Wis. Admin. Code Real Estate Examining Board 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.
(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.
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.
(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.
Notes
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