Trust Accounts
Area II of the broker outline, 12 of 100 items, and its seventeen lettered subtopics map one for one onto the sections of Wis. Admin. Code ch. REEB 18, from definitions and deposits through commingling, non-depositable items, the bookkeeping system and violation of the rules.
Holding client funds is optional; how it is done is not
Wis. Stat. § 452.13 (4) states that the statute does not require a firm to hold client funds or require anyone to transfer them to a firm, and both the WB-1 and the WB-36 say the Firm may refuse to hold earnest money. Once a firm does hold client funds, § 452.13 (2) requires an interest-bearing common trust account, registration of the account with the department, and an authorization letter permitting examination and audit. The department of administration is the beneficial owner of the interest, and § REEB 18.031 (3) (a) forbids the firm ever to remove or use it.
Deposit, notification and designation deadlines
Section REEB 18.031 (1) requires deposit of real estate trust funds within 48 hours of receipt, extended to the next 2 business days where the institution is closed, and funds that cannot be deposited must be forwarded or returned within one business day. The firm must open an account whenever it receives trust funds, name it with the words 'trust account,' and notify the department within 10 days of opening, changing or closing it. The notification and examination authorizations go on a department form designated 'consent to examine and audit trust account.'
Receipts, escrows and disbursement
Section REEB 18.05 requires the licensee to indicate receipt of earnest money on the offer to purchase at the time it is drafted. Where the parties want a different escrow agent, § REEB 18.06 forbids the licensee to draft the escrow agreement and bars the firm from holding or acting as custodian of the funds. Section REEB 18.09 (1) lists the circumstances in which disbursement is proper, § REEB 18.09 (2) requires certified-mail notice and a 30-day wait before a disputed disbursement, and § REEB 18.09 (3) (a) requires earned commissions to be withdrawn within 24 hours after a transaction is consummated or terminated.
Commingling and recordkeeping
Only real estate trust funds may go into the trust account. The single exception in § REEB 18.10 (1) (b) is a specifically identified cushion of personal funds not exceeding $300.00 to cover service charges, which must be topped up within 10 business days of notice that a charge exceeded it. Section REEB 18.13 requires a cash journal with a daily running balance, a ledger segregating each transaction, a written monthly reconciliation except where there was no activity, a written trial balance of open items, and validation that the three records agree.
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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
In the Wisconsin Real Estate Broker guide: A 60-question practice exam on the national principles, with a key that explains all four options and not just the right one. Practice here stays free.