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1. Duties owed to parties and clients under s. 452.133, Stats.
2. The requirement for an agency agreement and disclosure of agency under s. 452.135, Stats.
3. Revisions to common law duties and responsibilities under s. 452.139, Stats.
(c) Agency relationship, including all of the following:
1. Multiple representation with designated agency.
2. Multiple representation without designated agency.
3. Single agency.
(d) Business conduct, including all of the following.
1. Direct contact with the public, including all of the following:
a. Competence in area of service under s. REEB 24.03.
b. Tie-in arrangements under s. REEB 24.075.
c. Agreements in writing under s. REEB 24.08.
d. Misleading market values under s. REEB 24.09.
e. Net listings under s. REEB 24.10.
2. Advertising under s. REEB 24.04 and s. 452.136, Stats.
3. Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:
a. Confidentiality.
b. Drafting and submitting offers.
c. Prompt delivery to buyer.
d. Fair presentation of offers.
e. Prompt notification.
4. Disclosure of compensation and interest under s. REEB 24.05 and s. 452.133, Stats., including all of the following:
a. Disclosure of interest.
b. Referral services.
c. Disclosure of profits.
d. Disclosure of licensure.
(e) Consumer protection, including all of the following:
1. Property inspections under s. REEB 24.07 (1) (a).
2. Inquiry by listing licensee under s. REEB 24.07 (1) (b).
3. Disclosure of material adverse facts under s. REEB 24.07 (2).
4. Disclosure of material suggesting adverse material facts under s. REEB 24.07 (3).
5. Disclosure of side agreements under s. REEB 24.07 (4).
6. Reliance upon third parties under s. REEB 24.07 (5).
7. Investigations and inspections under s. 452.23, Stats.
8. Civil liability for misrepresentation.
9. Seller’s disclosure duties under ch. 709, Stats.
(f) Wisconsin fair housing law under s. REEB 24.03 (1), and ss. 66.1011 and 106.50, Stats.
(g) Environmental factors, including all of the following:
1. Underground storage tanks under ch. ATCP 93.
2. Floodplains under s. 87.30, Stats., and ss. NR 116.01 and 116.06.
3. Wetlands under s. 23.32, Stats.
4. Farmland preservation under ss. 91.60 to 91.70, Stats.
(h) Trust accounts and escrows, including all of the following:
1. Trust accounts under s. 452.13, Stats., and ch. REEB 18, including all of the following:
a. Definition of trust account.
b. Interest-bearing and non-interest bearing accounts.
c. Definition of trust funds.
d. When a trust account is required.
e. Depositing of trust funds.
2. Escrow agreement procedures, including all of the following:
a. Escrows requiring separate escrow agreements.
b. Pre-closing earnest money escrows.
c. Post-closing escrows.
d. Escrows not requiring separate escrow agreement.
e. Drafting escrow agreements.
(i) Miscellaneous issues, including all of the following:
1. Condominiums under ss. 703.08, 703.21 and 703.33, Stats.
2. Homestead under ss. 706.01 (7) and 766.605, Stats.
3. Taxes under ss. 74.15, and 74.47 (1) and (2), Stats.
4. Taxation and transfer fees under ss. 77.22 and 77.27, Stats.
5. Residential rental practices under ss. ATCP 134.02, 134.06, and 134.09.
6. Documents and records under ch. REEB 15.
7. Licensure and supervision of licensees associated with a firm under ch. REEB 17 and s. 452.132, Stats.
8. Property rights of married persons under ss. 766.31, 766.51, 766.60, and 766.63, Stats.
9. Mortgage banking under s. 224.71, Stats.
History: CR 15-010: cr. Register September 2015 No. 717, eff. 10-1-15; CR 17-100: renum. (1) (g) (intro.) to (1) (g) and am., r. (1) (g) 1. to 3. Register July 2018 No. 751, eff. 8-1-18; CR 19-128: r. (2) (g) 5. Register January 2021 No. 781, eff. 2-1-21; CR 23-075: am. (intro.), (1) (g), (2) (a) 3. e. to g., i. to L. (d) 2., 4. (intro.), (e) 2., (i) 7. Register August 2024 No. 824, eff. 9-1-24; correction in (2) (i) 7. made under s. 35.17, Stats., Register August 2024 No. 824.
REEB 25.033 Salesperson’s pre-license program. An education program for applicants for a real estate salesperson’s license shall consist of 72 hours. The education program shall contain all of the following topics:
(1) Real property. Instruction relating to real property shall include all of the following:
(a) Land, real estate and real property.
(b) The difference between real property and personal property.
(c) Classification of fixtures.
(d) Characteristics of real estate.
(e) Types of home ownership.
(f) Mobile homes under s. 70.043, Stats.
Note: Section 70.043, Stats., was repealed by 2023 Wisconsin Act 12.
(g) Ownership expenses.
(h) Property features.
(i) Investment considerations.
(j) Tax benefits for home ownership.
(k) Homeowner’s insurance.
(2) The real estate business. Instruction relating to the real estate business shall include all of the following:
(a) Real estate specialties.
(b) The real estate market.
(c) Factors affecting supply and demand.
(d) Business cycles.
(e) Real estate practice under ch. 452, Stats.
(3) Real estate brokerage. Instruction relating to real estate brokerage shall include all of the following:
(a) Law of agency.
(b) Creating and terminating of agency.
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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.