I have read the following Disclosure Form and by clicking on the link below I have acknowledged the following disclosure
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DISCLOSURE OF REAL ESTATE AGENCY
DISCLOSURE WITH DUAL AGENCY CONSENT
DETERMINED WHEN DISCLOSURE IS MADE
WISCONSIN REALTORS® ASSOCIATION
4801 Forest Run Road
Madison, Wisconsin 53704
NOTICE TO CLIENTS AND CUSTOMERS
Wisconsin and federal law requires that your broker (as the broker involved in this transaction) provide you with various disclosures. In order to provide uniform understandings, this form is given not only to our clients (people who have signed a written listing or a buyer brokerage agreement and who are paying us a commission for our brokerage services) but ALSO TO EVERYONE WHO IS, IN ANY WAY, INVOLVED in the real estate transaction.
GENERAL INFORMATION
The broker is the client's agent, which is a relationship involving various duties and obligations. In order to allow you to understand this relationship and to confirm your understanding and consent as to how your brokers are to act when there are conflicts in this relationship, you should read both sides of this agreement.
CONFIDENTIAL INFORMATION
A BROKER IS REQUIRED TO MAINTAIN THE CONFIDENTIALITY OF ALL INFORMATION GIVEN TO THE BROKER IN CONFIDENCE AND ALL INFORMATION OBTAINED BY THE BROKER THAT HE OR SHE KNOWS A REASONABLE PARTY WOULD WANT TO BE KEPT CONFIDENTIAL, UNLESS THE INFORMATION IS REQUIRED TO BE DISCLOSED BY LAW (SEE REVERSE SIDE). THE FOLLOWING INFORMATION IS REQUIRED TO BE DISCLOSED BY LAW:
- MATERIAL ADVERSE FACTS AS DEFINED IN SECTION 452.01(5g) OF THE WISCONSIN STATUTES.
- ANY FACTS KNOWN BY THE BROKER THAT CONTRADICT ANY INFORMATION INCLUDED IN A WRITTEN INSPECTION REPORT ON THE PROPERTY OR REAL ESTATE THAT IS SUBJECT OF THE TRANSACTION.
TO ENSURE THAT THE BROKER IS AWARE OF WHAT SPECIFIC INFORMATION YOU CONSIDER CONFIDENTIAL, YOU MAY LIST THAT INFORMATION IN THE SPACE BELOW THAT IS MARKED "CONFIDENTIAL INFORMATION". AT A LATER TIME, YOU MAY ALSO PROVIDE THE BROKER WITH OTHER WRITTEN NOTIFICATION OF WHAT INFORMATION YOU CONSIDER TO BE CONFIDENTIAL.
CONFIDENTIAL INFORMATION:_______________________________
NON-CONFIDENTIAL INFORMATION: The following information is agreed not to be confidential: FINANCIAL QUALIFICATIONS OF THE BUYER and _________________________________
OTHER RELATIONSHIPS
Your Broker may be involved in various programs and other corporations which provide services which are auxiliary to and or related to the real estate transaction. Depending on the program, the individual agent may or may not receive a financial incentive for being involved. (For example, the home warranty program may pay a referral fee). At the time when an offer to purchase may be made and when you may be contemplating using the services of any of these companies or programs, an additional disclosure (which will include estimate charges or range of charges) will be given to you. Of course, you are not, in any way, required to use the services of these other companies.
MULTIPLE REPRESENTATION RELATIONSHIP
(THE FOLLOWING SECTION APPLIES TO CLIENTS ONLY)
It is sometimes possible that a buyer represented by an agent of your broker will become interested in a property wherein the seller is represented by a different (or the same) agent of your broker. When this situation happens, we call this a multiple representation relationship.
In a multiple representation relationship, the Broker will continue to provide the services agreed upon in the agency agreements entered into with each client. Brokers will provide information and advice to all clients, but will not place the interest of any client ahead of the other. If clients did not permit this multiple representation relationship, sellers could be excluding certain possible buyers from seeing their home and buyers could be limiting the homes which they may otherwise be shown.
Since Broker may only represent multiple parties to the transaction with the written consent of each client. Client hereby confirms that they understand (as shown on the reverse side) broker's duties to all parties to a transaction and broker's duties to a client and that they (CONSENT)(DO NOT CONSENT)[STRIKE ONE] to a multiple representation relationship should one arise and, if consent is indicated in the above line, Broker and its salespersons are authorized and instructed to act in a multiple representation relationship in the event that the situation occurs.
