Chapter REEB 25

REEB 25.023(9)(e)1. 1. Definitions of mortgage banker, loan originator and loan solicitor.

REEB 25.023(9)(e)2. 2. When separate registration is needed.

REEB 25.023(9)(e)3. 3. Real Estate Settlement Procedures Act.

REEB 25.023(9)(f) (f) Real estate appraisal.

REEB 25.023(9)(g) (g) Farms.

REEB 25.023(9)(h) (h) Auctions.

REEB 25.023(9)(i) (i) Mobile homes.

REEB 25.023(9)(j) (j) Time-Share, including familiarity with ch. 707, Stats., when selling time-shares.

REEB 25.023(10) (10) Notifying the department. Instruction relating to notifying the department shall include all of the following:

REEB 25.023(10)(a) (a) Change of name, address or trade name under ch. REEB 23.

REEB 25.023(10)(b) (b) Criminal conviction under s. 440.03 (13) (am), Stats.

REEB 25.023 History History: CR 15-010: cr. Register September 2015 No. 717, eff. 10-1-15; CR 17-100: r. (4) (a) 3. Register July 2018 No. 751, eff. 8-1-18; CR 23-075: am. (2) (c) 1. to 10., (6) (d), (7) (d) (intro.), (f) 1., (g) 1., r. (7) (h) Register August 2024 No. 824, eff. 9-1-24.

REEB 25.028 REEB 25.028 Nonresident broker education equivalency. An applicant who has held an active real estate broker’s license in another licensing jurisdiction within the 2 year period prior to filing an application for a real estate broker’s license in this state is deemed to have met the equivalency to the business management and salesperson program education based upon the applicant’s education required to obtain a license in the other licensing jurisdiction and the completion of Wisconsin specific education consisting of all of the following:

REEB 25.028(1) (1) Business management education consisting of 6 hours, including all of the following:

REEB 25.028(1)(a) (a) Broker-only contracts and contract issues, including all of the following:

REEB 25.028(1)(a)1. 1. Reynolds v. Dinger, 14 Wis. 2d 193.

REEB 25.028(1)(a)2. 2. State bar forms under s. REEB 16.03 (1).

REEB 25.028(1)(a)3. 3. Uniform commercial code forms under s. REEB 16.03 (1).

REEB 25.028(1)(a)4. 4. Forms used in other states.

REEB 25.028(1)(a)5. 5. Developing forms and contingency manual.

REEB 25.028(1)(a)6. 6. Supervising salesperson’s use of approved forms.

REEB 25.028(1)(a)7. 7. Commercial real estate broker’s commission under s. 779.32, Stats.

REEB 25.028(1)(b) (b) Agency relationships, including all of the following:

REEB 25.028(1)(b)1. 1. Multiple representation with designated agency.

REEB 25.028(1)(b)2. 2. Multiple representation without designated agency.

REEB 25.028(1)(b)3. 3. Single agency.

REEB 25.028(1)(c) (c) Disclosure, including all of the following:

REEB 25.028(1)(c)1. 1. Property inspections.

REEB 25.028(1)(c)2. 2. “As-is” sales.

REEB 25.028(1)(c)3. 3. Optional disclosure.

REEB 25.028(1)(d) (d) Trust accounts under ch. REEB 18, including all of the following:

REEB 25.028(1)(d)1. 1. When is a trust account required.

REEB 25.028(1)(d)2. 2. Registering a trust account.

REEB 25.028(1)(d)3. 3. Procedure to open a trust account.

REEB 25.028(1)(d)4. 4. Authorization to sign trust account checks.

REEB 25.028(1)(d)5. 5. Deposit of trust funds.

REEB 25.028(1)(d)6. 6. Disbursement of trust funds.

REEB 25.028(1)(d)7. 7. Bookkeeping system.

REEB 25.028(1)(d)8. 8. Closing a trust account.

REEB 25.028(1)(e) (e) Notifying the department, including all of the following:

REEB 25.028(1)(e)1. 1. Change of name, address or trade name under ch. REEB 23.

