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 firm for brokerage services.
452.01(3p) (3p) “Crime" does not include a crime for which the individual has been pardoned; a crime for which the conviction has been reversed, set aside, or vacated; or a crime for which the conviction has been expunged under s. 973.015.
452.01(3s) (3s) “Customer" means a party to a transaction who is provided brokerage services by a firm and any licensees associated with the firm but who is not a client.
452.01(3w) (3w) “Designated agency" means a multiple representation relationship in which each client of the firm in the multiple representation relationship receives negotiation services from the firm only from licensees associated with the firm who are not providing negotiation services to any other client of the firm in the transaction.
452.01(4) (4) “Disciplinary proceeding" means a proceeding against one or more licensees in which the board may revoke, suspend, or limit a license, reprimand a licensee, or assess a forfeiture or require education or training under s. 452.14 (4m) or (4r).
Effective date note NOTE: Sub. (4) is shown as amended eff. 12-14-16 by 2015 Wis. Act 258. Prior to 12-14-16 it reads:
Effective date text (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, or assess a forfeiture or require education or training under s. 452.14 (4m) or (4r).
452.01(4v) (4v) “Felony" means a felony under the laws of this state or a crime committed elsewhere that would be a felony if committed in this state. “Felony" does not include a felony for which the applicant has been pardoned; a felony for which the conviction has been reversed, set aside, or vacated; or a felony for which the conviction has been expunged under s. 973.015.
452.01(4w) (4w) “Firm" means a licensed individual broker acting as a sole proprietorship or a licensed broker business entity.
452.01(4x) (4x) “Licensed broker business entity" means a broker licensed under s. 452.12 that is a business entity.
452.01(4y) (4y) “Licensed individual broker" means a broker licensed under s. 452.12 who is an individual.
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. Prior to 12-14-16 it reads:
Effective date text (5) “Licensee" means any person licensed or registered under this chapter.
452.01(5c) (5c) “License number" means a number assigned to a person under s. 452.05 (1) (j).
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.
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.
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. Prior to 12-14-16 it reads:
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(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.
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. Prior to 12-14-16 it reads.
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(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.
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.
452.01 Note NOTE: Sub. (9) is repealed 12-14-16 by 2015 Wis. Act 258.
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.
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.
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.
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(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.
452.03 History History: 1981 c. 94, 391; 1989 a. 307; 2011 a. 32; 2015 a. 258.
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), 94-2531.
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.
452.05 452.05 Duties and powers of board.
452.05(1) (1) In addition to the other duties and responsibilities of the board under this chapter, the board shall advise the secretary on matters relating to real estate practice and shall:
452.05(1)(a) (a) Grant and issue licenses to individuals and business entities to act as brokers and to individuals to act as salespersons.
Effective date note NOTE: Par. (a) is shown as amended eff. 12-14-16 by 2015 Wis. Act 258. Prior to 12-14-16 it reads:
Effective date text (a) Grant and issue licenses to individuals and business entities to act as brokers and to individuals to act as salespersons and grant and issue registrations to time-share salespersons.
452.05(1)(b) (b) Approve forms for use in real estate practice. The board may conduct public hearings on matters relating to the approval of forms used in real estate practice.
452.05(1)(c) (c) After consultation with the council on real estate curriculum and examinations, 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, 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).
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).
452.05(1)(h) (h) If the board promulgates rules under s. 452.07 (2), create a form on which an individual applying for a determination under those rules may do all of the following:
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2013-14 Wisconsin Statutes updated through 2015 Wis. Act 392 and all Supreme Court and Controlled Substances Board Orders effective on or before November 21, 2016. Published and certified under s. 35.18. Changes effective after November 21, 2016 are designated by NOTES. (Published 11-21-16)