452.138 Brokers providing services in more than one transaction.
452.139 Changes in common law duties and liabilities of brokers and parties.
452.14 Investigation and discipline of licensees.
452.20 Limitation on actions for commissions.
452.21 Compensation presumed.
452.22 Certifications as evidence.
452.23 Disclosures, investigations and inspections by brokers and salespersons.
Ch. 452 Cross-reference
Cross-reference: See definitions in s.
440.01.
452.01
452.01
Definitions. In this chapter:
452.01(1e)
(1e) "Adverse fact" means any of the following:
452.01(1e)(a)
(a) A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:
452.01(1e)(a)1.
1. Significantly and adversely affecting the value of the property.
452.01(1e)(a)2.
2. Significantly reducing the structural integrity of improvements to real estate.
452.01(1e)(a)3.
3. Presenting a significant health risk to occupants of the property.
452.01(1e)(b)
(b) Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction.
452.01(1m)
(1m) "Agency agreement" means a written agreement between a broker and a client under
s. 452.135 (1).
452.01(2)
(2) "Broker" means any person not excluded by
sub. (3), who:
452.01(2)(a)
(a) For another, and for commission, money or other thing of value, negotiates or offers or attempts to negotiate a sale, exchange, purchase or rental of an interest or estate in real estate;
452.01(2)(b)
(b) Is engaged wholly or in part in the business of selling real estate to the extent that a pattern of real estate sales is established, whether or not such real estate is owned by such person;
452.01(2)(d)
(d) For another and for commission, money or other thing of value, negotiates or offers or attempts to negotiate a sale, exchange, purchase or rental of any business, its goodwill, inventory, fixtures or an interest therein; or
452.01(2)(e)
(e) Is engaged wholly or in part in the business of selling business opportunities or goodwill of an existing business or is engaged wholly or in part in the business of buying and selling, exchanging or renting of any business, its goodwill, inventory, fixtures or an interest therein.
452.01(2)(f)
(f) For another, and for commission, money or other thing of value, negotiates or offers or attempts to negotiate a sale, exchange or purchase of a time share.
452.01(2)(g)
(g) Is engaged wholly or in part in the business of selling time shares to the extent that a pattern of sales is established, whether or not the time shares are owned by such person.
452.01(3)
(3) "Broker" does not include any of the following:
452.01(3)(a)
(a) Receivers, trustees, administrators, executors, guardians or other persons appointed by or acting under the judgment or order of any court.
452.01(3)(b)
(b) Public officers while performing their official duties.
452.01(3)(c)
(c) Any bank, trust company, savings bank, savings and loan association, insurance company, or any land mortgage or farm loan association organized under the laws of this state or of the United States, when engaged in the transaction of business within the scope of its corporate powers as provided by law.
452.01(3)(d)
(d) Employes of persons enumerated in
pars. (a) to
(c) and
(f) when engaged in the specific performance of their duties as such employes.
452.01(3)(e)
(e) Any custodian, janitor, employe or agent of the owner or manager of a residential building who exhibits a residential unit therein to prospective tenants, accepts applications for leases and furnishes such prospective tenants with information relative to the rental of such unit, terms and conditions of leases required by the owner or manager, and similar information.
452.01(3)(f)
(f) Any credit union which negotiates loans secured by real estate mortgages or any licensee under
ch. 138 which negotiates loans secured by real estate mortgages or any licensed attorney who, incidental to the general practice of law, negotiates or offers or attempts to negotiate a loan, secured or to be secured by mortgage or other transfer of or encumbrance on real estate.
452.01(3)(g)
(g) A person registered as a mortgage banker under
s. 224.72 who does not engage in activities described under
sub. (2).
452.01(3e)
(3e) "Brokerage service" means any service described under
sub. (2) (a) to
(g) provided by a broker to another person.
452.01(3j)
(3j) "Business entity" means any organization or enterprise, other than a sole proprietorship, which is operated for profit or that is nonprofit and nongovernmental, including an association, business trust, corporation, joint venture, limited liability company, limited liability partnership, partnership or syndicate.
452.01(3k)
(3k) "Business representative" means a director, manager, member, officer, owner or partner of a business entity.
452.01(3m)
(3m) "Client" means a party to a transaction who has an agency agreement with a broker for brokerage services.
452.01(3s)
(3s) "Customer" means a party to a transaction who is provided brokerage services by a broker but who is not a client.
452.01(4)
(4) "Disciplinary proceeding" means a proceeding against one or more licensees or registrants in which the board may revoke, suspend or limit a license or registration, reprimand a licensee or registrant, issue a private letter of warning to a licensee or registrant, or assess a forfeiture or require education or training under
s. 452.14 (4m).
452.01(4d)
(4d) "Employ", when used in reference to a broker employing another broker, a salesperson or a time-share salesperson, includes engaging the services of another broker, a salesperson or a time-share salesperson who provides services to the broker as an independent contractor.
452.01(4h)
(4h) "Employe", when used in reference to an employe of a broker, includes another broker, a salesperson or a time-share salesperson who provides services to the broker as an independent contractor.
452.01(4p)
(4p) "Employer", when used in reference to a broker who is the employer of another broker, a salesperson or a time-share salesperson, includes a broker who engages the services of another broker, a salesperson or a time-share salesperson who provides services to the broker as an independent contractor.
452.01(4t)
(4t) "Employment", when used in reference to a broker's employment of another broker, a salesperson or a time-share salesperson, includes the state of providing services to the broker by the other broker, the salesperson or the time-share salesperson as an independent contractor.
452.01(5)
(5) "Licensee" means any person licensed or registered under this chapter, other than an inactive licensee registered under
s. 452.12 (6).
452.01(5g)
(5g) "Material adverse fact" means an adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or affects or would affect the party's decision about the terms of such a contract or agreement.
452.01(5m)
(5m) "Negotiate" means to act as an intermediary between the parties to a transaction, including doing any of the following:
452.01(5m)(a)
(a) Facilitating or participating in the parties' discussion of the terms of a contract or agreement concerning a transaction.
452.01(5m)(b)
(b) Completing, when requested by a party, appropriate department-approved forms or other writings to document the party's proposal consistent with the party's intent.
452.01(5m)(c)
(c) Presenting to a party the proposals of other parties to the transaction and informing the party receiving a proposal of the advantages and disadvantages of the proposal.
452.01(5r)
(5r) "Party" means a person seeking to sell, exchange, buy or rent an interest in real estate, a business or a business opportunity. "Party" includes a person who seeks to grant or accept an option to buy, sell or rent an interest in real estate, a business or a business opportunity.
452.01(6)
(6) "Real estate practice" means engaging in conduct which requires a license under this chapter.
452.01(7)
(7) "Salesperson" means any person other than a broker who is employed by a broker to perform any act authorized by this chapter to be performed by a broker.
452.01(9)
(9) "Time-share salesperson" means a person, other than a person licensed under
s. 452.09, who is employed by a licensed broker to sell or offer or attempt to negotiate an initial sale or purchase of a time share but who may not perform any other acts authorized by this chapter to be performed by a broker or salesperson.
452.01(10)
(10) "Transaction" means the sale, exchange, purchase or rental of, or the granting or acceptance of an option to sell, exchange, purchase or rent, an interest in real estate, a business or a business opportunity.
452.01 Annotation
See note to 452.20, citing Chapman Co. v. Service Broadcasting Corp. 52 W (2d) 32, 187 NW (2d) 794 (1971).
452.01 Annotation
Sale of units of interest in limited partnership are personalty and not real estate, and no real estate broker's license is required. 60 Atty. Gen. 254 (1971).
452.025
452.025
Time-share salespersons. 452.025(1)(a)(a) A person desiring to act as a time-share salesperson shall submit to the department an application for a certificate of registration.
452.025(1)(b)
(b) The application for registration as a time-share salesperson shall be in the form prescribed by the department and shall include all of the following:
452.025(1)(b)3.
3. Certification from the licensed broker employing the applicant that the applicant is competent to act as a time-share salesperson.
452.025(1)(b)4.
4. Any other information which the department reasonably requires to enable it to determine the competency of the person to transact business as a time-share salesperson in a manner which safeguards the interests of the public.
452.025(1)(c)
(c) Each application for registration as a time-share salesperson shall be accompanied by an initial fee specified in
s. 440.05 (1) or the applicable renewal fee specified under
s. 440.08 (2) (a), whichever is appropriate.
452.025(2)
(2) A person shall not engage in the business or occupation of, or advertise or hold himself or herself out as, a time-share salesperson unless the person is registered under this section or licensed under
s. 452.09.
452.025(3)(a)(a) A time-share salesperson registered under this section may act as a time-share salesperson only when employed by a licensed broker.
452.025(3)(b)1.1. Except as provided in
subd. 2., a time-share salesperson registered under this section shall not draft or complete a purchase agreement, offer to purchase, or other contract or document related to the sale of a time share.
452.025(3)(b)2.
2. A time-share salesperson registered under this section may complete a form purchase agreement or offer to purchase, if the form purchase agreement or offer to purchase has been approved by the department and includes only the following:
452.025(3)(b)2.c.
c. Identification and price of the time share being purchased and the amount of the downpayment and where it will be held.
452.025(3)(b)2.g.
g. The signature of the time-share salesperson and the name of the employing broker.
452.025(3)(b)2.i.
i. Information required under
s. 707.46 to be included in a contract for the purchase of a time share.
452.025(4)
(4) A time-share salesperson registered under this section may apply at any time to transfer employment to another licensed broker by submitting to the department an application in the form prescribed by the department and the transfer fee specified in
s. 440.05 (7).
452.025(5)(a)(a) The renewal date for certificates of registration granted by the department under this section is specified under
s. 440.08 (2) (a).
