Effective date note NOTE: Sub. (4y) is created eff. 7-1-16 by 2015 Wis. Act 258.
452.01(5) (5) "Licensee" means any person licensed under this chapter.
Effective date note NOTE: Sub. (5) is shown as amended eff. 12-14-16 by 2015 Wis. Act 258. Sub. (5) is shown below as amended eff. 7-1-16 by 2015 Wis. Act 258.
Effective date text (5) "Licensee" means any person licensed or registered under this chapter.
452.01 Note NOTE: Prior to 7-1-16 sub. (5p) reads:
Effective date text (5) "Licensee" means any person licensed or registered under this chapter, other than an inactive licensee registered under s. 452.12 (6).
452.01(5c) (5c) "License number" means a number assigned to a person under s. 452.05 (1) (j).
Effective date note NOTE: Sub. (5c) is created eff. 7-1-16 by 2015 Wis. Act 258.
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(5j) (5j) "Multiple representation relationship" means a relationship between a firm and 2 or more of the firm's clients in which the clients are parties in the same transaction.
Effective date note NOTE: Sub. (5j) is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text (5j) "Multiple representation relationship" means a relationship between a broker and 2 or more of the broker's clients in which the clients are parties in the same transaction.
452.01(5m) (5m) "Negotiate" means to provide to a party assistance within the scope of the knowledge, skills, and training required under this chapter in developing a proposal or agreement relating to a transaction, including doing any of the following:
452.01(5m)(a) (a) Acting as an intermediary by facilitating or participating in communications between parties related to the parties' interests in a transaction. In this paragraph, providing advice or opinions on matters that are material to a transaction in which a person is engaged or intends to engage or showing a party real estate does not, in and of itself, constitute acting as an intermediary by facilitating or participating in communications between parties.
452.01(5m)(b) (b) Completing, when requested by a party, appropriate board-approved forms or other writings to document the party's proposal consistent with the party's instruction.
Effective date note NOTE: Par. (b) is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text (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 giving the party a general explanation of the provisions of the proposal.
452.01(5n) (5n) "Out-of-state broker" means a person who is not licensed under this chapter and who is regularly and lawfully engaged in the real estate brokerage business in another state, a territory or possession of the United States, or a foreign country.
452.01(5p) (5p) "Out-of-state salesperson" means a person who is not licensed under this chapter and who is employed or engaged as an independent contractor by an out-of-state broker.
Effective date note NOTE: Sub. (5p) is shown as amended eff. 12-14-16 by 2015 Wis. Act 258. Sub. (5p) is shown below as amended eff. 7-1-16 by 2015 Wis. Act 258.
Effective date text (5p) "Out-of-state salesperson" means a person who is not licensed under this chapter and who is employed or engaged as an independent contractor by an out-of-state broker. "Out-of-state salesperson" includes a time-share salesperson employed by an out-of-state broker.
452.01 Note NOTE: Prior to 7-1-16 sub. (5p) reads:
Effective date text (5p) "Out-of-state salesperson" means a person who is not licensed under this chapter and who is employed by an out-of-state broker. "Out-of-state salesperson" includes a time-share salesperson employed by an out-of-state broker.
452.01(5r) (5r) "Party" means a person seeking to engage in a transaction.
452.01(5w) (5w) "Principal firm" means a firm that engages a subagent to provide brokerage services in a transaction.
Effective date note NOTE: Sub. (5w) is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text (5w) "Principal broker" means a broker who engages a subagent to provide brokerage services in a transaction.
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 individual who is associated with a firm, other than a broker or an individual who is not required to hold a license under this chapter as provided under s. 452.03 (2).
Effective date note NOTE: Sub. (7) is shown as amended eff. 12-14-16 by 2015 Wis. Act 258. Sub. (7) is shown below as repealed and recreated eff. 7-1-16 by 2015 Wis. Act 258.
Effective date text (7) "Salesperson" means any individual who is associated with a firm, other than a broker, a time-share salesperson, or an individual who is not required to hold a license under this chapter as provided under s. 452.03 (2).
452.01 Note NOTE: Prior to 7-1-16 sub. (7) reads:
Effective date text (7) "Salesperson" means any person other than a broker or time-share salesperson who is employed by a broker.
452.01(7r) (7r) "Subagent" means a firm that is engaged by a principal firm to provide brokerage services in a transaction, but that is not associated with the principal firm.
