(c) Review of forms approved by the board, including all of the following:
1. Listing contracts.
2. Offers to purchase.
4. Buyer agency agreements.
5. Counter-offers.
6. Multiple counter-proposals.
7. Amendments.
10. Bills of sale.
11. Exchanges.
12. Cancellation agreement and mutual releases.
(2)Agency, including all of the following:
(a) Duties owed to parties and clients under s. 452.133, Stats.
(b) Requirement for an agency agreement and disclosure of agency under s. 452.135, Stats.
(c) Revisions to common law duties and responsibilities under s. 452.139, Stats.
(3)Agency relationship, including all of the following:
(a) Multiple representation with designated agency.
(b) Multiple representation without designated agency.
(c) Single agency.
(4)Business conduct, including all of the following:
(a) Direct contact with the public, including all of the following:
1. Competence in area of service under s. REEB 24.03.
2. Tie-ins under s. REEB 24.075.
3. Agreements in writing under s. REEB 24.08.
4. Misleading market values under s. REEB 24.09.
5. Net listings under s. REEB 24.10.
(b) Advertising under s. REEB 24.04 and s. 452.136, Stats.
(c) Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:
1. Confidentiality.
2. Drafting and submitting offers.
3. Prompt delivery to buyer.
4. Fair presentation of offers.
5. Prompt notification.
(d) Disclosure of compensation and interest under s. REEB 24.05 and s. 452.133, Stats., including all of the following:
1. Disclosure of interest.
2. Referral services.
3. Disclosure of profits.
4. Disclosure of licensure.
(5)Consumer Protection, including all of the following:
(a) Property inspections under s. REEB 24.07 (1) (a).
(b) Inquiry by listing firm under s. REEB 24.07 (1) (b).
(c) Disclosure of material adverse facts under s. REEB 24.07 (2).
(d) Disclosure of material suggesting adverse material facts under s. REEB 24.07 (3).
(e) Disclosure of side agreements under s. REEB 24.07 (4).
(f) Reliance upon third parties under s. REEB 24.07 (5).
(g) Investigations and inspections under s. 452.23, Stats.
(h) Civil liability for misrepresentation.
(i) Seller’s disclosure duties under ch. 709, Stats.
(6)Wisconsin fair housing law under s. REEB 24.03 (1),and ss. 66.1011 and 106.50, Stats.
(7)Environmental factors, including all of the following:
(a) Underground storage tanks under ch. ATCP 93.
(b) Floodplains under s. 87.30, Stats., and ss. NR 116.01 and 116.06.
(c) Wetlands under s. 23.32, Stats.
(d) Farmland preservation under ss. 91.01 and 91.60 to 91.70, Stats.
(8)Trust accounts and escrows, including all of the following:
(a) Trust accounts under s. 452.13, Stats., and ch. REEB 18, including all of the following:
1. Definition of trust account.
2. Interest-bearing and non-interest bearing accounts.
3. Definition of trust funds.
4. When a trust account is required.
5. Deposit of trust funds.
(b) Escrow agreement procedures, including all of the following:
1. Escrows requiring separate escrow agreements.
2. Pre-closing earnest money escrows.
3. Post-closing escrows.
4. Escrows not requiring separate escrow agreement.
5. Drafting escrow agreements.
(9)Miscellaneous issues, including all of the following:
(a) Condominiums under ss. 703.08, 703.21, and 703.33, Stats.
(b) Homestead under ss. 706.01 (7) and 766.605, Stats.
(c) Taxes under ss. 74.15, and 74.47 (1) and (2), Stats.
(d) Taxation and transfer fees under ss. 77.22 and 77.27, Stats.
(e) Residential rental practices under ss. ATCP 134.02, 134.06 and 134.09.
(f) Documents and records under ch. REEB 15.
(g) Licensure and supervision of employees under ch. REEB 17.
(h) Property rights of married persons under ss. 766.31, 766.51, 766.60, and 766.63, Stats.
(i) Mortgage banking under s. 224.71, Stats.
History: CR 15-010: cr. Register September 2015 No. 717, eff. 10-1-15; (1) (a) 1. and 2. renum. from (1) (a) a. and b. under s. 13.92 (4) (b) 1., Stats., Register September 2015 No. 717; CR 17-100: am. (5) (b) Register July 2018 No. 751, eff. 8-1-18; CR 19-128: r. (7) (e) Register January 2021 No. 781, eff. 2-1-21; CR 23-075: am. (intro.), (1) (c) 5. to 7., 9. to 12., (4) (b), (d) Register August 2024 No. 824, eff. 9-1-24.
REEB 25.055Approval for pre-licensure education programs or courses.
(1)General.
(a) The board may approve a pre-licensure education program if it covers all of the required content and hours in ss. REEB 25.023, 25.028, 25.033, or 25.038. The board may approve a pre-licensure education course if it alone or in conjunction with one or more other courses covers the content and hours required under ss. REEB 25.023, 25.028, 25.033, or 25.038.
(b) Instructors shall be knowledgeable in the subject that they are teaching. An instructor whose real estate license has been limited, suspended or revoked may not instruct in a program or a course while the disciplinary action is in effect.
(c) A school or organization may not discriminate against anyone on the basis of sex, race, color, sexual orientation, disability, religion, age, or national origin in its education program or courses.
(2)Approval. A school or organization seeking approval of a pre-licensure education program or course shall submit to the board at least 30 days prior to offering the program or course all of the following:
(a) Application provided by the board.
(b) Organizational structure of the school or organization.
(c) Registration policies.
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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.