Drafting Approved Forms and Supervision
Drafting and Supervision is the largest block on the Wisconsin broker exam, about 37 of 100 items. This chapter covers completing Wisconsin's approved WB forms and a broker's duty to supervise associated salespersons.
Wisconsin Approved WB Forms
Wisconsin licensees use state-approved WB forms rather than drafting original contracts. The WB-1 Residential Listing Contract and the WB-11 Residential Offer to Purchase are the standard listing and offer forms. Licensees complete the transaction-specific blanks accurately; adding original legal clauses can cross into the unauthorized practice of law.
Completing Forms Correctly
Proper drafting means filling in material terms completely and accurately so the parties understand the agreement, without leaving key terms blank and without inserting language that gives legal advice. Brokers must ensure their firm's transactions use the correct current approved forms.
Supervising Salespersons
A Wisconsin broker must reasonably supervise associated salespersons, including how they complete forms, make disclosures, and handle client funds. The broker sets office policies and remains responsible for the firm's compliance. This supervisory role is the main reason the broker license is a higher tier than the salesperson license.