Chapter 452

CHAPTER 452

REAL ESTATE PRACTICE

452.01   Definitions.

452.03   Brokers and salespersons licensed.

452.05   Duties and powers of board.

452.06   Councils and committees.

452.07   Rules.

452.08   Board receipt of proposed legislation.

452.09   Application for license, contents.

452.10   Applications, verification, fees, exceptions.

452.11   Nonresident applicants and licensees.

452.12   Licenses.

452.13   Trust accounts.

452.132   Responsibilities of firms and licensees.

452.133   Duties of licensees; prohibitions.

452.134   Agency relationships; multiple representation relationships.

452.135   Disclosure of duties.

452.136   Advertising by licensees.

452.137   Cooperation with out-of-state brokers and salespersons.

452.138   Firms providing services in more than one transaction.

452.139   Changes in common law duties and liabilities of brokers and parties.

452.14   Investigation and discipline of licensees.

452.142   Actions concerning licensees.

452.15   Ineligibility.

452.17   Penalties.

452.18   Court review.

452.19   Fees and commissions.

452.20   Limitation on actions for commissions.

452.21   Compensation presumed.

452.22   Certifications as evidence.

452.23   Disclosures and inspections by brokers and salespersons.

452.24   Disclosure duty; immunity for providing notice about the sex offender registry.

452.25   Criminal convictions and disclosures.

452.30   Association with firm; independent practice.

452.34   Unlicensed personal assistants.

452.38   Independent contractor relationship.

452.40   Use of forms; provision of legal advice.

452.42   Records retention.

Ch. 452 Cross-reference Cross-reference: See definitions in s. 440.01.

Ch. 452 Cross-reference Cross-reference: See also chs. REEB 11, 12, 15, 16, 17, 18, 23, 24, and 25, Wis. adm. code.

452.01 452.01 Definitions. In this chapter:

452.01(1e) (1e) “Adverse fact” means any of the following:

452.01(1e)(a) (a) A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:

452.01(1e)(a)1. 1. Significantly and adversely affecting the value of the property.

452.01(1e)(a)2. 2. Significantly reducing the structural integrity of improvements to real estate.

452.01(1e)(a)3. 3. Presenting a significant health risk to occupants of the property.

452.01(1e)(b) (b) Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction.

452.01(1m) (1m) “Agency agreement” means a written agreement between a firm and a client in which the client authorizes the firm to provide brokerage services to the client.

452.01(1o) (1o) “Associated with a firm” means to have been engaged by a firm to provide brokerage services to the firm’s clients and customers on behalf of the firm and under the firm’s supervision, including as an employee of the firm or as an independent contractor, or both.

452.01(1p) (1p) “Associated with a subagent” means to be associated with a firm that is engaged as a subagent.

452.01(1s) (1s) “Board” means real estate examining board.

452.01(2) (2) “Broker” means any person not excluded by sub. (3), who does any of the following:

452.01(2)(a) (a) For another person, and for commission, money, or other thing of value, negotiates or offers or attempts to negotiate, whether directly or indirectly, a sale, exchange, purchase, or rental of, or the granting or acceptance of an option to sell, exchange, purchase, or rent, an interest or estate in real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property.

452.01(2)(b) (b) Is engaged wholly or in part in the business of selling or exchanging interests or estates in real estate or businesses, including businesses’ goodwill, inventory, or fixtures, whether or not the business includes real property, to the extent that a pattern of sales or exchanges is established, whether or not the person owns the real estate or businesses. Five sales or exchanges in one year or 10 sales or exchanges in 5 years is presumptive evidence of a pattern of sales or exchanges.

452.01(2)(bm) (bm) For another person, and for commission, money, or other thing of value shows real estate or a business or its inventory or fixtures, whether or not the business includes real property, except that this paragraph does not include showing a property that is offered exclusively for rent.

452.01(2)(c) (c) For another person, and for commission, money, or other thing of value, promotes the sale, exchange, purchase, option, rental, or leasing of real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property. This paragraph does not apply to a person who only publishes or disseminates verbatim information provided by another person.

452.01(2)(d) (d) Issues a written report of property value that is prepared for another person and that is not an appraisal, as defined in s. 458.01 (1).

452.01(3) (3) “Broker” does not include any of the following: