Wis. Admin. Code Real Estate Examining Board REEB 16.05 - Legal advice and practice of law
(1) A licensee may
not provide advice or opinions concerning the legal rights or obligations of
parties to a transaction, the legal effect of a specific contract or
conveyance, or the state of title to real estate.
(2) Notwithstanding sub. (1), a licensee may
provide a general explanation of the provisions in an approved form to the
parties to a transaction at the time of completing the form or when delivering
an approved form for the seller's or buyer's acceptance.
(3) A licensee may use approved forms only in
those transactions in which the licensee is acting in a capacity as licensee or
in which the licensee is a principal, and in either case the use of such forms
is incidental to the real estate practice of the licensee.
(4) A licensee may not make a separate charge
for completing an approved form in connection with a transaction.
Notes
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