Updated Code


Updated Code


Updated 2019?20 Wis. Stats. Published and certified under s. 35.18. December 2, 2022.

Question:

Once a salesperson passes the broker’s license test, do they have to work under another broker for two years before they can open their own office, even if they have been in the business for several years?

Answer:

The applicant is required to meet both the requirements for the time under direct broker supervision and points reflecting transaction experience. The two years of experience must occur within the last four years. The time can occur before the applicant takes the broker examination.

Wis. Admin. Code § REEB 12.017(3)(a):

Each applicant for a real estate broker’s license shall submit evidence satisfactory to the board that the applicant has practiced as a licensed salesperson under the direct supervision of a licensed broker for at least 2 years within the last 4 years preceding the date of application, excluding any time the applicant spent in an apprenticeship. Except as provided in pars. (b) to (d), the evidence shall demonstrate that the applicant’s experience as a licensed salesperson qualifies the applicant for a total of at least 40 points based on the following point system: ...

At least 40 points of experience must be documented to be eligible for a broker`s license:

  • Each completed/closed residential transaction: 5 points
  • Each completed/closed commercial transaction: 10 points
  • Each property management contract: .5 point/month
  • Each completed/closed timeshare: 1 point


   ...more

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- - Volume: 10 - WEEK: 50 Date: 12/5/2022 12:03:08 PM -