Conduct and Ethical Practices for Real Estate Licensees
Area III, 22 of 100 items and the second-largest block. Its thirteen lettered subtopics track the section headings of Wis. Admin. Code ch. REEB 24, the board's conduct rules. Note that the outline's subtopic L, 'Availability of rules,' no longer exists as a section of ch. REEB 24; the duty now sits in Wis. Stat. § 452.132 (2) (b).
Competent service and advertising
Section REEB 24.03 forbids discrimination, requires licensees to decline work outside their competence unless they engage a competent person who is identified and whose contribution is described in the transaction records, and requires the licensee to be knowledgeable about laws, public policies and market conditions. It also states that licensees are not required to have the technical knowledge of third-party inspectors. Advertising is governed by Wis. Stat. § 452.136: no false or misleading ads, the firm's licensed or filed trade name disclosed with a clear indication that the firm is a business enterprise, no advertising a property without being the listing firm or having that firm's consent, and no advertising a price other than the one agreed with the owner.
Disclosure of compensation and of the licensee's own interest
A licensee acting as a principal must disclose license status and that intent in writing to the other party or its agent, at the earliest of first contact where information is exchanged, a showing, or any other negotiation. A listing firm may not pay compensation or an incentive to a licensee acting as a buyer without the seller's prior written consent. Section REEB 24.05 (1) and (2) route the underlying compensation and self-dealing rules back to Wis. Stat. § 452.133 (3).
Inspection, disclosure and prohibited arrangements
Section REEB 24.07 (1) requires a reasonably competent and diligent inspection of accessible areas of the structure and the immediately surrounding areas, and then limits it: no operating mechanical equipment, no opening panels, no moving furniture, no unreasonable risk of injury. Material adverse facts must be disclosed in writing and in a timely fashion, undisclosed side agreements must be reported to the party's secured lender, and inconsistencies with a seller statement or third-party report must be disclosed. Tie-in arrangements are prohibited by § REEB 24.075 and net listings by § REEB 24.10.
Offers: confidentiality, drafting and presentation
Under § REEB 24.12 (1) a licensee may not disclose the terms of one prospective buyer's offer to another, but may disclose that other offers exist, that an offer has been accepted, that it is subject to contingencies, and that it carries a bump clause. Section REEB 24.13 forbids refusing to draft or submit a written proposal except where its terms would be contrary to the other party's specific written instructions, requires objective presentation with the advantages and disadvantages explained, bars a listing-firm licensee who knows the terms of a pending offer from submitting a personal offer, and requires negotiations to run through a firm holding an unexpired exclusive right.
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State-specific details
State exam facts
- State regulator
- Wisconsin Dept. of Safety and Professional Services (DSPS)
- Exam vendor
- Pearson VUE
- Prelicensing education
- 72-hour approved broker program (or 20 semester-hour credits, or a Wisconsin law license)
- Passing score
- Scaled score of 75 on a 0-100 scale
- Scored questions
- 100
- Time limit
- 195 minutes
Who regulates real estate brokers in Wisconsin?
The Wisconsin Department of Safety and Professional Services (DSPS), through the Real Estate Examining Board, licenses real estate brokers under Wis. Stat. ch. 452 and the board's rules in chs. REEB 11 to 25. DSPS contracts with Pearson VUE to deliver the exams.
What education do I need before the Wisconsin broker exam?
Per the Pearson VUE Wisconsin Real Estate Candidate Handbook, broker applicants must first satisfy the salesperson education and examination requirements or hold a Wisconsin salesperson license, and then complete one of three routes: an approved broker education program (72 hours for resident applicants), 20 semester-hour credits in real estate or real-estate-related law at an accredited institution, or a license to practice law in Wisconsin. Wisconsin sets no fixed period of salesperson experience for the broker license.
How is the Wisconsin broker exam structured?
The Wisconsin broker exam is a single 100-question all-Wisconsin paper, plus 5 to 10 unidentified pretest items, with 3.25 hours allotted. There is no national portion: the Pearson VUE broker content outline (#095006) publishes six Wisconsin areas summing to 100 items — Real Estate Practice 19, Trust Accounts 12, Conduct and Ethical Practices 22, Approved Forms and Legal Advice 6, Drafting and Supervision Knowledge 37, and Miscellaneous 4. Passing is a scaled score of 75 on a 0-100 converted scale set by DSPS, which the handbook notes is neither the number nor the percentage of questions answered correctly. The exam fee is $65.
Sources: https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/095006.pdf, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/095000.pdf, https://dsps.wi.gov/Pages/Professions/REBroker/Exams.aspx, https://www.pearsonvue.com/us/en/wi/realestate.html
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