THIS IS NOT A CONTRACT. It is a disclosure notice for your information and protection. The purpose of this disclosure is to enable you to make informed choices before working with a real estate licensee. It must be provided at the first personal meeting that you have with an agent to discuss a specific property. WISCONSIN DISCLOSURE OF REAL ESTATE AGENCY
WITH CONSENT TO MULTIPLE REPRESENTATION This is a disclosure of the duties a real estate broker owes to all parties in a real estate transaction under Wisconsin law and the duties owed to the broker's clients in the transaction. This form will also provide each party an area to identify information the party would wish to keep confidential in the transaction, and an area in which parties who are clients of brokers may approve or disapprove of multiple representation relationships (also called dual agency). DUTIES TO ALL PARTIES
Wisconsin Statute section 452.133(1) states that in providing brokerage services to a party to a transaction (including both clients and customers), a broker shall do all of the following:
- Provide brokerage services to all parties to the transaction honestly, fairly and in good faith.
- Diligently exercise reasonable skill and care in providing brokerage services to all parties.
- Disclose to each party all material adverse facts that the broker knows and that the party does not know or cannot discover through reasonably vigilant observation, unless the disclosure of a material adverse fact is prohibited by law.
- Keep confidential any information given to the broker in confidence, or any information obtained by the broker that he or she knows a reasonable party would want to be kept confidential, unless the information must be disclosed under (c) or Wis. Stats. sec. 452.23 (information contradicting third party inspection or investigation reports) or is otherwise required by law to be disclosed or the party whose interests may be adversely affected by the disclosure specifically authorizes the disclosure of particular confidential information. A broker shall continue to keep the information confidential after the transaction is complete and after the broker is no longer providing brokerage services to the party.
- Provide accurate information about market conditions that affect a transaction, to any party who requests the information, within a reasonable time of the party's request, unless disclosure of the information is prohibited by law.
- Account for all property coming into the possession of a broker that belongs to any party within a reasonable time of receiving the property.
- When negotiating on behalf of a party, present contract proposals in an objective and unbiased manner and disclose the advantages and disadvantages of the proposals.
DUTIES TO A CLIENT
Wisconsin Statute section 452.133(2) states that in addition to his or her duties to all parties, a broker providing Brokerage services to his or her client shall do all of the following:
- Loyally represent the client's interests by placing the client's interests ahead of the interests of any other party, unless loyalty to a client violates the broker's duties or Wis. Stats. sec. 452.137(2) (duties to all clients in multiple representation situations).
- Disclose to the client all information known by the broker that is material to the transaction and that is not known by the client or discoverable by the client through reasonably vigilant observation, except for confidential information, and other information, the disclosure of which is prohibited by law.
- Fulfill any obligation required by the agency agreement, and any order of the client that is within the scope of the agency agreement, that are not inconsistent with another duty that the broker has under this chapter or any other law.
CONFIDENTIALITY NOTICE TO CLIENTS AND CUSTOMERS:
A BROKER IS REQUIRED TO MAINTAIN THE CONFIDENTIALITY OF ALL INFORMATION GIVEN TO THE BROKER IN CONFIDENCE AND OF ALL INFORMATION OBTAINED BY THE BROKER THAT HE OR SHE KNOWS A REASONABLE PARTY WOULD WANT TO BE KEPT CONFIDENTIAL, UNLESS THE INFORMATION IS REQUIRED TO BE DISCLOSED BY LAW. THE FOLLOWING INFORMATION IS REQUIRED TO BE DISCLOSED BY LAW:
- MATERIAL ADVERSE FACTS AS DEFINED IN SECTION 452.o1(5g) OF THE WISCONSIN STATUTES (SEE DEFINITION).
- 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 SU&JECT OF THE TRANSACTION TO ENSURE THAT THE BROKER IS AWARE OF WHAT SPECIFIC INFORMATION YOU CONSIDER CONFIDENTIAL, YOU MAY LIST THAT INFORMATION IN THE SPACE BELOW THAT IS MARKED 'CONFIDENTIAL INFORMATION". AT A LATER TIME, YOU MAY ALSO PROVIDE THE BROKER WITH OTHER WRITTEN NOTIFICATION OF WHAT INFORMATION YOU CONSIDER TO BE CONFIDENTIAL.
CONFIDENTIAL INFORMATION:___________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________ WAIVER OF CONFIDENTIALITY
Identify information which you authorize Broker to disclose but which might otherwise be considered confidential, such as financial qualification information. The following information may be disclosed by Broker:
NON-CONFIDENTIAL INFORMATION: _______________________________________________
________________________________________________________________________________
________________________________________________________________________________ CLIENT’S CONSENT TO MULTIPLE REPRESENTATION [SKIP THIS SECTION WHEN PROVIDING This AGENCY DISCLOSURE TO A NON-CLIENT PARTY (CUSTOMER)]
If broker has an agency agreement with more than one prospective party to the transaction, Broker may only continue to represent multiple parties to the transaction with the written consent of each client. In a multiple representation relationship (dual agency), the Broker will continue to provide the services agreed upon in the agency agreements entered into with each client. Broker will provide information and advice to all clients, but will not place the interests of any client ahead of the other. By initialing the consent to multiple representation below, the initialing clients indicate that they understand broker's duties to all parties to a transaction and broker's duties to a client, and that they consent to a multiple representation relationship should one arise. CLIENT (DOES) (DOES NOT) Strike One CONSENT TO THE MULTIPLE REPRESENTATION DESCRIBED ABOVE: Client's Initials _______ Client's Initials __________ Client's Initials __________ I, (WE) ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND THAT ________________________ (Firm Name) and ____________________________(Sales Associate) ARE WORKING AS: ____ Owner's Agent ____ Buyer's/Tenant's Agent
(x)______________________ (Signature/date) (x)__________________ (Signature/date) ____________________________ (Print Name) ________________________ (Print Name) Copyright 1997 by REALTORS® Association of Northeast Wisconsin and Wisconsin REATORS® Association
Drafted by: Attorney Richard J. Staff
No representation is made as to the legal validity of any provision or the adequacy of any provision in any specific ransaction.
Wisconsin Statutes
452.01 (1e) “Adverse Fact” means any of the following:
(A) A condition or occurence that is generally recognozed by a competent licensee as doing any of the following:
- Significantly and adversly affecting the value of the property.
- Significantly reducing the structural integrity of the property.
- Presenting a significant health risk to occupants of the property.
(B) Information that indicates that a party to a transaction is not able to or does not intend to meet his financial obligations under a contract or agreement made during the transaction.
452.01 (5g) “Material Adverse Fact” means an adverse fact that a party indicates is of such significance, 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 wouls affect the party’s decision about the terms of such a contract or agreement.
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