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 January 13, 2020
Product Showcase

Annual Real Estate Forms Update

Several forms commonly used in Wisconsin real estate practice received updates in 2019, which will affect your drafting in future transactions. Learn about last year’s form revisions in detail as well as what you can expect for form updates in the new year.

2019 Form Revisions

Smoke and Carbon Monoxide Detectors (WRA-SMK): There were some changes made to the rules for placement of carbon monoxide detectors in sleeping places for rental properties with three or more units. Strangely enough, this caused the need to correct some of the information on the back, but no significant changes were made on the front. Because the new material in the statutes/rules is very lengthy, links to those resources were inserted on the back.

Listing Contract to Lease Commercial Property — Exclusive Right to Lease (WRA-CP): This form was updated to include the current Disclosure to Clients language and to make other revisions.

Commercial Letter of Intent (WRA-CLOI): Due to the fact that letters of intent (LOI) are so commonly used in commercial transactions, the WRA created a new commercial LOI form to assist commercial members. An LOI is an agreement to agree in the future and is not an enforceable contract. In commercial transactions, it is commonplace for real estate agents to assist parties during the preliminary negotiation process by way of an LOI.

Listing Questionnaire Regarding Title Issues and Property Conditions (WRA-QST): The Listing Questionnaire Regarding Title Issues and Property Conditions was reformatted for clarity at the beginning, and signature lines for various seller entities have been added at the end. New questions were added addressing homeowner associations and their charges, road easements and maintenance agreements, rented items, whether the seller is a foreign person for FIRPTA purposes, if the seller is married and more.

Delegation of Supervision (WRA-DOS): Wis. Stat. § 452.132(5) requires a licensed broker business entity to delegate the duty to supervise licensees associated with the firm to a supervising broker who is a licensed individual broker. WRA-DOS helps firms delegate supervising broker responsibilities to a licensed broker in accordance with Wis. Stat. § 452.132(5). Any delegation of the duty to supervise must be in writing, identify the duty or duties delegated, and be signed by or on behalf of the firm and the licensed individual broker to whom delegation is made. Therefore, the WRA created the WRA-DOS form to help in this endeavor.

Residential Offer to Purchase (WB-11): The Real Estate Examining Board approved revisions to the WB-11 Residential Offer to Purchase form. The optional use date was set to November 1, 2019, and a mandatory use date of January 1, 2020. Revisions were necessary to update language, incorporate statutory changes and clarify some provisions.

Seller Certification of Non-Foreign Status (WRA-SCNFS): The WRA created the FIRPTA Seller Certification form to help the seller fulfill the FIRPTA provision in the offer.

Greater Milwaukee Association of REALTORS® Addendum A to Offer to Purchase (WRA-GMA): Due to the release of the new WB-11 Residential Offer to Purchase, the GMAR Addendum A (WRA-GMA) received revisions as well.

New Forms on the Horizon in 2020

  • Confidentiality Agreement (New)
  • Estoppel Agreement (New)
  • WB-12 — Farm Offer to Purchase (Update)
  • WB-13 – Vacant Land Offer to Purchase (Update)
  • WB-14 — Residential Condominium Offer to Purchase (Update)
  • WB-15 — Commercial Offer to Purchase (Update)
  • Multiple WRA Addenda Forms (New and updated)
Forms Resources

Forms update resource page

See a consolidated list of all WRA resources regarding the 2020 WB-11 update on the forms update resource page online at www.wra.org/formsupdate.

WRA PDF forms library

Gain unlimited access to the electronic versions of all WB and WRA forms with the WRA’s PDF forms library, exclusively available for DRs, at www.wra.org/FormsLibrary.

WRA clause library

Need to modify a standard form? The Wisconsin Real Estate Clause Manual, authored collaboratively between the UW Law School and the WRA, is the go-to drafting resource for licensees when standard forms need to be modified to be consistent with the instruction of the parties.

The manual is available for WRA members in two formats:

  • Print copy: Order your hard copy of the manual from the WRA at www.wra.org/pub280.
  • zipForm: The digital version, known as the zipForm Clause Library, is available in zipForm. For just $30, you can access the clause digitally wherever and whenever. Sign in to your zipForm account to learn more.
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