In 2015, Out-of-State Licensee (OSL) legislation went into effect. The law allows Wisconsin brokers to enter into a cooperative agreement with an OSL. The law applies to all types of transactions, including residential, commercial, farm, or vacant land. During the course of use, a number of CARW members cited that the current out-of-state (OSL) law created a situation where a Wisconsin firm (ISL) could be argued as practicing outside of the permitted Wisconsin laws because the law only allows cooperation when the ISL has the property listed. CARW members pointed out that it is common to have OSLs reach out to ISLs who do not have a property listed because the OSLs wish to cooperate with someone other than the listing firm to ensure the OSL’s buyer/tenant clients have assistance of an expert in that specific market area.
Therefore, WRA and CARW collaborated to create a new voluntary commercial option for ISLs who do not have a property listed but wish to cooperate with OSLs working with commercial buyers and tenants. This new option was approved in May by the WRA’s public policy committee approved the WRA to pursue legislation to address this concern. Click here for the New Commercial OSL Cooperation Option.
View the links below for more information on Out Of State licenses: