Section SPS 127.03 - Limitations(1) REGISTRANT LICENSED AS A REAL ESTATE BROKER OR SALESPERSON. A registrant who is licensed as a real estate broker and who conducts an auction of real estate listed for sale with the registrant, or a registrant who is licensed as a real estate broker or salesperson and who conducts an auction of real estate listed for sale with the registrant's real estate broker-employer, may prepare contracts or other documents necessary to transfer title to the real estate or conduct any other activities requiring a real estate license under ch. 452, Stats., and chs. REEB 11 to 25.(2) REGISTRANT NOT LICENSED AS A REAL ESTATE BROKER OR SALESPERSON. (a) A registrant who is not licensed as a real estate broker or salesperson may, in connection with an auction of real estate:1. Distribute written information describing real estate or the condition of the real estate to be auctioned, if the information has been made available by the owner of the real estate or a real estate licensee.2. Provide access to real estate for the purpose of permitting prospective buyers to view the real estate.3. Conduct inquiries in person, by telephone or by other media to determine whether the person being contacted is interested in bidding upon the real estate to be auctioned.4. Perform other tasks relating to conducting an auction which do not require a real estate license under ch. 452, Stats.(b) A registrant who is not licensed as a real estate broker or salesperson may not perform activities which require a real estate license under ch. 452, Stats., including but not limited to: 1. Preparing any contracts or other documents necessary to transfer title to real estate.2. Distributing to prospective buyers written information about the real estate or conditions affecting the real estate which has not been provided by the owner of the real estate or the owner's agent.3. Negotiating with a prospective buyer within the meaning of s. 452.01(5m), Stats., other than by conducting an auction.Wis. Admin. Code Department of Safety and Professional Services SPS 127.03
Cr. Register, June, 1996, No. 486, eff. 7-1-96; correction in (1) made under s. 13.92(4) (b) 7, Stats., Register November 2011 No. 671.Amended by, correction in (1) made under s. 13.92(4) (b) 7, Stats., Register February 2017 No. 734, eff. 3/1/2017