Chapter REEB 25

REEB 25.033(18)(k) (k) Disclosure documents under s. 452.23 and ch. 709, Stats., and s. REEB 24.07.

REEB 25.033(19) (19) Miscellaneous Wisconsin license laws. Instruction relating to miscellaneous Wisconsin license laws shall include all of the following:

REEB 25.033(19)(a) (a) Chapter REEB 15.

REEB 25.033(19)(b) (b) Chapter REEB 16.

REEB 25.033(19)(c) (c) Chapter REEB 17.

REEB 25.033(19)(d) (d) Chapter REEB 18, including all of the following:

REEB 25.033(19)(d)1. 1. Definition of trust account.

REEB 25.033(19)(d)2. 2. Interest-bearing and non-interest bearing accounts.

REEB 25.033(19)(d)3. 3. Definition of trust funds.

REEB 25.033(19)(d)4. 4. When a trust account is required.

REEB 25.033(19)(d)5. 5. Deposit of trust funds.

REEB 25.033(19)(e) (e) Chapter REEB 23.

REEB 25.033(19)(f) (f) Property rights of married persons under ss. 766.31, 766.51, 766.60 and 766.63, Stats.

REEB 25.033(19)(g) (g) Mortgage banking under s. 224.71, Stats.

REEB 25.033(19)(h) (h) Escrow agreement procedures, including all of the following:

REEB 25.033(19)(h)1. 1. Escrows requiring separate escrow agreements.

REEB 25.033(19)(h)2. 2. Pre-closing earnest money escrows.

REEB 25.033(19)(h)3. 3. Post-closing escrows.

REEB 25.033(19)(h)4. 4. Escrows not requiring separate escrow agreement.

REEB 25.033(19)(h)5. 5. Drafting escrow agreements.

REEB 25.033 History History: CR 15-010: cr. Register September 2015 No. 717, eff. 10-1-15; CR 17-100: am. (14) (b) Register July 2018 No. 751, eff. 8-1-18; CR 19-128: r. (18) (j) Register January 2021 No. 781, eff. 2-1-21; CR 23-075: am. (3) (h), (i), (8) (f) 5., 6., 11. to 14., (13) (b) 2., 4. (intro.), (17) (b) Register August 2024 No. 824, eff. 9-1-24.

REEB 25.038 REEB 25.038 Nonresident salesperson education equivalency. An applicant who has held an active real estate salesperson’s license in another licensing jurisdiction within the 2 year period prior to filing an application for a real estate salesperson’s license in this state is deemed to have met the equivalency to the salesperson program education based upon the applicant’s education required to obtain a license in the other licensing jurisdiction and completion of Wisconsin specific education consisting of 13 hours and containing the following content:

REEB 25.038(1) (1) Contracts, including all of the following:

REEB 25.038(1)(a) (a) Law of conveyances, including all of the following:

REEB 25.038(1)(a)1. 1. Conveyance defined under s. 706.01, Stats.

REEB 25.038(1)(a)2. 2. Requirements for a valid conveyance under ss. 706.02 and 706.03, Stats.

REEB 25.038(1)(b) (b) Chapter REEB 16.

REEB 25.038(1)(c) (c) Review of forms approved by the board, including all of the following:

REEB 25.038(1)(c)1. 1. Listing contracts.

REEB 25.038(1)(c)2. 2. Offers to purchase.

REEB 25.038(1)(c)3. 3. Addenda.

REEB 25.038(1)(c)4. 4. Buyer agency agreements.

REEB 25.038(1)(c)5. 5. Counter-offers.

REEB 25.038(1)(c)6. 6. Multiple counter-proposals.

REEB 25.038(1)(c)7. 7. Amendments.

REEB 25.038(1)(c)8. 8. Notices.

REEB 25.038(1)(c)9. 9. Options.

REEB 25.038(1)(c)10. 10. Bills of sale.

REEB 25.038(1)(c)11. 11. Exchanges.

REEB 25.038(1)(c)12. 12. Cancellation agreement and mutual releases.

REEB 25.038(2) (2) Agency, including all of the following:

REEB 25.038(2)(a) (a) Duties owed to parties and clients under s. 452.133, Stats.

