452.30(4)(b) (b) A firm that terminates a licensee from being associated with the firm shall, through the use of a form prescribed by the department, send written notice of that termination to the department within 10 days after the termination.
452.30(5) (5) No licensee may be associated with a firm if the firm's license has been suspended or revoked during the period of suspension or revocation. The licensee may become associated with another firm, provided the licensee is not a party to the activities causing the suspension or revocation of the firm's license. If the licensee becomes associated with another firm, the licensee may not provide brokerage services on behalf of that firm until sub. (1) (b) has been satisfied.
452.30(6) (6)
452.30(6)(a)(a) A broker who is associated with a firm may also engage in independent real estate practice in his or her own name or under the name of a licensed broker business entity, if the broker obtains written approval from and avoids conflicts of interest with each firm with which the broker is associated. The written approval shall specify all of the following:
452.30(6)(a)1. 1. Whether the broker engaging in independent practice may engage other licensees to work under the broker.
452.30(6)(a)2. 2. That the broker engaging in independent practice is responsible for the supervision of any licensees associated with the broker.
452.30(6)(b) (b) Before engaging in independent practice as provided in par. (a), a broker shall notify the department of that fact and of the name under which the broker will engage in independent practice. The broker shall notify the department using any form or other method prescribed by the department for that purpose.
452.30(6)(c) (c) A broker that is engaging in independent practice shall not be considered to be associated with a firm that approved the broker engaging in independent practice under par. (a) with respect to the broker's independent practice activities.
452.30(7) (7)
452.30(7)(a)(a) A salesperson may be associated with only one firm at a given time.
452.30(7)(b) (b) A salesperson may not engage in independent real estate practice and may engage in real estate practice only when associated with a firm.
452.30 History History: 2015 a. 258 ss. 67, 171, 172.
452.34 452.34 Unlicensed personal assistants.
452.34(1) (1) In this subsection, “unlicensed personal assistant" means an individual, including an individual who is licensed under this chapter, who is employed only to provide services for which a license is not required under this chapter as provided in s. 452.03 (2).
452.34(2) (2) A licensee associated with a firm, prior to retaining an individual to serve as an unlicensed personal assistant, shall enter into a written agreement with the licensee's firm, setting forth the duties of the unlicensed personal assistant, the manner in which the unlicensed personal assistant will be compensated for his or her services, and the responsibilities of the licensee and the firm with respect to supervision of the unlicensed personal assistant's activities.
452.34(3) (3)
452.34(3)(a)(a) In this subsection, “open house" means a showing of real estate open to the public for viewing without an individual appointment.
452.34(3)(b) (b) An unlicensed personal assistant may not assist a licensee at an open house for the sale of real estate or a business without the direct, on-premises supervision and presence of a licensee, and may not provide any services at an open house for which a license is required under this chapter.
452.34 History History: 2015 a. 258.
452.38 452.38 Independent contractor relationship.
452.38(1)(1) Except as otherwise provided in s. 102.078, a licensee shall not, under ch. 102, 103, 104, or 109, under subch. X of ch. 71 or subch. II of ch. 111, under any other law or rule other than those specified under sub. (1m), or in any action or proceeding under the common law, be considered an employee of a firm if all of the following are satisfied:
452.38(1)(a) (a) A written agreement has been entered into with the firm that provides that the licensee shall not be treated as an employee for federal and state tax purposes.
452.38(1)(b) (b) Seventy-five percent or more of the compensation related to sales or other output, as measured on a calendar year basis, paid to the licensee pursuant to the written agreement referenced under par. (a) is directly related to the brokerage services performed by the licensee on behalf of the firm.
452.38(1m) (1m) This section does not apply with respect to ch. 108 or any rules promulgated thereunder.
452.38(2) (2)
452.38(2)(a)(a) Subsection (1) applies notwithstanding the requirements and responsibilities of a firm under s. 452.132 and any rules promulgated by the board.
452.38(2)(b) (b) Subsection (1) applies regardless of the licensee's status as a supervising broker under s. 452.132 and any actions taken by the licensee as a supervising broker under s. 452.132.
452.38(3) (3) In the case of an individual who is engaged as both an independent contractor and an employee for the same firm, sub. (1) applies only with respect to activities covered under the written agreement referenced under sub. (1) (a).
452.38 History History: 2015 a. 258.
452.40 452.40 Use of forms; provision of legal advice.
452.40(1) (1)
452.40(1)(a)(a) In this subsection, “use a form" means to complete a form by filling in blanks or modifying printed provisions on the form at the instruction of one or more parties with whom a licensee is working or representing in a specific transaction.
452.40(1)(b) (b) A firm and any licensee associated with the firm may use a form approved by the board under s. 452.05 (1) (b) in real estate practice.
452.40(2) (2) A licensee may not provide advice or opinions concerning the legal rights or obligations of parties to a transaction, the legal effect of a specific contract or conveyance, or the state of title to real estate. A licensee may provide a general explanation of the provisions in a form approved by the board under s. 452.05 (1) (b) to the parties to a transaction at the time of completing the form or when delivering an approved form for the seller's or buyer's acceptance. Reviews conducted by a supervising broker under s. 452.132 (4) shall not be considered to be the provision of legal advice or opinion.
452.40 History History: 2015 a. 258.
452.42 452.42 Records retention.
452.42(1) (1) In this section, “electronic" has the meaning given in s. 137.11 (5).
452.42(2) (2) A licensee shall retain documents or records related to a transaction, as determined by the board, in accordance with any rules promulgated by the board. Records described in this section may be retained in an electronic file format.
452.42 History History: 2015 a. 258.
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2015-16 Wisconsin Statutes updated through 2017 Wis. Act 58 and all Supreme Court and Controlled Substances Board Orders effective on or before September 20, 2017. Published and certified under s. 35.18. Changes effective after September 20, 2017 are designated by NOTES. (Published 9-20-17)