Wisconsin Legislature: REEB 25.023(1)(d)

REEB 25.038 Nonresident salesperson education equivalency.

REEB 25.055 Approval for pre-licensure education programs or courses.

REEB 25.065 Continuing education requirements for brokers and salespersons.

REEB 25.068 Approval for continuing education programs or courses.

REEB 25.09 Denial or withdrawal of approval.

Note: Chapter REB 16 as it existed on October 31, 1979, was repealed and a new Chapter REB 16 was created effective November 1, 1979. Renumbered chapter RL 25, effective March 1, 1983. Chapter RL 25 was renumbered chapter REEB 25 under s. 13.92 (4) (b) 1., Stats., Register November 2011 No. 671.

REEB 25.005 Authority. The following rules are adopted pursuant to ss. 227.11 (2), 452.05, 452.07, 452.09 (2) and (3) and 452.12 (5) (c), Stats.

History: Cr. Register, October 1979, No. 286, eff. 11-1-79; renum. from REB 16.005 and am. Register, February, 1983, No. 326, eff. 3-1-83; am. Register, January, 1992, No. 433, eff. 2-1-92.

REEB 25.01 Definitions. As used in this chapter, unless the context otherwise specifically requires:

(1) “Accredited institution of higher education” means a law school accredited by the American bar association or other schools accredited by one of the regional institutional accrediting commissions or associations which have been recognized by the U.S. department of education.

(2) “Board” means the real estate examining board.

(3) “Continuing education course” means an approved segment of a continuing education program required by the board pursuant to s. 452.05 (1) (d), Stats.

(4) “Continuing education program” means the total number of continuing education hours or subjects required by the board pursuant to s. 452.05 (1) (d), Stats.

(6) “Evidence of completion” means an official transcript, student grade report, or board-approved certificate showing satisfactory completion of education programs or courses.

(7) “Hour” means a period of 50 minutes of actual instruction and shall not include time spent in writing tests or examinations given by the school.

History: Cr. Register, October, 1979, No. 286, eff. 11-1-79; renum. from REB 16.01 and am. (1) and (6), Register, February, 1983, No. 326, eff. 3-1-83; renum. (1) to (5) to be (2), (7), (5), (8), (1) and am. (8), cr. (3) and (4), am. (6), Register, January, 1992, No. 433, eff. 2-1-92; am. (1), Register, July, 1998, No. 511, eff. 8-1-98; cr. (2m), (5m), am. (3), (4) and (7), Register, August, 1999, No. 524, eff. 9-1-99; correction in (2) to (4), (6) made under s. 13.92 (4) (b) 6., Stats., Register November 2011 No. 671; CR 15-010: r. (2m), (5), (5m), am. (6), r. (8) Register September 2015 No. 717, eff. 10-1-15.

REEB 25.023 Real estate broker’s pre-license business management program. An education program in business management for applicants for a real estate broker’s license shall consist of 72 hours. The education program in business management shall contain all of the following topics:

(1) Contracts. Instruction relating to real estate contracts shall include all of the following:

(a) The definition of a contract, including the difference between a contract and an agreement.

(b) Elements of a contract, including all of the following:

1. Offer.

2. Acceptance.

3. Consideration.

4. Competent parties.

1. Parties to an agency agreement.

2. Parties to a sales contract, option, or lease.

3. Multiple parties.

(d) Creating binding contracts, including all of the following:

1. Signatures.

2. Acceptance and binding acceptance.

3. Delivery.

4. Deadlines.

5. Time is of the essence.

(e) Validity of contracts.

(f) Drafting contracts and contingencies, including all of the following:

1. Properly drafting.

2. Pre-printed.

3. Customized.

(g) Ending the contractual relationship, including all of the following:

1. Rescission.

2. Termination.

3. Modification.

4. Death of a party.

5. Default and breach.

(h) Acceptance and counteroffers, including the difference between acceptance and counteroffers.

(i) The law of conveyances, including all of the following:

1. Conveyance defined.

2. Requirements for a valid conveyance.

(j) Agreement to arbitrate real estate transaction disputes under s. 788.015, Stats.

(k) Commercial real estate commission lien under s. 779.32, Stats.

(2) Approved forms. Instruction relating to real estate approved forms shall include all of the following:

(a) The forms approval process, including all of the following:

1. Forms committee.

2. Real estate examining board.

3. Department of safety and professional services.

(b) The authorized practice of law, including all of the following:

1. Reynolds v. Dinger, 14 Wis. 2d 193.

2. Chapter REEB 16.

1. Listing contracts for sale.

2. Offers.

3. Counter-offers.

4. Amendments.

5. Buyer agency agreements.

6. Listing contracts for lease.

7. Options.

8. Bills of sale.

9. Exchanges.

10. Cancellation agreement and mutual releases.

11. State bar forms under s. REEB 16.03 (1).

12. Uniform commercial code forms.

13. Forms used in other states.

(d) Developing a form and contingency manual.

(e) Supervising salesperson’s use of approved forms.

(3) Trust accounts, escrow, closing statement. Instruction relating to real estate trust accounts, escrow and closing statement shall include all of the following:

(a) Trust accounts under ch. REEB 18, including all of the following:

1. Trust account definition.

2. Trust funds definition.

3. When is a trust account required.

4. Registering a trust account.

5. Procedure to open a trust account.

6. Authorization to sign trust account checks.

7. Depositing of trust funds.

8. Disbursement of trust funds.

9. Bookkeeping system.

10. Closing a trust account.

(b) Escrow agreement procedures, including all of the following: