Wb 1 Form – Fill Out and Use This PDF

Approved by the Wisconsin Real Estate Examining Board	Page 1 of 6, WB-1
7-1-16 (Mandatory Use Date)

WB-1 RESIDENTIAL LISTING CONTRACT - EXCLUSIVE RIGHT TO SELL

1SELLER GIVES THE FIRM THE EXCLUSIVE RIGHT TO SELL THE PROPERTY ON THE FOLLOWING TERMS:

2■ PROPERTY DESCRIPTION: Street address is: ______________________________________________________

3 _______________________________________________________________________________________________

4 in the _________________ of ________________________________, County of _____________________________,

5 Wisconsin. Insert additional description, if any, at lines 303-308 or attach as an addendum per lines 309-310.

6 ■ INCLUDED IN LIST PRICE: Seller is including in the list price the Property, all Fixtures not excluded on lines 12-14,

7 and the following items: ___________________________________________________________________________

8 _______________________________________________________________________________________________

9 _______________________________________________________________________________________________

10_______________________________________________________________________________________________

11______________________________________________________________________________________________.

12■ NOT INCLUDED IN LIST PRICE: __________________________________________________________________

13_______________________________________________________________________________________________

14______________________________________________________________________________________________.

15CAUTION: Identify Fixtures to be excluded by Seller or which are rented and will continue to be owned by the

16lessor. (See lines 181-194).

17■ LIST PRICE: _____________________________________________________ Dollars ($____________________).

19Seller agrees that the Firm and its agents may market Seller’s personal property identified on lines 7-11 during the term

20of this Listing. The marketing may include: _____________________________________________________________

21______________________________________________________________________________________________.

22The Firm and its agents may advertise the following special financing and incentives offered by Seller: _____________

23______________________________________________________________________________________________.

24Seller has a duty to cooperate with the marketing efforts of the Firm and its agents. See lines 246-252 regarding the

25Firm’s role as marketing agent and Seller’s duty to notify the Firm of any potential buyer known to Seller. Seller agrees

26that the Firm and its agents may market other properties during the term of this Listing.

28_________________________________________________________________________________________________.

29■ EARNED: Seller shall pay the Firm's commission, which shall be earned, if, during the term of this Listing:

301) Seller sells or accepts an offer which creates an enforceable contract for the sale of all or any part of the Property;

312) Seller grants an option to purchase all or any part of the Property which is subsequently exercised;

323) Seller exchanges or enters into a binding exchange agreement on all or any part of the Property;

334) A transaction occurs which causes an effective change in ownership or control of all or any part of the Property; or

345) A ready, willing and able buyer submits a bona fide written offer to Seller or Firm for the Property at, or above, the list

35price and on substantially the same terms set forth in this Listing and the current WB-11 Residential Offer to Purchase,

36even if Seller does not accept the buyer's offer. A buyer is ready, willing and able when the buyer submitting the

37written offer has the ability to complete the buyer’s obligations under the written offer.

38The Firm’s commission shall be earned if, during the term of the Listing, one seller of the Property sells, conveys,

39exchanges or options, as described above, an interest in all or any part of the Property to another owner, except by divorce

40judgment.

41■ DUE AND PAYABLE: Once earned, the Firm’s commission is due and payable in full at the earlier of closing or the date

42set for closing, even if the transaction does not close, unless otherwise agreed in writing.

43■ CALCULATION: A percentage commission shall be calculated based on the following, if earned above:

44 Under 1) or 2) the total consideration between the parties in the transaction.

45 Under 3) or 4) the list price if the entire Property is involved.

46 Under 3) if the exchange involves less than the entire Property or under 4) if the effective change in ownership or

47control involves less than the entire Property, the fair market value of the portion of the Property exchanged or for

48which there was an effective change in ownership or control.

49 Under 5) the total offered purchase price.

50NOTE: If a commission is earned for a portion of the Property it does not terminate the Listing as to any remaining

51Property.

53____________________________________. (Exceptions if any):_______________________________________________.

