WISCONSIN REALTORS® ASSOCIATION
4801 Forest Run Road
Madison, Wisconsin 53704
DISCLOSURE OF REAL ESTATE AGENCY
WISCONSIN LAW (WI. ADM. CODE §RL 24.07(8))
REQUIRES REAL ESTATE BROKERS TO DELIVER A COPY OF A WRITTEN AGENCY
DISCLOSURE FORM TO YOU PRIOR TO SHOWING YOU PROPERTIES OR PROVIDING OTHER
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 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 47).
DUTIES TO ALL PARTIES
Wisconsin Statute section 452.133(1)
states that in providing brokerage services to a party to a transaction
(including 8 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 not 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 contradicting 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 48 to 52). 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 clients 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 REQUIRED TO BE DISCLOSED BY LAW:
1) MATERIAL ADVERSE FACTS AS DEFINED
IN SECTION 452.0 1(5g) OF THE WISCONSIN STATUTES (SEE REVERSE SIDE).
2) ANY FACTS KNOWN BY THE BROKER THAT CONTRADICT ANY
INFORMATION INCLUDED IN A WRITTEN INSPECTION REPORT 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 MARKED “CONFIDENTIAL INFORMATION”.
AT A LATER TIME, YOU MAY ALSO PROVIDE THE BROKER WITH OTHER WRITTEN
NOTIFICATION OF WHAT INFORMATION YOU CONSIDER TO BE CONFIDENTIAL,
CONFIDENTIAL INFORMATION:
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
Broker:
NON-CONFIDENTIAL INFORMATION:
BY INITIALING AND DATING BELOW I/WE
ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND THAT Coldwell
Banker Glynn Realty, Inc and their sales agent ~ ____________________
are working as the Owner's agent and not the Buyers/Tenants Agent.
BY INITIALING 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) ____________________
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