Senate Bill 478 proposes significant amendments to the laws governing real estate practices in Wisconsin, particularly for transactions involving residential properties with one to four dwelling units. Key provisions include new obligations for listing firms to share property information, respond to inquiries, and advertise properties on public platforms, while allowing owners to opt-out of public marketing under certain conditions. The bill also establishes civil immunity for licensees acting in good faith to fulfill these duties, unless they knowingly make false representations. Additionally, it mandates that any advertising altered by technology must disclose such modifications to prevent misleading impressions of the property.

The bill further stipulates that any compensation agreements between sellers and non-listing firms must be explicitly stated in the executed offer to purchase and signed by both parties. It prohibits firms from accepting compensation from other firms in connection with brokerage services for residential properties, with exceptions for referral or finders fees. The legislation also requires the Real Estate Examining Board to create a consumer brochure detailing the benefits and impacts of property marketing, as well as guidance on marketing restrictions. Overall, these changes aim to enhance transparency and protect consumers in real estate transactions.

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