452.137(2)(e)1.1. An out-of-state broker who is a party to a cooperative agreement with a firm shall maintain the originals or copies of all documents the out-of-state broker receives, maintains, or generates in connection with any transaction subject to the cooperative agreement, for at least 3 years after the date of closing or completion of the transaction, or, if no closing or completion occurs, 3 years after the date on which the parties execute the cooperative agreement. 452.137(2)(e)2.2. An out-of-state broker who is a party to a cooperative agreement with a firm shall deposit with the firm copies of all documents the out-of-state broker is required to maintain under subd. 1., unless the out-of-state broker and the firm agree in writing that the out-of-state broker is not required to do so. 452.137(2)(f)(f) No person may pay an out-of-state broker a commission, money, or any other thing of value for brokerage services unless the out-of-state broker is a party to a cooperative agreement with a firm. 452.137(2)(g)(g) Notwithstanding s. 452.01 (2) (bm), no out-of-state broker may, for commission, money, or other thing of value, show a property in this state that is offered exclusively for rent unless that showing is authorized under a cooperative agreement between the out-of-state broker and a firm. 452.137(3)(3) Out-of-state salespersons. An out-of-state salesperson may act as a salesperson in this state only if all of the following conditions are met: 452.137(3)(a)(a) The out-of-state broker who employs the out-of-state salesperson satisfies all of the applicable requirements under sub. (2). 452.137(3)(b)(b) The out-of-state salesperson works under the direct supervision of the out-of-state broker. 452.137(3)(c)(c) The out-of-state salesperson submits evidence to the firm that the out-of-state salesperson is licensed in good standing or is otherwise authorized to act as a salesperson in a jurisdiction other than this state. 452.137(3)(d)(d) In any transaction subject to the cooperative agreement, the out-of-state salesperson represents only the out-of-state broker who is a party to the cooperative agreement and with whom the out-of-state salesperson is employed. 452.137(4)(a)(a) The board shall establish one or more forms to be used for cooperative agreements under this section, which shall include any required terms for such an agreement. 452.137(4)(b)(b) A cooperative agreement may be entered into only through the use of a form established by the board under par. (a) and shall do at least all of the following: 452.137(4)(b)1.1. Establish the terms of cooperation between the out-of state broker, any out-of-state salesperson, and the firm. 452.137(4)(b)2.2. Establish the terms of the out-of-state broker’s compensation. 452.137(4)(b)3.3. Provide that all client funds, as defined in s. 452.13 (1) (a), that the out-of-state broker and the firm receive in connection with a transaction subject to the cooperative agreement shall be deposited in a trust account maintained by the firm. 452.137(4)(c)(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. 452.137(5)(a)(a) Subject to the rules promulgated under s. 440.03 (1), the board may conduct investigations and hold hearings to determine whether a person has violated this section or a rule promulgated under this section. 452.137(5)(b)(b) Notwithstanding s. 452.17 (3), any person who violates this section or a rule promulgated under this section may be fined, for each violation, not more than the greater of the following: 452.137(5)(b)2.2. For a sales transaction, 1 percent of the purchase price of the property subject to the cooperative agreement. 452.137(5)(b)3.3. For a lease or rental transaction, 1 percent of the total lease or rental value of the property subject to the cooperative agreement. 452.138452.138 Firms providing services in more than one transaction. A firm may provide brokerage services simultaneously to more than one party in different transactions, unless the firm agrees with a client that the firm is to provide brokerage services only to that client. If the firm and a client agree that the firm is to provide brokerage services only to that client, the agency agreement shall contain a statement of that agreement. 452.138 Cross-referenceCross-reference: See also ch. REEB 24, Wis. adm. code. 452.139452.139 Changes in common law duties and liabilities of brokers and parties. 452.139(1)(1) Common law duties of firms. The duties of a firm specified in this chapter or in rules promulgated under this chapter shall supersede duties or obligations under common law to the extent that those common law duties or obligations are inconsistent with the duties specified in this chapter or in rules promulgated under this chapter. 