Effective date note NOTE: Sub. (7r) is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text (7r) "Subagent" means a broker who is engaged by another broker to provide brokerage services in a transaction, but who is not the other broker's employee.
452.01(8) (8) "Time share" has the meaning given in s. 707.02 (24).
452.01(9) (9) "Time-share salesperson" means a person, other than a person licensed under s. 452.09, who is associated with a firm for the purpose of selling or offering or attempting 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.
Effective date note NOTE: Sub. (9) is repealed 12-14-16 by 2015 Wis. Act 258. Sub. (9) is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text (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.
452.01 Annotation That one who owns stock in a corporation owns "an interest" in a business under sub. (2) (a) and that therefore anyone who negotiates a sale of stock requires a license under this section cannot be right. That would require every securities broker in Wisconsin to have a real estate broker's license as well as a securities license. Schlueter v. Latek, 683 F.3d 350 (2012).
452.01 Annotation The `New' Chapter 452: Defining Real Estate Broker Practice. Leibsle. Wis. Law. June 2006.
452.025 452.025 Time-share salespersons.
452.025(1) (1)
452.025(1)(a)(a) A person desiring to act as a time-share salesperson shall submit to the board 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 board and shall include all of the following:
452.025(1)(b)1. 1. The name and address of the applicant.
452.025(1)(b)2. 2. The prior occupations of the applicant.
452.025(1)(b)3. 3. Certification from the firm with which the applicant is associated that the applicant is competent to act as a time-share salesperson.
Effective date note NOTE: Subd. 3. is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text 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 that the board reasonably requires to enable it to determine the competency of the person to transact business as a time-share salesperson in a manner that 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 credential fee determined by the department under s. 440.03 (9) (a) or the applicable renewal fee determined by the department under s. 440.03 (9) (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) (3)
452.025(3)(a)(a) A time-share salesperson registered under this section may act as a time-share salesperson only when associated with a firm.
Effective date note NOTE: Par. (a) is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text (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 board and includes only the following:
452.025(3)(b)2.a. a. The name, address and telephone number of the purchaser.
452.025(3)(b)2.b. b. The name of the time-share project.
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.d. d. Financing alternatives.
452.025(3)(b)2.e. e. Disclosures under subch. III of ch. 422 and the federal consumer credit protection act, 15 USC 1601 to 1693r.
452.025(3)(b)2.f. f. The date of closing.
452.025(3)(b)2.g. g. The signature of the time-share salesperson and the name of the firm with which the time-share salesperson is associated.
Effective date note NOTE: Subdpar. g. is shown as amended eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
452.025 Note g. The signature of the time-share salesperson and the name of the employing broker.
452.025(3)(b)2.h. h. The date of execution.
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 board an application in the form prescribed by the board and the transfer fee specified in s. 440.05 (7).
Effective date note NOTE: Sub. (4) is repealed eff. 7-1-16 by 2015 Wis. Act 258.
452.025(5) (5)
452.025(5)(a)(a) The renewal date for certificates of registration granted by the board 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, on or before the applicable renewal date specified under s. 440.08 (2) (a), be submitted with the applicable renewal fee determined by the department under s. 440.03 (9) (a) and a completed copy of the form under s. 452.05 (1) (i).
Effective date note NOTE: This section is repealed eff. 12-14-16 by 2015 Wis. Act 258.
452.03 452.03 Brokers and salespersons licensed.
452.03(1) (1) Except as provided in s. 452.137, 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 issued under this chapter. The board may grant a license only to a person who is competent to transact that business or occupation in a manner that safeguards the interests of the public, and only after satisfactory proof of the person's competence has been presented to the board.
452.03(2) (2) No license under this chapter is required for an individual who, on behalf of and under the direction of a firm or one or more licensees associated with a firm, provides the firm or licensee with services that are limited to those that are purely administrative, clerical, or personal in nature.
Effective date note NOTE: This section is shown as affected eff. 7-1-16 by 2015 Wis. Act 258. Prior to 7-1-16 it reads:
Effective date text 452.03Brokers 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. The board may grant a license only to a person who is competent to transact such businesses in a manner that safeguards the interests of the public, and only after satisfactory proof of the person's competence has been presented to the board.
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2013-14 Wisconsin Statutes updated through 2015 Wis. Act 392 and all Supreme Court Orders entered before June 18, 2016. Published and certified under s. 35.18. Changes effective after June 18, 2016 are designated by NOTES. (Published 6-18-16)