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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.
(c) Fiduciary duties.
(d) Responsibilities to third parties.
(e) Broker’s and salesperson’s compensation.
(f) Antitrust laws.
(g) The difference between independent contractor and employee.
(h) Firm-to-firm relationships.
(i) Licensee-to-licensee relationships.
(j) Agency, including all of the following:
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.
(k) Agency relationship, including all of the following:
1. Multiple representation with designated agency.
2. Multiple representation without designated agency.
3. Single agency.
(4) Listing agreements. Instruction relating to real estate listing agreements shall include all of the following:
(a) Listing property.
(b) Listing agreements under ch. REEB 16.
(c) Special listing provisions.
(d) Terminating listings.
(e) Obtaining listings.
(f) Pricing the property.
(g) Disclosures.
(h) Home warranties.
(5) Interests in real estate. Instruction relating to interests in real estate shall include all of the following:
(a) Government powers.
(b) Estates in land.
(c) Encumbrances.
(d) Water rights.
(e) Forms of ownership.
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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.