On March 2, 2016, Gov. Walker signed into law the WRA’s top legislative priority regarding Wisconsin Statute Chapter 452, the chapter that governs real estate practice. The governor’s signature created 2015 Wis. Act 258 which makes numerous changes to the statutes, most of which are not effective until July 1, 2016.
Basic agency relationships remain as before, but the language used in the disclosures made to clients and customers has been clarified and made more reader-friendly. In addition, when a client chooses an agency relationship model in an agency agreement such as a listing contract, the client will be able to check a box, rather than having to place their initials on a line. The language also acknowledges that if a line or box is checked and more than one client is signing the agency agreement that all the clients consented to the selection. Therefore, the note immediately following the selection section was slightly modified to include that acknowledgement.
Look for the following agency relationship selection language and configuration beginning July 1, 2016, in the WB-1 Residential Listing Contract and the agency disclosure forms, as well as other agency agreements as they are updated by the REEB.
CHECK ONLY ONE OF THE THREE BELOW:
___The same firm may represent me and the other party as long as the same agent is not representing us both. (multiple representation relationship with designated agency)
___The same firm may represent me and the other party, but the firm must remain neutral regardless if one or more different agents are involved. (multiple representation relationship without designated agency)
___The same firm cannot represent both me and the other party in the same transaction. (I reject multiple representation relationships)
NOTE: All clients who are parties to this agency agreement consent to the selection checked above. You may modify this selection by written notice to the firm at any time. Your firm is required to disclose to you in your agency agreement the commission or fees that you may owe to your firm. If you have any questions about the commission or fees that you may owe based upon the type of agency relationship you select with your firm, you should ask your firm before signing the agency agreement.
For questions or more information, contact Cori Lamont ([email protected]) at WRA or Tracy Johnson ([email protected]) at CARW.
*content from WRA Legal Update