The Board reviewed all of the REEB chapters to implement the 2015 Act 258 changes. Analysis and supporting documents used to determine effect on small business or in preparation of economic impact analysis:
This rule was posted for economic comments for 14 days and none were received.
Fiscal Estimate and Economic Impact Analysis:
The Fiscal Estimate and Economic Impact Analysis is attached.
Effect on small business:
These proposed rules do not have an economic impact on small businesses, as defined in s. 227.114 (1), Stats. The Department’s Regulatory Review Coordinator may be contacted by email at Jeff.Weigand@wisconsin.gov, or by calling (608) 267-2435. Agency contact person:
Sharon Henes, Administrative Rules Coordinator, Department of Safety and Professional Services, Division of Board Services, 1400 East Washington Avenue, Room 151, P.O. Box 8366, Madison, Wisconsin 53708; telephone 608-261-2377; email at Sharon.Henes@wisconsin.gov. Place where comments are to be submitted and deadline for submission:
Comments may be submitted to Sharon Henes, Administrative Rules Coordinator, Department of Safety and Professional Services, Division of Board Services, 1400 East Washington Avenue, Room 151, P.O. Box 8366, Madison, WI 53708-8366, or by email to Sharon.Henes@wisconsin.gov. Comments must be received at or before the hearing to be held on August 18, 2016 to be included in the record of rule-making proceedings. ---------------------------------------------------------------------------------------------------------------------
TEXT OF RULE
Section 1. REEB 11.02 (1) is renumbered to 11.02 (1t)
Section 2. REEB 11.02 (1d), (1h), and (1p) are created to read:
REEB 11.02 (1d) “Agency agreement” has the meaning given in s. 452.01 (1m), Stats. (1h) “Associated with a firm” has the meaning given in s. 452.01 (1o), Stats. (1p) “Associated with a subagent” has the meaning given in s. 452.01 (1p), Stats. Section 3. REEB 11.02 (2) and (3) are amended to read:
REEB 11.02 (2) “Business entity” has the meaning under given in s. 452.01 (3j), Stats. (3) “Business representative” has the meaning under given in s. 452.01 (3k), Stats. Section 4. REEB 24.02 (6) and (9) are renumbered REEB 11.02 (3m) and (4m), and amended to read:
REEB 11.02 (3m) “Client” means a party to a transaction who has an agency agreement with a broker firm for brokerage services.
(4m) “Customer” means a party to a transaction who is provided brokerage services by a broker firm but who is not a client.
Section 5. REEB 11.02 (5g) is created to read:
(5g) “Firm” has the meaning given in s. 452.01 (4w), Stats. Section 6. REEB 11.02 (6) is amended to read:
REEB 11.02 (6) “Licensee” has the meaning under given in s. 452.01 (5), Stats. Section 7. REEB 11.02 (6m) is created to read:
REEB 11.02 (6m) “Member of the licensee’s immediate family” means any of the following:
(a) A parent, stepparent, grandparent, foster parent, child, stepchild, grandchild, foster child, brother, sister, aunt, or uncle of the licensee.
(b) The spouse or domestic partner of the licensee or of any person listed in par. (a).
Section 8. REEB 12.011 (1) is amended to read:
(1) An individual who does not possess a broker’s or salesperson’s license or a time-share salesperson’s certificate may apply to the board, without submitting a full application and payment of application fee, for a determination of whether the individual would be disqualified from obtaining a license or certificate based upon a criminal conviction by submitting all of the following:.
Section 9. REEB 12.011 (1) (am) and (1m) is created to read:
REEB 12.011 (1) (am) A fee in the amount of $68.00.
(1m) The fee under sub. (1) (am) may be applied to the application fee under s. REEB 12.01 (4) if the individual applies for a real estate broker or salesperson license within 1 year of the determination decision. Section 10. Chapter REEB 15 (title) is amended to read: BROKER’S OBLIGATION TO FURNISH COPIES AND MAINTAIN RECORDS
Section 11. REEB 15.02 (1), (2) (intro.) and (3) are amended to read:
REEB 15.02 Copies of documents (1) A broker or salesperson licensee shall promptly provide an exact and complete copy of any document utilized, prepared, or received by the licensee in real estate practice to any person who has signed the document.
(2) A broker or salesperson licensee shall promptly distribute to the following persons exact and complete copies of offers to purchase, amendments to contracts of sale, counter-offers, exchange agreements, or grants of option which have been accepted and signed by all the parties:
(3) A broker or salesperson shall promptly distribute an exact and complete copy of a lease or rental agreement which has been accepted and signed by all parties to the tenant upon execution of the lease or rental agreement when the tenant leases the property and to the landlord upon the landlord’s request.
Section 12. REEB 15.02 (4) is created to read:
REEB 15.02 (4) A broker or salesperson shall promptly distribute an exact and complete copy of a listing contract or agency agreement that has been accepted and signed by all parties to the client when the client signs an agency agreement.
Section 13. REEB 15.03 is repealed.
Section 14. REEB 15.04 is renumbered 15.04 (1) and amended to read:
REEB 15.04 Retention of records.
(1) A broker firm shall retain for at least 3 2 years, unless required by federal law or there is an active or ongoing investigation by the Board, exact and complete copies of all listing contracts, agency agreements, offers to purchase, leases, closing statements, deposit receipts, cancelled checks, trust account records and other documents or correspondence utilized, received or prepared by the broker in connection with any transaction. The retention period shall run from the date of closing of the transaction or, if the transaction has not been consummated, from the date of the listing contract or the agency agreement is terminated. The broker shall make these These records shall be available for inspection and copying by the board. If the records are retained outside this state, the broker The firm shall, upon request of the board, promptly send exact and complete copies to the department without charge to the department or board. The board may not require copies to be submitted beyond the retention period. Electronic or digital means may be used to retain records.
Section 15. REEB 15.04 (2) is created to read:
