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Illinois REALTORS® – On Jan. 1, a new provision in Wisconsin’s real estate licensing law clarified the need for a Wisconsin license to list Wisconsin properties. However, the provision does allow for out-of-state licensees to cooperate with Wisconsin licensees under a statutorily required cooperative agreement.
According to the Wisconsin REALTORS® Association (WRA), the law keeps Wisconsin brokers in charge of transactions but allows Illinois-licensed brokers to have a limited involvement in the selling or leasing process. The association states that the law was passed because of the negative impacts out-of-state licensees were causing for clients and Wisconsin brokers.
A few basics of Wisconsin Statute 452.137:
- Only Wisconsin-licensed brokers can decide if they want to have a cooperative or referral agreement;
- The agreements are voluntary and are made on a case-by-case basis;
- The law covers residential, commercial, farm and vacant land transactions involving real estate brokers;
- Out-of-state licensees must agree that all earnest money and client funds will be held by Wisconsin brokers and Wisconsin law governs all disputes between brokers.
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