Section 16.04. When to utilize approved forms.

 

(1)  Except as provided in subs. (2) and (3) , a licensee shall use approved forms when acting as an agent or a party in a real estate or business opportunity transaction.

(2)  For those kinds of real estate or business opportunity transactions for which the board has not approved contractual forms a licensee, when acting as an agent or a party, may use contractual forms drafted by a party or an attorney, if the name of the drafter is imprinted on the form before use by a licensee. For the purpose of this subsection, a listing broker is a party to the listing contract transaction.

(3)  A licensee may in any transaction where the licensee is acting as an agent, negotiate an agreement and permit the parties or an attorney for one or other of the parties to draft or prepare a contractual agreement which embodies all of the negotiated terms and conditions.

History: Cr. Register, March, 1986, No. 363 , eff. 4-1-86; am. (1) to (3), cr. (2m) and (3m), Register, July, 1992, No. 439 , eff. 8-1-92; am. (1) and (2), r. (2m) to (3m), renum. (4) to be (3) and am., Register, July, 1993, No. 451 , eff. 8-1-93; correction in (2) made under s. 13.92 (4) (b) 6. , Stats., Register November 2011 No. 671 .