452.1355 Transactions involving residential property.

277 words·~1 min read·/wi/chapter-452/452-1355

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

(1)A listing firm representing an owner in a transaction involving the owner’s residential property containing one to 4 dwelling units shall, except as provided in sub.

(4), do all of the following:

(a)Share information on the property with any licensees representing prospective buyers or tenants.

(b)Respond to inquiries from any licensees representing prospective buyers or tenants.

(c)Make the property available for showing to prospective buyers or tenants.

(d)Within one business day from the start date of any agency agreement authorizing the listing firm to sell or lease the owner’s property, advertise or market the owner’s property for sale or lease on one or more Internet platforms or websites accessible to the general public and any real estate licensees representing prospective buyers or tenants, unless the owner completes and signs a disclosure and opt-out form prescribed by the department that includes all of the following:

1. The owner’s written request that the listing firm withhold the owner’s property from public marketing or advertising identified by the owner, along with a statement of the reason for the request.

2. The owner’s written acknowledgment, initialed by the owner, that all of the following apply:

a. Real estate licensees and prospective buyers or tenants may not be aware that the owner’s property is available for sale or lease.

b. The owner’s property will not appear on Internet platforms or websites that are used by the general public to search for property listings.

c. Licensees and prospective buyers or tenants may not be aware of the terms and conditions under which the owner is offering the property for sale or lease.