SB375,32,3
1(a) A copy of the text of sub. (2) (d) and s. 452.01 (5m), and a statement that,
2as a consequence of the client's waiver, the broker firm and any licensees associated
3with the firm
will have no legal duty to perform the duty imposed by sub. (2) (d).
SB375,98 4Section 98. 452.134 (1) (a) of the statutes is amended to read:
SB375,32,95 452.134 (1) (a) Subject to par. (b), a broker firm and any licensees associated
6with the firm
may provide brokerage services to any person in party to a transaction,
7whether or not the broker firm has entered into an agency agreement with a party
8to the transaction or the broker firm has been engaged to provide brokerage services
9in the transaction as a subagent.
SB375,99 10Section 99. 452.134 (1) (b) of the statutes is amended to read:
SB375,32,1311 452.134 (1) (b) A broker firm and any licensees associated with the firm may
12not negotiate on behalf of a party to a transaction unless a party to the transaction
13is one of the following:
SB375,32,1414 1. The broker's firm's client.
SB375,32,1615 2. A client of a principal broker firm who has engaged the broker firm as a
16subagent.
SB375,100 17Section 100. 452.134 (2) of the statutes is amended to read:
SB375,32,2218 452.134 (2) Multiple representation relationships; consent required. A
19broker firm and any licensees associated with the firm may not provide brokerage
20services in a multiple representation relationship unless all of the broker's firm's
21clients in the multiple representation relationship have consented to a multiple
22representation relationship in writing.
SB375,101 23Section 101. 452.134 (3) of the statutes is amended to read:
SB375,33,324 452.134 (3) Designated agency; consent required. (a) A broker firm in a
25multiple representation relationship may not engage in designated agency unless all

1of the broker's firm's clients in the relationship have consented to designated agency
2in writing. A client may withdraw consent to designated agency by written notice
3to the broker firm at any time.
SB375,33,104 (b) If a broker firm is engaged in designated agency, the broker's employee who
5licensee associated with the firm that is negotiating on behalf of a client of the broker
6firm in the transaction may provide to the client on whose behalf the employee
7licensee is negotiating information, opinions, and advice to assist the client in the
8negotiations, whether or not the information, opinions, and advice place the interests
9of one of the broker's firm's clients ahead of the interests of another client of the
10broker firm.
SB375,102 11Section 102. 452.134 (4) of the statutes is amended to read:
SB375,33,1712 452.134 (4) Multiple representations relationship representation
13relationships
without designated agency. If a broker's firm's client in a multiple
14representation relationship does not consent to designated agency or withdraws
15consent to designated agency, the broker firm and the broker's employees any
16licensees associated with the firm
may not place the interests of any client ahead of
17the interests of any other in the negotiations.
SB375,103 18Section 103. 452.135 (1) and (2) of the statutes are amended to read:
SB375,33,2219 452.135 (1) (a) A broker No firm, and no licensee associated with a firm, may
20not negotiate on behalf of a party who is not the broker's firm's client unless the
21broker firm, or a licensee associated with the firm, provides to the party a copy of the
22following written disclosure statement:
SB375,33,23 23BROKER DISCLOSURE TO CUSTOMERS
SB375,34,524 You are a customer of the broker brokerage firm (hereinafter firm). The broker
25firm is either an agent of another party in the transaction or a subagent of another

1broker who firm that is the agent of another party in the transaction. The A broker,
2or a salesperson acting on behalf of the broker, firm may provide brokerage services
3to you. Whenever the broker firm is providing brokerage services to you, the broker
4owes
firm and its brokers and salespersons (hereinafter agents) owes you, the
5customer, the following duties:
SB375,34,66 The duty to provide brokerage services to you fairly and honestly.
SB375,34,87 The duty to exercise reasonable skill and care in providing brokerage services
8to you.
SB375,34,119 The duty to provide you with accurate information about market conditions
10within a reasonable time if you request it, unless disclosure of the information is
11prohibited by law.
SB375,34,1312 The duty to disclose to you in writing certain material adverse facts about a
13property, unless disclosure of the information is prohibited by law.
SB375,34,1614 The duty to protect your confidentiality. Unless the law requires it, the broker
15firm and its agents will not disclose your confidential information or the confidential
16information of other parties.
SB375,34,1817 The duty to safeguard trust funds and other property the broker holds held by
18the firm or its agents
.
SB375,34,2019 The duty, when negotiating, to present contract proposals in an objective and
20unbiased manner and disclose the advantages and disadvantages of the proposals.
