(1) DUTIES TO ALL PARTIES TO A TRANSACTION. A firm providing brokerage services to a party to a transaction owes all of the following duties to the party:
(a) The duty to provide brokerage services honestly and fairly.
(b) The duty to provide brokerage services with reasonable skill and care.
(c) The duty to timely disclose in writing all material adverse facts that the firm knows and that the party does not know or cannot discover through reasonably vigilant observation, unless the disclosure of a material adverse fact is prohibited by law.
(d) The duty to keep confidential any information given to the firm in confidence, or any information obtained by the firm that the firm knows a reasonable person would want to be kept confidential, unless the information must be disclosed by law or the person whose interests may be adversely affected by the disclosure specifically authorizes the disclosure of particular information. The firm shall continue to keep the information confidential after the transaction is complete and after the firm is no longer providing brokerage services to the party.
(e) The duty to provide accurate information about market conditions that affect the transaction, within a reasonable time after a request for such information by the party, unless disclosure of the information is prohibited by law.
(f) The duty to safeguard trust funds and other property held as required by rules promulgated under s. 452.13 (5).
(g) When the firm is negotiating on behalf of a party, the duty to present contract proposals in an objective and unbiased manner and disclose the advantages and disadvantages of the proposals.
(2) DUTIES TO CLIENTS. A firm providing brokerage services to a client owes the client the duties that the firm owes to a party under sub.
(1) and all of the following additional duties:
(a) The duty to loyally represent the client’s interests by doing all of the following: 1. Placing the client’s interests ahead of the interests of the firm. 2. Placing the client’s interests ahead of the interests of persons in the transaction who are not the firm’s clients by not disclosing to persons in the transaction other than the firm’s clients information or advice the disclosure of which is contrary to the interests of a client of the firm, unless the disclosure is required by law.
(am) The duty to provide, when requested by the client, information and advice to the client on matters that are material to the client’s transaction and that are within the scope of the knowledge, skills, and training required under this chapter.
(b) The duty to disclose to the client all information known by the firm that is material to the transaction and that is not known by the client or discoverable by the client through reasonably vigilant observation, except for confidential information under sub.
(1)
(d) and other information the disclosure of which is prohibited by law.
(c) The duty to fulfill any obligation required by the agency agreement, and any order of the client that is within the scope of the agency agreement, that is not inconsistent with another duty that the firm has under this chapter or any other law.
(d) The duty to negotiate on behalf of the client.
(3) PROHIBITED CONDUCT. In providing brokerage services, a licensee may not do any of the following:
(a) Accept any fee or compensation related to the transaction from any person other than the licensee’s client or firm without the prior written consent of all parties to the transaction. This paragraph does not prohibit an out-of-state broker from accepting a fee or compensation in the case of a cooperative agreement under s. 452.137 (2) (am).