(1) GENERAL REQUIREMENTS. Each applicant for
an original real estate salesperson's license shall present evidence of
attendance, within 5 years before application for a license, at the educational
program in sub. (3), which has been approved by the board in accordance with s.
REEB
25.05 or
25.06.
(2) TEN SEMESTER-HOUR WAIVER. The educational
requirement in sub. (1) is not required of an applicant who submits proof that
the applicant has received 10 semester hour credits in real estate or real
estate related law courses at an accredited institution of higher education. A
quarter hour credit equals 2/3 of a semester hour credit.
(3) SALESPERSON'S PRE-LICENSE PROGRAM. The
educational program for applicants for an original real estate salesperson's
license shall cover all of the following topics and shall be designed so that
if the educational program were presented as classroom education, it would be
presented in no less than 72 hours:
(a)
Real property.
1. Land, real
estate and real property.
2. Real
property versus personal property.
3. Classification of fixtures.
4. Characteristics of real estate.
5. Types of home ownership.
6. Mobile homes - s.
70.043,
Stats.
7. Ownership
expenses.
8. Property
features.
9. Investment
considerations.
10. Tax benefits
for home ownership.
11. Homeowner's
insurance.
(b)
The real estate business.1.
Real estate specialties.
2. The
real estate market.
3. Factors
affecting supply and demand.
4.
Business cycles.
5. Real estate
practice - ch. 452, Stats.
(c)
Real estate brokerage.
1. Law of agency.
2. Creation and termination of
agency.
3. Fiduciary
duties.
4. Responsibilities to
third parties.
5. Broker's and
salesperson's compensation.
6.
Antitrust laws.
7. Independent
contractor versus employee.
8.
Broker-to-broker relationships.
9.
Sales associate-to-sales associate relationships.
(d)
Listing agreements.
1. Listing property.
2. Listing agreements - ch. REEB
16.
3. Special listing
provisions.
4. Termination of
listings.
5. Obtaining
listings.
6. Pricing the
property.
7. Disclosures.
8. Home warranties.
(e)
Interests in real
estate.
1. Government
powers.
2. Estates in
land.
3. Encumbrances.
4. Water rights.
5. Forms of ownership.
6. Trusts.
7. Ownership by business
organizations.
8.
Cooperatives.
9. Time-shares - ss.
70.095,
707.02,
707.05,
707.40,
707.47,
707.49,
Stats.
10. Condominiums - ss.
703.08,
703.21,
703.33,
Stats.
11. Homestead - ss.
706.01(7),
766.605,
Stats.
(f)
Legal
descriptions.1. Methods of
describing real estate.
2. Land
units and measurements.
3.
Measuring elevations.
(g)
Taxes and other liens.
1. Liens and their effects on
title.
2. Tax liens.
3. General tax assessment, equalization, tax
bills.
4. Mortgage liens.
5. Mechanics liens.
6. Judgments.
7. Estate and inheritance tax
liens.
8. Other liens.
9. Taxes - ss.
74.15,
74.47(1)
and (2), Stats.
10. Taxation and transfer fee - ss.
77.22,
77.27,
Stats.
(h)
Real
estate contracts.
1. Contract
law.
2. Elements of a valid
contract.
3. Performance of
contract.
4. Discharge of
contract.
5. Default or breach of
contract.
6. Forms used in real
estate - ch. REEB 16.
a. Listing agreements -
s.
240.10,
Stats.
b. Offers to
purchase.
c. Buyer agency
agreements.
d.
Counteroffers.
e.
Amendments.
f. Understanding
closing statements.
g. Disclosure
forms: seller condition report; agency; buyer and seller disclosure.
h. Addendums.
i. Cancellation and mutual release
agreements.
7. Agreement
to arbitrate real estate transaction disputes - s.
788.015,
Stats.
(i)
Title
records and transfers of title.1.
Requirements of a valid conveyance - ss.
240.10,
706.02,
706.03,
Stats.
2. Types of deeds.
3. Involuntary alienation.
4. Probate.
5. Transfer of title by will and
descent.
6. Public records and
recording.
7. Evidence of
title.
8. Uniform commercial
code.
9. Other
conveyances.
(j)
Real estate finance and basic math.
1. Buyer qualification.
2. Mortgage instruments.
3. Payment plans.
4. Provisions for default: assignment;
release; subject to.
5. Land
contracts.
6. Secondary mortgage
market.
(k)
Appraisal - market analysis.
1. Basic principles of value.
2. Direct market comparison
approach.
3. Cost
approach.
4. Income
approach.
5. Appraisal
process.
(m)
Ethical real estate practices.
1. Chapter
REEB 24.
2. Ethical business conduct.
(n)
Leases.
1. Leasehold estates.
2. Standard lease provisions.
3. Lease documents.
4. Legal principles of leases.
5. Assignment and subleasing.
6. Improvements.
7. Maintenance.
8. Breach.
9. Residential rental practices - ss.
ATCP 134.02, 134.06,
134.09, and 134.09.
(o)
Property management.
1.
Functions of property manager.
2.
Management agreement.
3. Management
considerations.
4. Renting and
maintaining the property.
5. Risk
management.
(p)
Land use control and development.
1. Public controls.
2. The master plan.
3. Zoning.
4. Subdivision regulations.
5. Private land-use controls.
6. Building codes.
7. Land development.
8. Subdividing.
9. Interstate land sales full disclosure
act.
10. Platting and subdivisions
- ss.
236.01,
236.02,
236.03,
236.31,
236.33,
236.335,
236.35,
Stats.
(q)
Environmental concerns.1.
Radon.
2. Asbestos.
2m. Lead-based paint.
3. Toxic waste.
4. Underground storage tanks - ch. ATCP
93.
5. Floodplains - s.
87.30, Stats.
and ss.
NR
116.01, 116.06.
6. Flood insurance.
7. Wetlands - s.
23.32,
Stats.
8. Farmland preservation -
ss.
91.01,
91.60
to
91.70,
Stats.
9. Rental unit energy
efficiency standards - ss.
SPS 367.03,
367.08.
10. Disclosure documents -
s.
452.23,
Stats., and ch. 709, Stats. and s.
REEB
24.07.
11.
Other.
(r)
Miscellaneous Wisconsin license laws.
1. Chapter
REEB 15 - documents and
records.
2. Chapter
REEB
16 - contractual forms.
3. Chapter
REEB
17 - licensure and supervision of employees.
4. Chapter
REEB 18 - trust
accounts.
5. Chapter
REEB 23 - change of name,
address, trade names.
6. Commercial
bulk sales - ss. 406.101, 406.102, 406.103, 406.104, 406.105, 406.107, 406.108,
Stats.
Note: Sections 406.101 to 406.108, Stats., were
repealed by 2009 Wis. Act 110.
7. Property provisions for aliens and
corporations - ss.
710.01,
710.02,
Stats.
8. Property rights of
married persons - ss.
766.31,
766.51,
766.60,
766.63,
Stats.
9. Mortgage banking - s.
224.71, Stats., and
s. DFI-Bkg 40.03(4) (b).
Section DFI-Bkg 40.03(4) (b) no longer exists, eff. 1-1-10.