Section REEB 16.02 - Definitions Definitions contained in s. REEB 11.02 shall also apply to this chapter. In this chapter:
(1) "Agency agreement" has the meaning given in s. 452.01(1m), Stats. Note: Section 452.01(1m) reads: "Agency agreement" means a written agreement between a broker and a client under s. 452.135(1).
(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.(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.(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.(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.(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.(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.(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.(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.(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.(4m) One-party listing means a written listing contract containing all of the elements of an exclusive right to sell listing, except that listing firm is entitled to a commission only if the property is sold by the owner, by the firm, or by anyone else to a specific party or parties identified in the written listing contract.(5) Use a form means to complete a contractual or conveyance form by filling in the blanks or modifying printed provisions on a form for the purpose of accomplishing the instruction of a party in a specific real estate transaction.Wis. Admin. Code Real Estate Examining Board REEB 16.02
Cr. Register, March, 1986, No. 363, eff. 4-1-86; r. (2), renum. (3) to be (5), cr. (2) to (4), Register, July, 1998, No. 511, eff. 8-1-98; correction in (1) made under s. 13.92(4) (b) 6, 7., Stats., Register November 2011 No. 671; CR 13-073: cr. (intro.), renum. (1) to (1e), cr. (1), (1m), (2e) to (2s), am. (3), cr. (3m), (4m) Register May 2014 No. 701, eff. 7-1-14; correction in (2s) made under s. 35.17, Stats., Register May 2014 No. 701.Amended by, EmR1620: emerg. am. (1m), (2e) to (5), eff. 7-1-16; CR 16-042: am. (1m), (2e) to (5) Register February 2017 No. 734, eff. 3/1/2017