AB40: Bill Text

AB40, s. 3229 Section 3229. 452.05 (1) (d) of the statutes is amended to read:

AB40,1170,8 452.05 (1) (d) After consultation with the council on real estate curriculum and examinations, the board, brokers and salespersons licensed under this chapter, and interested members of the public, establish criteria for the approval of continuing educational programs and courses in real estate related subjects required for renewal under s. 452.12 (5) (c) 1.

AB40, s. 3230 Section 3230. 452.05 (1m) (b) of the statutes is amended to read:

AB40,1170,13 452.05 (1m) (b) In preparing the form for the offer to purchase commercial real property under sub. (1) (b), the department board shall include a statement that the seller represents to the buyer that the seller has no notice or knowledge that the commercial real property is a historic building.

AB40, s. 3231 Section 3231. 452.05 (2) of the statutes is amended to read:

AB40,1170,16 452.05 (2) The department board may prepare letters and bulletins and conduct clinics disseminating information to its licensees.

AB40, s. 3232 Section 3232. 452.05 (3) of the statutes is amended to read:

AB40,1170,22 452.05 (3) The department board may, after consultation with the board, enter into reciprocal agreements with officials of other states or territories of the United States for licensing brokers and salespersons and grant licenses to applicants who are licensed as brokers or salespersons in those states or territories according to the terms of the reciprocal agreements.

AB40, s. 3233 Section 3233. 452.06 (2) (intro.) and (b) of the statutes are consolidated, renumbered 452.06 (2) and amended to read:

AB40,1171,5 452.06 (2) The council on real estate curriculum and examinations shall do all of the following: (b) Periodically, but not less than annually , review subjects covered on examinations for licensure under this chapter and the qualifications for instructors of and performance evaluations for educational and continuing educational programs, training sessions, and courses approved under this chapter.

AB40, s. 3234 Section 3234. 452.06 (2) (a) of the statutes is repealed.

AB40, s. 3235 Section 3235. 452.07 (title) of the statutes is amended to read:

AB40,1171,8 452.07 (title) Rules; review of rules.

AB40, s. 3236 Section 3236. 452.07 (1) of the statutes is amended to read:

AB40,1171,11 452.07 (1) The department board shall promulgate rules for the guidance of the real estate profession and define professional conduct and unethical practice.

AB40, s. 3237 Section 3237. 452.07 (1m) of the statutes is amended to read:

AB40,1171,14 452.07 (1m) The department board shall promulgate rules that specify the supervisory duties of brokers under s. 452.12 (3).

AB40, s. 3238 Section 3238. 452.07 (2) to (7) of the statutes are repealed.

AB40, s. 3239 Section 3239. 452.09 (1) (intro.) of the statutes is amended to read:

AB40,1171,20 452.09 (1) Form of application. (intro.) Any person desiring to act as a broker or salesperson shall submit to the department board an application for a license. The application shall be in such form as the department board prescribes and shall include the following:

AB40, s. 3240 Section 3240. 452.09 (1) (e) of the statutes is amended to read:

AB40,1172,2 452.09 (1) (e) Any other information which that the department board may reasonably require to enable it to determine the competency of each applicant, including each business representative of the business entity, to transact the business of a broker or salesperson in a manner which that safeguards the interests of the public.

AB40, s. 3241 Section 3241. 452.09 (2) (a) of the statutes is amended to read:

AB40,1172,10 452.09 (2) (a) Except as provided in a reciprocal agreement under s. 452.05 (3), each applicant for a salesperson's license shall submit to the department board evidence satisfactory to the department board of successful completion of educational programs approved for this purpose under s. 452.05 (1) (c). The department board may waive the requirement under this paragraph upon proof that the applicant has received 10 academic credits in real estate or real estate related law courses from an accredited institution of higher education.

AB40, s. 3242 Section 3242. 452.09 (2) (c) 2. of the statutes is amended to read:

AB40,1172,16 452.09 (2) (c) 2. Submit to the department board evidence satisfactory to the department board of successful completion of educational programs in business management approved for this purpose under s. 452.05 (1) (c). No educational programs applied to satisfy the requirement under subd. 1. may be applied to satisfy the requirement under this subdivision.

