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Code · Wisconsin · Chapter 452 — Real estate practice

452.12 Licenses.

431 words·~2 min read·/wi/chapter-452/452-12

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

452.12 Licenses.
(1)Expiration. A license granted by the board entitles the holder to act as a broker or salesperson, as the case may be, until the applicable renewal date specified under s. 440.08
(a).
(2)Business entities.
(a)A broker’s license may be issued to a business entity if the business entity has at least one business representative licensed as a broker. The license issued to the business entity entitles each business representative of the business entity licensed as a broker to act as a broker on behalf of the business entity. A broker may act as a business representative for more than one business entity if the broker obtains the express, written consent of each business entity for which the broker desires to act as a business representative. A broker may act as a broker on behalf each business entity for which it is serving as a business representative.
(c)Application for a broker’s license to be issued to a business entity shall be made on forms prescribed by the board, listing the names and addresses of all business representatives and the license numbers of all business representatives that are licensed brokers, and shall be accompanied by the initial credential fee determined by the department under s. 440.03
(a). If there is a change in any of the business representatives, the change shall be reported to the board, on the same form, within 30 days after the effective date of the change.
(3)Firm’s responsibility for acts of licensees. Subject to s. 452.139
(3), a firm is responsible for the brokerage services provided on behalf of the firm by a licensee associated with the firm only to the extent that the firm fails to comply with s. 452.132 and any rules promulgated under s. 452.07
(1m)with respect to that licensee.
(4)Register of licensees. The board shall include in the register the board maintains under s. 440.035
(d)the names of all persons whose licenses issued under this chapter were revoked within the past 2 years. The register shall be available for purchase at cost.
(5)Renewal.
(a)Renewal applications for all licenses shall be submitted with the applicable renewal fee determined by the department under s. 440.03
(a)on or before the applicable renewal date specified under s. 440.08
(a). The department shall pay $10 of each renewal fee received under this paragraph to the Board of Regents of the University of Wisconsin System for research and educational, public outreach, and grant activities under s. 36.25
(34).
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