Sandra is a Wisconsin licensed broker who operates her own firm. She enters into a co-brokerage arrangement with another Wisconsin broker, Tom, to sell a commercial property. The listing agreement specifies a 6% commission. After the sale closes, Sandra and Tom have a dispute over commission splitting. Under Wisconsin law, which of the following statements is correct regarding how the commission split is determined?
Correct Answer
D) The commission split is a matter of private contract between the brokers and is not dictated by Wisconsin statute
Under Wisconsin law, the division of commissions between cooperating brokers is a matter of private contract. Wisconsin Statutes Chapter 452 does not prescribe a mandatory split ratio between brokers. The terms of co-brokerage compensation are established through the Multiple Listing Service (MLS) offer of compensation, written agreements between brokers, or other contractual arrangements. REEB does not regulate the specific percentage split between cooperating brokers.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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