New Listings
Click on the "New Listings" button to see the agent view profile for today's new listings.
MLS# 1606670 - 900 Fairbrook Dr, Waunakee - 4 bed/2.5 bath - $349,900+ - Karen Skor
MLS# 1606679 - 1009 Sue Place, Madison - 3 bed/1 bath - $188,900 - Donna Birschbach
MLS# 1606695 - 7633 Widgeon Way, Madison - 3 bed/2 bath - $235,000 - Lynn Holley
New Accepted Offers
No new accepted offers today.
Continuing Education Deadline Approaching
If you aren't completing your Continuing Education at the State Convention this week... here are your FINAL options for classroom:
Real Estate Continuing Education
With the start of the 2009-2010 biennium, all licensees must complete six Department of Regulation and Licensing (DRL)-approved courses for a total of 18 hours before December 14, 2010. There are four mandatory courses and a list of DRL-approved electives. Licensees must complete the four mandatory courses and two electives from the DRL-approved electives list.
NEW! 4-Pack and 6-Pack Discounts, CE On Demand
Mandatory Courses (All licensees must take courses 1-4)
Course 1 - Listing Contracts
Course 2 - Offer to Purchase
Course 3 - New Developments
Course 4 - Buyer Agency Agreements
Elective Topics (Licensees must take two of the following)
Elective A - Risk Reduction
Elective B - 1031 Exchanges and Exchange Opportunities
Elective C - Condominiums
Elective D - Landlord/Tenant and Property Management
Elective E - Financing the Sale
Elective F - Broker Supervision
If your real estate license is currently inactive and has been inactive for less than five years, to renew your real estate license you need to complete the 2007-2008 continuing education and pay the license fee and late fee. Further questions can be directed to the Department of Regulation and Licensing at drl.wi.gov.
If you have questions or concerns, please contact our Business Services department at educate@wra.org or 800-279-1972.
Register for Family Reunion for less than $100 per month!
It was great to see you at Mega Camp!
Now that you've returned home with strategies from the best of the best at Mega Camp, we're sure you're ready to finish 2010 on top. Keep the momentum going! Make the commitment now to kick-off next year with another incredible opportunity for training and motivation at Family Reunion 2011 in Anaheim!
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Offer expires next Thurs., Sept. 30, 2010
Are you ready to join more than 8,500 real estate professionals at the largest private franchise real estate event in the United States? The Family Reunion Payment Plan makes getting there even easier by splitting your registration fees over five months!
Start investing in yourself today! This offer expires next Thurs., Sept. 30, 2010!
Click here to sign-up for the 2011 Payment Plan.
Concrete Contractor Needed
I need a good concrete contractor to redo a concrete drive way for one of the house I am going to list soon. I would appreciate if you could refer me a good contractor with whom you had good working experience.
Hui Cheng
608/332 8693 Cell Phone
WRA Legal Hot Tip
Q. Re: Application of Wis. Stat. ch. 224. A buyer’s agent has drafted an offer to purchase with a Land Contract Addendum setting forth the terms to be included in a Land Contract (down payment, interest rate, etc.). The Land Contract Addendum states, “Buyer has instructed Buyer’s agent to reject any MLS offer of compensation or payment from Seller or Listing Broker in connection with this transaction. Buyer shall be solely responsible for payment of any Buyer Agency fees due on this transaction, which fee shall be added to the closing statement as a charge to Buyer and paid to Buyer’s Broker at time of closing.” The Addendum also states, “The Land Contract shall be written on State Bar of Wisconsin Form 11 2003 and shall be drafted by the Buyer's attorney.” Considering this language included in the Addendum, does either the Buyer's Agent or the Buyer's Attorney need a mortgage banking license?
A. Wisconsin made changes to its mortgage banking laws in order to bring Wisconsin’s mortgage licensing laws into compliance with the federal Secure and Fair Enforcement for Mortgage Lending Act of 2008 (SAFE Act). Given the changes in Wis. Stat. ch. 224 the ability of a real estate licensee to participate in certain aspects of a transaction which includes land contract or other seller financing has come into question.
The Department of Financial institutions has commented that, “if a seller provides seller financing to the purchaser of a 1-4 family property, or vacant land where such a structure is being built, and the financing is “primarily for personal, family or household use” (for instance, the buyer will owner occupy), then the seller needs a mortgage banking license.” When the broker is paid by a lender, mortgage broker or mortgage loan originator (according to the definitions this would include the seller) and the real estate licensee is offering or negotiating a “residential mortgage loan” (includes a land contract), the licensee falls into the definition of a mortgage loan originator and needs to be credentialed. The seller also needs to be credentialed unless the seller is a homeowner selling his or her home.
If the buyer’s agent waives the MLS offer of compensation or other broker to broker compensation, the buyer’s agent would appear to not fall within the definition of a mortgage loan originator. The buyer’s agent is not paid by a loan originator (seller) or an agent of the seller/loan originator (listing agent or broker).
Although structuring the offer in such a manner may exempt the buyer’s agent, the dilemma still exists for the listing broker who will be compensated by the seller. Wis. Admin. Code § RL 24.13(5) provides that when the licensee knows there is an exclusive right to sell listing, a licensee may not negotiate the sale of real estate directly with the seller without the consent of the listing broker. If the listing broker was to consent and the buyer’s agent provided the seller with a Broker Disclosure to Customers, the buyer’s agent could present the offer to the seller to facilitate the transaction.
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