SB375,34,2421 Please review this information carefully. A broker or salesperson An agent of
22the firm
can answer your questions about brokerage services, but if you need legal
23advice, tax advice, or a professional home inspection, contact an attorney, tax advisor,
24or home inspector.
SB375,35,3
1This disclosure is required by section 452.135 of the Wisconsin statutes and is
2for information only. It is a plain-language summary of a broker's the duties to a
3customer under section 452.133 (1) of the Wisconsin statutes.
SB375,35,94 (b) If a broker firm is providing brokerage services as a subagent to a principal
5broker firm, the broker subagent, or a licensee associated with the subagent, shall
6provide a copy of the written disclosure statement under par. (a) to any person who
7is not the principal broker's firm's client and who receives brokerage services from
8the broker subagent within the scope of the agreement between the broker subagent
9and the principal broker firm.
SB375,35,12 10(2) (a) Except as provided in par. (b), a broker firm shall provide to a client a
11copy of the following written disclosure statement not later than the time the broker
12firm enters into an agency agreement with the client:
SB375,35,13 13BROKER DISCLOSURE TO CLIENTS
SB375,35,1614 Under Wisconsin law, a broker owes brokerage firm (hereinafter firm) and its
15brokers and salespersons (hereinafter agents) owe
certain duties to all parties to a
16transaction:
SB375,35,1717 The duty to provide brokerage services to you fairly and honestly.
SB375,35,1918 The duty to exercise reasonable skill and care in providing brokerage services
19to you.
SB375,35,2220 The duty to provide you with accurate information about market conditions
21within a reasonable time if you request it, unless disclosure of the information is
22prohibited by law.
SB375,35,2423 The duty to disclose to you in writing certain material adverse facts about a
24property, unless disclosure of the information is prohibited by law.
SB375,36,3
1The duty to protect your confidentiality. Unless the law requires it, the broker
2firm and its agents will not disclose your confidential information or the confidential
3information of other parties.
SB375,36,54 The duty to safeguard trust funds and other property the broker firm or its
5agents
holds.
SB375,36,76 The duty, when negotiating, to present contract proposals in an objective and
7unbiased manner and disclose the advantages and disadvantages of the proposals.
SB375,36,108 Because you have entered into an agency agreement with a broker firm, you are
9the broker's firm's client. A broker firm owes additional duties to you as a client. of
10the firm:
SB375,36,1411 The broker firm or one of its agents will provide, at your request, information
12and advice on real estate matters that affect your transaction, unless you release the
13broker firm from this duty. The broker firm or one of its agents must provide you with
14all material facts affecting the transaction, not just adverse facts.
SB375,36,1715 The broker firm and its agents will fulfill the broker's firm's obligations under
16the agency agreement and fulfill your lawful requests that are within the scope of the
17agency agreement.
SB375,36,1918 The broker firm and its agents will negotiate for you, unless you release the
19broker
them from this duty.
SB375,36,2320 The broker firm and its agents will not place the broker's their interests ahead
21of your interests. The broker firm and its agents will not, unless required by law, give
22information or advice to other parties who are not the broker's firm's clients, if giving
23the information or advice is contrary to your interests.
SB375,37,3
1If you become involved in a transaction in which another party is also the
2broker's firm's client (a "multiple representation relationship"), different duties may
3apply.
SB375,37,54 MULTIPLE REPRESENTATION RELATIONSHIPS
5 AND DESIGNATED AGENCY
SB375,37,116 A multiple representation relationship exists if a broker firm has an agency
7agreement with more than one client who is a party in the same transaction. In a
8multiple representation relationship, if all of the broker's
If you and the firm's other
9clients in the transaction consent, the broker firm may provide services to the clients
10through designated agency, which is one type of multiple representation
11relationship
.
SB375,37,2112 Designated agency means that different salespersons employed by the broker
13agents with the firm will negotiate on behalf of you and the other client or clients in
14the transaction, and the broker's firm's duties to you as a client will remain the same.
15Each salesperson agent will provide information, opinions, and advice to the client
16for whom the salesperson agent is negotiating, to assist the client in the negotiations.
17Each client will be able to receive information, opinions, and advice that will assist
18the client, even if the information, opinions, or advice gives the client advantages in
19the negotiations over the broker's firm's other clients. A salesperson An agent will
20not reveal any of your confidential information to another party unless required to
21do so by law.
