Section 17.08. Supervision of employees.

 

(1)  A broker-employer shall supervise the activities of any licensee employed by the broker-employer. Supervision includes but is not limited to the reasonable review of all listing contracts, offers to purchase, trust account records and other documents and records related to transactions as well as providing all licensees reasonable access to a supervising broker for purposes of consultation regarding real estate practice issues. Documents or records related to a transaction, described in ss. REEB 15.02 , 15.03 and 15.04 , including the receipt and proposed disbursement of real estate trust funds in or from the real estate trust account of the broker-employer, shall be reviewed by the supervising broker prior to the closing of the transaction. Broker-employers shall provide all licensed employees with a written statement of procedures under which the office and employees shall operate with respect to handling leases, listing contracts, offers to purchase and other documents relating to transactions. Broker-employers shall notify all employed licensees where a copy of the rules of the board maintained under s. REEB 24.16 may be obtained.

(2)  A broker-employer shall be responsible for the preparation, custody, safety and correctness of all entries on real estate forms, closing statements and other records even though another person may be assigned these duties by the broker-employer.

(3)  A broker-employer which is a business entity shall delegate the performance of the duty to supervise licensed employees to a supervising broker.

(4)  A broker-employer who is not a business entity may delegate the duty to supervise licensed employees to a supervising broker. In the absence of a specific supervising broker delegation to another person, a broker-employer who is not a business entity is deemed to be a supervising broker.

(5)  A delegation under this section shall be written and signed by or on behalf of the delegating broker-employer, identify the duty delegated, and be signed by the supervising broker to whom the delegation is made. A broker-employer may delegate the duty to supervise licensees employed by the broker-employer to more than one supervising broker.

History: Cr. Register, November, 1985, No. 359 , eff. 12-1-85; am. (1), Register, January, 2001, No. 541 , eff. 2-1-01; CR 04-124 : am. (1), cr. (3) to (5) Register June 2005 No. 594 , eff. 7-1-05; correction in (1) made under s. 13.92 (4) (b) 6. , 7. , Stats., Register November 2011 No. 671 .

Note

Sections REEB 17.08 (3) and (4) do not affect a broker-employer's liability under s. 452.12 (3) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1