55qualify a buyer’s financial capability. If Seller wishes to confirm a buyer’s financial capability, Seller may negotiate inclusion of

56a contingency for financing, proof of funds, qualification from a lender, sale of buyer’s property, or other confirmation in any

57offer to purchase or contract.

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59the parties cannot resolve the dispute by mutual agreement, the parties may consider judicial resolution in court or may

60 consider alternative dispute resolution. Alternative dispute resolution may include mediation and binding

61arbitration. Should the parties desire to submit any potential dispute to alternative dispute resolution, it is recommended

62that the parties add such in Additional Provisions or in an Addendum.

64prospective buyer on account of race, color, sex, sexual orientation as defined in Wisconsin Statutes, Section

65111.32(13m), disability, religion, national origin, marital status, lawful source of income, age, ancestry, family

66status, status as a victim of domestic abuse, sexual assault, or stalking, or in any other unlawful manner.

68Under Wisconsin law, a brokerage firm (hereinafter firm) and its brokers and salespersons (hereinafter agents) owe

69certain duties to all parties to a transaction:

70(a) The duty to provide brokerage services to you fairly and honestly.

71(b) The duty to exercise reasonable skill and care in providing brokerage services to you.

72(c) The duty to provide you with accurate information about market conditions within a reasonable time if you request

73it, unless disclosure of the information is prohibited by law.

74(d) The duty to disclose to you in writing certain Material Adverse Facts about a property, unless disclosure of the

75information is prohibited by law. (See lines 195-198.)

76(e) The duty to protect your confidentiality. Unless the law requires it, the firm and its agents will not disclose your

77confidential information or the confidential information of other parties. (See lines 135-150.)

78(f) The duty to safeguard trust funds and other property the firm or its agents holds.

79(g) The duty, when negotiating, to present contract proposals in an objective and unbiased manner and disclose the

80advantages and disadvantages of the proposals.

81BECAUSE YOU HAVE ENTERED INTO AN AGENCY AGREEMENT WITH A FIRM, YOU ARE THE FIRM'S CLIENT.

82	A FIRM OWES ADDITIONAL DUTIES TO YOU AS A CLIENT OF THE FIRM:

83(a) The firm or one of its agents will provide, at your request, information and advice on real estate matters that affect

84your transaction, unless you release the firm from this duty.

85(b) The firm or one of its agents must provide you with all material facts affecting the transaction, not just Adverse

86Facts.

87(c) The firm and its agents will fulfill the firm’s obligations under the agency agreement and fulfill your lawful requests

88that are within the scope of the agency agreement.

89(d) The firm and its agents will negotiate for you, unless you release them from this duty.

90(e) The firm and its agents will not place their interests ahead of your interests. The firm and its agents will not, unless

91required by law, give information or advice to other parties who are not the firm’s clients, if giving the information or

92advice is contrary to your interests.

93If you become involved in a transaction in which another party is also the firm’s client (a "multiple representation

94relationship"), different duties may apply.

95MULTIPLE REPRESENTATION RELATIONSHIPS AND DESIGNATED AGENCY

96■ A multiple representation relationship exists if a firm has an agency agreement with more than one client who is a

97party in the same transaction. If you and the firm’s other clients in the transaction consent, the firm may provide

98services through designated agency, which is one type of multiple representation relationship.

99■ Designated agency means that different agents with the firm will negotiate on behalf of you and the other client or

100clients in the transaction, and the firm’s duties to you as a client will remain the same. Each agent will provide

101information, opinions, and advice to the client for whom the agent is negotiating, to assist the client in the negotiations.

102Each client will be able to receive information, opinions, and advice that will assist the client, even if the information,

103opinions, or advice gives the client advantages in the negotiations over the firm’s other clients. An agent will not reveal

104any of your confidential information to another party unless required to do so by law.

