SB455: Bill Text

SB455,7,23 (ag) An out-of state broker may, subject to par. (b), act as a broker in this state if the out-of-state broker does all of the following:

SB455,20 Section 20. 452.137 (2) (a) 1. of the statutes is renumbered 452.137 (2) (ag) 1. and amended to read:

SB455,8,4 452.137 (2) (ag) 1. Enters into a cooperative agreement with a listing firm and cooperates with the listing firm on the listing agreement that is subject to the cooperative agreement. Each cooperative agreement may cover only one listing agreement.

SB455,21 Section 21. 452.137 (2) (a) 2. of the statutes is renumbered 452.137 (2) (ag) 2. and amended to read:

SB455,8,9 452.137 (2) (ag) 2. Submits to the listing firm evidence that the out-of-state broker is licensed in good standing to engage in real estate brokerage in a jurisdiction other than this state.

SB455,22 Section 22. 452.137 (2) (am) of the statutes is created to read:

SB455,8,14 452.137 (2) (am) An out-of-state broker representing a person who is seeking to buy or rent property located in this state in a commercial transaction may, subject to pars. (b) and (bm), act as a broker in this state if the out-of-state broker does all of the following:

SB455,8,18 1. Enters into a cooperative agreement with a firm and cooperates with the firm. Each cooperative agreement shall be limited to a type of property, type of function, geographic area, or other criteria specified in the buyer's or tenant's search parameters.

SB455,8,20 2. Submits to the firm evidence that the out-of-state broker is licensed in good standing to engage in real estate brokerage in a jurisdiction other than this state.

SB455,9,5 3. Either the out-of-state-broker or the firm enters into an agency agreement with the prospective buyer or tenant. The cooperative agreement shall acknowledge whether the out-of-state broker or firm has the agency agreement. If the out-of-state broker has entered into the agency agreement with the prospective buyer or tenant, the out-of-state broker and the prospective buyer or tenant shall, notwithstanding s. 452.01 (3m) and (5w), be considered to be a principal firm and client for purposes of this chapter, and the firm shall be a subagent and shall provide the out-of-state broker with a copy of the disclosure statement under s. 452.135 (2) to be given to the client. The out-of-state broker is not required to request that the client sign the statement.

SB455,23 Section 23. 452.137 (2) (b) 3. of the statutes is created to read:

SB455,9,9 452.137 (2) (b) 3. Enter into a cooperative agreement with a person who is not licensed under this chapter as authority to sell, lease, rent, exchange, or attempt to sell, lease, rent, or exchange property in this state.

SB455,24 Section 24. 452.137 (2) (bm) of the statutes is created to read:

SB455,9,12 452.137 (2) (bm) An out-of-state broker acting under par. (am) may not do any of the following:

SB455,9,15 1. Negotiate with a seller or landlord, unless authorized under the cooperative agreement. If a property is not listed with a listing firm, the firm shall conduct all negotiations with the seller or landlord of that property.

SB455,9,19 2. View or show commercial property in this state for sale or lease without the firm or a licensee associated with the firm being present, unless authorized under the cooperative agreement. If a property is not listed with a listing firm, the firm shall view or show the property with the out-of-state broker.

SB455,9,21 3. Have contact with another firm or another firm's seller or landlord, unless otherwise agreed to in the cooperative agreement.

SB455,25 Section 25. 452.137 (2) (c) of the statutes is amended to read:

SB455,9,25 452.137 (2) (c) An out-of-state broker who is a party to a cooperative agreement with a firm, and any out-of-state salesperson of the out-of-state broker, are not required to be licensed under this chapter but shall otherwise be treated as licensees for purposes of this chapter and shall comply with the laws of this state as they apply to licensees, and the out-of-state broker shall file with the board an irrevocable consent that actions may be commenced against the out-of-state broker in the proper court of any county in this state in which a cause of action arises or the plaintiff resides, by the service of any process or pleading authorized by the laws of this state on the board or any duly authorized employee. The consent shall stipulate and agree that such service is valid and binding as due service upon the out-of-state broker 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.

SB455,26 Section 26. 452.137 (4) (a) of the statutes is amended to read:

SB455,10,13 452.137 (4) (a) The board shall establish a form one or more forms to be used for a cooperative agreement agreements under this section, which shall include any required terms for such an agreement.

SB455,27 Section 27. 452.137 (4) (b) (intro.) of the statutes is amended to read:

SB455,10,17 452.137 (4) (b) (intro.) A cooperative agreement may be entered into only through the use of the a form established by the board under par. (a) and shall do at least all of the following:

SB455,28 Section 28. 452.137 (4) (c) of the statutes is created to read:

SB455,10,22 452.137 (4) (c) A cooperative agreement under sub. (2) (am) shall describe the type, function, location, approximate size, and functional or geographic limitations of the property being sought. A separate cooperative agreement shall be entered into for each type of property.

SB455,29 Section 29. 452.14 (3) (p) of the statutes is repealed and recreated to read:

SB455,10,25 452.14 (3) (p) Subject to ss. 111.321, 111.322, and 111.335, been convicted of an offense the circumstances of which substantially relate to real estate practice.

SB455,30 Section 30. 452.25 (1) (a) of the statutes is amended to read:

SB455,11,4 452.25 (1) (a) Notwithstanding ss. 111.321, 111.322, and 111.335, and except as provided in pars. (b) to (e), no applicant who is an individual may be issued a an initial broker's or salesperson's license if the applicant has been convicted of a felony.

SB455,31 Section 31. 452.25 (1) (f) of the statutes is created to read:

SB455,11,6 452.25 (1) (f) This subsection does not apply to the renewal of a license.

SB455,32 Section 32. Effective dates. This act takes effect on the day after publication, except as follows:

SB455,11,12 (1) The treatment of section 452.137 (1) (a), (am), (c), (cm), and (e), (2) (a) (intro.), 1., and 2., (am), (b) 3., (bm), and (c), and (4) (a), (b) (intro.), and (c) of the statutes takes effect on March 1, 2018, or on the day after publication, whichever is later.

SB455,11,13 (End)