Chapter REEB 25

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.

REEB 25.023(6)(b) (b) Policy manual, including all of the following:

REEB 25.023(6)(b)1. 1. Purpose.

REEB 25.023(6)(b)2. 2. Recommended content.

REEB 25.023(6)(b)3. 3. Maintenance.

REEB 25.023(6)(b)4. 4. Access.

REEB 25.023(6)(c) (c) Training.

REEB 25.023(6)(d) (d) Licensure and supervision of licensees associated with a firm under s. 452.132, Stats., and ch. REEB 17.

REEB 25.023(7) (7) Business ethics. Instruction relating to real estate business ethics shall include all of the following:

REEB 25.023(7)(a) (a) Dealing with the public, including all of the following:

REEB 25.023(7)(a)1. 1. Avoiding discrimination as required under s. REEB 24.03 (1).

REEB 25.023(7)(a)2. 2. Competence in the area of service under s. REEB 24.03 (2).

REEB 25.023(7)(a)3. 3. Legal counsel are not to be discouraged under s. REEB 24.06.

REEB 25.023(7)(a)4. 4. Tie-in arrangements under s. REEB 24.075.

REEB 25.023(7)(a)5. 5. Agreements in writing under s. REEB 24.08.

REEB 25.023(7)(a)6. 6. Misleading market values under s. REEB 24.09.

REEB 25.023(7)(a)7. 7. No net listings under s. REEB 24.10.

REEB 25.023(7)(b) (b) Advertising, including all of the following:

REEB 25.023(7)(b)1. 1. False advertisements.

REEB 25.023(7)(b)2. 2. Disclosure to the public.

REEB 25.023(7)(b)3. 3. Obtain permission.

REEB 25.023(7)(b)4. 4. Advertised price.

REEB 25.023(7)(c) (c) Offers under ss. REEB 24.12 and 24.13, including all of the following:

REEB 25.023(7)(c)1. 1. Confidentiality.

REEB 25.023(7)(c)2. 2. Drafting and submitting all offers.

REEB 25.023(7)(c)3. 3. Submitting promptly.

REEB 25.023(7)(c)4. 4. Presenting fairly.

REEB 25.023(7)(c)5. 5. Prompt notification.

REEB 25.023(7)(d) (d) Disclosure of compensation and interest under s. REEB 24.05 and s. 452.133, Stats., including all of the following:

REEB 25.023(7)(d)1. 1. Disclosure of profits.

REEB 25.023(7)(d)2. 2. Disclosure of intent.

REEB 25.023(7)(d)3. 3. Property owned by licensee.

REEB 25.023(7)(d)4. 4. Referral of service.

REEB 25.023(7)(d)5. 5. Compensation from more than one party.

REEB 25.023(7)(e) (e) Disclosure under s. REEB 24.07, including all of the following:

REEB 25.023(7)(e)1. 1. Material facts.

REEB 25.023(7)(e)2. 2. Material adverse facts.

REEB 25.023(7)(e)3. 3. Property inspection.

REEB 25.023(7)(e)4. 4. Agency.

REEB 25.023(7)(e)5. 5. “As-is” sales.

REEB 25.023(7)(e)6. 6. Optional disclosure.

REEB 25.023(7)(f) (f) Dealings with fellow licensees, including all of the following:

REEB 25.023(7)(f)1. 1. Negotiations through a listing firm under s. REEB 24.13 (5).

REEB 25.023(7)(f)2. 2. Obtaining a seller’s permission for subagent under s. REEB 24.07 (8) (b) 2.

REEB 25.023(7)(f)3. 3. Confidentiality of offer under s. REEB 24.12.

REEB 25.023(7)(f)4. 4. Disclosing material adverse facts under s. REEB 24.07 (2).

REEB 25.023(7)(f)5. 5. False information under s. REEB 24.07 (3).

REEB 25.023(7)(f)6. 6. Disclosing buyer agent and seller subagent under s. REEB 24.07 (8).

REEB 25.023(7)(g) (g) Dealings with licensee and salespeople, including all of the following:

REEB 25.023(7)(g)1. 1. Licensee supervision under s. 452.132, Stats.

REEB 25.023(7)(g)2. 2. Office supervision under s. 452.132, Stats.