Section 127.04. Contract.

  A registrant shall have a written contract with the owner of real estate to be sold at an auction, or the owner's agent, which specifies the terms and conditions upon which the auctioneer or auction company accepts the real estate for sale at auction. The following conditions apply to the contract:

(1)  A registrant who is licensed as a real estate broker under ch. 452 , Stats. , shall use the appropriate approved listing contract form required under s. REEB 16.03 , when contracting with the owner to conduct an auction of real estate, and shall include provisions which comply with s. SPS 124.02 .

(2)  A registrant who is licensed as a real estate salesperson shall use the appropriate approved listing contract form required under ch. REEB 16 , when contracting with the owner to conduct an auction of real estate if the salesperson is employed by a real estate broker, and shall include provisions which comply with s. SPS 124.02 .

(3)  A registrant who is not licensed as a real estate broker or salesperson under ch. 452 , Stats. , shall use a contract that complies with s. SPS 124.02 .

History: Cr. Register, June, 1996, No. 486 , eff. 7-1-96; correction in (1), (2), (3) made under s. 13.92 (4) (b) 7. , Stats., Register November 2011 No. 671 .