AB456,13,1716 452.01 (5w) "Principal broker firm" means a broker who firm that engages a
17subagent to provide brokerage services in a transaction.
AB456,37 18Section 37 . 452.01 (7) of the statutes is repealed and recreated to read:
AB456,13,2119 452.01 (7) "Salesperson" means any individual who is associated with a firm,
20other than a broker, a time-share salesperson, or an individual who is not required
21to hold a license under this chapter as provided under s. 452.03 (2).
AB456,38 22Section 38 . 452.01 (7) of the statutes, as affected by 2015 Wisconsin Act ....
23(this act), is amended to read:
AB456,14,3
1452.01 (7) "Salesperson" means any individual who is associated with a firm,
2other than a broker, a time-share salesperson, or an individual who is not required
3to hold a license under this chapter as provided under s. 452.03 (2).
AB456,39 4Section 39. 452.01 (7r) of the statutes is amended to read:
AB456,14,75 452.01 (7r) "Subagent" means a broker who firm that is engaged by another
6broker
a principal firm to provide brokerage services in a transaction, but who that
7is not the other broker's employee associated with the principal firm.
AB456,40 8Section 40. 452.01 (9) of the statutes is amended to read:
AB456,14,139 452.01 (9) "Time-share salesperson" means a person, other than a person
10licensed under s. 452.09, who is employed by a licensed broker to sell or offer or
11attempt
associated with a firm for the purpose of selling or offering or attempting to
12negotiate an initial sale or purchase of a time share but who may not perform any
13other acts authorized by this chapter to be performed by a broker or salesperson.
AB456,41 14Section 41. 452.01 (9) of the statutes, as affected by 2015 Wisconsin Act ....
15(this act), is repealed.
AB456,42 16Section 42 . 452.025 of the statutes, as affected by 2015 Wisconsin Act .... (this
17act), is repealed.
AB456,43 18Section 43. 452.025 (1) (b) 3. of the statutes is amended to read:
AB456,14,2119 452.025 (1) (b) 3. Certification from the licensed broker employing firm with
20which
the applicant is associated that the applicant is competent to act as a
21time-share salesperson.
AB456,44 22Section 44. 452.025 (3) (a) of the statutes is amended to read:
AB456,14,2523 452.025 (3) (a) A time-share salesperson registered under this section may act
24as a time-share salesperson only when employed by a licensed broker associated
25with a firm
.
AB456,45
1Section 45. 452.025 (3) (b) 2. g. of the statutes is amended to read:
AB456,15,32 452.025 (3) (b) 2. g. The signature of the time-share salesperson and the name
3of the employing broker firm with which the time-share salesperson is associated.
AB456,46 4Section 46. 452.025 (4) of the statutes is repealed.
AB456,47 5Section 47. 452.03 of the statutes is renumbered 452.03 (1) and amended to
6read:
AB456,15,137 452.03 (1) No Except as provided in s. 452.137, no person may engage in or
8follow the business or occupation of, or advertise or hold himself or herself out as, or
9act temporarily or otherwise as a broker or salesperson without a license issued
10under this chapter
. The board may grant a license only to a person who is competent
11to transact such businesses that business or occupation in a manner that safeguards
12the interests of the public, and only after satisfactory proof of the person's
13competence has been presented to the board.
AB456,48 14Section 48. 452.03 (2) of the statutes is created to read:
AB456,15,1815 452.03 (2) No license under this chapter is required for an individual who, on
16behalf of and under the direction of a firm or one or more licensees associated with
17a firm, provides the firm or licensee with services that are limited to those that are
18purely administrative, clerical, or personal in nature.
AB456,49 19Section 49. 452.05 (1) (a) of the statutes is amended to read:
AB456,15,2220 452.05 (1) (a) Grant and issue licenses to individuals and business entities to
21act as
brokers and to individuals to act salespersons and grant and issue
22registrations to time-share salespersons.
AB456,50 23Section 50 . 452.05 (1) (a) of the statutes, as affected by 2015 Wisconsin Act ....
