(1) EDUCATION
REQUIREMENTS. Except as provided in sub. (4) and s. REEB 12.012, each applicant
for a real estate broker's license shall submit satisfactory evidence of any of
the following:
(a) Completion, within 4 years
of broker's licensure, of a real estate broker's education program in business
management under s. REEB 25.023 through an education program that has been
approved by the board and evidence of any of the following:
1. Licensure as a real estate
salesperson.
2. Completion of a
real estate salesperson's education program under s. REEB 25.033 or completion
of 10 semester hour credits in real estate or real estate related law courses
from an accredited institution of higher education.
(b) Completion of nonresident broker
equivalency under s. REEB 25.028.
(c) Completion of 20 semester hour credits in
real estate or real estate law courses at an accredited institution of higher
education. A quarter hour credit equals 2/3 of a semester hour
credit.
(d) The applicant is
licensed to practice law in this state.
(2) EXAMINATION REQUIREMENTS. Except as
provided in sub. (4) and s. REEB 12.012, each applicant for a real estate
broker's license shall read and write a comprehensive examination in English,
testing the applicant's competency to transact the business of a real estate
broker. The examination shall be in conformity with s.
452.09(3),
Stats.
(3) EXPERIENCE REQUIREMENTS.
Except as provided in sub. (4) and s. REEB 12.012:
(a) Each applicant for a real estate broker's
license shall submit evidence satisfactory to the board that the applicant has
practiced as a licensed salesperson under the direct supervision of a licensed
broker for at least 2 years within the last 4 years preceding the date of
application. Except as provided in pars. (b) to (d), the evidence shall
demonstrate that the applicant's experience as a licensed salesperson qualifies
the applicant for a total of at least 40 points based on the following point
system:
1. Each completed or closed
residential transaction is worth 5 points.
2. Each completed or closed commercial
transaction is worth 10 points.
3.
Each property management contract is worth 0.5 points per month.
4. Each completed or closed time share is
worth one point.
(b) An
applicant who is licensed to practice law in this state may satisfy the
requirement under par. (a) by submitting to the board any of the following:
1. Evidence satisfactory to the board that
the applicant has experience related to real estate.
2. Evidence that the applicant has at least
one year experience as a licensed salesperson under the direct supervision of a
licensed broker that qualifies the applicant for a total of at least 20 points
based upon the point system in par. (a) 1 to 4.
(c) An applicant who holds a current
certificate of financial responsibility under s.
101.654, Stats., may satisfy the
requirement under par. (a) by submitting to the board any of the following:
1. Evidence satisfactory to the board that
the applicant has experience related to real estate sales.
2. Evidence that the applicant has at least
one year experience as a licensed salesperson under the direct supervision of a
licensed broker that qualifies the applicant for a total of at least 20 points
based upon the point system in par. (a) 1 to 4.
(d) A nonresident applicant may satisfy the
requirement under par. (a) by submitting to the board evidence satisfactory to
the board that the applicant has been a licensed broker under the laws of
another state for at least 2 years within the last 4 years preceding the date
of the applicant's application.
(4) RECIPROCITY. An applicant who is licensed
as a broker in a state or territory that has entered into a reciprocal
agreement with this state shall be licensed according to the terms of the
reciprocal agreement.