Bill Summary – FastDemocracy

2023 - 2024 LEGISLATURE
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                  2023 ASSEMBLY BILL 407
    September 6, 2023 - Introduced by Representatives ARMSTRONG, BEHNKE, MACCO,
         O'CONNOR and SCHMIDT, cosponsored by Senators STROEBEL, KNODL, NASS and
         ROYS. Referred to Committee on Housing and Real Estate.
1   AN ACT to amend 452.136 (3) (title); and to create 452.136 (3) (c) of the statutes;
2        relating to: advertising real property as for sale by owner.
                      Analysis by the Legislative Reference Bureau
          Under current law, a licensed real estate broker may not advertise a property
    unless the broker becomes the listing firm for the property or obtains consent to
    advertise the property from the listing firm. This bill allows brokers to advertise real
    property being sold directly by the owner without a listing agreement if the broker
    enters into a written agreement with the property owner and the broker prominently
    states in any advertisement that the property is for sale by owner, that the property
    is being advertised at the property owner's request, and that the property is not
    subject to a listing agreement with a listing firm.
    The people of the state of Wisconsin, represented in senate and assembly, do
        enact as follows:
3        SECTION 1. 452.136 (3) (title) of the statutes is amended to read:
4        452.136 (3) (title) ADVERTISING WITHOUT AGENCY AGREEMENT OR WRITTEN CONSENT
5   PROHIBITED.
6        SECTION 2. 452.136 (3) (c) of the statutes is created to read:
    2023 - 2024 Legislature              -2-                                 LRB-3852/1
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    ASSEMBLY BILL 407                                                        SECTION 2
1        452.136 (3) (c) The property is being sold by the property owner without an
2   agency agreement and the firm or a licensee associated with the firm has obtained
3   the written consent of the property owner to advertise the property.              All
4   advertisements of properties under this paragraph shall prominently state all of the
5   following:
6        1. The property is for sale by owner.
7        2. The firm is advertising the property at the property owner's request.
8        3. The property is not subject to a listing agreement with a listing firm.
9                                       (END)
Statutes affected: 
Bill Text: 452.136(3)(title), 452.136