REEB 25.028(1)(e)2. 2. Criminal conviction under s. 440.03 (13) (am), Stats.

REEB 25.028(1)(f) (f) Wisconsin fair housing law under s. REEB 24.03 (1), and ss. 66.1011 and 106.50, Stats.

REEB 25.028(1)(g) (g) Licensees associated with a firm under ch. REEB 17 and s. 452.132, Stats.

REEB 25.028(2) (2) Salesperson education consisting of 13 hours, including all of the following:

REEB 25.028(2)(a) (a) Contracts, including all of the following:

REEB 25.028(2)(a)1. 1. Law of conveyances, including all of the following:

REEB 25.028(2)(a)1.a. a. Conveyance defined under s. 706.01, Stats.

REEB 25.028(2)(a)1.b. b. Requirements for a valid conveyance under ss. 706.02, and 706.03, Stats.

REEB 25.028(2)(a)2. 2. Chapter REEB 16.

REEB 25.028(2)(a)3. 3. Review of forms approved by the board, including all of the following:

REEB 25.028(2)(a)3.a. a. Listing contracts.

REEB 25.028(2)(a)3.b. b. Offers to purchase.

REEB 25.028(2)(a)3.c. c. Addenda.

REEB 25.028(2)(a)3.d. d. Buyer agency agreements.

REEB 25.028(2)(a)3.e. e. Counter-offers.

REEB 25.028(2)(a)3.f. f. Multiple counter-proposals.

REEB 25.028(2)(a)3.g. g. Amendments.

REEB 25.028(2)(a)3.h. h. Notices.

REEB 25.028(2)(a)3.i. i. Options.

REEB 25.028(2)(a)3.j. j. Bills of sale.

REEB 25.028(2)(a)3.k. k. Exchanges.

REEB 25.028(2)(a)3.L. L. Cancellation agreement and mutual releases.

REEB 25.028(2)(b) (b) Agency, including all of the following:

REEB 25.028(2)(b)1. 1. Duties owed to parties and clients under s. 452.133, Stats.

REEB 25.028(2)(b)2. 2. The requirement for an agency agreement and disclosure of agency under s. 452.135, Stats.

REEB 25.028(2)(b)3. 3. Revisions to common law duties and responsibilities under s. 452.139, Stats.

REEB 25.028(2)(c) (c) Agency relationship, including all of the following:

REEB 25.028(2)(c)1. 1. Multiple representation with designated agency.

REEB 25.028(2)(c)2. 2. Multiple representation without designated agency.

REEB 25.028(2)(c)3. 3. Single agency.

REEB 25.028(2)(d) (d) Business conduct, including all of the following.

REEB 25.028(2)(d)1. 1. Direct contact with the public, including all of the following:

REEB 25.028(2)(d)1.a. a. Competence in area of service under s. REEB 24.03.

REEB 25.028(2)(d)1.b. b. Tie-in arrangements under s. REEB 24.075.

REEB 25.028(2)(d)1.c. c. Agreements in writing under s. REEB 24.08.

REEB 25.028(2)(d)1.d. d. Misleading market values under s. REEB 24.09.

REEB 25.028(2)(d)1.e. e. Net listings under s. REEB 24.10.

REEB 25.028(2)(d)2. 2. Advertising under s. REEB 24.04 and s. 452.136, Stats.

REEB 25.028(2)(d)3. 3. Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:

REEB 25.028(2)(d)3.a. a. Confidentiality.

REEB 25.028(2)(d)3.b. b. Drafting and submitting offers.

REEB 25.028(2)(d)3.c. c. Prompt delivery to buyer.

REEB 25.028(2)(d)3.d. d. Fair presentation of offers.

REEB 25.028(2)(d)3.e. e. Prompt notification.

REEB 25.028(2)(d)4. 4. Disclosure of compensation and interest under s. REEB 24.05 and s. 452.133, Stats., including all of the following:

REEB 25.028(2)(d)4.a. a. Disclosure of interest.

REEB 25.028(2)(d)4.b. b. Referral services.

REEB 25.028(2)(d)4.c. c. Disclosure of profits.