Licensing Issues – Cooperation with Out-of-State Licensee
QUESTION: The broker does commercial real estate. An out-of-state national real estate firm represents an office client and has asked the broker to work with them to perform the local search, market information, etc. They plan on using their standard documents, such as letters of intent, and conduct the negotiations.
The question is, they want to present their standard information on the local broker's company letterhead. Because they will be drafting this infor- mation, the broker finds it odd that it will be on her company letterhead. Is this necessary under the State of Wisconsin rules that it be on the broker's letterhead? Or is it acceptable for them to use their own?
ANSWER: If the Wisconsin property is listed, the out-of-state licensee (OSL) may approach the Wisconsin listing firm directly to enter into a WB- 28 Cooperative Agreement. If the Wisconsin property is not listed, or the OSL wants to cooperate with a Wisconsin licensee not representing the seller, the OSL may enter into a WB-29 Commercial Cooperative Agree- ment with a Wisconsin licensee. The WB-29 sets forth the terms and condi- tions upon which the OSL and the Wisconsin broker provide services and includes the necessary irrevocable Consent for Non-Residents, which needs to be filed with the Wisconsin Department of Safety and Professional Services. A final alternative is for the Wisconsin licensee to enter into a re- ferral agreement with the OSL.
READ MORE ABOUT IT: View the WB-29 Commercial Cooperative Agree- ment at
https://dsps.wi.gov/Documents/BoardCouncils/REB/Forms/WB29.pdf. Read more about the Commercial Out-of-State Licensee opportunities at
www.wra.org/WREM/Dec17/OSL. See Wis. Stat. § 452.137 at
https://docs.legis.wisconsin.gov/statutes/statutes/452/137.
Trust Accounts – Earnest Money Disbursement.
QUESTION:A transaction was supposed to close on July 31. The trans- action did not close, and the buyer and seller executed an amendment ex- tending the closing deadline until Aug. 7 and stating if the transaction failed to close for any reason, the earnest money was to be retained by the seller. Once again, there was no closing. The buyers have not responded to a proposed Cancellation Agreement and Mutual Release indicating the earnest money will be disbursed to the seller. Is the language in the amendment sufficient disbursement directions for the listing firm? How should the firm disburse this money? If the firm does have to hire an attor- ney to obtain an opinion for disbursal, does the firm independently hire the attorney, or does the seller?
ANSWER:Wis. Admin. Code § REEB 18.09 Disbursement of trust funds does say that a firm can disburse trust funds “upon authorization granted in the contract.” Prior to disbursing trust funds as authorized in the con- tract, if the firm has knowledge that either party disagrees with the pro- posed disbursement, the firm shall attempt to notify the parties in writing of the intent to disburse. The notice shall be delivered by certified mail to the parties' last known addresses and shall state to whom and when the disbursement will be made. The disbursement may not occur until 30 days after the date on which the notice is sent. Whether the buyer's failure to re- turn the CAMR is sufficient to indicate the buyer's disagreement with the proposed disbursal is a judgment call the firm will have to make. A firm can error on the side of safety and choose to notify the parties of the pro- posed disbursement and then disburse accordingly 30 days after the no- tice. If the firm pursues an attorney's opinion regarding disbursement, the firm independently hires the attorney because the attorney cannot repre- sent either the buyer or the seller.
READ MORE ABOUT IT: See Wis. Admin. Code § REEB 18.09 at
https://docs.legis.wisconsin.gov/code/admin_code/reeb/18/09 Should be enough. If not let me know I have more.
32 asking rates office from 10/01/12 – 10/31/18 retail rates east: $12.50 central: $21.12 West: $16.20
CIREX Inside Covers for
2018
To reserve your covers call 608-345-2880
Greater Madison Area October 2018 Asking Lease Rates
office rates east: $12.68 central: $18.21 West: $14.68
asking rates retail from 10/01/12 – 10/31/18 office/Whse east: $6.16 central: $8.31 West: $6.69
asking rates office/Warehouse/flex from 10/01/12 – 10/31/18 InformatIon hereIn collected from sources belIeved relIable. cIreX/ProPerty drIve Is not resPonsIble for Its accuracy.
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