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(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.
(c) Parties to a contract, including all of the following:
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.
(c) Review of forms, including all of the following:
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:
1. Escrows requiring separate escrow agreements.
2. Pre-closing earnest money escrows.
3. Post closing escrows.
4. Escrows not requiring separate escrow agreements.
5. Drafting escrow agreements.
(c) Closing procedures, including all of the following:
1. Licensees are not required by license law to perform closings.
2. Choosing a closing statement.
3. Closing preparation procedures.
4. Setting a closing date.
5. Preparing closing documentation.
6. Closing procedures.
7. Post closing procedures.
(4) Broker management and marketing. Instruction relating to real estate broker management and marketing shall include all of the following:
(a) The legal environment, including all of the following:
1. Requirements for licensure.
2. Liability concerns and risk reduction.
(b) The business plan, including all of the following:
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.