105■ If a designated agency relationship is not authorized by you or other clients in the transaction you may still authorize

106or reject a different type of multiple representation relationship in which the firm may provide brokerage services to

107more than one client in a transaction but neither the firm nor any of its agents may assist any client with information,

108opinions, and advice which may favor the interests of one client over any other client. Under this neutral approach, the

109same agent may represent more than one client in a transaction.

110■ If you do not consent to a multiple representation relationship the firm will not be allowed to provide brokerage

111services to more than one client in the transaction.

Property Address: _________________________________________________________________________________________________________Page 3 of 6, WB-1

120NOTE: All clients who are parties to this agency agreement consent to the selection checked above. You may

121modify this selection by written notice to the firm at any time. Your firm is required to disclose to you in your

122agency agreement the commission or fees that you may owe to your firm. If you have any questions about the

123commission or fees that you may owe based upon the type of agency relationship you select with your firm,

124you should ask your firm before signing the agency agreement.

125

SUBAGENCY

126Your firm may, with your authorization in the agency agreement, engage other firms (subagent firms) to assist your firm by

127providing brokerage services for your benefit. A subagent firm and the agents associated with the subagent firm will not put

128their own interests ahead of your interests. A subagent firm will not, unless required by law, provide advice or opinions to

129other parties if doing so is contrary to your interests.

130PLEASE REVIEW THIS INFORMATION CAREFULLY. An agent can answer your questions about brokerage

131services, but if you need legal advice, tax advice, or a professional home inspection, contact an attorney, tax

132advisor, or home inspector.

133This disclosure is required by section 452.135 of the Wisconsin statutes and is for information only. It is a plain language

134summary of the duties owed to you under section 452.133 (2) of the Wisconsin statutes.

135■ CONFIDENTIALITY NOTICE TO CLIENTS: The Firm and its agents will keep confidential any information given to

136the Firm or its agents in confidence, or any information obtained by the Firm and its agents that a reasonable person

137would want to be kept confidential, unless the information must be disclosed by law or you authorize the Firm to

138disclose particular information. The Firm and its agents shall continue to keep the information confidential after the Firm

139is no longer providing brokerage services to you.

140The following information is required to be disclosed by law:

1411) Material Adverse Facts, as defined in section 452.01 (5g) of the Wisconsin statutes (see lines 195-198).

1422) Any facts known by the Firm and its agents that contradict any information included in a written inspection report on

143the property or real estate that is the subject of the transaction.

144To ensure that the Firm and its agents are aware of what specific information you consider confidential, you may list

145that information below (see lines 147-148). At a later time, you may also provide the Firm with other information you

146consider to be confidential.

147CONFIDENTIAL INFORMATION: ___________________________________________________________________

148______________________________________________________________________________________________.

149NON-CONFIDENTIAL INFORMATION (The following may be disclosed by the Firm and its agents):_________

150______________________________________________________________________________________________.

152 agents will work and cooperate with other firms and agents in marketing the Property, including firms acting as

153subagents (other firms engaged by the Firm - see lines 125-129) and firms representing buyers. Cooperation includes

154providing access to the Property for showing purposes and presenting offers and other proposals from these firms to

155Seller. Note any firms with whom the Firm shall not cooperate, any firms or agents or buyers who shall not be allowed

156to attend showings, and the specific terms of offers which should not be submitted to Seller: _____________________

157______________________________________________________________________________________________.

158CAUTION: Limiting the Firm's cooperation with other firms may reduce the marketability of the Property.

160contract are excluded from this Listing to the extent of the prior firm's legal rights, unless otherwise agreed to in writing.

161Within seven days of the date of this Listing, Seller agrees to deliver to the Firm a written list of all such Protected Buyers.

162NOTE: If Seller fails to timely deliver this list to the Firm, Seller may be liable to the Firm for damages and costs.

163The following other buyers ____________________________________________________________________________

164____________________________are excluded from this Listing until ____________________________ [INSERT DATE].

165These other buyers are no longer excluded from this Listing after the specified date unless, on or before the specified date,

166Seller has either accepted a written offer from the buyer or sold the Property to the buyer.

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168■ ADVERSE FACT: An "Adverse Fact" means any of the following:

169(a) A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:

1701) Significantly and adversely affecting the value of the Property;

1712) Significantly reducing the structural integrity of improvements to real estate; or

1723) Presenting a significant health risk to occupants of the Property.

173(b) Information that indicates that a party to a transaction is not able to or does not intend to meet his or her

174obligations under a contract or agreement made concerning the transaction.

175■ DEADLINES – DAYS: Deadlines expressed as a number of "days" from an event are calculated by excluding the day the

176event occurred and by counting subsequent calendar days.

177■ DEFECT: “Defect” means a condition that would have a significant adverse effect on the value of the Property; that

178would significantly impair the health or safety of future occupants of the Property; or that if not repaired, removed or

179replaced would significantly shorten or adversely affect the expected normal life of the premises.

180■ FIRM: “Firm” means a licensed sole proprietor broker or a licensed broker business entity.

181■ FIXTURES: A "Fixture" is an item of property which is physically attached to or so closely associated with land or

182buildings so as to be treated as part of the real estate, including, without limitation, physically attached items not easily

183removable without damage to the premises, items specifically adapted to the premises, and items customarily treated

184as fixtures, including, but not limited to, all: garden bulbs; plants; shrubs and trees; screen and storm doors and

185windows; electric lighting fixtures; window shades; curtain and traverse rods; blinds and shutters; central heating and

186cooling units and attached equipment; water heaters, water softeners and treatment systems; sump pumps; attached or

187fitted floor coverings; awnings; attached antennas and satellite dishes, audio/visual wall mounting brackets (but not the

188audio/visual equipment), garage door openers and remote controls; installed security systems; central vacuum systems

189and accessories; in-ground sprinkler systems and component parts; built-in appliances; ceiling fans; fences; in-ground

190pet containment systems (but not the collars); storage buildings on permanent foundations and docks/piers on

191permanent foundations.

192CAUTION: Exclude any Fixtures to be retained by Seller or which are rented (e.g., water softener or other water

193treatment systems, home entertainment and satellite dish components, L.P. tanks, etc.) on lines 12-14 and in

194the offer to purchase.

195■ MATERIAL ADVERSE FACT: A "Material Adverse Fact" means an Adverse Fact that a party indicates is of such

196significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable

197party, that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or

198affects or would affect the party's decision about the terms of such a contract or agreement.

199■ PERSON ACTING ON BEHALF OF BUYER: "Person Acting on Behalf of Buyer" shall mean any person joined in interest

200with buyer, or otherwise acting on behalf of buyer, including but not limited to buyer's immediate family, agents, employees,

201directors, managers, members, officers, owners, partners, incorporators and organizers, as well as any and all corporations,

202partnerships, limited liability companies, trusts or other entities created or controlled by, affiliated with or owned by buyer, in

203whole or in part whether created before or after expiration of this Listing.

204■ PROPERTY: Unless otherwise stated, “Property“, means all property included in the list price as described on lines 2-5

205■ PROTECTED BUYER: Means a buyer who personally, or through any Person Acting on Behalf of Buyer, during the term

206of this Listing:

2071) Delivers to Seller or the Firm or its agents a written offer to purchase, exchange or option on the Property;

2082) Views the Property with Seller or negotiates directly with Seller by communicating with Seller regarding any potential

209terms upon which the buyer might acquire an interest in the Property; or

2103) Attends an individual showing of the Property or communicates with agents of the Firm or cooperating firms regarding

211any potential terms upon which the buyer might acquire an interest in the Property, but only if the Firm or its agents

212deliver the buyer’s name to Seller, in writing, no later than three days after the earlier of expiration or termination (lines

213263-271) of the Listing. The requirement in 3), to deliver the buyer’s name to Seller in writing, may be fulfilled as follows:

214a) If the Listing is effective only as to certain individuals who are identified in the Listing, by the identification of the

215individuals in the Listing; or,

216b) If a buyer has requested that the buyer’s identity remain confidential, by delivery of a written notice identifying the firm

217or agents with whom the buyer negotiated and the date(s) of any individual showings or other negotiations.

