Wisconsin Real Estate Examining Board Updates

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Wisconsin Real Estate Examining Board Updates                                         August 2024

You are receiving this update as a licensee of the Wisconsin Real Estate Examining Board or as a subscriber to this communication.

Chair's Corner

By Thomas Richie Hello – I hope this message finds you well and you are enjoying Summer! Like you, over the last few months I have been thinking about the effects of the federal litigation regarding real estate practices, and how it will affect our practice in Wisconsin. The Wisconsin Real Estate Examining Board, and its various committees, have been diligently working to provide Wisconsin real estate professionals updated forms and information to assist you with the changes to your way of doing business. The Sitzer-Burnett case, parties, including the National Association of REALTORS® (NAR) reached a settlement agreement.[1]. As a result, Wisconsin real estate professionals will see practice changes to be implemented in mid- August 2024. The changes aim to provide greater consumer transparency relating to compensation and commission. In response, the Wisconsin Real Estate Examining Board approved revisions to the WB Listing Contracts, WB Buyer Agency and Tenant Representation Agreements, and WB Offers to Purchase forms. The updated forms will include language further educating consumers about commission and compensation. The WB Offers to Purchase and Option to Purchase will include an optional provision allowing the buyer to ask the seller to pay the buyer’s firm’s fee.  The following forms were modified with the following optional and mandatory use dates: Optional use date is July 1, 2024. Mandatory use date is August 15, 2024. Updated forms can be found here. Listing Contracts WB-1 Residential Listing Contract — Exclusive Right to Sell WB-2 Farm Listing Contract — Exclusive Right to Sell WB-3 Vacant Land Listing Contract — Exclusive Right to Sell WB-4 Residential Condominium Listing Contract — Exclusive Right to Sell WB-5 Commercial Listing Contract — Exclusive Right to Sell WB-6 Business Listing Contract — Exclusive Right to Sell WB-37 Residential Listing Contract — Exclusive Right to Rent Buyer Agency Agreements WB-36 Buyer Agency Agreement WB-38 Commercial Buyer Agency/Tenant Representation Agreement Tenant Representation Agreement WB-39 Tenant Representation Agreement Offers to Purchase WB-11 Residential Offer to Purchase WB-12 Farm Offer to Purchase WB-13 Vacant Land Offer to Purchase WB-14 Residential Condominium Offer to Purchase WB-15 Commercial Offer to Purchase WB-16 Offer to Purchase — Business With Real Estate Interest WB-17 Offer to Purchase — Business Without Real Estate Interest WB-24 Option to Purchase [1] For more details regarding the settlement terms you can visit the Wisconsin REALTORS® Association settlement webpage at https://www.wra.org/WREM/May24/Lawsuit/ or submit questions to the Real Estate Examining Board and select “Request support”.

Board Membership

The Real Estate Examining Board consists of 7 members. The members are appointed by the Governor and confirmed by the Senate.

Board Members:

Thomas Richie, Chairperson - Real Estate Salesperson/Broker Member (Rice Lake, WI)

Elizabeth Lauer, Vice Chairperson - Real Estate Salesperson/Broker Member (Madison, WI)

Dennis Pierce, Secretary - Public Member (Kenosha, WI)

Jeffery Berry, Public Member (Milwaukee, WI)

Gurmit Kaleka, Real Estate Salesperson/Broker Member (Neenah, WI)

Cathy Lacy, Real Estate Salesperson/Broker Member (Highland, WI)

Sonya Mays, Real Estate Salesperson/Broker Member (Milwaukee, WI)

Information on how to apply for appointment to the Wisconsin Real Estate Examining Board can be found through the Office of the Governor.

Administrative Rules Changes

Pending Rule Changes

Final Rule REEB 12 and 25 (Effective 9/1/24)

• Minor updates to clarify language and use terms that are clearer and more concise. With the addition of statutory citations and removal of statutory or code citations that are obsolete.

Scope Statement on REEB 12

• Opening a scope statement to consider chapter REEB 12, Application Requirements.

Scope Statement on REEB 24

• Opening a scope statement to consider chapter REEB 24, Conduct and Ethical Practices.

Keep current with any pending rule changes affecting your profession by visiting the DSPS website to view the Pending Rules listing.

Administrative Rulemaking Process

Please review the Rulemaking Process page of the DSPS website to learn more about the promulgation of Administrative Rules.

Duty to Report Convictions

Any Real Estate Licensee who has been convicted of a crime (felony or misdemeanor), shall send to the board, within 48 hours, a copy of the complaint or other information that describes the nature of the crime (police reports) and the judgment of conviction. Failure to report a conviction within 48 hours is a violation of Wis. Admin. Code § REEB 24.17(1) and may result in disciplinary action. Also see Wis. Admin. Code § SPS 4.09(2).

Conviction Self-Report

Enforcement Actions of the
Real Estate Examining Board

The Real Estate Examining Board, with help from staff at the Department of Safety and Professional Services, can take action against its licensees to help protect the profession and the citizens of Wisconsin. You may search for any of the Board Orders listed below on the Department’s Orders ad Disciplinary Actions website.

Board Orders

May 2023 - June 2024

Quick Links

• Board Landing Page 
  • Meetings and Agendas
  • Statutes and Rules
  • Pending Rules
• Council on Real Estate Curriculum and Examinations
  • Meetings and Agendas
• Real Estate Contractual Forms Advisory Council
  • Meetings and Agendas
  • Contractual Forms Library

A wealth of useful information is available on the Department of Safety and Professional Services website at: https://dsps.wi.gov

Do you have a change of name or address? 

Licensees can update name or address information by creating a support ticket and selecting Account Questions from the “I need assistance with” dropdown. 

Please note that confirmation of changes is not automatically provided. Legal notices will be sent to a licensee’s address of record with the Department.

Under Wis. Stat. § 440.01(1), an applicant or credential holder has 30 days to provide notification of a change in name or address. Similarly, under under Wis. Stat.  § 440.11(1m)(a), an applicant for or recipient of a credential who changes his or her electronic mail address or whose current electronic mail address becomes inactive shall notify the department of such a change within 30 days of the change.

Telephone Directory:

Call the Department of Safety and Professional Services toll-free (877) 617-1565, or (608) 266-2112 in the Madison area to connect to the service you need.

CONTACT US

Email: dsps@wisconsin.gov  |  Phone: (608) 266-2112  |  Office Hours: 7:45 a.m.- 4:30 p.m.

The mission of the Department of Safety and Professional Services is to promote economic growth and stability while protecting the citizens of Wisconsin as designated by statute.