Wis. Admin. Code Real Estate Examining Board REEB 25.033 - Salesperson's pre-license program
An education program for applicants for a real estate salesperson's license shall consist of 72 hours. The education program shall contain all of the following topics:
(1) REAL PROPERTY. Instruction relating to
real property shall include all of the following:
(a) Land, real estate and real
property.
(b) The difference
between real property and personal property.
(c) Classification of fixtures.
(d) Characteristics of real estate.
(e) Types of home ownership.
(f) Mobile homes under s. 70.043, Stats.
Note: Section 70.043, Stats., was repealed by 2023 Wisconsin Act 12.
(g)
Ownership expenses.
(h) Property
features.
(i) Investment
considerations.
(j) Tax benefits
for home ownership.
(k) Homeowner's
insurance.
(2) THE REAL
ESTATE BUSINESS. Instruction relating to the real estate business shall include
all of the following:
(a) Real estate
specialties.
(b) The real estate
market.
(c) Factors affecting
supply and demand.
(d) Business
cycles.
(e) Real estate practice
under ch. 452, Stats.
(3) REAL ESTATE BROKERAGE. Instruction
relating to real estate brokerage shall include all of the following:
(a) Law of agency.
(b) Creating and terminating of
agency.
(c) Fiduciary
duties.
(d) Responsibilities to
third parties.
(e) Broker's and
salesperson's compensation.
(f)
Antitrust laws.
(g) The difference
between independent contractor and employee.
(h) Firm-to-firm relationships.
(i) Licensee-to-licensee
relationships.
(j) 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.
(k) Agency relationship, including all of the
following:
1. Multiple representation with
designated agency.
2. Multiple
representation without designated agency.
3. Single agency.
(4) LISTING AGREEMENTS.
Instruction relating to real estate listing agreements shall include all of the
following:
(a) Listing property.
(b) Listing agreements under ch. REEB
16.
(c) Special listing
provisions.
(d) Terminating
listings.
(e) Obtaining
listings.
(f) Pricing the
property.
(g)
Disclosures.
(h) Home
warranties.
(5)
INTERESTS IN REAL ESTATE. Instruction relating to interests in real estate
shall include all of the following:
(a)
Government powers.
(b) Estates in
land.
(c) Encumbrances.
(d) Water rights.
(e) Forms of ownership.
(f) Trusts.
(g) Ownership by business
organizations.
(h)
Cooperatives.
(i) Time-shares under
ss. 70.095, 707.02, 707.05, 707.40, 707.47, and 707.49, Stats.
(j) Condominiums under ss. 703.08, 703.21 and
703.33, Stats.
(k) Homestead under
ss. 706.01 (7) and 766.605, Stats.
(6) LEGAL DESCRIPTIONS. Instruction relating
to real estate legal descriptions shall include all of the following:
(a) Methods of describing real
estate.
(b) Land units and
measurements.
(7) TAXES
AND OTHER LIENS. Instruction relating to taxes and other liens shall include
all of the following:
(a) Liens.
(b) Tax liens.
(c) General tax assessment, equalization, and
tax bills.
(d) Mortgage
liens.
(e) Construction
liens.
(f) Judgments.
(g) Estate and inheritance tax
liens.
(h) Other liens.
(i) Taxes under ss. 74.15 and 74.47 (1) and (2), Stats.
(j) Taxation and
transfer fees under ss. 77.22 and 77.27, Stats.
(8) REAL ESTATE CONTRACTS. Instruction
relating to real estate contracts shall include all of the following:
(a) Contract law.
(b) Elements of a valid contract.
(c) Performance of contract.
(d) Discharging of contract.
(e) Default or breach of contract.
(f) Forms used in real estate under ch. REEB
16, including all of the following:
1. Listing
agreements under s. 240.10, Stats.
2. Offers to purchase.
3. Addenda.
4. Buyer agency agreements.
5. Counter-offers.
6. Multiple counter-proposals.
7. Amendments.
8. Notices.
9. Understanding closing
statements.
10. Disclosure forms,
including all of the following:
a. Seller
condition report.
b.
Agency.
c. Buyer and seller
disclosure.
11.
Cancellation agreement and mutual releases.
12. Options.
13. Bills of sale.
14. Exchanges.
(g) Agreement to arbitrate real estate
transaction disputes under s. 788.015, Stats.
(9) TITLE RECORDS AND TRANSFERS OF TITLE.
Instruction relating to real estate title records and transfers of title shall
include all of the following:
(a) Requirements
of a valid conveyance under ss. 240.10, 706.02 and 706.03, Stats.
