CHAPTER 452
REAL ESTATE PRACTICE
452.025 Time-share salespersons.
452.03 Brokers and salespersons licensed.
452.05 Duties and powers of department.
452.06 Councils and committees.
452.07 Rules; review of rules.
452.08 Board receipt of proposed legislation.
452.09 Application for license, contents.
452.10 Applications, verification, fees, exceptions.
452.11 Nonresident applicants and licensees.
452.133 Duties of brokers.
452.135 Confirmation and disclosure of relationship.
452.137 Brokers providing services to more than one client in a transaction.
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.
