Chapter REEB 25

REEB 25.028(2)(a)3.k. k. Exchanges.

REEB 25.028(2)(a)3.L. L. Cancellation agreement and mutual releases.

REEB 25.028(2)(b) (b) Agency, including all of the following:

REEB 25.028(2)(b)1. 1. Duties owed to parties and clients under s. 452.133, Stats.

REEB 25.028(2)(b)2. 2. The requirement for an agency agreement and disclosure of agency under s. 452.135, Stats.

REEB 25.028(2)(b)3. 3. Revisions to common law duties and responsibilities under s. 452.139, Stats.

REEB 25.028(2)(c) (c) Agency relationship, including all of the following:

REEB 25.028(2)(c)1. 1. Multiple representation with designated agency.

REEB 25.028(2)(c)2. 2. Multiple representation without designated agency.

REEB 25.028(2)(c)3. 3. Single agency.

REEB 25.028(2)(d) (d) Business conduct, including all of the following.

REEB 25.028(2)(d)1. 1. Direct contact with the public, including all of the following:

REEB 25.028(2)(d)1.a. a. Competence in area of service under s. REEB 24.03.

REEB 25.028(2)(d)1.b. b. Tie-in arrangements under s. REEB 24.075.

REEB 25.028(2)(d)1.c. c. Agreements in writing under s. REEB 24.08.

REEB 25.028(2)(d)1.d. d. Misleading market values under s. REEB 24.09.

REEB 25.028(2)(d)1.e. e. Net listings under s. REEB 24.10.

REEB 25.028(2)(d)2. 2. Advertising under s. REEB 24.04 and s. 452.136, Stats.

REEB 25.028(2)(d)3. 3. Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:

REEB 25.028(2)(d)3.a. a. Confidentiality.

REEB 25.028(2)(d)3.b. b. Drafting and submitting offers.

REEB 25.028(2)(d)3.c. c. Prompt delivery to buyer.

REEB 25.028(2)(d)3.d. d. Fair presentation of offers.

REEB 25.028(2)(d)3.e. e. Prompt notification.

REEB 25.028(2)(d)4. 4. Disclosure of compensation and interest under s. REEB 24.05 and s. 452.133, Stats., including all of the following:

REEB 25.028(2)(d)4.a. a. Disclosure of interest.

REEB 25.028(2)(d)4.b. b. Referral services.

REEB 25.028(2)(d)4.c. c. Disclosure of profits.

REEB 25.028(2)(d)4.d. d. Disclosure of licensure.

REEB 25.028(2)(e) (e) Consumer protection, including all of the following:

REEB 25.028(2)(e)1. 1. Property inspections under s. REEB 24.07 (1) (a).

REEB 25.028(2)(e)2. 2. Inquiry by listing licensee under s. REEB 24.07 (1) (b).

REEB 25.028(2)(e)3. 3. Disclosure of material adverse facts under s. REEB 24.07 (2).

REEB 25.028(2)(e)4. 4. Disclosure of material suggesting adverse material facts under s. REEB 24.07 (3).

REEB 25.028(2)(e)5. 5. Disclosure of side agreements under s. REEB 24.07 (4).

REEB 25.028(2)(e)6. 6. Reliance upon third parties under s. REEB 24.07 (5).

REEB 25.028(2)(e)7. 7. Investigations and inspections under s. 452.23, Stats.

REEB 25.028(2)(e)8. 8. Civil liability for misrepresentation.

REEB 25.028(2)(e)9. 9. Seller’s disclosure duties under ch. 709, Stats.

REEB 25.028(2)(f) (f) Wisconsin fair housing law under s. REEB 24.03 (1), and ss. 66.1011 and 106.50, Stats.

REEB 25.028(2)(g) (g) Environmental factors, including all of the following:

REEB 25.028(2)(g)1. 1. Underground storage tanks under ch. ATCP 93.

REEB 25.028(2)(g)2. 2. Floodplains under s. 87.30, Stats., and ss. NR 116.01 and 116.06.

REEB 25.028(2)(g)3. 3. Wetlands under s. 23.32, Stats.

REEB 25.028(2)(g)4. 4. Farmland preservation under ss. 91.60 to 91.70, Stats.

REEB 25.028(2)(h) (h) Trust accounts and escrows, including all of the following:

REEB 25.028(2)(h)1. 1. Trust accounts under s. 452.13, Stats., and ch. REEB 18, including all of the following:

REEB 25.028(2)(h)1.a. a. Definition of trust account.

