CLEW Publications

Chapter 1         State Regulation of Real Estate Brokerage

• The General Structure of State Regulation of Real Estate Brokerage
• The Department's Rule‑Making Power
• The Department's Licensing Power
• Licensing:  Real Estate Broker or Salesperson
• The Board's Disciplinary Power
• Regulation of Time‑Share Salespersons

 

Chapter 2         The Broker and Salesperson

• The Real Estate Broker's Role
• Definition of "Broker"
• Definition of "Salesperson"
• Broker and Salesperson Compared and Contrasted
• The Real Estate Broker, the Filling Out of Forms, and the Practice of Law

 

Chapter 3         Duties of a Broker and Salesperson as an Agent

• The Concept of Agency
• The Broker and Salesperson as an Agent
• Multiple Representation
• Multiple Simultaneous Transactions
• Mandatory Broker Disclosure
• Respondeat Superior
• Self-Dealing Rules
• Agency Law Terminology
• When an Agent Fails to Fulfill the Duties Owed to Parties

 

Chapter 4         Disclosure and Misrepresentation Issues

• The Importance of Disclosures
• Consequences of Improper Misrepresentation
• A Broker's Basic Disclosure Duties
• Broker Disclosure Duty Exceptions
• The Real Estate Condition Report and the Seller's Disclosure Duties
• A Broker's Inspection Duties
• Difference Between Puffing and Misrepresentation
• Intentional Misrepresentation
• Negligent Misrepresentation; Strict Responsibility
• Did the Buyer "Justifiably" Rely on the Misrepresentation?
• Economic Loss Doctrine
• False Advertising Remedies Under ' 100.18
• Theft by Fraud under '' 943.20 and 895.466
• "As-Is"
• Difference between Representations and Warranties
• Interstate Land Sales Full Disclosure Act
• Use Value Assessments
• Disclosure of Sex Offender Information in Real Estate Practice

 

Chapter 5         The Listing Contract

• Listing Contract Overview
• What the Law Requires in a Listing Contract
• The Listing Process
• Marketing Considerations
• Commission Issues
• Listing Contract Endings
• Listing Protection after Expiration of the Listing

 

Chapter 6         Buyer Agency

• Buyer Agency Overview
• What the Law Requires in Buyer Agency Agreements
• Broker Authority to Act as Buyer's Agent
• Buyer Clients Working with Other Agents
• Buyer Agency Practice Issues and Rules
• Collecting the Buyer's Broker's Fees
• Buyer Agency Endings

 

Chapter 7         The Offer to Purchase

• Preliminary Considerations
• Offer, Acceptance and Binding Acceptance
• What the Law Requires for an Enforceable Offer; the Statute of Frauds
• Parties to the Offer
• Description of Property
• Terms of the Transaction
• Title and Method of Transfer
• Property Condition Provisions
• Contingencies
• Other Provisions in the Offer to Purchase
• Delivery and Presentation of Completed Offers
• Suggested Contingency Clauses

 

Chapter 8         Closing the Real Estate Transaction

• Closing in General
• Typical Closing Documents
• Furnishing Title Evidence Before Closing
• Title Insurance
• The Closing Title Search
• The Danger of Construction Liens
• Escrow of Closing Funds
• Closing Statement
• Closing Prorations
• Costs of Future Recording
• Bill of Sale
• Wisconsin Real Estate Transfer Fee
• Internal Revenue Service Reporting Requirement (1099-S)
• Transfer of Residential Rental Property
• "Good Funds"
• Recording Instruments that Contain a Social Security Number
• Falsifying Title Insurance Documents
• Uniform Real Property Electronic Recording Act

 

Chapter 9         Real Estate Trust Accounts

• Introduction
• Definition of "Trust Funds"
• Sources of Trust Funds
• Types of Trust Fund Payments
• Difference Between "Client Funds" and "Trust Funds"
• Trust Account Requirements
• Handling Trust Deposits and Disbursements
• Disbursements
• Property Management Trust Funds
• The Bookkeeping System
• The Cash Journal
• The Ledger
• Account Reconciliation
• Trial Balance
• Sample Reconciliation and Trial Balance
• Validation
• Sample Account Reconciliation and Trial Balance
• Comments on Sample Forms
• Computerized Trust Accounting
• Trust Account Problem Areas for the Broker
• Who is Responsible for Handling Trust Account Funds?
• Retaining Trust Account Records
• A Review of the Legal Requirements for Trust Funds

 

Chapter 10        Contract Interpretation and Remedies

• Introduction
• Contract Interpretation
• Interpreting the Contract Language:  Rules of Construction
• Ambiguous Provisions
• Omitted Provisions
• Contract Drafting Tips for Licensees
• Contract Remedies
• Specific Performance
• Damages
• Reformation
• Rescission
• Mutual Mistake
• Election of Remedies
• Interest, Attorneys Fees, and Costs

 

Chapter 11        Description of Real Estate

• Importance of a Sufficient Description
• Government Survey
• Metes and Bounds Descriptions
• Plats, Subdivisions, Condominiums, and Certified Survey Maps
• Street Address
• Reference to Appearances or Outside Facts
• A Sufficient Description
• The Source of Descriptions
• Adverse Possession

 

Chapter 12        Deeds

• Deeds:  Elements
• Deeds:  Types
• Standard Forms of Deeds
• Executing a Deed in a Sales Transaction
• Problems of Designating the Grantor in Deeds
• Designating the Grantee
• Other Problems in Preparing Deeds
• Delivery of Deeds

 

