452.132 Responsibilities of firms and licensees.

393 words·~2 min read·/wi/chapter-452/452-132-3

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

(1)A firm shall supervise the brokerage service activities of each licensee associated with the firm, including by doing all of the following:

(a)Ensuring that a supervising broker for the firm complies with sub.

(4).

(b)Providing a licensee with reasonable access to a supervising broker for the purpose of consultation regarding real estate practice issues.

(2)A firm shall do all of the following:

(a)Provide each licensee associated with the firm with a written statement of the procedures under which the firm and licensees associated with the firm must operate with respect to handling leases, agency agreements, offers to purchase, and other documents and records relating to transactions.

(b)Notify each licensee associated with the firm where a copy of the rules promulgated by the board related to the conduct, ethical practices, and responsibilities of licensees may be obtained.

(c)Before a licensee becomes associated with the firm and at the beginning of each biennial licensure period, ensure that the licensee holds a valid license.

(3)A firm shall be responsible for the custody and safety of all documents and records relating to transactions submitted to the firm as required under sub.

(b).

(a)A supervising broker for a firm, as determined under sub.

(5), shall review all of the following prior to the closing of a transaction in accordance with par.

(b):

1. All agency agreements, offers to purchase, leases, and other documents that are executed by the parties and records relating to the transaction that are used by a licensee associated with the firm and submitted to the firm as required under sub.

(b).

2. All trust account records relating to the transaction.

(b)The review under par.

(a)shall be limited to confirming that a written disclosure statement to a customer or client has been provided by a licensee associated with the firm in accordance with s. 452.135 , confirming that any applicable form approved by the board has been used and the forms have been completed by filling in the blanks in a manner consistent with the structure of the form, and communicating to the licensee any errors in how the forms were completed that are apparent on the face of the document and known to the person reviewing the document.