Wis. Admin. Code Real Estate Examining Board REEB 25.028

Current through November 25, 2024

Section REEB 25.028 - Nonresident broker education equivalency

An applicant who has held an active real estate broker's license in another licensing jurisdiction within the 2 year period prior to filing an application for a real estate broker's license in this state is deemed to have met the equivalency to the business management and salesperson program education based upon the applicant's education required to obtain a license in the other licensing jurisdiction and the completion of Wisconsin specific education consisting of all of the following:

(1) Business management education consisting of 6 hours, including all of the following:

(a) Broker-only contracts and contract issues, including all of the following:

1. Reynolds v. Dinger, 14 Wis. 2d 193.

2. State bar forms under s. REEB 16.03 (1).

3. Uniform commercial code forms under s. REEB 16.03 (1).

4. Forms used in other states.

5. Developing forms and contingency manual.

6. Supervising salesperson's use of approved forms.

7. Commercial real estate broker's commission under s. 779.32, Stats.

(b) Agency relationships, including all of the following:

1. Multiple representation with designated agency.

2. Multiple representation without designated agency.

3. Single agency.

(c) Disclosure, including all of the following:

1. Property inspections.

2. "As-is" sales.

3. Optional disclosure.

(d) Trust accounts under ch. REEB 18, including all of the following:

1. When is a trust account required.

2. Registering a trust account.

3. Procedure to open a trust account.

4. Authorization to sign trust account checks.

5. Deposit of trust funds.

6. Disbursement of trust funds.

7. Bookkeeping system.

8. Closing a trust account.

(e) Notifying the department, including all of the following:

1. Change of name, address or trade name under ch. REEB 23.

2. Criminal conviction under s. 440.03 (13) (am), Stats.

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

(g) Licensees associated with a firm under ch. REEB 17 and s. 452.132, Stats.

(2) Salesperson education consisting of 13 hours, including all of the following:

(a) Contracts, including all of the following:

1. Law of conveyances, including all of the following:

a. Conveyance defined under s. 706.01, Stats.

b. Requirements for a valid conveyance under ss. 706.02, and 706.03, Stats.

2. Chapter REEB 16.

3. Review of forms approved by the board, including all of the following:

a. Listing contracts.

b. Offers to purchase.

c. Addenda.

d. Buyer agency agreements.

e. Counter-offers.

f. Multiple counter-proposals.

g. Amendments.

h. Notices.

i. Options.

j. Bills of sale.

k. Exchanges.

l. Cancellation agreement and mutual releases.

(b) 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.

(c) Agency relationship, including all of the following:

1. Multiple representation with designated agency.

2. Multiple representation without designated agency.

3. Single agency.

(d) Business conduct, including all of the following.

1. Direct contact with the public, including all of the following:

a. Competence in area of service under s. REEB 24.03.

b. Tie-in arrangements under s. REEB 24.075.

c. Agreements in writing under s. REEB 24.08.

d. Misleading market values under s. REEB 24.09.

e. Net listings under s. REEB 24.10.

2. Advertising under s. REEB 24.04 and s. 452.136, Stats.

3. Completing and presenting written proposals under ss. REEB 24.12 and 24.13., including all of the following:

a. Confidentiality.

b. Drafting and submitting offers.

c. Prompt delivery to buyer.

d. Fair presentation of offers.

e. Prompt notification.

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

a. Disclosure of interest.

b. Referral services.

c. Disclosure of profits.

d. Disclosure of licensure.

(e) Consumer protection, including all of the following:

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

2. Inquiry by listing licensee under s. REEB 24.07 (1) (b).

3. Disclosure of material adverse facts under s. REEB 24.07 (2).

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.

Wis. Admin. Code Real Estate Examining Board REEB 25.028

Adopted by, CR 15-010: cr. Register September 2015 No. 717, eff.10/1/2015.

Amended by, corrections in (1) (g) 1. to 3. made under s. 35.17, Stats., Register March 2017 No. 735, eff. 4/1/2017

Amended by, CR 17-100: renum. (1) (g) (intro.) to (1) (g) and am., r. (1) (g) 1. to 3. Register July 2018 No. 751, eff. 8/1/2018

Amended by, correction in (2) (g) 5., (Note) made under s. 13.92(4) (b) 7, Stats., Register December 2018 No. 756, eff. 1/1/2019

Amended by, CR 19-128: r. (2) (g) 5. Register January 2021 No. 781, eff. 2/1/2021

Amended by, 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. 9/1/2024; correction in (2) (i) 7. made under s. 35.17, Stats., Register August 26 No. 824, eff. 9/1/2024