- An out-of-state licensee cannot perform any activities with the state.
- An out-of-state licensee can split commission with Wisconsin licensee.
- There is no bar to bring a commission lawsuit in Wisconsin.
BIZ BROKER STATE
* All must pass the State Portion of the Real Estate Exam
For these states, one can only apply for a reciprocal salesperson license.
Specific to Wisconsin
- Broker must have a trust account with a Wisconsin Bank (or one that is allowed to do business there.)
Reciprocity – Holding a Current Salesperson License in Illinois or Indiana
1. Application for Real Estate Salesperson License (Form #3166) 2. $72.00 Reciprocity Fee - Must accompany the completed application.
3. Evidence of Passing the WI Salesperson Examination - Submit a copy of your certificate from Pearson VUE.
4. Active Salesperson License - Evidence that you hold an active Salesperson* license in good standing obtained by examination in Illinois or Indiana. *In Illinois, a Broker is equivalent of Wisconsin Salesperson.
These states specifically mention Wisconsin in their Reciprocity:
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington
Lenders and title companies conduct what are called “table closings” throughout the state, except in the Milwaukee area, where attorneys conduct the closings.
Conveyance is by warranty deed, but installment land contracts are used extensively, too.
Mortgages are the customary security instruments.
Wisconsinites use ALTA policies and endorsements.
Buyers generally pay closing costs and the lender’s policy fees; sellers pay the owner’s policy fees and the transfer taxes.
In transactions involving homesteads, conveyances may be void if not joined into by the spouse.
Wisconsin is a quasi-community-property state.
BIZ BROKER STATE
The rules are very clear in this State that a Business Broker must hold a real estate license to sell a business.
REAL ESTATE PRACTICE
(10) “Transaction" means the sale, exchange, purchase or rental of, or the granting or acceptance of an option to sell, exchange, purchase or rent, an interest in real estate, a business or a business opportunity.