218A Protected Buyer also includes any Person Acting on Behalf of Buyer joined in interest with or otherwise acting on behalf of

219a Protected Buyer, who acquires an interest in the Property during the extension of listing period as noted on lines 220-224.

221receipt of a written request from Seller or a firm that has listed the Property, the Firm agrees to promptly deliver to

222Seller a written list of those buyers known by the Firm and its agents to whom the extension period applies. Should this

223Listing be terminated by Seller prior to the expiration of the term stated in this Listing, this Listing shall be extended for

224Protected Buyers, on the same terms, for one year after the Listing is terminated (lines 263-271).

Page 5 of 6, WB-1

226and to have the Property in broom swept condition and free of all debris and personal property except for personal

227property belonging to current tenants, sold to the buyer or left with the buyer's consent.

229rights under the lease(s) and transfer all security deposits and prepaid rents (subject to agreed upon prorations) thereunder

230to buyer at closing. Seller acknowledges that Seller remains liable under the lease(s) unless released by tenants.

231CAUTION: Seller should consider obtaining an indemnification agreement from buyer for liabilities under the

232lease(s) unless released by tenants.

234 persons registered with the registry by contacting the Wisconsin Department of Corrections on the Internet at

235http://www.doc.wi.gov or by telephone at (608)240-5830.

237to the best of Seller's knowledge. Seller agrees to amend the report should Seller learn of any Defect(s) after completion

238of the report but before acceptance of a buyer's offer to purchase. Seller authorizes the Firm and its agents to distribute

239the report to all interested parties and agents inquiring about the Property. Seller acknowledges that the Firm and its

240agents have a duty to disclose all Material Adverse Facts as required by law.

242Listing, Seller has no notice or knowledge of any Defects affecting the Property other than those noted on the real estate

243condition report.

244WARNING: IF SELLER REPRESENTATIONS ARE INCORRECT OR INCOMPLETE, SELLER MAY BE LIABLE FOR

245DAMAGES AND COSTS.

247 marketing efforts and to provide the Firm with all records, documents and other material in Seller's possession or 248 control which are required in connection with the sale. Seller authorizes the Firm and its agents to do those acts

249reasonably necessary to effect a sale and Seller agrees to cooperate fully with these efforts which may include use of a

250multiple listing service, Internet advertising or a lockbox system on Property. Seller shall promptly refer all persons

251making inquiries concerning the Property to the Firm and notify the Firm in writing of any potential buyers with whom Seller

252negotiates or who view the Property with Seller during the term of this Listing.

254and/or theft involving persons attending an "individual showing" or an "open house." Seller accepts responsibility for

255preparing the Property to minimize the likelihood of injury, damage and/or loss of personal property. Seller agrees to

256hold the Firm and its agents harmless for any losses or liability resulting from personal injury, property damage, or theft

257occurring during "individual showings" or "open houses" other than those caused by the negligence or intentional

258wrongdoing of the Firm or its agents. Seller acknowledges that individual showings and open houses may be

259conducted by licensees other than agents of the Firm, that appraisers and inspectors may conduct appraisals and

260inspections without being accompanied by agents of the Firm or other licensees, and that buyers or licensees may be

261present at all inspections and testing and may photograph or videotape Property unless otherwise provided for in

262additional provisions at lines 303-308 or in an addendum per lines 309-310.

264material breach of contract by the other party. Seller understands that the parties to the Listing are Seller and the Firm.

265Agents for the Firm do not have the authority to enter into a mutual agreement to terminate the Listing, amend the

266commission amount or shorten the term of this Listing, without the written consent of the agent(s)’ supervising broker. Seller

267and the Firm agree that any termination of this Listing by either party before the date stated on line 312 shall be

268effective by the Seller only if stated in writing and delivered to the Firm in accordance with lines 280-302 and effective

269by the Firm only if stated in writing by the supervising broker and delivered to Seller in accordance with lines 280-302.

