Section 127.05. Real estate subject to exclusive listing contract.

  Prior to entering into any contract for the sale of real estate at an auction, the registrant shall determine whether the real estate is subject to an exclusive real estate listing contract. If the real estate to be sold at an auction is subject to an exclusive real estate listing contract between the seller and a real estate broker other than the registrant, the registrant:

(1)  May only enter into a contract under s. SPS 127.04 , with the real estate broker holding the exclusive real estate listing contract on the real estate.

(2)  May not receive any sales proceeds, down payments, earnest money deposits or other trust funds as a result of an auction of the real estate, unless the contract under sub. (1) authorizes the registrant to do so.

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