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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:
1. Form of ownership.
2. Start up.
3. Capital budget.
4. Operation budget.
5. Marketing strategies.
(c) Professional services, including all of the following:
1. Attorneys.
2. Accountants.
(d) Operational policies, including all of the following:
1. Policy and procedures manual.
2. Independent contractors agreement.
(5) Financial and office management. Instruction relating to financial and office management shall include all of the following:
(a) Financial management, including all of the following:
1. System of income and expense accounting.
2. Accounts used for handling funds.
3. Bank reconciliations.
4. Financial reports.
(b) Budgeting, including all of the following:
1. Definition of a budget.
2. Purpose of the budget.
3. Comparison of budget income and expenses.
4. Preparing the budget.
(c) Office management under ch. REEB 15 including retention of records.
(6) Personnel. Instruction relating to personnel shall include 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.