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(3)(h)
(h) Attorneys licensed to practice in this state while acting within the scope of their attorney's license.
452.01(3e)
(3e) "Brokerage service" means any service described under
sub. (2) (a) to
(h) 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) "Employee", when used in reference to an employee 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(5m)(d)
(d) Providing advice to the client regarding those matters within the scope of the knowledge, skills and training required for licensing as a broker or salesperson under this chapter.
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
A foreign corporation that entered into a brokerage contract to sell a radio station without being licensed in this state could not sue for its commission. The licensing requirement is not an unlawful burden on interstate commerce. Chapman Company, Inc. v. Service Broadcasting Corporation,
52 Wis. 2d 32,
187 N.W.2d 794 (1971).
452.01 Annotation
Units of interest in a limited partnership are personalty and not real estate, and no real estate broker's license is required for their sale. 60 Atty. Gen. 254.
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).
452.025(5)(b)
(b) An application to renew a certificate of registration granted under this section shall be submitted with the applicable renewal fee specified under
s. 440.08 (2) (a) on or before the applicable renewal date specified under
s. 440.08 (2) (a).
452.03
452.03
Brokers and salespersons licensed. No person may engage in or follow the business or occupation of, or advertise or hold himself or herself out as, or act temporarily or otherwise as a broker or salesperson without a license. Licenses shall be granted only to persons who are competent to transact such businesses in a manner which safeguards the interests of the public, and only after satisfactory proof of the person's competence has been presented to the department.
452.03 History
History: 1981 c. 94,
391;
1989 a. 307.
452.03 Annotation
Under s. 452.03 an agreement to pay a real estate brokerage commission to a person not licensed as a broker is void at its inception. Using a licensed broker who provides no actual services as a conduit for a fee to an unlicensed person does not create a co-brokerage arrangement authorized by s. 452.19. Badger III Ltd. v. Howard, Needles, Tammen & Bergendoff,
196 Wis. 2d 891,
539 N.W.2d 904 (Ct. App. 1995).
452.03 Annotation
Officers of a corporation or partners of a partnership can act for the corporation or partnership in the rental of real estate owned by the entity without being licensed as real estate brokers. 60 Atty. Gen. 1 (1971).
452.03 Annotation
Actions of a tenants union on behalf of its members may require a real estate broker's license. 60 Atty. Gen. 118 (1971).
452.03 Annotation
The permitted limits of nonlicensed independent contractor agents are discussed. 70 Atty. Gen. 23.
452.04
452.04
Duties of board. In addition to the other duties and responsibilities of the board under this chapter, the board shall:
452.04(1)
(1) Advise the secretary on matters relating to real estate practice. The board may conduct public hearings on matters relating to the approval of forms used in real estate practice.
452.04(2)
(2) Advise the secretary on rule making relating to licensees and relating to the board as provided by
s. 452.07.
452.04 History
History: 1981 c. 94.
452.05
452.05
Duties and powers of department. 452.05(1)
(1) In addition to the other duties and responsibilities of the department under this chapter, the department shall:
452.05(1)(a)
(a) Grant and issue licenses to brokers and salespersons and registrations to time-share salespersons.
452.05(1)(b)
(b) Approve forms for use in real estate practice.
452.05(1)(c)
(c) After consultation with the council on real estate curriculum and examinations and subject to the procedure under
s. 452.07, promulgate rules establishing criteria for the approval of educational programs and training sessions under
s. 452.09 (2) and approve such programs and sessions in accordance with the established criteria.
452.05(1)(d)
(d) After consultation with the council on real estate curriculum and examinations, the board, brokers and salespersons licensed under this chapter and interested members of the public, establish criteria for the approval of continuing educational programs and courses in real estate related subjects required for renewal under
s. 452.12 (5) (c) 1.
452.05(1)(e)
(e) After consultation with the council on real estate curriculum and examinations, prepare, develop and grade examinations under
s. 452.12 (5) (c) 2.
452.05(1)(g)
(g) Approve continuing educational programs and courses in accordance with the criteria established under
par. (d). In order to be approved, a continuing educational program or course must require brokers and salespersons to pass an examination on the information presented at the program or course in order to successfully complete and receive continuing education credit for the program or course under
s. 452.12 (5) (c) 1.
452.05(1m)(a)1.
1. "Certified local register of historic property" means a register of historic property that is part of a historic preservation ordinance enacted by a city, village, town or county if the ordinance is certified by the state historical society under
s. 44.44.
452.05(1m)(a)3.
3. "Historic building" means a building that fulfills at least one of the following requirements:
452.05(1m)(a)3.a.
a. Is listed on a certified local register of historic property, if that fact is specified in a statement recorded in the office of the register of deeds for the county in which the commercial real estate is located.
452.05(1m)(a)3.b.
b. Is included in a district that is listed on a certified local register of historic property, if that fact is specified in a statement recorded in the office of the register of deeds for the county in which the commercial real estate is located, and has been determined by the city, village, town or county to contribute to the historic significance of the district.
452.05(1m)(b)
(b) In preparing the form for the offer to purchase commercial real property under
sub. (1) (b), the department shall include a statement that the seller represents to the buyer that the seller has no notice or knowledge that the commercial real property is a historic building.
452.05(2)
(2) The department may prepare letters and bulletins and conduct clinics disseminating information to its licensees.
452.05 AnnotationA corporation cannot be licensed as real estate salesperson.
71 Atty. Gen. 38.
452.06
452.06
Councils and committees. 452.06(1)
(1) The secretary shall create a council on forms under
s. 15.04 (1) (c) which shall meet on a regular basis, be chaired by a member of the board and report to the board and the secretary. Any proposed change in a form relating to real estate practice shall be referred to the council on forms for review before the form is approved.
452.06(2)
(2) The council on real estate curriculum and examinations shall do all of the following:
