CHAPTER 452
REAL ESTATE PRACTICE
452.025 Time-share salespersons.
452.03 Brokers and salespersons licensed.
452.05 Duties and powers of department.
452.06 Councils and committees.
452.07 Rules; review of rules.
452.08 Board receipt of proposed legislation.
452.09 Application for license, contents.
452.10 Applications, verification, fees, exceptions.
452.11 Nonresident applicants and licensees.
452.133 Duties of brokers.
452.134 Agency relationships; multiple representation relationships.
452.135 Disclosure of duties.
452.138 Brokers providing services in more than one transaction.
452.139 Changes in common law duties and liabilities of brokers and parties.
452.14 Investigation and discipline of licensees.
452.20 Limitation on actions for commissions.
452.21 Compensation presumed.
452.22 Certifications as evidence.
452.23 Disclosures, investigations and inspections by brokers and salespersons.
452.24 Disclosure duty; immunity for providing notice about the sex offender registry.
Ch. 452 Cross-reference
Cross-reference: See definitions in s.
440.01.
Ch. 452 Cross-reference
Cross Reference: See also chs.
RL 11,
12,
15,
16,
17,
18,
22,
23,
24,
25, and
26, Wis. adm. code.
452.01
452.01
Definitions. In this chapter:
452.01(1e)
(1e) "Adverse fact" means any of the following:
452.01(1e)(a)
(a) A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:
452.01(1e)(a)1.
1. Significantly and adversely affecting the value of the property.
452.01(1e)(a)2.
2. Significantly reducing the structural integrity of improvements to real estate.
452.01(1e)(a)3.
3. Presenting a significant health risk to occupants of the property.
452.01(1e)(b)
(b) Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction.
452.01(1m)
(1m) "Agency agreement" means a written agreement between a broker and a client in which the client authorizes the broker to provide brokerage services to the client.
452.01(2)
(2) "Broker" means any person not excluded by
sub. (3), who does any of the following:
452.01(2)(a)
(a) For another person, and for commission, money, or other thing of value, negotiates or offers or attempts to negotiate a sale, exchange, purchase, or rental of, or the granting or acceptance of an option to sell, exchange, purchase, or rent, an interest or estate in real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property.
452.01(2)(b)
(b) Is engaged wholly or in part in the business of selling or exchanging interests or estates in real estate or businesses, including businesses' goodwill, inventory, or fixtures, whether or not the business includes real property, to the extent that a pattern of sales or exchanges is established, whether or not the person owns the real estate or businesses. Five sales or exchanges in one year or 10 sales or exchanges in 5 years is presumptive evidence of a pattern of sales or exchanges.
452.01(2)(bm)
(bm) For another person, and for commission, money, or other thing of value shows real estate or a business or its inventory or fixtures, whether or not the business includes real property, except that this paragraph does not include showing a property that is offered exclusively for rent.
452.01(2)(h)
(h) For another person, and for commission, money, or other thing of value, promotes the sale, exchange, purchase, option, rental, or leasing of real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property. This paragraph does not apply to a person who only publishes or disseminates verbatim information provided by another person.
452.01(3)
(3) "Broker" does not include any of the following:
452.01(3)(a)
(a) Receivers, trustees, personal representatives, guardians, or other persons appointed by or acting under the judgment or order of any court.
452.01(3)(b)
(b) Public officers while performing their official duties.
452.01(3)(c)
(c) Any bank, trust company, savings bank, savings and loan association, insurance company, or any land mortgage or farm loan association organized under the laws of this state or of the United States, when engaged in the transaction of business within the scope of its corporate powers as provided by law.
452.01(3)(d)
(d) Employees of persons enumerated in
pars. (a) to
(c) and
(f) when engaged in the specific performance of their duties as such employees.
452.01(3)(dm)
(dm) Any employee of an attorney under
par. (h) if all of the following are true:
452.01(3)(dm)1.
1. The employee's activities are directly supportive of the attorney's provision of legal services to the attorney's client.
452.01(3)(dm)2.
2. The employee's activities are activities that the attorney may perform under
par. (h).
452.01(3)(dm)3.
3. The employee is under the direction and supervision of the attorney.
452.01(3)(e)
(e) Any custodian, janitor, employee or agent of the owner or manager of a residential building who exhibits a residential unit therein to prospective tenants, accepts applications for leases and furnishes such prospective tenants with information relative to the rental of such unit, terms and conditions of leases required by the owner or manager, and similar information.
452.01(3)(f)
(f) Any credit union which negotiates loans secured by real estate mortgages or any licensee under
ch. 138 which negotiates loans secured by real estate mortgages or any licensed attorney who, incidental to the general practice of law, negotiates or offers or attempts to negotiate a loan, secured or to be secured by mortgage or other transfer of or encumbrance on real estate.
452.01(3)(g)
(g) A person registered as a mortgage banker under
s. 224.72 who does not engage in activities described under
sub. (2).
452.01(3)(h)
(h) Attorneys licensed to practice in this state while acting within the scope of their attorney's license.
452.01(3e)
(3e) "Brokerage service" means any service described under
sub. (2) provided by a broker to another person.
452.01(3j)
(3j) "Business entity" means any organization or enterprise, other than a sole proprietorship, which is operated for profit or that is nonprofit and nongovernmental, including an association, business trust, corporation, joint venture, limited liability company, limited liability partnership, partnership or syndicate.
452.01(3k)
(3k) "Business representative" means a director, manager, member, officer, owner or partner of a business entity.
452.01(3m)
(3m) "Client" means a party to a transaction who has an agency agreement with a broker for brokerage services.
452.01(3s)
(3s) "Customer" means a party to a transaction who is provided brokerage services by a broker but who is not a client.
452.01(3w)
(3w) "Designated agency" means a multiple representation relationship in which each client of the broker in the multiple representation relationship receives negotiation services from the broker only from employees of the broker who are not providing negotiation services to any other client of the broker in the transaction.
452.01(4)
(4) "Disciplinary proceeding" means a proceeding against one or more licensees or registrants in which the board may revoke, suspend or limit a license or registration, reprimand a licensee or registrant, issue a private letter of warning to a licensee or registrant, or assess a forfeiture or require education or training under
s. 452.14 (4m).
452.01(4d)
(4d) "Employ," when used in reference to a broker employing another broker, a salesperson, or a time-share salesperson, means engaging the services of another broker, a salesperson, or a time-share salesperson to provide brokerage services to the broker's clients and customers on behalf of the broker and under the broker's supervision, including engaging a broker, salesperson, or time-share salesperson as an independent contractor.
