Wis. Admin. Code Real Estate Examining Board REEB 16.06 - How to use approved forms
(1) When a licensee
reproduces or arranges for printing a contractual form prepared and approved by
the board pursuant to s.
452.05(1) (b), Stats., the licensee shall comply with
all of the following:
(a) Assure that the
numbering of lines, line contents, and the lines appearing on each page are
identical to those on the board-approved forms.
(b) Not reproduce the form in such a manner
that optional provisions are omitted and blank lines are filled in without any
indication of where the optional provisions and blank lines occur on the
board-approved form.
(c) Shall
indicate that the form is reproduced by the firm, stating its address and
telephone number at an appropriate place on the form.
(d) May not add additional blank lines or add
additional lines containing textual content, or alter the format of the form in
any other manner. "Alter the format" does not include modifying margins or font
size consistent with par. (a) . To add textual content or additional
provisions, a licensee shall only fill in blank lines provided for that purpose
on a form or add addenda containing additional or altered provisions as
provided in subs. (4) and (5).
(e)
Retain the board's approval statement and date in the upper left corner exactly
as these appear on the board-approved form.
(f) Assure that the formatting of the form is
substantially identical to that on the board-approved form.
(2) A licensee who reproduces or
arranges for printing a form under s.
REEB 16.03(1) (a) or (b) may not modify
the form in any way.
(3) A licensee
may cross out provisions on approved forms to reflect the agreement of a party
to a transaction, provided that the deleted provisions remain
legible.
(4) Except as provided in
sub. (5), a licensee may use a pre-prepared addendum form and attach it to an
approved form under all of the following circumstances:
(a) The addendum has been prepared by the
firm or an attorney who is identified on the addendum.
(b) The addendum is incorporated by reference
into the approved form and the approved form and the addendum are properly
related to one another.
(c) The
addendum relates to the blanks on an approved form; or alters or supplants
optional provisions within an approved form.
(5) A licensee may use a pre-prepared
addendum which supplants or alters the printed provisions of an approved form
only if the following conditions are met:
(a)
The addendum has been drafted by an attorney who is identified on the
addendum.
(b) There are no optional
or multiple choice provisions in the addendum.
(c) There are no blank lines or fill-in
provisions in the addendum except for spaces for the signatures of the parties
and those items required under par. (d).
(d) The addendum is incorporated by reference
into the approved form and the approved form and the addendum are properly
related to one another.
(6) A licensee may alter an approved
exclusive right to sell listing contract to create an exclusive agency listing,
an open listing, or a one-party listing.
(7) A licensee shall use the latest approved
version of a board-approved form.
(8) A licensee shall use approved forms and
prepare addenda in such a manner as to adequately accomplish the contractual
instruction of the person for whom the licensee uses the forms and prepares the
addenda.
(9) A licensee may alter
an approved buyer agency/tenant representation agreement in order to create an
exclusive right to negotiate, exclusive right to locate, or an exclusive right
to locate and negotiate buyer agency/tenant representation agreement.
Notes
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