Madison, WI - The License Law Modernization Act, signed into law by Governor Doyle last
December, revises the information that real estate brokers must disclose to
consumers about agency relationships. Starting July 1, 2006, the new forms must
be used when entering a new agency relationship.
The new forms follow the requirements of the modernized agency law, which
creates a friendlier, plain-English agency disclosure model to help consumers
better understand the complicated world of agency relationships. The Wisconsin
REALTORS® Association (WRA) has created three different forms – one with broker
disclosure language for clients, one with disclosure language for customers, and
one for non-residential customers – so that every party receives the most
effective agency disclosure possible.
The “Broker Disclosure to Clients” form contains the mandatory disclosure
language for clients. This language will eventually appear in revised listing
contracts and buyer agency agreements. For the meantime, the WRA has developed
the “Broker Disclosure to Clients” form to be used until the Department of
Regulation and Licensing completes the development of the revised agency
contracts, slated for 2007. The “Broker Disclosure to Clients” form gives
clients a choice of multiple representation relationships with designated
agency, multiple representation relationships without designated agency, or no
multiple representation relationships.
The “Broker Disclosure to Customers” form for consumers not entering into a
client relationship will continue to be a separate form. The customer does not
need to determine the type of agency relationship desired and sign an agreement
or disclosure form until he or she is ready to negotiate. The “Broker Disclosure
to Non-Residential Customers” is similar to the “Broker Disclosure to Customers”
form, but it does not have a section prompting the party to acknowledge receipt
of the form in writing. Written acknowledgement of the party’s receipt need not
be requested if the transaction does not involve property used, or intended to
be used (e.g., a vacant lot in a subdivision), for one-to four-family
residential purposes.
The new forms replace:
WRADMR Disclosure of Real Estate Agency w/Multiple Representation
WRADRA Disclosure of Real Estate Agency
WRARAC Disclosure of Agency with no Signature Lines
WRARMC Disclosure of Agency w/Multiple Representation with Signature Lines
For more information on the revised agency law, see pages 8 and 9.
The new forms will be available in late May … so don’t wait to order them!
Advance orders are accepted.
Product Codes:
WRABDCL - Broker Disclosure to Clients
WRABDCU - Broker Disclosure to Customers
WRABDNC - Broker Disclosure to Non-Residential Customers
You may order forms via the Internet at
www.wra.org/forms ,
by calling 1-800-279-1972 or 608-241-2047, or by mailing in your order with
check made payable to the WRA to 4801 Forest Run Road, Suite 201, Madison, WI
53704.
Wisconsin REALTORS® Association
www.wra.org/forms
Pricing: Prices for each form are as follows (shipping and tax included):
Pack of 25 = $14.50, Pack of 50 = $20.85, Pack of 100 = $34.00,
Pack of 250 = $70.40. For quantities over 250, visit the WRA Web site or
call the WRA. |
Published: 5/16/2006