24(this act), is amended to read:
AB456,16,3
1452.05 (1) (a) Grant and issue licenses to individuals and business entities to
2act as brokers and to individuals to act salespersons and grant and issue
3registrations to time-share salespersons
.
AB456,51 4Section 51. 452.05 (1) (i) (intro.) of the statutes is amended to read:
AB456,16,75 452.05 (1) (i) (intro.) Create a form on which an individual applying to renew
6a broker's or salesperson's license or a time-share salesperson's certificate of
7registration
may do all of the following:
AB456,52 8Section 52. 452.05 (1) (i) 1. of the statutes is amended to read:
AB456,16,119 452.05 (1) (i) 1. State whether he or she has been convicted of a crime since he
10or she last applied to renew the license or certificate or, for an initial renewal, since
11he or she initially applied for the license or certificate.
AB456,53 12Section 53. 452.05 (1) (i) 3. b. of the statutes is amended to read:
AB456,16,1413 452.05 (1) (i) 3. b. The board's authority to revoke the license or certificate
14under s. 452.14 (3) (o).
AB456,54 15Section 54. 452.05 (1) (j) of the statutes is created to read:
AB456,16,1716 452.05 (1) (j) Assign a unique license number to each person licensed under this
17chapter.
AB456,55 18Section 55. 452.07 (1m) of the statutes is amended to read:
AB456,16,2019 452.07 (1m) The board shall may promulgate rules that specify regarding the
20supervisory duties responsibilities of brokers under s. 452.12 (3) 452.132.
AB456,56 21Section 56. 452.07 (2) of the statutes is amended to read:
AB456,17,922 452.07 (2) The board may promulgate rules establishing a procedure that
23allows an individual who does not possess a broker's or salesperson's license or a
24time-share salesperson's certificate of registration to, without submitting a full
25application and without paying the fees applicable to applicants, apply to the board

1for a determination of whether the individual would be disqualified from obtaining
2a license or certificate due to his or her criminal record. A determination made under
3this subsection, with respect to criminal convictions reviewed by the board as part
4of the determination, is binding upon the board and the department if the individual
5subsequently applies for a license or certificate, unless there is information relevant
6to the determination that was not available to the board at the time of the
7determination. The board may require a fee to be paid to the department for a
8determination issued under this subsection of an amount necessary to cover the cost
9of making the determination.
AB456,57 10Section 57 . 452.07 (2) of the statutes, as affected by 2015 Wisconsin Act ....
11(this act), is amended to read:
AB456,17,2412 452.07 (2) The board may promulgate rules establishing a procedure that
13allows an individual who does not possess a broker's or salesperson's license or a
14time-share salesperson's certificate of registration
to, without submitting a full
15application and without paying the fees applicable to applicants, apply to the board
16for a determination of whether the individual would be disqualified from obtaining
17a license or certificate due to his or her criminal record. A determination made under
18this subsection, with respect to criminal convictions reviewed by the board as part
19of the determination, is binding upon the board and the department if the individual
20subsequently applies for a license or certificate, unless there is information relevant
21to the determination that was not available to the board at the time of the
22determination. The board may require a fee to be paid to the department for a
23determination issued under this subsection of an amount necessary to cover the cost
24of making the determination.
AB456,58 25Section 58. 452.09 (1) (b) of the statutes is amended to read:
AB456,18,4
1452.09 (1) (b) The name and address of the applicant; if. If the applicant is a
2business entity, the application shall also include the name and address of each
3business representative and the license number of each business representative
4licensed as a broker under this chapter
.
AB456,59 5Section 59. 452.09 (1) (c) of the statutes is repealed.
AB456,60 6Section 60. 452.09 (2) (c) (intro.) of the statutes is amended to read:
AB456,18,97 452.09 (2) (c) (intro.) Except as provided in par. (d) or a reciprocal agreement
8under s. 452.05 (3), each applicant for a broker's license to be issued to an individual
9shall do all of the following:
AB456,61 10Section 61. 452.09 (3) (a) of the statutes is amended to read:
AB456,18,1911 452.09 (3) (a) In determining competency, the board shall require proof that the
12applicant for a broker's or salesperson's license has a fair knowledge of the English
13language; a fair understanding of the general purposes and general legal effect of
14deeds, mortgages, land contracts of sale, leases, bills of sale, chattel mortgages, and
15conditional sales contracts; and a general and fair understanding of the obligations
16between principal and agent, as well as of this chapter. The board shall deny a license
17to an applicant receiving a failing grade, as established by rules of the board, on any
18examination given under this section, but any applicant may review his or her
19examination results in a manner established by rules of the board.
