Chapter REEB 25

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.

REEB 25.033(3) (3) Real estate brokerage. Instruction relating to real estate brokerage shall include all of the following:

REEB 25.033(3)(a) (a) Law of agency.

REEB 25.033(3)(b) (b) Creating and terminating of agency.

REEB 25.033(3)(c) (c) Fiduciary duties.

REEB 25.033(3)(d) (d) Responsibilities to third parties.

REEB 25.033(3)(e) (e) Broker's and salesperson's compensation.

REEB 25.033(3)(f) (f) Antitrust laws.

REEB 25.033(3)(g) (g) The difference between independent contractor and employee.

REEB 25.033(3)(h) (h) Firm-to-firm relationships.

REEB 25.033(3)(i) (i) Licensee-to-licensee relationships.

REEB 25.033(3)(j) (j) Agency, including all of the following:

REEB 25.033(3)(j)1. 1. Duties owed to parties and clients under s. 452.133, Stats.

REEB 25.033(3)(j)2. 2. The requirement for an agency agreement and disclosure of agency under s. 452.135, Stats.

REEB 25.033(3)(j)3. 3. Revisions to common law duties and responsibilities under s. 452.139, Stats.

REEB 25.033(3)(k) (k) Agency relationship, including all of the following:

REEB 25.033(3)(k)1. 1. Multiple representation with designated agency.

REEB 25.033(3)(k)2. 2. Multiple representation without designated agency.

REEB 25.033(3)(k)3. 3. Single agency.

REEB 25.033(4) (4) Listing agreements. Instruction relating to real estate listing agreements shall include all of the following:

REEB 25.033(4)(a) (a) Listing property.

REEB 25.033(4)(b) (b) Listing agreements under ch. REEB 16.

REEB 25.033(4)(c) (c) Special listing provisions.

REEB 25.033(4)(d) (d) Terminating listings.

REEB 25.033(4)(e) (e) Obtaining listings.

REEB 25.033(4)(f) (f) Pricing the property.

REEB 25.033(4)(g) (g) Disclosures.

REEB 25.033(4)(h) (h) Home warranties.

REEB 25.033(5) (5) Interests in real estate. Instruction relating to interests in real estate shall include all of the following:

REEB 25.033(5)(a) (a) Government powers.

REEB 25.033(5)(b) (b) Estates in land.

REEB 25.033(5)(c) (c) Encumbrances.

REEB 25.033(5)(d) (d) Water rights.

REEB 25.033(5)(e) (e) Forms of ownership.

REEB 25.033(5)(f) (f) Trusts.

REEB 25.033(5)(g) (g) Ownership by business organizations.

REEB 25.033(5)(h) (h) Cooperatives.

REEB 25.033(5)(i) (i) Time-shares under ss. 70.095, 707.02, 707.05, 707.40, 707.47, and 707.49, Stats.

REEB 25.033(5)(j) (j) Condominiums under ss. 703.08, 703.21 and 703.33, Stats.

REEB 25.033(5)(k) (k) Homestead under ss. 706.01 (7) and 766.605, Stats.

REEB 25.033(6) (6) Legal descriptions. Instruction relating to real estate legal descriptions shall include all of the following:

REEB 25.033(6)(a) (a) Methods of describing real estate.

REEB 25.033(6)(b) (b) Land units and measurements.

REEB 25.033(7) (7) Taxes and other liens. Instruction relating to taxes and other liens shall include all of the following:

REEB 25.033(7)(a) (a) Liens.

REEB 25.033(7)(b) (b) Tax liens.

REEB 25.033(7)(c) (c) General tax assessment, equalization, and tax bills.