Disclosure of Real Estate Agency
Wisconsin Law (WI. Adm. Code RL 24.07(8)) requires real estate brokers to deliver a copy of written agency disclosure form to you prior to providing you brokerage services. Broker is also required by law to request you to acknowledge receipt of a copy of this form by initialing below.
This is a disclosure of the duties that a real estate broker owes to all parties in a real estate transaction under Wisconsin law (see lines 7 to 23) and the duties owed to the broker’s clients in the transaction (see 24 to 32). This form will also provide each party with an area to identify information the party would wish to keep confidential in the transaction (see lines 33 to 46).
|DUTIES TO ALL PARTIES
Wisconsin Statute section 452.133(1) states that in providing brokerage services to a party to a transaction (including both clients and customers), a broker shall do all of the following:
|(a)||provide brokerage services to all parties to the transaction honestly, fairly and in good faith.|
|(b)||Diligently exercise reasonable skill and care in providing brokerage services to all parties.|
|(c)||Disclose to each party all material adverse facts that the broker knows and that the party does now know or cannot discover through reasonably vigilant observation, unless the disclosure of a material adverse fact is prohibited by law.|
|(d)||Keep confidential any information given to the broker in confidence, or any information obtained by the broker that he or she knows a reasonable party would want to be kept confidential, unless the information must be disclosed under (c) or Wis. Stats. Sec. 452.23 (information contradiction third party inspection or investigation reports) or is otherwise required by law to be disclosed or the party whose interests may be adversely affected by the disclosure specifically authorizes the disclosure of particular confidential information (see lines 47 to 51). A broker shall continue to keep the information confidential after the transaction is complete and after the broker is no longer providing brokerage services to the party.|
|(e)||Provide accurate information about market conditions that affect a transaction, to any party who requests the information, within a reasonable time of the party’s request, unless disclosure of the information is prohibited by law.|
|(f)||Account for all property coming into the possession of a broker that belongs to any party within a reasonable time of receiving the property.|
|(g)||When negotiating on behalf of a party, present contract proposals in an objective and unbiased manner and disclose the advantages and disadvantages of the proposals.|
|DUTIES TO A CLIENT
Wisconsin Statute section 452.133(2) states that in addition to his or her duties under lines 7 to 23, a broker providing brokerage services to his or her client shall do all of the following:
|(a)||Loyally represent the client’s interests by placing the client’s interests ahead of the interests of any other party, unless loyalty to a client violates the broker’s duties under lines 7 to 23 or Wis. Stats. Sec. 452.137(2) (duties to all clients in multiple representation situations).|
|(b)||Disclose to the client all information known by the broker that is material to the transaction and that is not known by the client or discoverable by the client through reasonably vigilant observation, except for confidential information (see lines 13 to 18) and other information, the disclosure of which is prohibited by law.|
|(c)||Fulfill any obligation required by the agency agreement, and any order of the client that is within the scope of the agency agreement, that are not inconsistent with another duty that the broker has under this chapter or any other law.|
|CONFIDENTIALITY NOTICE TO CLIENTS AND CUSTOMERS
A BROKER IS REQUIRED TO MAINTAIN THE CONFIDENTIALITY OF ALL INFORMATION GIVEN TO THE BROKER IN CONFIDENCE AND OF ALL INFORMATION OBTAINED BY THE BROKER THAT HE OR SHE KNOWS A REASONABLE PARTY WOULD WANT TO BE KEPT CONFIDENTIAL, UNLESS THE INFORMATION IS REQUIRED TO BE DISCLOSED BY LAW (SEE LINES 13 TO 18). THE FOLLOWING INFORMATION IS REQUIRED TO BE DISCLOSED BY LAW:
|1)||MATERIAL ADVERSE FACTS AS DEFINED IN SECTION 452.01(5g) OF THE WISCONSIN STATUTES (SEE REVERSE SIDE).|
|2)||ANY FACTS KNOWN BY THE BROKER THAT CONTRADICT ANY INFORMATION YOU CONSIDER CONFIDENTIAL, YOU MAY LIST ON THE PROPERTY OR REAL ESTATE THAT IS THE SUBJECT OF THE TRANSACTION.|
TO ENSURE THAT THE BROKER IS AWARE OF WHAT SPECIFIC INFORMATION YOU CONSIDER CONFIDENTIAL, YOU MAY LIST THAT INFORMATION IN THE SPACE BELOW THAT IS MARED “CONFIDENTIAL INFORMATION”. AT A LATER TIME, YOU MAY ALSO PROVIDE THE BROKER WITH OTHER WRITTEN NOTIFICATION OF WHAT INFORMATION YOU CONSIDER TO BE CONFIDENTIAL.
Notice: You may obtain information about the sex offender registry and persons registered with the registry by contacting the Wisconsin Department of Corrections on the Internet at www.widocoffenders.org or by phone at 877-234-0085.
WAIVER OF CONFIDENTIALITY
Identify information which you authorize Broker to disclose but which might otherwise be considered confidential, such as financial qualification information. The following may be disclosed by the Broker:
By initializing and dating below I/we acknowledge receipt of a copy of this disclosure and that___________(Firm Name) and __________________ (Sales Associate) are working as __ owner’s agent __ buyer’s/tenant’s agent
|Initializing this form to acknowledge receipt creates no contractual or other legal obligations of any kind.|
|initials||date||print name (optional)||initials||date||print name (optional)|
452.01 (1e) “Adverse fact” means any of the following:
A condition or occurrence that is generally recognized by a competent licesee as doing any of the following:
|(b)||Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction.|
452.01 (5g) “Material adverse fact” means an adverse fact that a party indicates is such of significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party’s decision to enter into a contract or agreement concerning a transaction or affects or would affect the party’s decision about the terms of such a contract or agreement.