AB456,62 20Section 62. 452.09 (4) (a) 1. of the statutes is amended to read:
AB456,19,221 452.09 (4) (a) 1. An applicant for a broker's license who is an individual shall
22submit to the board evidence satisfactory to the board that the applicant has
23practiced as a licensed salesperson under the direct supervision of a licensed broker
24for at least 2 years within the last 4 years preceding the date of the applicant's

1application for a broker's license, excluding any time the applicant spent in an
2apprenticeship under sub. (5)
.
AB456,63 3Section 63. 452.09 (5) of the statutes is repealed.
AB456,64 4Section 64. 452.10 (1) of the statutes is amended to read:
AB456,19,85 452.10 (1) An application shall be verified by the applicant. If made by a
6business entity it shall be verified by a business representative that is a licensed
7individual broker or a licensed broker business entity and that is acting as a business
8representative for the business entity
.
AB456,65 9Section 65. 452.10 (2) (a) of the statutes is amended to read:
AB456,19,1110 452.10 (2) (a) Each new application for a broker's or salesperson's license under
11this chapter
shall be for the remainder of the biennial license period.
AB456,66 12Section 66. 452.10 (4) (a) of the statutes is repealed.
AB456,67 13Section 67. 452.10 (4) (b) of the statutes is renumbered 452.30 (5) and
14amended to read:
AB456,19,2415 452.30 (5) No salesperson, time-share salesperson or broker may be employed
16by a broker whose
licensee may be associated with a firm if the firm's license has been
17suspended or revoked during the period of suspension or revocation. The
18salesperson, time-share salesperson or broker licensee may apply for transfer to
19some other licensed broker by complying with this chapter become associated with
20another firm
, provided the salesperson, time-share salesperson or broker licensee
21is not a party to the activities causing the suspension or revocation of the firm's
22license of the broker. If the licensee becomes associated with another firm, the
23licensee may not provide brokerage services on behalf of that firm until sub. (1) (b)
24has been satisfied
.
AB456,68 25Section 68. 452.11 (1) of the statutes is amended to read:
AB456,20,2
1452.11 (1) A nonresident may become a broker , or salesperson or time-share
2salesperson
by conforming to all the provisions of this chapter.
AB456,69 3Section 69. 452.12 (2) (a) of the statutes is amended to read:
AB456,20,124 452.12 (2) (a) A broker's license may be issued to a business entity if the
5business entity has at least one business representative licensed as a broker. The
6license issued to the business entity entitles each business representative of the
7business entity who is a licensed as a broker to act as a broker on behalf of the
8business entity. A broker may act as a business representative for more than one
9business entity if the broker obtains the express, written consent of each business
10entity for which the broker desires to act as a business representative. A broker may
11act as a broker on behalf each business entity for which it is serving as a business
12representative.
AB456,70 13Section 70. 452.12 (2) (c) of the statutes is amended to read:
AB456,20,2014 452.12 (2) (c) Application for a business entity broker's license to be issued to
15a business entity
shall be made on forms prescribed by the board, listing the names
16and addresses of all business representatives and the license numbers of all business
17representatives that are licensed brokers
, and shall be accompanied by the initial
18credential fee determined by the department under s. 440.03 (9) (a). If there is a
19change in any of the business representatives, the change shall be reported to the
20board, on the same form, within 30 days after the effective date of the change.
AB456,71 21Section 71. 452.12 (3) of the statutes is amended to read:
AB456,21,322 452.12 (3) Broker's liability Firm's responsibility for acts of employees
23licensees. Subject to s. 452.139 (3), each broker shall supervise, and a firm is
24responsible for, the brokerage services provided on behalf of the broker firm by any
25broker, salesperson, or time-share salesperson who is an employee of the broker
a

1licensee associated with the firm only to the extent that the firm fails to comply with
2s. 452.132 and any rules promulgated under s. 452.07 (1m) with respect to that
3licensee
.
AB456,72 4Section 72. 452.12 (4) of the statutes is amended to read:
AB456,21,85 452.12 (4) Register of brokers and salespersons licensees. The board shall
6include in the register the board maintains under s. 440.035 (4) the names of all
7brokers and salespersons persons whose licenses issued under this chapter were
8revoked within the past 2 years. The register shall be available for purchase at cost.
AB456,73 9Section 73. 452.12 (5) (b) of the statutes is amended to read:
AB456,21,1310 452.12 (5) (b) If an application for renewal of a license issued to an individual
11is not filed with the board on or before the renewal date with the proof required under
12par. (c) or if the renewal is not granted
, the applicant may not engage in any of the
13activities covered by the license until the license is renewed or a new license is issued.
AB456,74 14Section 74. 452.12 (5) (bm) of the statutes is created to read:
AB456,21,1715 452.12 (5) (bm) If an application for renewal of a license issued to a firm is not
16filed with the board on or before the renewal date or if the renewal is not granted,
17all of the following apply:
AB456,21,1918 1. The firm may not engage in any of the activities covered by the license until
19the license is renewed or a new license is issued.
AB456,21,2220 2. Any licensees associated with the firm may not engage in any of the activities
21covered by the firm's license on behalf of the firm until the firm's license is renewed
22or a new license is issued.
AB456,22,223 3. A licensed individual broker or licensed broker business entity who is serving
24as a business representative for the firm shall notify each licensee associated with
25the firm that the firm's license was not renewed and, within 10 days after notifying

1a licensee, file with the department a notice of termination for each such licensee on
2a form prescribed by the department.
AB456,75 3Section 75. 452.12 (5) (c) of the statutes is amended to read:
AB456,22,64 452.12 (5) (c) At the time of renewal, each broker or salesperson who is an
5individual
shall submit proof of attendance at and successful completion of
6continuing education programs or courses approved under s. 452.05 (1) (g).
AB456,76 7Section 76. 452.12 (6) of the statutes is repealed.
AB456,77 8Section 77. 452.13 (1) (a) of the statutes is amended to read:
AB456,22,139 452.13 (1) (a) "Client funds" means all downpayments, earnest money deposits,
10or other money related to a conveyance of real estate that is received by a broker,
11salesperson or time-share salesperson
licensee on behalf of the broker's,
12salesperson's or time-share salesperson's principal
a firm or any other person.
13"Client funds" does not include promissory notes.
AB456,78 14Section 78. 452.13 (2) (a) of the statutes is amended to read:
AB456,22,2015 452.13 (2) (a) A broker who firm that holds client funds shall establish an
16interest-bearing common trust account in a depository institution. The
17interest-bearing common trust account shall earn interest at a rate not less than
18that applicable to individual accounts of the same type, size, and duration and for
19which withdrawals or transfers can be made without delay, subject to any notice
20period that the depository institution is required to observe by law or regulation.
AB456,79 21Section 79. 452.13 (2) (b) of the statutes is amended to read:
AB456,22,2322 452.13 (2) (b) Any broker who firm that maintains an interest-bearing common
23trust account shall do all of the following:
AB456,23,3
11. Register with the department of safety and professional services the name
2and address of the depository institution and the number of the interest-bearing
3common trust account.
AB456,23,54 2. Notify the department of safety and professional services when any of the
5information required under subd. 1. is changed.
AB456,23,106 3. Furnish the department of safety and professional services with a letter
7authorizing the department of safety and professional services and the department
8of administration to examine and audit the interest-bearing common trust account
9whenever the either department of safety and professional services or the
10department of administration
considers it necessary.
AB456,80 11Section 80. 452.13 (2) (bm) of the statutes is amended to read:
AB456,23,1412 452.13 (2) (bm) The department of safety and professional services shall
13forward to the department of administration the information and documents
14furnished under par. (b).
AB456,81 15Section 81. 452.13 (2) (c) of the statutes is amended to read:
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