Wisconsin Legislature: 001 - CR 15-010 Rule Text

(13) Ethical real estate practices. Instruction relating to ethical real estate practices shall include all of the following:

(a) Chapter REEB 24.

(b) Ethical business conduct, including all of the following:

1. Direct contact with the public, including all of the following:

a. Competence in area of service under s. REEB 24.03.

b. Tie-in arrangements under s. REEB 24.075.

c. Agreements in writing under s. REEB 24.08.

d. Misleading market values under s. REEB 24.09.

e. Net listings under s. REEB 24.10.

2. Advertising under s. REEB 24.04.

3. Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:

a. Confidentiality.

b. Drafting and submitting offers.

c. Prompt delivery to buyer.

d. Fair presentation of offers.

e. Prompt notification.

4. Disclosure of compensation and interest under s. REEB 24.05, including all of the following:

a. Disclosing of interest.

b. Referral services.

c. Disclosing of profits.

d. Disclosing of licensure.

(14) Consumer protection. Instruction relating to consumer protection shall include all of the following:

(a) Property inspections under s. REEB 24.07 (1) (a).

(b) Inquiry by listing broker under s. REEB 24.07 (1) (b).

(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.

(15) Leases. Instruction relating to real estate leases shall include all of the following:

(a) Leasehold estates.

(b) Standard lease provisions.

(d) Legal principles of leases.

(e) Improvements.

(f) Maintenance.

(g) Breach.

(h) Residential rental practices under ss. ATCP 134.02, 134.06, and 134.09.

(16) Property Management. Instruction relating to property management shall include all of the following:

(a) Functions of property manager.

(b) Management agreement.

(d) Renting and maintaining the property.

(e) Risk management.

(17) Land use control and development. Instruction relating to land use control and development shall include all of the following:

(a) Public controls.

(b) The master plan.

(d) Subdivision regulations.

(e) Private land-use controls.

(f) Building codes.

(g) Land development.

(h) Subdividing.

(18) Environmental concerns. Instruction relating to real estate environmental concerns shall include all of the following:

(a) Radon.

(b) Asbestos.

(d) Toxic waste.

(e) Underground storage tanks under ch. ATCP 93.

(f) Floodplains under s. 87.30, Stats., and ss. NR 116.01 and 116.06.

(g) Flood insurance.

(h) Wetlands under s. 23.32, Stats.

(i) Farmland preservation under ss. 91.01, and 91.60 to 91.70, Stats.

(j) Rental unit energy efficiency standards under ss. SPS 367.03 and 367.08.

(k) Disclosure documents under s. 452.23 and ch. 709, Stats., and s. REEB 24.07.

(19) Miscellaneous Wisconsin license laws. Instruction relating to miscellaneous Wisconsin license laws shall include all of the following:

(a) Chapter REEB 15.

(b) Chapter REEB 16.

(d) Chapter 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.

(e) Chapter REEB 23.

(f) Property rights of married persons under ss. 766.31, 766.51, 766.60 and 766.63, Stats.

(g) Mortgage banking under s. 224.71, Stats.

(h) 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.

Section 29. REEB 25.035 is repealed