Register, July, 1998, No. 511, eff. 8-1-98.
Loading...
Loading...
Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published. Report errors (608) 266-3151.