Assembly Bill 456 introduces significant changes to the laws governing real estate practices in Wisconsin, particularly for transactions involving residential properties with one to four dwelling units. The bill mandates that listing firms must share property information, respond to inquiries, and advertise properties on public platforms, while allowing owners to opt-out of public marketing under certain conditions. It also establishes civil immunity for licensees acting in good faith to fulfill these duties, unless they knowingly make false representations. Additionally, the bill requires the Real Estate Examining Board to create a consumer brochure outlining the benefits and impacts of public marketing.

Furthermore, the bill sets forth specific requirements regarding compensation agreements in real estate transactions. It prohibits firms from accepting compensation from another firm unless documented in the executed offer to purchase, and it requires that any agreement for compensation to a non-listing firm be explicitly stated and signed by both the buyer and seller. The bill also includes provisions to ensure transparency in advertising, requiring licensees to disclose any alterations made to property advertisements using technology, including artificial intelligence. Overall, the bill aims to enhance transparency and accountability in real estate transactions while protecting the interests of property owners and buyers.

Statutes affected:
Bill Text: 452.133(3)(a), 452.133, 452.133(3)(c), 452.19(title), 452.19
Text as Enrolled: 452.133(3)(a), 452.133, 452.133(3)(c), 452.19(title), 452.19