Wisconsin § 452.1355 - Transactions involving residential property.

§ 452.1355. Transactions involving residential property.

452.1355(1) (1) A listing firm representing an owner in a transaction involving the owner’s residential property containing one to 4 dwelling units shall, except as provided in sub. (4) , do all of the following: 452.1355(1)(a) (a) Share information on the property with any licensees representing prospective buyers or tenants. 452.1355(1)(b) (b) Respond to inquiries from any licensees representing prospective buyers or tenants. 452.1355(1)(c) (c) Make the property available for showing to prospective buyers or tenants. 452.1355(1)(d) (d) Within one business day from the start date of any agency agreement authorizing the listing firm to sell or lease the owner’s property, advertise or market the owner’s property for sale or lease on one or more Internet platforms or websites accessible to the general public and any real estate licensees representing prospective buyers or tenants, unless the owner completes and signs a disclosure and opt-out form prescribed by the department that includes all of the following: 452.1355(1)(d)1. 1. The owner’s written request that the listing firm withhold the owner’s property from public marketing or advertising identified by the owner, along with a statement of the reason for the request. 452.1355(1)(d)2. 2. The owner’s written acknowledgment, initialed by the owner, that all of the following apply: 452.1355(1)(d)2.a. a. Real estate licensees and prospective buyers or tenants may not be aware that the owner’s property is available for sale or lease. 452.1355(1)(d)2.b. b. The owner’s property will not appear on Internet platforms or websites that are used by the general public to search for property listings. 452.1355(1)(d)2.c. c. Licensees and prospective buyers or tenants may not be aware of the terms and conditions under which the owner is offering the property for sale or lease. 452.1355(1)(d)2.d. d. The reduced exposure of the property may reduce the number of offers to purchase or lease the property, may result in reduced sales or lease price for the property, and may negatively affect the owner’s ability to sell or lease the property at terms favorable to the owner. 452.1355(2) (2) A licensee who, in good faith, acts to fulfill the duties under sub. (1) may not be held civilly liable for any disclosure or representation made in fulfilling those duties, unless the licensee knowingly makes a false, deceptive, or misleading representation. 452.1355(3) (3) The owner of a residential property containing one to 4 dwelling units may authorize the use of electronic signatures for all documents related to any agency agreement or any disclosure for which a signature is required. 452.1355(4) (4) The owner of a residential property containing one to 4 dwelling units may identify by name any licensee, prospective buyer, or prospective tenant that the owner does not wish to work with or allow to view the property, provided that such restrictions comply with all applicable state and federal laws. 452.1355(5) (5) The board shall develop and make publicly available a consumer brochure that includes all of the following: 452.1355(5)(a) (a) An explanation of the benefits of publicly marketing property to increase exposure and attract interest from prospective buyers or tenants. 452.1355(5)(b) (b) Information on the potential impacts of limiting the marketing of a property. 452.1355(5)(c) (c) An explanation of the purpose and implications of signing the disclosure and opt-out form under sub. (1) (d) . 452.1355(5)(d) (d) Guidance on how marketing restrictions may affect exposure, competition, and final sale price. 452.1355(5)(e) (e) Sample questions for consumers to ask listing firms regarding their marketing strategies. Effective date note NOTE: This section is created eff. 1-1-27 by 2025 Wis. Act 69 . 452.1355 History History: 2025 a. 69 .