Chapter REEB 25

REEB 25.023(1)(i)1. 1. Conveyance defined.

REEB 25.023(1)(i)2. 2. Requirements for a valid conveyance.

REEB 25.023(1)(j) (j) Agreement to arbitrate real estate transaction disputes under s. 788.015, Stats.

REEB 25.023(1)(k) (k) Commercial real estate commission lien under s. 779.32, Stats.

REEB 25.023(2) (2) Approved forms. Instruction relating to real estate approved forms shall include all of the following:

REEB 25.023(2)(a) (a) The forms approval process, including all of the following:

REEB 25.023(2)(a)1. 1. Forms committee.

REEB 25.023(2)(a)2. 2. Real estate examining board.

REEB 25.023(2)(a)3. 3. Department of safety and professional services.

REEB 25.023(2)(b) (b) The authorized practice of law, including all of the following:

REEB 25.023(2)(b)1. 1. Reynolds v. Dinger, 14 Wis. 2d 193.

REEB 25.023(2)(b)2. 2. Chapter REEB 16.

REEB 25.023(2)(c) (c) Review of forms, including all of the following:

REEB 25.023(2)(c)1. 1. Listing contracts for sale.

REEB 25.023(2)(c)2. 2. Offers.

REEB 25.023(2)(c)3. 3. Counter-offers.

REEB 25.023(2)(c)4. 4. Amendments.

REEB 25.023(2)(c)5. 5. Buyer agency agreements.

REEB 25.023(2)(c)6. 6. Listing contracts for lease.

REEB 25.023(2)(c)7. 7. Options.

REEB 25.023(2)(c)8. 8. Bills of sale.

REEB 25.023(2)(c)9. 9. Exchanges.

REEB 25.023(2)(c)10. 10. Cancellation agreement and mutual releases.

REEB 25.023(2)(c)11. 11. State bar forms under s. REEB 16.03 (1).

REEB 25.023(2)(c)12. 12. Uniform commercial code forms.

REEB 25.023(2)(c)13. 13. Forms used in other states.

REEB 25.023(2)(d) (d) Developing a form and contingency manual.

REEB 25.023(2)(e) (e) Supervising salesperson’s use of approved forms.

REEB 25.023(3) (3) Trust accounts, escrow, closing statement. Instruction relating to real estate trust accounts, escrow and closing statement shall include all of the following:

REEB 25.023(3)(a) (a) Trust accounts under ch. REEB 18, including all of the following:

REEB 25.023(3)(a)1. 1. Trust account definition.

REEB 25.023(3)(a)2. 2. Trust funds definition.

REEB 25.023(3)(a)3. 3. When is a trust account required.

REEB 25.023(3)(a)4. 4. Registering a trust account.

REEB 25.023(3)(a)5. 5. Procedure to open a trust account.

REEB 25.023(3)(a)6. 6. Authorization to sign trust account checks.

REEB 25.023(3)(a)7. 7. Depositing of trust funds.

REEB 25.023(3)(a)8. 8. Disbursement of trust funds.

REEB 25.023(3)(a)9. 9. Bookkeeping system.

REEB 25.023(3)(a)10. 10. Closing a trust account.

REEB 25.023(3)(b) (b) Escrow agreement procedures, including all of the following:

REEB 25.023(3)(b)1. 1. Escrows requiring separate escrow agreements.

REEB 25.023(3)(b)2. 2. Pre-closing earnest money escrows.

REEB 25.023(3)(b)3. 3. Post closing escrows.

REEB 25.023(3)(b)4. 4. Escrows not requiring separate escrow agreements.

REEB 25.023(3)(b)5. 5. Drafting escrow agreements.

REEB 25.023(3)(c) (c) Closing procedures, including all of the following:

REEB 25.023(3)(c)1. 1. Licensees are not required by license law to perform closings.

REEB 25.023(3)(c)2. 2. Choosing a closing statement.

REEB 25.023(3)(c)3. 3. Closing preparation procedures.

REEB 25.023(3)(c)4. 4. Setting a closing date.

REEB 25.023(3)(c)5. 5. Preparing closing documentation.

REEB 25.023(3)(c)6. 6. Closing procedures.

REEB 25.023(3)(c)7. 7. Post closing procedures.

REEB 25.023(4) (4) Broker management and marketing. Instruction relating to real estate broker management and marketing shall include all of the following:

REEB 25.023(4)(a) (a) The legal environment, including all of the following:

REEB 25.023(4)(a)1. 1. Requirements for licensure.

REEB 25.023(4)(a)2. 2. Liability concerns and risk reduction.

REEB 25.023(4)(b) (b) The business plan, including all of the following:

REEB 25.023(4)(b)1. 1. Form of ownership.

REEB 25.023(4)(b)2. 2. Start up.

REEB 25.023(4)(b)3. 3. Capital budget.

REEB 25.023(4)(b)4. 4. Operation budget.

REEB 25.023(4)(b)5. 5. Marketing strategies.

REEB 25.023(4)(c) (c) Professional services, including all of the following:

REEB 25.023(4)(c)1. 1. Attorneys.

REEB 25.023(4)(c)2. 2. Accountants.

REEB 25.023(4)(d) (d) Operational policies, including all of the following:

REEB 25.023(4)(d)1. 1. Policy and procedures manual.

REEB 25.023(4)(d)2. 2. Independent contractors agreement.

REEB 25.023(5) (5) Financial and office management. Instruction relating to financial and office management shall include all of the following:

REEB 25.023(5)(a) (a) Financial management, including all of the following:

REEB 25.023(5)(a)1. 1. System of income and expense accounting.

REEB 25.023(5)(a)2. 2. Accounts used for handling funds.

REEB 25.023(5)(a)3. 3. Bank reconciliations.

REEB 25.023(5)(a)4. 4. Financial reports.

REEB 25.023(5)(b) (b) Budgeting, including all of the following:

REEB 25.023(5)(b)1. 1. Definition of a budget.

REEB 25.023(5)(b)2. 2. Purpose of the budget.

REEB 25.023(5)(b)3. 3. Comparison of budget income and expenses.

REEB 25.023(5)(b)4. 4. Preparing the budget.

REEB 25.023(5)(c) (c) Office management under ch. REEB 15 including retention of records.

REEB 25.023(6) (6) Personnel. Instruction relating to personnel shall include all of the following:

REEB 25.023(6)(a) (a) Hiring, including all of the following:

REEB 25.023(6)(a)1. 1. Agents.

REEB 25.023(6)(a)2. 2. Personal assistants.

REEB 25.023(6)(a)3. 3. The difference between employee and independent contractor.

REEB 25.023(6)(a)4. 4. Equal opportunity.

REEB 25.023(6)(a)5. 5. Workers’ compensation.