WRA content survey recap

The WRA recently surveyed members to learn about the trending topics in the industry. WRA members reported the following:

Top five issues facing the real estate industry in Wisconsin:

• Lack of housing supply
• Housing affordability
• Undertrained agents
• Ethics/decline of professional standards
• Inflation

Top five legal issues in Wisconsin real estate transactions:

• Inspection contingency in the WB-11
• Closing issues
• Seller disclosure and the RECR
• Disclosure of material adverse facts
• Financing contingency in the WB-11

WRA hours

The WRA and the WRA Legal Hotline will be closed the following days:

• Thursday, July 7 (closing at 1:45 p.m. CDT for staff function)
• Monday, September 5 (closed all day)

July 1 mandatory forms

The new WB-24 Option to Purchase, WB-40 Amendment to Offer to Purchase, WB-41 Notice Relating to Offer to Purchase, WB-44 Counter-Offer, and WB-45 Cancellation Agreement and Mutual Release are required for use as of July 1, 2022. The WRA’s forms update resource webpage includes information about the revisions as well as WRA materials and resources that offer in-depth details about the form updates.

See more: www.wra.org/FormsUpdate

Be a national leader in 2023

The National Association of REALTORS^® (NAR) recently adopted a new governance structure that establishes the composition of its board of directors, executive committee, regional vice presidents and leadership team. In addition to changes in structure,  new requirements and qualifications have been added for state and local association representatives on the NAR board.

Under the new system, states will be allocated a specific number of NAR directors to represent the state association and larger local boards. In addition, the WRA must appoint two new NAR directors: 

• One director representing medium size boards (with 500 to 1,999 members)
• One director representing small boards (with 1 to 499 members)

As a point of reference, below is a listing of the small and medium local associations in Wisconsin as of December 31, 2021.

Small local board/association (1-499 members)

• Door County Board of REALTORS^®
• Jefferson County Board of REALTORS^®
• Individuals
• La Crosse Area REALTORS^® Association
• Lake Superior Area REALTORS^® Association
• Manitowoc Board of REALTORS^®
• Marinette Board of REALTORS^®
• Northwoods Association of REALTORS^®
• Rock-Green REALTORS^® Association

Medium local board/association (500-1,999 members)

• Central Wisconsin Board of REALTORS^®
• Commercial Association of REALTORS^® Wisconsin
• Lakes Area REALTORS^® Association
• Lakeshore REALTORS^® Association
• REALTORS^® Association of Northwestern Wisconsin
• Southshore REALTORS^® Association
• Western Wisconsin REALTORS^® Association

Call for volunteers

The WRA is now seeking members interested in serving as NAR directors representing medium and small boards. 

This process includes:

• Certifying board size: NAR will certify the membership count in all boards as of July 31, 2022.  
• Applications: Members interested in serving in these posts must complete the online application and return it to 
  Sandy Bolgrihn at sandyb@wra.org by August 15, 2022.  
• Terms: Those members selected will begin serving a one- or two-year term beginning in January 2023.

Reminder for WRA service

As a reminder, you will also need to apply for a NAR committee for service beginning in 2023.  

Apply online at www.wra.org/NARcommittee.