AB40, s. 3243 Section 3243. 452.09 (2) (d) of the statutes is amended to read:

AB40,1172,21 452.09 (2) (d) The department board may waive the requirements under par. (c) upon proof that the applicant has received 20 academic credits in real estate or real estate related law courses from an accredited institution of higher education or that the applicant is licensed to practice law in this state.

AB40, s. 3244 Section 3244. 452.09 (3) (a) of the statutes is amended to read:

AB40,1173,7 452.09 (3) (a) In determining competency, the department board shall require proof that the applicant for a broker's or salesperson's license has a fair knowledge of the English language,; a fair understanding of the general purposes and general legal effect of deeds, mortgages, land contracts of sale, leases, bills of sale, chattel mortgages, and conditional sales contracts,; and a general and fair understanding of the obligations between principal and agent, as well as of this chapter. An The board shall deny a license to an applicant receiving a failing grade, as established by rules of the department board, on any examination given under this section shall be denied a license, but any applicant may review his or her examination results in a manner established by rules of the department board.

AB40, s. 3245 Section 3245. 452.09 (3) (b) of the statutes is amended to read:

AB40,1173,11 452.09 (3) (b) The department board shall determine competency under par. (a) by means of only an oral examination for any applicant who is unable to write because of a physical handicap.

AB40, s. 3246 Section 3246. 452.09 (3) (d) of the statutes is amended to read:

AB40,1173,16 452.09 (3) (d) Except as provided in a reciprocal agreement under s. 452.05 (3), the department board may not grant a broker's license to an applicant who does not hold a salesperson's license unless the applicant passes the salesperson's examination and the broker's examination.

AB40, s. 3247 Section 3247. 452.09 (5) of the statutes is amended to read:

AB40,1174,2 452.09 (5) Apprenticeships. Any person who is a resident of this state and 18 years of age or over may, upon application filed in accordance with sub. (1), be indentured to a licensed resident broker in accordance with rules promulgated by the department board. These rules shall be promulgated so as to protect the public and may limit the real estate sales and brokerage activity of the apprentice. The department board may require an apprentice to take a preliminary examination covering general knowledge and may prescribe the character and extent of his or her work during apprenticeship. The department board may issue a temporary salesperson's permit to the individual for a period not to exceed one year upon payment of the fee under s. 440.05 (6). The temporary permit is not renewable.

AB40, s. 3248 Section 3248. 452.10 (2) (b) of the statutes is amended to read:

AB40,1174,5 452.10 (2) (b) Unless an application is withdrawn in writing before the department board has made any investigation, no part of the fee shall be returned.

AB40, s. 3249 Section 3249. 452.10 (4) (a) of the statutes is amended to read:

AB40,1174,9 452.10 (4) (a) Any licensed salesperson or broker may transfer to the employment of a licensed broker by first paying the transfer fee specified in s. 440.05 (7) and filing a transfer form with the department board.

AB40, s. 3250 Section 3250. 452.10 (6) of the statutes is amended to read:

AB40,1174,13 452.10 (6) In the case of applications for renewals of licenses the department board may dispense with such matters contained in s. 452.09 (1) as it deems unnecessary in view of prior applications.

AB40, s. 3251 Section 3251. 452.11 (3) of the statutes is amended to read:

AB40,1174,24 452.11 (3) Every nonresident applicant, and every resident licensee who becomes a nonresident, shall file with the department board an irrevocable consent that actions may be commenced against the applicant or licensee in the proper court of any county of the state in which a cause of action arises or in which the plaintiff resides, by the service of any process or pleading authorized by the laws of this state on the department board or any duly authorized employee. The consent shall stipulate and agree that such service is valid and binding as due service upon the applicant or licensee in all courts in this state. The consent shall be duly acknowledged and, if made by a corporation, shall be authenticated by the corporate seal.