452.139(2)(a)(a) A client is not liable for a misrepresentation made in connection with the provision of brokerage services by a firm or any licensee associated with the firm, unless the client knows or should have known of the misrepresentation or the firm or licensee is repeating a misrepresentation made by the client. 452.139(2)(b)(b) A firm that is providing brokerage services to a client and that retains another firm to provide brokerage services as a subagent is not liable for a misrepresentation made by the subagent or any licensee associated with the subagent, unless the firm knew or should have known of the misrepresentation or the subagent or licensee is repeating a misrepresentation made to by the firm or any licensee associated with the firm. 452.139(2)(c)(c) Nothing in this subsection limits the responsibility of a firm under s. 452.12 (3) for misrepresentations made by a licensee associated with the firm. Nothing in this subsection limits the liability of a client for a misrepresentation that the client makes in connection with brokerage services. 452.139(3)(3) Liability for negligent hiring. If a licensee associated with a firm commits a crime under the laws of this state or another wrongful act, the firm may not be held civilly liable for hiring that licensee in a claim brought for negligent hiring if, regardless of whether the firm conducted its own investigation, the firm relied on the investigations conducted by the department under s. 440.03 (13) or on any determination made by the board, including a determination under s. 111.335 (4) (f) or 452.25. 452.139 Cross-referenceCross-reference: See also ch. REEB 24, Wis. adm. code. 452.14452.14 Investigation and discipline of licensees. 452.14(1)(1) The board shall, upon motion of the secretary or his or her designee or upon its own determination, conduct investigations and, as appropriate, may hold hearings and make findings, if the board or the department receives credible information that a broker or salesperson has violated this chapter or any rule promulgated under this chapter. 452.14(2)(a)(a) The board may commence disciplinary proceedings on any matter under investigation concerning a licensee. 452.14(2)(b)(b) The board shall notify a firm in writing as to all disciplinary orders issued against a licensee associated with the firm. The notice shall be sent to the firm at the email address of the individual broker acting as a sole proprietor or the email address for the licensed business entity. 452.14(2m)(2m) The board shall conduct disciplinary proceedings in accordance with the rules adopted under s. 440.03 (1). 452.14(3)(3) The board may revoke, suspend, or limit the license of any licensee, or reprimand the licensee, if it finds that the licensee has done any of the following: 452.14(3)(a)(a) Made a material misstatement in the application for a license, or in any information furnished to the board or department. 452.14(3)(b)(b) Made any substantial misrepresentation with reference to a transaction injurious to a party in which the licensee acts as agent. 452.14(3)(c)(c) Made any false promises of a character such as to influence, persuade, or induce a party to his or her injury or damage. 452.14(3)(d)(d) Pursued a continued and flagrant course of misrepresentation or made false promises through other licensees or through advertising. 452.14(3)(f)(f) Accepted from any person except the firm with which the licensee is associated, if the licensee is associated with a firm, a commission or valuable consideration for the performance of any act specified in this chapter or as compensation for referring a person to another licensee or to any other person in connection with a transaction. 452.14(3)(g)(g) Represented or attempted to represent a firm without the express knowledge and consent of the firm. 452.14(3)(h)(h) Failed, within a reasonable time, to account for or remit any moneys coming into the licensee’s possession which belong to another person. 452.14(3)(i)(i) Demonstrated incompetency to act as a broker or salesperson, whichever is applicable, in a manner which safeguards the interests of the public. 452.14(3)(j)(j) Paid or offered to pay a commission or valuable consideration to any person for acts or services in violation of this chapter. 452.14(3)(jm)(jm) Intentionally encouraged or discouraged any person from purchasing or renting real estate in a particular area on the basis of race. If the board finds that any licensee has violated this paragraph, the board shall, in addition to any temporary penalty imposed under this subsection, apply the penalty provided in s. 452.17 (4). 452.14(3)(k)(k) Been guilty of any other conduct, whether of the same or a different character from that specified herein, that constitutes improper, fraudulent, or dishonest dealing. 