Wis. Stat. § 452.135
Disclosure of duties
Redline — January 1, 2003 → current.View current text →
Current — January 1, 2015
As of January 1, 2003
(1) No broker may provide brokerage services without an agency agreement that authorizes the broker to provide those brokerage services. The agency agreement shall contain a statement of the terms and conditions of the brokerage services that the broker will provide, including a statement required under s. 452.138 , if applicable.
(2) No broker may provide brokerage services to a party to a transaction unless the broker has provided to the party a written agency disclosure form containing all of the following:
(a) A statement of which party is the broker's client or, if the broker is providing brokerage services to more than one client under s. 452.137 , a statement of which parties are the broker's clients.
(b) A statement of the broker's duties to his or her client under s. 452.133 (2) .
(c) A statement of the broker's duties to a party under s. 452.133 (1) .
(d) A statement regarding confidentiality that shall be in the following form:
(e) Any additional information that the broker determines is necessary to clarify the broker's relationship to his or her client or customer.
(1)
(a) No firm, and no licensee associated with a firm, may negotiate on behalf of a party who is not the firm's client unless the firm, or a licensee associated with the firm, provides to the party a copy of the following written disclosure statement:
(b) If a firm is providing brokerage services as a subagent to a principal firm, the subagent, or a licensee associated with the subagent, shall provide a copy of the written disclosure statement under par. (a) to any person who is not the principal firm's client and who receives brokerage services from the subagent within the scope of the agreement between the subagent and the principal firm.
(2)
(a) Except as provided in par. (b) , a firm shall provide to a client a copy of the following written disclosure statement not later than the time the firm enters into an agency agreement with the client:
(b) If a client enters into an agency agreement with a firm to receive brokerage services related to real estate primarily intended for use as a residential property containing one to 4 dwelling units, and the written disclosure statement under par. (a) is not incorporated into the agency agreement, the firm shall request the client's signed acknowledgment that the client has received a copy of the written disclosure statement.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.