SB375,38,622 If a designated agency relationship is not in effect authorized by you or other
23clients in the transaction,
you may still authorize or reject a different type of multiple
24representation relationship. If you authorize a multiple representation relationship
25in which the broker firm may provide brokerage services to more than one client in

1a transaction but neither the broker firm nor any of the broker's salespersons its
2agents
may assist any client with information, opinions, and advice which may favor
3the interests of one client over any other client. If you do not consent to a multiple
4representation relationship the broker will not be allowed to provide brokerage
5services to more than one client in the transaction
Under this neutral approach, the
6same agent may represent more than one client in a transaction
.
SB375,38,8 7If you do not consent to a multiple representation relationship the firm will not
8be allowed to provide brokerage services to more than one client in the transaction.
SB375,38,10 9INITIAL CHECK ONLY ONE OF THE THREE
10LINES BELOW:
SB375,38,1311 ________I consent to The same firm may represent me and the other party as
12long as the same agent is not representing us both. (multiple representation
13relationship with
designated agency.)
SB375,38,1714 ________I consent to The same firm may represent me and the other party, but
15the firm must remain neutral regardless if one or more different agents are involved.
16(
multiple representation relationships, but I do not consent to relationship without
17designated agency.)
SB375,38,1918 ________The same firm cannot represent both me and the other party in the
19same transaction. (
I reject multiple representation relationships .)
SB375,39,3 20NOTE: YOU MAY WITHDRAW YOUR CONSENT TO DESIGNATED
21AGENCY OR TO MULTIPLE REPRESENTATION RELATIONSHIPS BY
22WRITTEN NOTICE TO THE BROKER AT ANY TIME. YOUR BROKER IS
23REQUIRED TO DISCLOSE TO YOU IN YOUR AGENCY AGREEMENT THE
24COMMISSION OR FEES THAT YOU MAY OWE TO YOUR BROKER. IF YOU
25HAVE ANY QUESTIONS ABOUT THE COMMISSION OR FEES THAT YOU MAY

1OWE BASED UPON THE TYPE OF AGENCY RELATIONSHIP YOU SELECT
2WITH YOUR BROKER YOU SHOULD ASK YOUR BROKER BEFORE SIGNING
3THE AGENCY AGREEMENT.
SB375,39,10 4NOTE: All clients who are parties to this agency agreement consent to the
5selection checked above. You may modify this selection by written notice to the firm
6at any time. Your firm is required to disclose to you in your agency agreement the
7commission or fees that you may owe to your firm. If you have any questions about
8the commission or fees that you may owe based upon the type of agency relationship
9you select with your firm, you should ask your firm before signing the agency
10agreement.
SB375,39,1111 SUBAGENCY
SB375,39,17 12The broker Your firm may, with your authorization in the agency agreement,
13engage other brokers who firms (subagent firms) to assist your broker firm by
14providing brokerage services for your benefit. A subagent firm and the agents with
15the subagent firm
will not put the subagent's their own interests ahead of your
16interests. A subagent firm will not, unless required by law, provide advice or opinions
17to other parties if doing so is contrary to your interests.
SB375,39,2118 Please review this information carefully. A broker or salesperson An agent can
19answer your questions about brokerage services, but if you need legal advice, tax
20advice, or a professional home inspection, contact an attorney, tax advisor, or home
21inspector.
SB375,39,2422 This disclosure is required by s. section 452.135 of the Wisconsin statutes and
23is for information only. It is a plain-language summary of a broker's the duties owed
24to you under section 452.133 (3) (2) of the Wisconsin statutes.
SB375,40,6
1(b) If a client enters into an agency agreement with a broker firm to receive
2brokerage services related to real estate primarily intended for use as a residential
3property containing one to 4 dwelling units, and the written disclosure statement
4under par. (a) is not incorporated into the agency agreement, the broker firm shall
5request the client's signed acknowledgment that the client has received a copy of the
6written disclosure statement.
SB375,104 7Section 104. 452.137 (1) (b) of the statutes is repealed.
SB375,105 8Section 105. 452.137 (1) (d) of the statutes is repealed.
SB375,106 9Section 106. 452.137 (2) (a) 1. of the statutes is amended to read:
SB375,40,1310 452.137 (2) (a) 1. Enters into a cooperative agreement with a licensed broker
11firm and cooperates with the licensed broker firm on the listing agreement that is
12subject to the cooperative agreement. Each cooperative agreement may cover only
13one listing agreement.
SB375,107 14Section 107. 452.137 (2) (a) 2. of the statutes is amended to read:
SB375,40,1715 452.137 (2) (a) 2. Submits to the licensed broker firm evidence that the
16out-of-state broker is licensed in good standing to engage in real estate brokerage
17in a jurisdiction other than this state.
SB375,108 18Section 108. 452.137 (2) (b) 1. of the statutes is amended to read:
SB375,40,2019 452.137 (2) (b) 1. Enter into a listing agreement concerning real estate any
20property
located in this state.
