Chapter REEB 16

APPROVED FORMS AND LEGAL ADVICE

REEB 16.01   Authority.

REEB 16.02   Definitions.

REEB 16.03   Approved forms.

REEB 16.04   When to utilize approved forms.

REEB 16.05   Legal advice and practice of law.

REEB 16.06   How to use approved forms.

REEB 16.07   Violation of this chapter.

Ch. REEB 16 Note Note: Chapter RL 16 as it existed on March 31, 1986 was repealed and a new chapter RL 16 was created, effective April 1, 1986. Chapter RL 16 was renumbered chapter REEB 16 under s. 13.92 (4) (b) 1., Stats., Register November 2011 No. 671.

REEB 16.01 REEB 16.01 Authority. The rules in this chapter are adopted pursuant to ss. 227.11 (2), 452.05 (1) (b), 452.07, and 452.14 (3) (m), Stats.

REEB 16.01 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; correction made under s. 13.93 (2m) (b) 7, Stats., Register, May, 1988, No. 389.

REEB 16.02 REEB 16.02 Definitions. Definitions contained in s. REEB 11.02 shall also apply to this chapter. In this chapter:

REEB 16.02(1) (1) “Agency agreement” has the meaning given in s. 452.01 (1m), Stats.

REEB 16.02 Note Note: Section 452.01 (1m) reads: “Agency agreement” means a written agreement between a broker and a client under s. 452.135 (1).

REEB 16.02(1e) (1e) “Approved form” means a contractual or conveyance form which is either prepared and approved by the board, pursuant to s. 452.05 (1) (b), Stats., or approved in s. REEB 16.03.

REEB 16.02(1m) (1m) “Buyer agency/tenant representation agreement” means a written agency agreement authorizing a firm to provide brokerage services to the client for the procurement of an interest in property and providing the terms whereby the firm may earn a commission.

REEB 16.02(2) (2) “Exclusive agency listing” means a written listing agreement containing all of the elements of an exclusive right to sell listing, except that the owner retains the right to sell the property himself or herself without owing the listing broker a commission.

REEB 16.02(2e) (2e) “Exclusive right to locate buyer agency/tenant representation agreement” means a written buyer agency/tenant representation agreement giving the firm the exclusive right to locate an interest in property for the client.

REEB 16.02(2m) (2m) “Exclusive right to locate and negotiate buyer agency/tenant representation agreement” means a written buyer agency/tenant representation agreement giving the firm the exclusive right to locate an interest in property and to negotiate the procurement of an interest in property for the client.

REEB 16.02(2s) (2s) “Exclusive right to negotiate buyer agency/tenant representation agreement” means a written buyer agency/tenant representation agreement giving the firm the exclusive right to negotiate the procurement of an interest in a property for the client.

REEB 16.02(3) (3) “Exclusive right to sell listing” means a written listing contract making a firm the exclusive agent for the sale of property for a specific period of time, and which entitles the listing firm to a commission if the property is sold by the owner, by the firm, or by anyone else.

REEB 16.02(3m) (3m) “Listing contract” means a written agency agreement authorizing a firm to provide brokerage services to the client for the sale or rental of property and providing the terms whereby the broker may earn a commission.

REEB 16.02(4) (4) “Open listing” means a written listing agreement, which may be given to any number of firms, with the first firm to secure a buyer under the terms of the listing agreement earning the commission.