452.01 Definitions. In this chapter: (1e) “Adverse fact” means any of the following: (a) A condition or occurrence that is generally recognized by a competent licensee as doing any of the following: 1. Significantly and adversely affecting the value of the property. 2. Significantly reducing the structural integrity of improvements to real estate. 3. Presenting […]
452.03 Brokers and salespersons licensed. (1) Except as provided in s. 452.137, no person may engage in or follow the business or occupation of, or advertise or hold himself or herself out as, or act temporarily or otherwise as a broker or salesperson without a license issued under this chapter. The board may grant a […]
452.05 Duties and powers of board. (1) In addition to the other duties and responsibilities of the board under this chapter, the board shall advise the secretary on matters relating to real estate practice and shall: (a) Grant and issue licenses to individuals and business entities to act as brokers and to individuals to act […]
452.06 Councils and committees. (1) (a) The board shall create a council on forms that shall meet when directed by the board, be chaired by a member of the board, and report to the board. (b) Any proposed change in a form relating to real estate practice shall be referred to the council on forms […]
452.07 Rules. (1) The board shall promulgate rules for the guidance of the real estate profession and define professional conduct and unethical practice. (1m) The board may promulgate rules regarding the supervisory responsibilities of brokers under s. 452.132. (3) The board may promulgate rules regarding advertising by brokers or salespersons that do not conflict with […]
452.08 Board receipt of proposed legislation. The secretary shall submit to the board in writing any legislation proposed by the department relating to licensees or the board prior to introduction in the legislature. History: 1981 c. 94.
452.09 Application for license, contents. (1) Form of application. Any person desiring to act as a broker or salesperson shall submit to the board an application for a license. The application shall be in such form as the board prescribes and shall include the following: (a) The kind of license desired. (b) The name and […]
452.10 Applications, verification, fees, exceptions. (1) An application shall be verified by the applicant. If made by a business entity it shall be verified by a business representative that is a licensed individual broker or a licensed broker business entity and that is acting as a business representative for the business entity. (2) (a) Each […]
452.11 Nonresident applicants and licensees. (1) A nonresident may become a broker or salesperson by conforming to all the provisions of this chapter. (3) Every nonresident applicant, and every resident licensee who becomes a nonresident, shall file with the board an irrevocable consent that actions may be commenced against the applicant or licensee in the […]
452.12 Licenses. (1) Expiration. A license granted by the board entitles the holder to act as a broker or salesperson, as the case may be, until the applicable renewal date specified under s. 440.08 (2) (a). (2) Business entities. (a) A broker’s license may be issued to a business entity if the business entity has […]
452.13 Trust accounts. (1) Definitions. In this section: (a) “Client funds” means all downpayments, earnest money deposits, or other money related to a conveyance of real estate that is received by a licensee on behalf of a firm or any other person. “Client funds” does not include promissory notes. (b) “Depository institution” means a bank, […]
452.132 Responsibilities of firms and licensees. (1) A firm shall supervise the brokerage service activities of each licensee associated with the firm, including by doing all of the following: (a) Ensuring that a supervising broker for the firm complies with sub. (4). (b) Providing a licensee with reasonable access to a supervising broker for the […]
452.133 Duties of licensees; prohibitions. (1) Duties to all parties to a transaction. A firm providing brokerage services to a party to a transaction owes all of the following duties to the party: (a) The duty to provide brokerage services honestly and fairly. (b) The duty to provide brokerage services with reasonable skill and care. […]
452.134 Agency relationships; multiple representation relationships. (1) Agency relationship not required. (a) Subject to par. (b), a firm and any licensees associated with the firm may provide brokerage services to any party, whether or not the firm has entered into an agency agreement with a party or the firm has been engaged to provide brokerage […]
452.135 Disclosure of duties. (1) (a) No firm, and no licensee associated with a firm, may negotiate on behalf of a party who is not the firm’s client unless the firm, or a licensee associated with the firm, provides to the party a copy of the following written disclosure statement: DISCLOSURE TO CUSTOMERS You are […]
452.136 Advertising by licensees. (1) False advertising. A licensee may not advertise in a manner that is false, deceptive, or misleading. (2) Disclosure of name. (a) Except for advertisements for the rental of real estate owned by the licensee, a licensee shall in all advertising disclose the firm’s name exactly as printed on the license […]
452.137 Cooperation with out-of-state brokers and salespersons. (1) Definitions. In this section: (am) Notwithstanding s. 452.01 (1m), “agency agreement” includes a written agreement between an out-of-state broker and a client in which the client authorizes the out-of-state broker to provide brokerage services to the client. (cm) 1. “Commercial transaction” means a transaction concerning any real […]
452.138 Firms providing services in more than one transaction. A firm may provide brokerage services simultaneously to more than one party in different transactions, unless the firm agrees with a client that the firm is to provide brokerage services only to that client. If the firm and a client agree that the firm is to […]
452.139 Changes in common law duties and liabilities of brokers and parties. (1) Common law duties of firms. The duties of a firm specified in this chapter or in rules promulgated under this chapter shall supersede duties or obligations under common law to the extent that those common law duties or obligations are inconsistent with […]
452.14 Investigation and discipline of licensees. (1) The board shall, upon motion of the secretary or his or her designee or upon its own determination, conduct investigations and, as appropriate, may hold hearings and make findings, if the board or the department receives credible information that a broker or salesperson has violated this chapter or […]