SB375,109 21Section 109. 452.137 (2) (b) 2. of the statutes is amended to read:
SB375,40,2422 452.137 (2) (b) 2. For commission, money, or other thing of value, promote in
23this state the sale, exchange, purchase, option, rental, or leasing of real estate any
24property
located in this state, including by posting signs on the property.
SB375,110 25Section 110. 452.137 (2) (c) of the statutes is amended to read:
SB375,41,11
1452.137 (2) (c) An out-of-state broker who is a party to a cooperative
2agreement with a licensed broker firm, and any out-of-state salesperson of the
3out-of-state broker, shall comply with the laws of this state, and the out-of-state
4broker shall file with the board an irrevocable consent that actions may be
5commenced against the out-of-state broker in the proper court of any county in this
6state in which a cause of action arises or the plaintiff resides, by the service of any
7process or pleading authorized by the laws of this state on the board or any duly
8authorized employee. The consent shall stipulate and agree that such service is valid
9and binding as due service upon the out-of-state broker in all courts in this state.
10The consent shall be duly acknowledged and, if made by a corporation, shall be
11authenticated by the corporate seal.
SB375,111 12Section 111. 452.137 (2) (d) of the statutes is amended to read:
SB375,41,1713 452.137 (2) (d) A licensed broker who firm that is a party to a cooperative
14agreement with an out-of-state broker, and any licensed salesperson or licensed
15time-share salesperson of
licensee associated with the licensed broker firm, may not
16act under the cooperative agreement on behalf of a broker who is not a party to the
17cooperative agreement.
SB375,112 18Section 112. 452.137 (2) (e) of the statutes is amended to read:
SB375,41,2519 452.137 (2) (e) 1. An out-of-state broker who is a party to a cooperative
20agreement with a licensed broker firm shall maintain the originals or copies of all
21documents the out-of-state broker receives, maintains, or generates in connection
22with any transaction subject to the cooperative agreement, for at least 3 years after
23the date of closing or completion of the transaction, or, if no closing or completion
24occurs, 3 years after the date on which the parties execute the cooperative
25agreement.
SB375,42,5
12. An out-of-state broker who is a party to a cooperative agreement with a
2licensed broker firm shall deposit with the licensed broker firm copies of all
3documents the out-of-state broker is required to maintain under subd. 1., unless the
4out-of-state broker and licensed broker the firm agree in writing that the
5out-of-state broker is not required to do so.
SB375,113 6Section 113. 452.137 (2) (f) of the statutes is amended to read:
SB375,42,97 452.137 (2) (f) No person may pay an out-of-state broker a commission, money,
8or any other thing of value for brokerage services unless the out-of-state broker is
9a party to a cooperative agreement with a licensed broker firm.
SB375,114 10Section 114. 452.137 (2) (g) of the statutes is amended to read:
SB375,42,1411 452.137 (2) (g) Notwithstanding s. 452.01 (2) (bm), no out-of-state broker may,
12for commission, money, or other thing of value, show a property in this state that is
13offered exclusively for rent unless that showing is authorized under a cooperative
14agreement between the out-of-state broker and a licensed broker firm.
SB375,115 15Section 115. 452.137 (3) (intro.) of the statutes is amended to read:
SB375,42,1816 452.137 (3) Out-of-state salespersons. (intro.) An out-of-state salesperson
17may act as a salesperson or time-share salesperson in this state only if all of the
18following conditions are met:
SB375,116 19Section 116. 452.137 (3) (c) of the statutes is amended to read:
SB375,42,2320 452.137 (3) (c) The out-of-state salesperson submits evidence to the licensed
21broker
firm that the out-of-state salesperson is licensed in good standing or is
22otherwise authorized to act as a salesperson or time-share salesperson in a
23jurisdiction other than this state.
SB375,117 24Section 117 . 452.137 (3) (c) of the statutes, as affected by 2015 Wisconsin Act
25.... (this act), is amended to read:
SB375,43,4
1452.137 (3) (c) The out-of-state salesperson submits evidence to the firm that
2the out-of-state salesperson is licensed in good standing or is otherwise authorized
3to act as a salesperson or time-share salesperson in a jurisdiction other than this
4state.
SB375,118 5Section 118. 452.137 (4) (a) of the statutes, as affected by 2015 Wisconsin Act
647
, is amended to read:
SB375,43,97 452.137 (4) (a) The board shall establish the a form and terms of the to be used
8for a
cooperative agreement under this section, which shall include any required
9terms for such an agreement
.
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