(b) Types of deeds.
(c) Involuntary alienation.
(d) Probate.
(e) Transferring of a title by
will.
(f) Public records and
recording.
(g) Evidence of
title.
(h) Conveyance defined under
s. 706.01, Stats.
(10)
REAL ESTATE FINANCE AND BASIC MATH. Instruction relating to real estate finance
and basic math shall include all of the following:
(a) Buyer qualification.
(b) Mortgage instruments.
(c) Payment plans.
(d) Provisions for default; assignment;
release and subject to.
(e) Land
contracts.
(f) Secondary mortgage
market.
(11) APPRAISAL
AND MARKET ANALYSIS. Instruction relating to real estate appraisal and market
analysis shall include all of the following:
(a) Basic principles of value.
(b) Direct market comparison
approach.
(c) Cost
approach.
(d) Income
approach.
(e) Appraisal
process.
(12) FAIR
HOUSING LAWS. Instruction relating to real estate fair housing laws shall
include all of the following:
(a) Equal
opportunity in housing.
(b) Federal
fair housing law.
(c) Blockbusting,
steering and redlining.
(d) Equal
rights under s. 106.50, Stats.
(e)
Organizations.
(13)
ETHICAL REAL ESTATE PRACTICES. Instruction relating to ethical real estate
practices shall include all of the following:
(a) Chapter REEB 24.
(b) Ethical 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. Disclosing of interest.
b. Referral services.
c. Disclosing of profits.
d. Disclosing of licensure.
(14)
CONSUMER PROTECTION. Instruction relating to consumer protection shall include
all of the following:
(a) Property inspections
under s. REEB 24.07 (1) (a).
(b)
Inquiry by listing firm under s. REEB 24.07 (1) (b).
(c) Disclosure of material adverse facts
under s. REEB 24.07 (2).
(d)
Disclosure of material suggesting adverse material facts under s. REEB 24.07 (3).
(e) Disclosure of side
agreements under s. REEB 24.07 (4).
(f) Reliance upon third parties under s. REEB 24.07 (5).
(g) Investigations and
inspections under s. 452.23, Stats.
(h) Civil liability for
misrepresentation.
(i) Seller's
disclosure duties under ch. 709, Stats.
(15) LEASES. Instruction relating to real
estate leases shall include all of the following:
(a) Leasehold estates.
(b) Standard lease provisions.
(c) Lease documents.
(d) Legal principles of leases.
(e) Improvements.
(f) Maintenance.
(g) Breach.
(h) Residential rental practices under ss.
ATCP 134.02, 134.06, and 134.09.
(16) PROPERTY MANAGEMENT. Instruction
relating to property management shall include all of the following:
(a) Functions of property manager.
(b) Management agreement.
(c) Management considerations.
(d) Renting and maintaining the
property.
(e) Risk
management.
(17) LAND
USE CONTROL AND DEVELOPMENT. Instruction relating to land use control and
development shall include all of the following:
(a) Public controls.
(b) The comprehensive plan.
(c) Zoning.
(d) Subdivision regulations.
(e) Private land-use controls.
(f) Building codes.
(g) Land development.
(h) Subdividing.
(18) ENVIRONMENTAL CONCERNS. Instruction
relating to real estate environmental concerns shall include all of the
following:
(a) Radon.
(b) Asbestos.
(c) Lead-based paint.
(d) Toxic waste.
(e) Underground storage tanks under ch. ATCP
93.
(g) Flood insurance.
(h) Wetlands under s. 23.32, Stats.
(i) Farmland preservation under ss. 91.01,
and 91.60 to 91.70, Stats.
(19)
MISCELLANEOUS WISCONSIN LICENSE LAWS. Instruction relating to miscellaneous
Wisconsin license laws shall include all of the following:
(a) Chapter REEB 15.
(b) Chapter REEB 16.
(c) Chapter REEB 17.
(d) Chapter REEB 18, including all of the
following:
1. Definition of trust
account.
2. Interest-bearing and
non-interest bearing accounts.
3.
Definition of trust funds.
4. When
a trust account is required.
5.
Deposit of trust funds.
(e) Chapter REEB 23.
(f) Property rights of married persons under
ss. 766.31, 766.51, 766.60 and 766.63, Stats.
(g) Mortgage banking under s. 224.71,
Stats.
(h) Escrow agreement
procedures, including all of the following:
1.
Escrows requiring separate escrow agreements.
2. Pre-closing earnest money
escrows.
3. Post-closing
escrows.
4. Escrows not requiring
separate escrow agreement.
5.
Drafting escrow agreements.
Notes
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