REEB 25.038(2)(b) (b) Requirement for an agency agreement and disclosure of agency under s. 452.135, Stats.

REEB 25.038(2)(c) (c) Revisions to common law duties and responsibilities under s. 452.139, Stats.

REEB 25.038(3) (3) Agency relationship, including all of the following:

REEB 25.038(3)(a) (a) Multiple representation with designated agency.

REEB 25.038(3)(b) (b) Multiple representation without designated agency.

REEB 25.038(3)(c) (c) Single agency.

REEB 25.038(4) (4) Business conduct, including all of the following:

REEB 25.038(4)(a) (a) Direct contact with the public, including all of the following:

REEB 25.038(4)(a)1. 1. Competence in area of service under s. REEB 24.03.

REEB 25.038(4)(a)2. 2. Tie-ins under s. REEB 24.075.

REEB 25.038(4)(a)3. 3. Agreements in writing under s. REEB 24.08.

REEB 25.038(4)(a)4. 4. Misleading market values under s. REEB 24.09.

REEB 25.038(4)(a)5. 5. Net listings under s. REEB 24.10.

REEB 25.038(4)(b) (b) Advertising under s. REEB 24.04 and s. 452.136, Stats.

REEB 25.038(4)(c) (c) Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:

REEB 25.038(4)(c)1. 1. Confidentiality.

REEB 25.038(4)(c)2. 2. Drafting and submitting offers.

REEB 25.038(4)(c)3. 3. Prompt delivery to buyer.

REEB 25.038(4)(c)4. 4. Fair presentation of offers.

REEB 25.038(4)(c)5. 5. Prompt notification.

REEB 25.038(4)(d) (d) Disclosure of compensation and interest under s. REEB 24.05 and s. 452.133, Stats., including all of the following:

REEB 25.038(4)(d)1. 1. Disclosure of interest.

REEB 25.038(4)(d)2. 2. Referral services.

REEB 25.038(4)(d)3. 3. Disclosure of profits.

REEB 25.038(4)(d)4. 4. Disclosure of licensure.

REEB 25.038(5) (5) Consumer Protection, including all of the following:

REEB 25.038(5)(a) (a) Property inspections under s. REEB 24.07 (1) (a).

REEB 25.038(5)(b) (b) Inquiry by listing firm under s. REEB 24.07 (1) (b).

REEB 25.038(5)(c) (c) Disclosure of material adverse facts under s. REEB 24.07 (2).

REEB 25.038(5)(d) (d) Disclosure of material suggesting adverse material facts under s. REEB 24.07 (3).

REEB 25.038(5)(e) (e) Disclosure of side agreements under s. REEB 24.07 (4).

REEB 25.038(5)(f) (f) Reliance upon third parties under s. REEB 24.07 (5).

REEB 25.038(5)(g) (g) Investigations and inspections under s. 452.23, Stats.

REEB 25.038(5)(h) (h) Civil liability for misrepresentation.

REEB 25.038(5)(i) (i) Seller’s disclosure duties under ch. 709, Stats.

REEB 25.038(6) (6) Wisconsin fair housing law under s. REEB 24.03 (1),and ss. 66.1011 and 106.50, Stats.

REEB 25.038(7) (7) Environmental factors, including all of the following:

REEB 25.038(7)(a) (a) Underground storage tanks under ch. ATCP 93.

REEB 25.038(7)(b) (b) Floodplains under s. 87.30, Stats., and ss. NR 116.01 and 116.06.

REEB 25.038(7)(c) (c) Wetlands under s. 23.32, Stats.

REEB 25.038(7)(d) (d) Farmland preservation under ss. 91.01 and 91.60 to 91.70, Stats.

REEB 25.038(8) (8) Trust accounts and escrows, including all of the following:

REEB 25.038(8)(a) (a) Trust accounts under s. 452.13, Stats., and ch. REEB 18, including all of the following:

REEB 25.038(8)(a)1. 1. Definition of trust account.

REEB 25.038(8)(a)2. 2. Interest-bearing and non-interest bearing accounts.

REEB 25.038(8)(a)3. 3. Definition of trust funds.

REEB 25.038(8)(a)4. 4. When a trust account is required.