Senate Bill 478 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 that any compensation agreements between sellers and non-listing firms be explicitly stated in the executed purchase agreements and signed by both parties.

Furthermore, the bill prohibits firms from accepting compensation from other firms in connection with brokerage services for residential properties, with exceptions for referral or finders fees. It also requires licensees to disclose any alterations made to advertising through technology that could mislead potential buyers. The bill repeals and recreates the title of section 452.19, renumbers it, and introduces new subsections that outline the obligations and restrictions related to compensation in real estate transactions. Overall, the bill aims to enhance transparency and protect consumers in the real estate market.

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