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(b) Land units and measurements.
(7) Taxes and other liens. Instruction relating to taxes and other liens shall include all of the following:
(a) Liens.
(b) Tax liens.
(c) General tax assessment, equalization, and tax bills.
(d) Mortgage liens.
(e) Construction liens.
(f) Judgments.
(g) Estate and inheritance tax liens.
(h) Other liens.
(i) Taxes under ss. 74.15 and 74.47 (1) and (2), Stats.
(j) Taxation and transfer fees under ss. 77.22 and 77.27, Stats.
(8) Real estate contracts. Instruction relating to real estate contracts shall include all of the following:
(a) Contract law.
(b) Elements of a valid contract.
(c) Performance of contract.
(d) Discharging of contract.
(e) Default or breach of contract.
(f) Forms used in real estate under ch. REEB 16, including all of the following:
1. Listing agreements under s. 240.10, Stats.
2. Offers to purchase.
3. Addenda.
4. Buyer agency agreements.
5. Counter-offers.
6. Multiple counter-proposals.
7. Amendments.
8. Notices.
9. Understanding closing statements.
10. Disclosure forms, including all of the following:
a. Seller condition report.
b. Agency.
c. Buyer and seller disclosure.
11. Cancellation agreement and mutual releases.
12. Options.
13. Bills of sale.
14. Exchanges.
(g) Agreement to arbitrate real estate transaction disputes under s. 788.015, Stats.
(9) Title records and transfers of title. Instruction relating to real estate title records and transfers of title shall include all of the following:
(a) Requirements of a valid conveyance under ss. 240.10, 706.02 and 706.03, Stats.
(b) Types of deeds.
(c) Involuntary alienation.
(d) Probate.
(e) Transferring of a title by will.
(f) Public records and recording.
(g) Evidence of title.
(h) Conveyance defined under s. 706.01, Stats.
(10) Real estate finance and basic math. Instruction relating to real estate finance and basic math shall include all of the following:
(a) Buyer qualification.
(b) Mortgage instruments.
(c) Payment plans.
(d) Provisions for default; assignment; release and subject to.
(e) Land contracts.
(f) Secondary mortgage market.
(11) Appraisal and market analysis. Instruction relating to real estate appraisal and market analysis shall include all of the following:
(a) Basic principles of value.
(b) Direct market comparison approach.
(c) Cost approach.
(d) Income approach.
(e) Appraisal process.
(12) Fair housing laws. Instruction relating to real estate fair housing laws shall include all of the following:
(a) Equal opportunity in housing.
(b) Federal fair housing law.
(c) Blockbusting, steering and redlining.
(d) Equal rights under s. 106.50, Stats.
(e) Organizations.
(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 and s. 452.136, Stats.
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 and s. 452.133, Stats., 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 firm under s. REEB 24.07 (1) (b).
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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.