AB40, s. 3252 Section 3252. 452.11 (4) of the statutes is amended to read:

AB40,1175,11 452.11 (4) Any process or pleading under this section shall be served in duplicate upon the department board or its duly authorized employee. One copy shall be filed with the department board and the other immediately forwarded by certified mail to the nonresident licensee against whom the process or pleading is directed at the last address provided to the department board by the nonresident licensee. No default in any such proceeding or action may be taken unless it appears by affidavit of the secretary chairperson of the board or any duly authorized employee that a copy of the process or pleading was mailed to the nonresident licensee as required in this subsection. No judgment by default may be taken in any action or proceeding within 20 days after the date of mailing the process or pleading to the nonresident licensee.

AB40, s. 3253 Section 3253. 452.12 (1) of the statutes is amended to read:

AB40,1175,15 452.12 (1) Expiration. A license granted by the department board entitles the holder to act as a broker or salesperson, as the case may be, until the applicable renewal date specified under s. 440.08 (2) (a).

AB40, s. 3254 Section 3254. 452.12 (2) (c) of the statutes is amended to read:

AB40,1175,22 452.12 (2) (c) Application for a business entity license shall be made on forms prescribed by the department board, listing the names and addresses of all business representatives, and shall be accompanied by the initial credential fee determined by the department under s. 440.03 (9) (a). If there is a change in any of the business representatives, the change shall be reported to the department board, on the same form, within 30 days after the effective date of the change.

AB40, s. 3255 Section 3255. 452.12 (4) of the statutes is amended to read:

AB40,1176,4 452.12 (4) Register of brokers and salespersons. The department shall maintain the register required by s. 440.035 (4). The board shall include in the register the board maintains under s. 440.035 (4) the names of all brokers and salespersons whose licenses have been were revoked at any time within the past 2 years prior to the issuance thereof shall be included in the register. The register shall be available for purchase at cost.

AB40, s. 3256 Section 3256. 452.12 (5) (b) of the statutes is amended to read:

AB40,1176,8 452.12 (5) (b) If an application for renewal is not filed with the department board on or before the renewal date, the applicant may not engage in any of the activities covered by the license until the license is renewed or a new license is issued.

AB40, s. 3257 Section 3257. 452.12 (5) (c) 2. of the statutes is amended to read:

AB40,1176,13 452.12 (5) (c) 2. Not later than June 30 of each even-numbered year, the department board shall conduct an examination on those subjects required for continuing education under s. 452.05 (1) (d). Any broker or salesperson who passes the examination under this subdivision is not required to comply with subd. 1.

AB40, s. 3258 Section 3258. 452.12 (5) (d) of the statutes is created to read:

AB40,1176,18 452.12 (5) (d) Annually, the department shall pay to the University of Wisconsin-Madison $10 of each renewal fee received under this subsection for support of the center for urban land economics in the School of Business at the University of Wisconsin-Madison under s. 37.25 (34).

AB40, s. 3259 Section 3259. 452.12 (6) (b) of the statutes is amended to read:

AB40,1176,22 452.12 (6) (b) Unless an applicant's license has been revoked or suspended under s. 452.14 (3), the department board may register the applicant under par. (a) as an inactive licensee upon payment of a $15 fee.

AB40, s. 3260 Section 3260. 452.12 (6) (d) of the statutes is amended to read:

AB40,1177,2 452.12 (6) (d) If an inactive licensee files an application for reinstatement before January 1, 1996, the department board shall reinstate the inactive licensee's original license in accordance with the requirements for late renewal under s. 440.08 (3).

AB40, s. 3261 Section 3261. 452.12 (6) (e) (intro.) of the statutes is amended to read:

AB40,1177,6 452.12 (6) (e) (intro.) Except as provided in ss. 440.03 (11m) (b), 440.12 and 440.13 (2) (a) (c), the department board shall reinstate an inactive licensee's original license as follows:

AB40, s. 3262 Section 3262. 452.12 (6) (e) 1. of the statutes is amended to read:

AB40,1177,13 452.12 (6) (e) 1. If a person has registered as an inactive licensee before November 1, 1990, the department board shall reinstate the person's original license if that person applies to the department board for reinstatement of his or her original license, pays the fee specified under s. 440.05 (1), passes an examination under s. 452.09 (3), and completes the education requirements established by the department board under par. (f).

