Assembly Bill 456 proposes 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 introduces new requirements regarding compensation agreements in real estate transactions. It stipulates that any compensation to a non-listing firm must be explicitly stated in the executed offer to purchase and signed by both the buyer and seller. The bill prohibits firms from accepting compensation from another firm for brokerage services related to residential properties, with exceptions for referral or finders fees. It also mandates that licensees disclose any alterations made to advertising through technology, including artificial intelligence, that could mislead potential buyers. The bill repeals and recreates certain sections of existing law to accommodate these changes, ensuring clarity and compliance in real estate transactions.

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