I (WE) ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE, AND CONFIRM THAT BOTH SIDES OF THIS DOCUMENT HAVE BEEN READ AND, IN THOSE CASES WHERE MULTIPLE REPRESENTATION RELATIONSHIP MAY ARISE, HEREBY (CONSENT) (DO NOT CONSENT) [STRIKE ONE] TO THE SAME. i (WE) ARE ALSO AWARE AND CONSENT TO THE BROKER OR AGENT RECEIVING INCOME OR FINANCIAL INCENTIVE AS PART OF OTHER RELATIONSHIPS.
I (WE) ARE AWARE THAT COLDWELL BANKER® Mulleady, Inc., REALTORS®(Your Broker) IS WORKING AS: []Seller's Agent []Buyer's Agent
BUYER'S BROKERAGE: In the event that the potential buyer has signed this form and desires broker to represent buyer as a buyer's broker, buyer is hereby notified that said buyer's brokerage arrangement will not become effective until buyer signs the Buyer Agency Agreement (WB-36) and that prior to the execution of that agreement, the buyer will be a customer and broker will treat the seller as client under a standard co-brokerage arrangement.
GENERAL INFORMATION
DUTIES TO ALL PARTIES Wisconsin Statute section 452.133(1) states that in providing brokerage service to a party to a transaction (including both clients and customers), a broker shall do all the following:
- Provide brokerage services to all parties to the transaction honestly, fairly and in good faith.
- Diligently exercise reasonable skill and care in providing brokerage services to all parties.
- Disclose to each party all material adverse facts that the broker knows and that the party does not or cannot discover through reasonably vigilant observation, unless the disclosure of a material adverse fact is prohibited by law.
- Keep confidential any information given to the broker in confidence, or any information obtained by the broker that he or she knows a reasonable party would want to be kept confidential, unless the information must be disclosed under (c) or Wis States Sec. 452.23 or is otherwise required by law to be disclosed or the party whose interests may be adversely affected by the disclosure specifically authorizes the disclosure of particular confidential information. A broker shall continue to keep the information confidential after the transaction is complete and after the broker is no longer providing brokerage services to the party.
- Provide accurate information about market conditions that affect a transaction, to any party who requests the information, within a reasonable time of the party's request, unless disclosure of the information is prohibited by law.
- Account for all property coming into possession of a broker that belongs to any part within reasonable time of receiving the property.
- When negotiating on behalf of a party, present contract proposals in an objective and unbiased manner and disclose the advantages and disadvantages of the proposal.
DUTIES TO A CLIENT Wisconsin Statute section 452.133(2) states that in addition to his or her duties listed above, a broker providing brokerage services to his or her client shall do all the following:
- Loyally represent the client's interests by placing the client's interests ahead of the interests of any other party, unless loyalty to a client violates the broker's duties under Wis States. Sec. 452.137(2) (duties to all clients in multiple representation situations).
- Disclose to the client all information known by the broker that is material to the transaction and that is not known by the client or discoverable by the client through reasonably vigilant observation, except for confidential information and other information, disclosure of which is prohibited by law.
- Fulfill any obligation required by the agency agreement, and any order of the client that is within the scope of the agency agreement, that are not inconsistent with another duty that the broker has under this chapter or any other law.
Wisconsin law also defines adverse fact:
Wis State. 452.01(1e) "Adverse fact" means any of the following:
- A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:
- Significantly and adversely affecting the value of the property.
- Significantly reducing the structural integrity of improvements to real estate.
- Presenting a significant health risk to occupants of the property.
- Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction.
Wis Stat. 452.01(5g) "Material adverse fact" means an adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or affects or would affect the party's decision about the terms of such a contract or agreement.
NOTICE: You may obtain information about the sex offender registry and persons registered with the registry by contacting the Wisconsin Department of Corrections on the internet at http://www.widocoffenders.org or by phone at 877-234-0085.
CONTINUING REQUEST FOR INFORMATION: Commencing immediately and continuing until revoked in writing, the undersigned requests (but does not require) broker to telephonically contact the undersigned concerning questions, matters, issues, and goods and services which may, in any way, be related to real estate transactions and associated information.
INFORMATION CONCERNING CONFIDENTIALITY / MULTIPLE REPRESENTATION RELATIONSHIP
When Broker represents both the buyer and the seller in a transaction, a multiple representation relationship is created. This means that Broker and its agents owe a fiduciary duty to both buyer and seller. Because buyer and seller may have conflicting interests, Broker and its agents are prohibited from advocating exclusively for either party. Unless both the buyer and seller had agreed to this multiple representation relationship arrangement, Broker cannot represent both the buyer and seller in this transaction.
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