452.133 Duties of licensees; prohibitions.

274 words·~1 min read·/wi/chapter-452/452-133

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

(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.