452.14(3)(L)(L) Violated any provision of this chapter or any rule promulgated under this chapter. 452.14(3)(n)(n) Treated any person unequally solely because of sex, race, color, handicap, national origin, ancestry, marital status, lawful source of income, or status as a victim of domestic abuse, sexual assault, or stalking, as defined in s. 106.50 (1m) (u). 452.14(4)(4) If a firm is a business entity it shall be sufficient cause for reprimand or for the limitation, suspension, or revocation of the firm’s license that any business representative of the firm, or anyone who has a financial interest in or is in any way connected with the operation of the firm’s brokerage business, has been guilty of any act or omission that would be cause for refusing a broker’s license to such person as an individual. 452.14(4m)(4m) In addition to or in lieu of a reprimand or a revocation, limitation, or suspension of a license under sub. (3), the board may do any of the following: 452.14(4m)(a)(a) Assess against a licensee a forfeiture of not more than $5,000 for each violation enumerated under sub. (3). 452.14(4m)(b)(b) Require a licensee to successfully complete education or training, in addition to any education or training required for licensure or for renewal of a license under this chapter, as a condition of continued licensure or reinstatement of a license. 452.14(4r)(4r) The board may assess against a licensee who is an individual a forfeiture of $5,000 for a violation under s. 452.25 (2) (a). 452.14(5)(5) The department may seek judicial review under ch. 227 of any final decision of the board. The department shall be represented in such review proceedings by an attorney within the department. Upon request of the board, the attorney general may represent the board. If the attorney general does not represent the board, the board may retain special counsel which shall be paid for out of the appropriation under s. 20.165 (1) (g). 452.14 Cross-referenceCross-reference: See also chs. REEB 15, 16, and 24, Wis. adm. code. 452.14 AnnotationReal estate brokers may engage in guaranteed sales plans if there is full disclosure and the broker does not engage in fraud, misrepresentation, or improper dealing. 61 Atty. Gen. 3.
452.14 AnnotationProvisions in Executive Order 67 (1973), with respect to duty of real estate brokers to advise prospective purchasers of floodplain zoning status of property, do not constitute a new standard but suggest a course of action that the real estate examining board might take. The action to be taken would depend on the facts in each case. 63 Atty. Gen. 236.
452.14 AnnotationNeither s. 440.20, 452.10 (2), 1977 stats., nor the rules of the department of regulation and licensing require the board to hold a hearing when a citizen files a verified complaint with the board requesting institution of disciplinary proceedings against a licensee. 68 Atty. Gen. 30.
452.142452.142 Actions concerning licensees. 452.142(1)(1) Notwithstanding s. 100.18 (11) (b) 3., 893.43, 893.52, or 893.57, an action concerning any act or omission of a firm or any licensee associated with the firm relating to brokerage services shall be commenced within 2 years after whichever of the following that applies occurs first: 452.142(1)(c)(c) An unconsummated transaction is terminated or expires. 452.142(2)(2) The period of limitation under this section may not be reduced by agreement. 452.142(3)(3) The period of limitation under this section does not apply to disciplinary actions initiated by the board. 452.142 HistoryHistory: 2015 a. 258. 452.15(1)(1) Except as otherwise provided in sub. (2), no license may be issued under this chapter to any person whose license under this chapter has been revoked until the expiration of a period determined in each case by the board or, in the case of revocation under s. 452.17 (4) (a) 2., a period determined in each case by the board of not less than 5 years from the date the revocation became finally effective. 452.17(1)(1) Any person who engages in or follows the business or occupation of, or advertises or holds himself or herself out as or acts temporarily or otherwise as, a broker or salesperson in this state without a license under this chapter shall be prosecuted by the district attorney in the county where the violation occurs or by the attorney general and may be fined not more than $5,000 or imprisoned not more than 6 months or both. 452.17(3)(3) Any person who otherwise violates any provision of this chapter may be fined not more than $5,000 or imprisoned for not more than 6 months or both. 452.17(4)(a)1.1. Shall, for the first offense, suspend the license of the licensee for not less than 90 days. 452.17(4)(a)2.2. Shall, for the 2nd offense, revoke the license of the licensee.
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