2013 Wis. Act. 259 created a voluntary process for a Wisconsin broker to let an out-of-state (OSL) broker and authorized agents of the OSL broker to perform limited brokerage services in the state of Wisconsin. The new law also provides penalties for violators and defines that an OSL broker cannot list a Wisconsin property without a Wisconsin real estate license.
The WRA has been regularly communicating to members about the new law and its January 1, 2015, effective date.
As you may recall, part of this legislation required the Real Estate Examining Board (REEB) to create a WB cooperative form mandated for use by the Wisconsin broker in this situation. This form was recently approved by the REEB, and if the Wisconsin listing broker wishes to cooperate with the out-of-state broker, the WB-28 form must be used.
At its April meeting, the REEB approved the WB-28 Cooperative Agreement for use.
The 2015 WB-28 Cooperative Agreement not only includes the language mandated by statute, such as a place for compensation, cooperation and that all earnest money, security deposits and the like must be held by the Wisconsin broker — but the agreement also addresses errors and omission insurance and provides a place for additional information to be inserted as well as the ability to attach addenda.
The WB-28 form is now available in zipForm. Please note that the WRA will not publish a copy of this form for purchase as it will only be available electronically.
Resources
Learn more about the new WB-28 Cooperative Agreement form at the following WRA resource ares:
See the complete text of 2013 Wisconsin Act 259: 2013 Wis. Act 259: docs.legis.wisconsin.gov/2013/related/acts/259.
Cori Lamont is Director of Corporate and Regulatory Affairs for the WRA.