270CAUTION: Early termination of this Listing may be a breach of contract, causing the terminating party to

271potentially be liable for damages.

273Firm's trust account. The Firm may refuse to hold earnest money or other trust funds. Should the Firm hold the earnest money,

274the Firm shall hold and disburse earnest money funds in accordance with Wis. Stat. Ch. 452 and Wis. Admin. Code Ch. REEB

27518. If the transaction fails to close and the Seller requests and receives the earnest money as the total liquidated damages,

276then upon disbursement to Seller, the earnest money shall be paid first to reimburse the Firm for cash advances made by the

277Firm on behalf of Seller and one half of the balance, but not in excess of the agreed commission, shall be paid to the Firm as

278full commission in connection with said purchase transaction and the balance shall belong to Seller. This payment to the Firm

279shall not terminate this Listing.

Property Address: _________________________________________________________________________________________________________ Page 6 of 6, WB-1

281documents and written notices to a Party shall be effective only when accomplished by one of the methods specified at

282lines 283-302.

283(1) Personal Delivery: giving the document or written notice personally to the Party, or the Party's recipient for delivery

284if named at line 285 or 286.

285Seller's recipient for delivery (optional): _______________________________________________________________

286Firm’s recipient for delivery (optional): _______________________________________________________________

287 (2) Fax: fax transmission of the document or written notice to the following telephone number:

288Seller: (________) ______________________________ Firm: (_________) __________________________________

289

(3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a

290commercial delivery service, addressed either to the Party, or to the Party's recipient for delivery if named at line 285 or

291286, for delivery to the Party's delivery address at line 295 or 296.

292

(4) U.S. Mail: depositing the document or written notice postage prepaid in the U.S. Mail, addressed either to the

293Party, or to the Party's recipient for delivery if named at line 285 or 286, for delivery to the Party's delivery address at

294line 295 or 296.

295Delivery address for Seller: ________________________________________________________________________

296Delivery address for Firm: _________________________________________________________________________

297 (5) E-Mail: electronically transmitting the document or written notice to the Party’s e-mail address, if given below at

298line 301 or 302. If this is a consumer transaction where the property being purchased or the sale proceeds are used

299primarily for personal, family or household purposes, each consumer providing an e-mail address below has first

300consented electronically as required by federal law.

301E-Mail address for Seller: _________________________________________________________________________

302E-Mail address for Firm: __________________________________________________________________________

304_______________________________________________________________________________________________

305_______________________________________________________________________________________________

306_______________________________________________________________________________________________

307_______________________________________________________________________________________________

308_______________________________________________________________________________________________

310______________________________________________________________________is/are made part of this Listing.

312 to the earlier of midnight of the ______________ day of ____________________________, ________, or the

313conveyance of the entire Property.

314BY SIGNING BELOW, SELLER ACKNOWLEDGES RECEIPT OF A COPY OF THIS LISTING CONTRACT AND

315THAT HE/SHE HAS READ ALL 6 PAGES AS WELL AS ANY ADDENDA AND ANY OTHER DOCUMENTS

316INCORPORATED INTO THE LISTING.

317(x)____________________________________ __________________________________________ ____________

318	Seller's Signature ▲	Print Name Here ▲	Date ▲
319	(x)____________________________________ __________________________________________ ____________
320	Seller's Signature ▲	Print Name Here ▲	Date ▲
321	(x)____________________________________ __________________________________________ ____________
322	Seller's Signature ▲	Print Name Here ▲	Date ▲
323	(x)____________________________________ __________________________________________ ____________
324	Seller's Signature ▲	Print Name Here ▲	Date ▲

325Seller Entity Name (if any): ________________________________________________________________________

326		Print Name Here ▲
327	(x)_______________________________________________________________________________ ____________
328	Authorized Signature ▲ Print Name & Title Here ►	Date ▲

329(x)_______________________________________________________________________________ ____________

330 Agent for Firm ▲

Print Name Here ▲

Firm Name ▲

Date ▲