AB40, s. 3263 Section 3263. 452.12 (6) (e) 2. of the statutes is amended to read:

AB40,1177,24 452.12 (6) (e) 2. If a person has registered as an inactive licensee on or after November 1, 1990, the department board shall reinstate the person's original license if that person applies to the department board for reinstatement of his or her original license, pays the renewal fee determined by the department under s. 440.03 (9) (a) for the original license and completes 12 hours of continuing education as established by the department board under par. (f). A person who is eligible for reinstatement of his or her original license under this subdivision shall complete the requirements for reinstatement under this subdivision before January 1, 1996, or within 5 years after the date on which the person registered as an inactive licensee, whichever is later.

AB40, s. 3264 Section 3264. 452.12 (6) (e) 3. of the statutes is amended to read:

AB40,1178,5 452.12 (6) (e) 3. If a person who is eligible for reinstatement of his or her original license under subd. 2. does not complete the requirements for reinstatement within the time specified under subd. 2., the department board shall reinstate the original license of that person if he or she meets the requirements specified under subd. 1.

AB40, s. 3265 Section 3265. 452.12 (6) (f) of the statutes is amended to read:

AB40,1178,9 452.12 (6) (f) The department board shall promulgate rules establishing the education requirements that applicants for reinstatement of original licenses under par. (e) must satisfy.

AB40, s. 3266 Section 3266. 452.13 (2) (b) 1. of the statutes is amended to read:

AB40,1178,13 452.13 (2) (b) 1. Register with the department of regulation and licensing safety and professional services the name and address of the depository institution and the number of the interest-bearing common trust account.

AB40, s. 3267 Section 3267. 452.13 (2) (b) 2. of the statutes is amended to read:

AB40,1178,17 452.13 (2) (b) 2. Notify the department of regulation and licensing safety and professional services when any of the information required under subd. 1. is changed.

AB40, s. 3268 Section 3268. 452.13 (2) (b) 3. of the statutes is amended to read:

AB40,1178,25 452.13 (2) (b) 3. Furnish the department of regulation and licensing safety and professional services with a letter authorizing the department of regulation and licensing safety and professional services and the department of commerce Wisconsin Housing and Economic Development Authority to examine and audit the interest-bearing common trust account whenever the department of regulation and licensing safety and professional services or the department of commerce Wisconsin Housing and Economic Development Authority considers it necessary.

AB40, s. 3269 Section 3269. 452.13 (2) (bm) of the statutes is amended to read:

AB40,1179,5 452.13 (2) (bm) The department of regulation and licensing safety and professional services shall forward to the department of commerce Wisconsin Housing and Economic Development Authority the information and documents furnished under par. (b).

AB40, s. 3270 Section 3270. 452.13 (2) (d) of the statutes is amended to read:

AB40,1179,9 452.13 (2) (d) The department of commerce Wisconsin Housing and Economic Development Authority is the beneficial owner of the interest accruing to the interest-bearing common trust account, minus any service charges or fees.

AB40, s. 3271 Section 3271. 452.13 (2) (e) 1. of the statutes is amended to read:

AB40,1179,17 452.13 (2) (e) 1. Annually, before February 1, remit to the department of commerce Wisconsin Housing and Economic Development Authority the total interest or dividends, minus service charges or fees, earned on the average daily balance in the interest-bearing common trust account during the 12 months ending on the previous December 31. A depository institution is not required to remit any amount if the total interest or dividends for that period is less than $10 before any deduction for service charges or fees.

AB40, s. 3272 Section 3272. 452.13 (2) (e) 2. of the statutes is amended to read:

AB40,1179,24 452.13 (2) (e) 2. When the interest remittance is sent, furnish to the department of commerce Wisconsin Housing and Economic Development Authority and to the broker maintaining the interest-bearing common trust account a statement that includes the name of the broker for whose account the remittance is made, the rate of interest applied, the amount of service charges or fees deducted, if any, and the account balance for the period that the statement covers.

AB40, s. 3273 Section 3273. 452.13 (2) (f) 2. of the statutes is amended to read:

AB40,1180,3 452.13 (2) (f) 2. May not assess a service charge or fee for an interest-bearing common trust account against the department of commerce Wisconsin Housing and Economic Development Authority.

AB40, s. 3274 Section 3274. 452.13 (2) (f) 3. of the statutes is amended to read: