The statement of scope was approved by the governor on October 2, 2012.
Rule No.
Relating to
Trust Accounts.
Rule Type
Permanent. (Revisions)
Finding/Nature of Emergency (Emergency Rule Only)
NA
Detailed Description of the Objective of the Proposed Rule
The Board seeks to correct internal inconsistencies in s.
REEB 18.09 (1); modernize the trust account rules to reflect current practices by removing antiquated provisions (s.
REEB 18.11); and repeal s. REEB 18.12, because the enabling statute for that rule, s. 453.23 (3) (b), Stats., was repealed in
2001 Wis. Act 16.
Description of the Existing Policies Relevant to the Rule, New Policies Proposed To Be Included in the Rule, and an Analysis of Policy Alternatives
As the proposed changes are “clean-up" provisions, no existing policies are being changed, and no new policies are being proposed.
Detailed Explanation of Statutory Authority for the Rule (Including the Statutory Citation and Language)
Section
15.08 (5) (b), requires all examining boards to “
…promulgate rules for its own guidance and for the guidance of the trade or profession to which it pertains, and define and enforce professional conduct and unethical practices not inconsistent with the law relating to the particular trade or profession." Section
227.11 (2) (a), Stats., authorizes all agencies to promulgate rules interpreting the statutes it enforces or administers, when deemed necessary to effectuate the purpose of such statutes. Section
452.07 (1), Stats., obligates the Real Estate Examining Board to “promulgate rules for the guidance of the real estate profession and define professional conduct and unethical practice."
Estimate of Amount of Time that State Employees Will Spend Developing the Rule and of Other Resources Necessary To Develop the Rule
A total of 150 hours for changes to all affected provisions is estimated.
List with Description of All Entities that May Be Affected by the Proposed Rule
Real Estate licensees, their clients and customers, trustees and/or financial institutions
Summary and Preliminary Comparison with Any Existing or Proposed Federal Regulation that Is Intended To Address the Activities To Be Regulated by the Proposed Rule
There are no federal laws specifically related to a state real estate board's regulation of its licensees' trust account practices.
Anticipated Economic Impact of Implementing the Rule (Note If the Rule Is Likely To Have a Significant Economic Impact on Small Businesses)
The rules resulting from this proposal will not carry any economic impact to any individual or entity, including small businesses, as they merely clarify existing provisions or remove those that are long obsolete.
Contact Person
Sharon Henes
(608) 261-2377
Safety and Professional Services —
Real Estate Examining Board
The statement of scope was approved by the governor on October 2, 2012.
Rule No.
Relating to
Use of Approved Forms, Legal Advice.
Rule Type
Permanent. (Revisions)
Finding/Nature of Emergency (Emergency Rule Only)
NA
Detailed Description of the Objective of the Proposed Rule
The Board seeks to update, clarify, correct, or repeal provisions related to definitions of terms, use of approved forms, the list of approved forms, who may draft addenda, and other such updates, clarifications, or corrections. Proposed changes include: amending s.
16.02 to include definitions of additional terms commonly used or referenced in the chapter; updating ss.
16.06 (4) and
(5) to bring the existing rule into conformance with the practice of using addenda drafted by an attorney; and lastly, updating the Note to RL 16.03 to include approved forms not presently listed.
Description of the Existing Policies Relevant to the Rule, New Policies Proposed To Be Included in the Rule, and an Analysis of Policy Alternatives
As the proposed changes will serve only to clarify, correct, or repeal current provisions, no existing policies have changed, and no new policies are reflected in this proposed project.
Detailed Explanation of Statutory Authority for the Rule (Including the Statutory Citation and Language)
Sections
15.08 (5) (b),
227.11 (2) (a), and
452.07, Stats. Section
15.08 (5) (b), requires all examining boards to “
…promulgate rules for its own guidance and for the guidance of the trade or profession to which it pertains, and define and enforce professional conduct and unethical practices not inconsistent with the law relating to the particular trade or profession." Section
227.11 (2) (a), Stats., authorizes all agencies to promulgate rules interpreting the statutes it enforces or administers, when deemed necessary to effectuate the purpose of such statutes. Section
452.07 (1), Stats., obligates the Real Estate Examining Board to “promulgate rules for the guidance of the real estate profession and define professional conduct and unethical practice."
Estimate of Amount of Time that State Employees Will Spend Developing the Rule and of Other Resources Necessary To Develop the Rule
150 hours
List with Description of All Entities that May Be Affected by the Proposed Rule
Real Estate licensees, and their clients and customers
Summary and Preliminary Comparison with Any Existing or Proposed Federal Regulation that Is Intended To Address the Activities To Be Regulated by the Proposed Rule
There are no federal laws related to a state real estate board's regulation of its licensees' use of board-approved forms, or to a board's prohibition against its licensees giving legal advice to any parties to a real estate transaction.
Anticipated Economic Impact of Implementing the Rule (Note If the Rule Is Likely To Have a Significant Economic Impact on Small Businesses)
The rules resulting from this proposal will not carry any economic impact to any individual or entity, including small businesses, as they merely clarify existing provisions or remove those that are no longer applicable.
Contact Person
Sharon Henes
(608) 261-2377
