Section 9. REEB 12.011 (1) (am) and (1m) is created to read:
REEB 12.011 (1) (am) A fee in the amount of $68.00.
(1m) The fee under sub. (1) (am) may be applied to the application fee under s. REEB 12.01 (4) if the individual applies for a real estate broker or salesperson license within 1 year of the determination decision. Section 10. Chapter REEB 15 (title) is amended to read: BROKER’S OBLIGATION TO FURNISH COPIES AND MAINTAIN RECORDS
Section 11. REEB 15.02 (1), (2) (intro.) and (3) are amended to read:
REEB 15.02 Copies of documents (1) A broker or salesperson licensee shall promptly provide an exact and complete copy of any document utilized, prepared, or received by the licensee in real estate practice to any person who has signed the document.
(2) A broker or salesperson licensee shall promptly distribute to the following persons exact and complete copies of offers to purchase, amendments to contracts of sale, counter-offers, exchange agreements, or grants of option which have been accepted and signed by all the parties:
(3) A broker or salesperson shall promptly distribute an exact and complete copy of a lease or rental agreement which has been accepted and signed by all parties to the tenant upon execution of the lease or rental agreement when the tenant leases the property and to the landlord upon the landlord’s request.
Section 12. REEB 15.02 (4) is created to read:
REEB 15.02 (4) A broker or salesperson shall promptly distribute an exact and complete copy of a listing contract or agency agreement that has been accepted and signed by all parties to the client when the client signs an agency agreement.
Section 13. REEB 15.03 is repealed.
Section 14. REEB 15.04 is renumbered 15.04 (1) and amended to read:
REEB 15.04 Retention of records.
(1) A broker firm shall retain for at least 3 2 years, unless required by federal law or there is an active or ongoing investigation by the Board, exact and complete copies of all listing contracts, agency agreements, offers to purchase, leases, closing statements, deposit receipts, cancelled checks, trust account records and other documents or correspondence utilized, received or prepared by the broker in connection with any transaction. The retention period shall run from the date of closing of the transaction or, if the transaction has not been consummated, from the date of the listing contract or the agency agreement is terminated. The broker shall make these These records shall be available for inspection and copying by the board. If the records are retained outside this state, the broker The firm shall, upon request of the board, promptly send exact and complete copies to the department without charge to the department or board. The board may not require copies to be submitted beyond the retention period. Electronic or digital means may be used to retain records.
Section 15. REEB 15.04 (2) is created to read:
REEB 15.04 (2) A licensee associated with a firm shall submit documents and records related to transactions that are utilized, prepared, or receive by the licensee to the firm in a timely manner.
Section 16. REEB 16.02 (1m) (2e) to (5) are amended to read:
REEB 16.02 (1m) “Buyer agency/tenant representation agreement” means a written agency agreement authorizing a broker firm to provide brokerage services to the client for the procurement of an interest in property and providing the terms whereby the broker firm may earn a commission.
(2e) “Exclusive right to locate buyer agency/tenant representation agreement” means a written buyer agency/tenant representation agreement giving the broker firm the exclusive right to locate an interest in property for the client.
(2m) “Exclusive right to locate and negotiate buyer agency/tenant representation agreement” means a written buyer agency/tenant representation agreement giving the broker firm the exclusive right to locate an interest in property and to negotiate the procurement of an interest in property for the client.
(2s) “Exclusive right to negotiate buyer agency/tenant representation agreement” means a written buyer agency/tenant representation agreement giving the broker firm the exclusive right to negotiate the procurement of an interest in a property for the client.
(3) “Exclusive right to sell listing” means a written listing contract making a broker firm the exclusive agent for the sale of property for a specific period of time, and which entitles the listing broker firm to a commission if the property is sold by the owner, by the broker firm, or by anyone else.
(3m) “Listing contract” means a written agency agreement authorizing a broker firm to provide brokerage services to the client for the sale or rental of property and providing the terms whereby the broker may earn a commission.
(4) “Open listing” means a written listing agreement, which may be given to any number of brokers firms, with the first broker firm to secure a buyer under the terms of the listing agreement earning the commission.
(4m) “One-party listing” means a written listing contract containing all of the elements of an exclusive right to sell listing, except that listing broker firm is entitled to a commission only if the property is sold by the owner, by the broker firm, or by anyone else to a specific party or parties identified in the written listing contract.
(5) “Use a form” means to complete a contractual or conveyance form by filling in the blanks or modifying printed provisions on a form for the purpose of accomplishing the intent instruction of a party in a specific real estate transaction.
Section 17. REEB 16.03 (1) (intro.), (d) and (e) are amended to read:
REEB 16.03 (1) In addition to forms prepared and approved by the board pursuant to s. 452.05 (1) (b), Stats., the board approves the following forms for use by brokers licensees: (d) Forms prepared by governmental, quasi-governmental, and tribal agencies for use in programs administered by them under authority provided by law.
(e) Forms to be used for a property management agreement between a broker firm and a landlord, prepared by the broker entering into the agreement, an attorney, or the landlord, that contain provisions relating to leasing, managing, marketing, and overall management of the landlord’s property.
Section 18. REEB 16.04 (2) is amended to read:
REEB 16.04 (2) For those kinds of real estate or business opportunity transactions for which the board has not approved contractual forms, a licensee, when acting as an agent or a party, may use contractual forms drafted by a party or an attorney, if the name of the drafter is imprinted on the form before use by a licensee. For the purpose of this subsection, a listing broker firm is a party to the listing contract transaction.
Section 19. REEB 16.06 (1) (c), (4) (a) and (8) are amended to read:
REEB 16.06 (1) (c) Shall indicate that the form is reproduced by the licensee’s firm, stating its address and telephone number at an appropriate place on the form.
(4) (a) The addendum has been prepared by the broker firm or an attorney who is identified on the addendum.
(8) A licensee shall use approved forms and prepare addenda in such a manner as to adequately accomplish the contractual intent instruction of the person for whom the licensee uses the forms and prepares the addenda.
Section 20. Chapter REEB 17 (title) is repealed and recreated to read:
LICENSEES ASSOCIATED WITH A FIRM
Section 21. REEB 17.02 and 17.025 are repealed.
Section 22. REEB 17.03 (title) is amended to read:
REEB 17.03 Limitations on employees of a broker licensees associated with a firm.
Section 23. REEB 17.03 (1) is repealed.
Section 24. REEB 17.03 (2) is amended to read:
REEB 17.03 (2) A licensee who is employed by a broker-employer associated with a firm may personally employ or engage as independent contractors licensed persons only as unlicensed personal assistants within the meaning of s. REEB 17.02 (5) 452.34(1), Stats., subject to the provisions in s. REEB 17.12 452.34, Stats. Section 25. REEB 17.03 (3) is repealed and recreated to read:
REEB 17.03 (3) A broker shall be associated with only one firm unless the broker is engaging in independent practice under s. 452.30 (6) (a) or acting as business representative for a licensed business entity under s. 452.12 (2) (a). Section 26. REEB 17.03 (4) is amended to read:
REEB 17.03 (4) A salesperson or time-share salesperson may engage in real estate practice only when employed by a broker associated with a firm.
Section 27. REEB 17.04 to 17.12 are repealed.
Section 28. REEB 18.02 (2) is repealed.