Chapter 13        The Land Contract

• The Land Contract in Real Estate Transactions
• Land Contract Provisions
• Difference Between Land Contract and Offer to Purchase
• Comparing the Option and Land Contract
• Comparing the Deed and Land Contract
• Comparing the Lease and Land Contract
• Comparing the Mortgage and Land Contract
• Choosing Between the Land Contract and Mortgage
• Complying with the Wisconsin Consumer Act
• Transfer of the Buyer's Interest Under a Land Contract
• Transfer of the Seller's Interest Under a Land Contract
• The Standard Form of Land Contract
• Completing and Executing the Land Contract

 

Chapter 14        Mortgages

• Mortgages in Real Estate Transactions
• The Mortgage Papers:  The Note and the Mortgage
• The Debtor‑Mortgagor's Equity of Redemption
• Consequences of the Mortgagor's Equity of Redemption
• Special Types of Mortgages
• Common Mortgage Provisions
• Selling Mortgaged Real Estate
• Transfer of the Lender's Interest--Assignments of Mortgage
• Filling in the Mortgage Form and Formalities of Execution
• Mortgage Fraud
• Predatory Lending
• Subprime Mortgage Lending
• Fraud Enforcement and Recovery Act
• Wisconsin Foreclosure Reconveyances Law

 

Chapter 15        Title Designations:  Ownership, Management, and Control

• Interests in Real Estate
• Ownership Interests
• Rights to Possession of Real Estate
• Nonpossessory Property Interests
• Homestead
• How Ownership is Held
• Single Ownership
• Unmarried Co-Owners: Rights and Duties of Tenants in Common and Joint Tenants
• Tenancy in Common
• Joint Tenancy
• Marital Property Law
• Marital Property Agreements
• Domestic Partners
• Trusts
• Condominium and Cooperative Ownership
• Time-Share Ownership
• Ownership, Management, and Control
• Designating Titles to Real Estate
• Who Must Sign Instruments of Conveyance as Sellers or Grantors?
• Unmarried Persons as Sellers or Grantors
• Married Persons as Sellers or Grantors
• How Should the Buyers or Grantees Take Title?
• Unmarried Persons as Buyers or Grantees
• Married Persons as Buyers or Grantees
• Real Estate Transfers at Death

 

Chapter 16        Antitrust Law

• Introduction
• What is Antitrust Law?
• Sherman Act
• Federal Trade Commission Act
• Sherman Act "Per Se" Violations
• Price-Fixing
• Group Boycotts
• Tying Arrangements
• Other Real Estate Industry Antitrust Issues
• Antitrust Law Enforcement
• Potential Risk Exposure

 

Chapter 17        Lead-Based Paint Issues

• Lead-Based Paint Issues
• Common Law Developments
• State of Wisconsin Certification Requirements
• 1999 Act 113CWisconsin=s Lead-Based Paint Immunity Bill
• Federal Lead-Based Paint Disclosure Rules
• Nonresidential Transactions

 

Chapter 18        Consumer Protection

• Introduction
• Real Estate Settlement Procedures Act (RESPA)
• The Federal Truth‑in‑Lending Act and Regulation Z
• Regulation Z:  Credit Financing Advertising
• Credit Reporting
• Fair Debt Collection Practices Act
• Debt Collection in Wisconsin Consumer Transactions
• Wisconsin Consumer Act
• Regulation of First Lien Residential Real Estate Loans-Wisconsin Statutes Chapter  428
• Interest Rate Regulation
• Buyer's Protections as to Quality and Suitability
• Homeowner's Insurance Issues
• Right to Cure Law; Disputes Related to Construction and Remodeling

 

Chapter 19        The Law Against Discrimination In Housing

• Introduction
• What Housing is Covered?
• Who is Protected by Fair Housing Laws?
• What is Prohibited?
• The Wisconsin Equal Opportunity Law
• Municipal and County Fair Housing Ordinances
• Housing for Older Persons
• Occupancy Standards
• Advertising
• Additional Protections for Persons with Disabilities
• Americans with Disabilities Act--Public Accommodations, Commercial Facilities, and Private Entities That Offer Educational Courses
• New Construction Accessibility Standards
• Fair Housing Enforcement
• Testing
• Regulation of Real Estate Licensees
• REALTOR® Code of Ethics

 

Chapter 20        Land-Use Controls

• The Planning Process in General
• Private Planning by Restrictive Covenants and Easements
• Comprehensive Public Planning and "Smart Growth" Law
• Zoning
• Zoning Authority
• Zoning Concepts
• Subdivision Regulations
• Official Map
• Shoreland Development
• Floodplain Zoning
• Wetlands
• Pier Protection Act
• Burial Sites and Historic Properties
• Working Lands Initiative and Program

 

Chapter 21        Landlord-Tenant Law

• Introduction
• License Requirements
• Rental Listings
• Tenant Screening
• Types of Rental Agreements
• Leases Over One Year Must be in Writing
• Recording Leases for More Than One Year
• Required and Customary Rental Agreement Provisions
• Signatures on Leases
• Informal Rental Arrangements
• Residential Rental Practices Rules, Chapter ATCP 134, Wisconsin Administrative Code
• Rights and Duties Between Landlord and Tenant
• Transfer of the Landlord's or Tenant's Interest
• Termination of Tenancies
• Content of Termination Notices
• Manner of Giving Termination Notices
• Curing the Default
• Eviction Proceedings
• Voluntary Termination by Agreement Prior to End of Term
• Termination of Periodic Tenancies and Tenancies at Will
• Tenancy Termination Based on Imminent Threat of Serious Physical Harm
• Landlord's Duty to Mitigate Damages
• Rental Unit Energy Efficiency Requirements
• Commercial and Farm Leases
• Tenant's Rights in Foreclosure