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1. Underground storage tanks, including registration and closure.
2. Asbestos.
3. Radon.
4. Lead-based paint.
5. Procedures for high risk properties.
6. Wetlands and floodplain.
(f) Education buyers and sellers, including all of the following:
1. Property inspection and disclosing of defects.
2. Earnest money procedures.
3. Licensees’ responsibilities and expertise.
4. Utilizing third party experts.
(9) Specialty areas. Instruction relating to real estate specialty areas shall include all of the following:
(a) Property management, including all of the following:
1. Management contracts.
2. Insurance liability.
3. Security deposits.
4. Breach of lease.
5. Property inspections.
6. Tenant and landlord rights and obligations under ch. ATCP 134.
7. Rules regarding negotiating leases.
(b) Business opportunities, including all of the following:
1. Special expertise and licensing requirements under s. REEB 24.03.
2. Approved forms.
(c) Selling specialized properties as a brokerage activity.
(d) Alternative marketing methods, including all of the following:
1. Exchanges.
2. Installment sales.
3. Cooperatives.
(e) Mortgage banking, including all of the following:
1. Definitions of mortgage banker, loan originator and loan solicitor.
2. When separate registration is needed.
3. Real Estate Settlement Procedures Act.
(f) Real estate appraisal.
(g) Farms.
(h) Auctions.
(i) Mobile homes.
(j) Time-Share, including familiarity with ch. 707, Stats., when selling time-shares.
(10) Notifying the department. Instruction relating to notifying the department shall include all of the following:
(a) Change of name, address or trade name under ch. REEB 23.
(b) Criminal conviction under s. 440.03 (13) (am), Stats.
History: CR 15-010: cr. Register September 2015 No. 717, eff. 10-1-15; CR 17-100: r. (4) (a) 3. Register July 2018 No. 751, eff. 8-1-18; CR 23-075: am. (2) (c) 1. to 10., (6) (d), (7) (d) (intro.), (f) 1., (g) 1., r. (7) (h) Register August 2024 No. 824, eff. 9-1-24.
REEB 25.028 Nonresident broker education equivalency. An applicant who has held an active real estate broker’s license in another licensing jurisdiction within the 2 year period prior to filing an application for a real estate broker’s license in this state is deemed to have met the equivalency to the business management and salesperson program education based upon the applicant’s education required to obtain a license in the other licensing jurisdiction and the completion of Wisconsin specific education consisting of all of the following:
(1) Business management education consisting of 6 hours, including all of the following:
(a) Broker-only contracts and contract issues, including all of the following:
1. Reynolds v. Dinger, 14 Wis. 2d 193.
2. State bar forms under s. REEB 16.03 (1).
3. Uniform commercial code forms under s. REEB 16.03 (1).
4. Forms used in other states.
5. Developing forms and contingency manual.
6. Supervising salesperson’s use of approved forms.
7. Commercial real estate broker’s commission under s. 779.32, Stats.
(b) Agency relationships, including all of the following:
1. Multiple representation with designated agency.
2. Multiple representation without designated agency.
3. Single agency.
(c) Disclosure, including all of the following:
1. Property inspections.
2. “As-is” sales.
3. Optional disclosure.
(d) Trust accounts under ch. REEB 18, including all of the following:
1. When is a trust account required.
2. Registering a trust account.
3. Procedure to open a trust account.
4. Authorization to sign trust account checks.
5. Deposit of trust funds.
6. Disbursement of trust funds.
7. Bookkeeping system.
8. Closing a trust account.
(e) Notifying the department, including all of the following:
1. Change of name, address or trade name under ch. REEB 23.
2. Criminal conviction under s. 440.03 (13) (am), Stats.
(f) Wisconsin fair housing law under s. REEB 24.03 (1), and ss. 66.1011 and 106.50, Stats.
(g) Licensees associated with a firm under ch. REEB 17 and s. 452.132, Stats.
(2) Salesperson education consisting of 13 hours, including all of the following:
(a) Contracts, including all of the following:
1. Law of conveyances, including all of the following:
a. Conveyance defined under s. 706.01, Stats.
b. Requirements for a valid conveyance under ss. 706.02, and 706.03, Stats.
2. Chapter REEB 16.
3. Review of forms approved by the board, including all of the following:
a. Listing contracts.
b. Offers to purchase.
c. Addenda.
d. Buyer agency agreements.
e. Counter-offers.
f. Multiple counter-proposals.
g. Amendments.
h. Notices.
i. Options.
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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.