REEB 25.028(2)(h)1.b. b. Interest-bearing and non-interest bearing accounts.

REEB 25.028(2)(h)1.c. c. Definition of trust funds.

REEB 25.028(2)(h)1.d. d. When a trust account is required.

REEB 25.028(2)(h)1.e. e. Depositing of trust funds.

REEB 25.028(2)(h)2. 2. Escrow agreement procedures, including all of the following:

REEB 25.028(2)(h)2.a. a. Escrows requiring separate escrow agreements.

REEB 25.028(2)(h)2.b. b. Pre-closing earnest money escrows.

REEB 25.028(2)(h)2.c. c. Post-closing escrows.

REEB 25.028(2)(h)2.d. d. Escrows not requiring separate escrow agreement.

REEB 25.028(2)(h)2.e. e. Drafting escrow agreements.

REEB 25.028(2)(i) (i) Miscellaneous issues, including all of the following:

REEB 25.028(2)(i)1. 1. Condominiums under ss. 703.08, 703.21 and 703.33, Stats.

REEB 25.028(2)(i)2. 2. Homestead under ss. 706.01 (7) and 766.605, Stats.

REEB 25.028(2)(i)3. 3. Taxes under ss. 74.15, and 74.47 (1) and (2), Stats.

REEB 25.028(2)(i)4. 4. Taxation and transfer fees under ss. 77.22 and 77.27, Stats.

REEB 25.028(2)(i)5. 5. Residential rental practices under ss. ATCP 134.02, 134.06, and 134.09.

REEB 25.028(2)(i)6. 6. Documents and records under ch. REEB 15.

REEB 25.028(2)(i)7. 7. Licensure and supervision of licensees associated with a firm under ch. REEB 17 and s. 452.132, Stats.

REEB 25.028(2)(i)8. 8. Property rights of married persons under ss. 766.31, 766.51, 766.60, and 766.63, Stats.

REEB 25.028(2)(i)9. 9. Mortgage banking under s. 224.71, Stats.

REEB 25.028 History History: CR 15-010: cr. Register September 2015 No. 717, eff. 10-1-15; CR 17-100: renum. (1) (g) (intro.) to (1) (g) and am., r. (1) (g) 1. to 3. Register July 2018 No. 751, eff. 8-1-18; CR 19-128: r. (2) (g) 5. Register January 2021 No. 781, eff. 2-1-21; CR 23-075: am. (intro.), (1) (g), (2) (a) 3. e. to g., i. to L. (d) 2., 4. (intro.), (e) 2., (i) 7. Register August 2024 No. 824, eff. 9-1-24; correction in (2) (i) 7. made under s. 35.17, Stats., Register August 2024 No. 824.

REEB 25.033 REEB 25.033 Salesperson’s pre-license program. An education program for applicants for a real estate salesperson’s license shall consist of 72 hours. The education program shall contain all of the following topics:

REEB 25.033(1) (1) Real property. Instruction relating to real property shall include all of the following:

REEB 25.033(1)(a) (a) Land, real estate and real property.

REEB 25.033(1)(b) (b) The difference between real property and personal property.

REEB 25.033(1)(c) (c) Classification of fixtures.

REEB 25.033(1)(d) (d) Characteristics of real estate.

REEB 25.033(1)(e) (e) Types of home ownership.

REEB 25.033(1)(f) (f) Mobile homes under s. 70.043, Stats.

REEB 25.033 Note Note: Section 70.043, Stats., was repealed by 2023 Wisconsin Act 12.

REEB 25.033(1)(g) (g) Ownership expenses.

REEB 25.033(1)(h) (h) Property features.

REEB 25.033(1)(i) (i) Investment considerations.

REEB 25.033(1)(j) (j) Tax benefits for home ownership.

REEB 25.033(1)(k) (k) Homeowner’s insurance.

REEB 25.033(2) (2) The real estate business. Instruction relating to the real estate business shall include all of the following:

REEB 25.033(2)(a) (a) Real estate specialties.

REEB 25.033(2)(b) (b) The real estate market.

REEB 25.033(2)(c) (c) Factors affecting supply and demand.

REEB 25.033(2)(d) (d) Business cycles.

REEB 25.033(2)(e) (e) Real estate practice under ch. 452, Stats.