STATE OF WISCONSIN
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BROKER DISCLOSURE
Non-Residential Customers Wisconsin law requires all real estate licensees to give the following information about brokerage services to prospective customers.
Prior to negotiating on your behalf the Brokerage firm, or an agent associated with the firm, must provide you the following disclosure statement:
Broker Disclosure to Customers You are a customer of the broker. The broker is either an agent of another party in the transaction or a subagent of another broker who is the agent of another party in the transaction. The broker, or a salesperson acting on behalf of the broker, may provide brokerage services to you, the broker owes you, the customer, the following duties: • The duty to provide brokerage services to you fairly and honestly. • The duty to exercise reasonable skill and care in providing brokerage services to you. -The duty to provide you with accurate information about market conditions with a reasonable time if you request it, unless prohibited by law. • The duty to protect your confidentiality. Unless the law requires it, the broker will not disclose your confidential information or the confidential information to other parties. • The duty to safeguard trust funds and other property the broker holds. • The duty, when negotiating, to present contract proposals in an objective and unbiased manner and disclose the advan- tages and disadvantages of the proposals. Please review this information carefully. A broker or salesperson can answer your questions about brokerage services, but if you need legal advice, tax advice or a professional home inspection contact an attorney, tax advisor, or home inspector. This disclo- sure is required by section 452. 135 of the Wisconsin statues and is for information only. It is a plan-language summary of a broker’s duties to a customer under section 452.133 (1) of the Wisconsin statutes. Confidentiality Notice to Customers Broker will keep confidential any information given to broker in confidence, or any information obtained by broker that he or she knows a reasonable person would want to be kept confidential. Unless the information must be disclosed by law or you authorize the broker to disclose particular information. A broker shall con- tinue to keep the information confidential after broker is no longer providing brokerage services to you. The following information is required to be disclosed by law: 1. Material adverse facts, as defined in section 452.01 (5g) of the Wisconsin Statutes. 2. Any facts known by the broker that contradict any information included in a written inspection report on the property or real estate that is the subject of the transaction.
To ensure that the broker is aware of what specific informa- tion you consider confidential, you may list that information below. At a later time, you may also provide the broker with other information you consider to be confidential. Confidential information: _____________________________ ________________________________________________ Non-Confidential information: (The following information may be disclosed by Broker): _____________________________ ________________________________________________ (Insert information you authorize the broker to disclose such as financial qualification information.) Consent to Telephone Solicitation I/We agree that the broker and any affiliated settlement service providers (for example, a mortgage company or title company) may call our/my home or cell phone numbers regarding issues, goods and services related to the real estate transaction until I/we withdraw this consent in writing. List Home/Cell Numbers: ____________________________ Sex Offender Registry Notice: You may obtain information about the sex offender registry and persons registered with the registry by contacting the Wisconsin Department of Corrections on the Internet at http://offender.doc.state.wi.us/public/ Definition of Material Adverse Facts A “material adverse fact” is defined in Wis. Stat 452.01 (5g) as an adverse fact that a party indicates is of such signifi- cance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party’s decision to enter into a contract or agreement concerning a transaction or affects or would affect the party’s decision to enter into a contract or agreement concerning a transaction or affects or would affect the party’s decision about the terms of such a contract or agreement. An “adverse” fact is defined in Wis. Stat. 452.01 (1e) as a condition or occurrence that a competent licensee generally recognizes will significantly and adversely affect the value of the property, significantly reduce the structural in- tegrity of improvements to real estate, or present a significant health risk to occupants of the property; or information that indicates that a party to a transaction is not able to or does not intent to meet his or her obligations under a contract or agreement made concerning the transaction.
No representation is made as to the legal validity of any provision or the adequacy of any provision in any specific transaction.
Copyright 2007 by Wisconsin REALTORS Association. Drafted by Attorney Debra Peterson Conrad.
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