SB 535

Under current law, the Real Estate Examining Board (board) issues licenses for

real estate brokers and real estate salespersons. Generally, the board may not grant

a broker's license to an applicant who does not already hold a salesperson's license

or who has not passed the examination for licensure as a salesperson in addition to

passing the broker's examination.

This bill establishes the requirement that an applicant for a broker's license

must submit evidence satisfactory to the board that the applicant has practiced as

a salesperson under the direct supervision of a licensed broker for at least two years

within the last four years preceding the date of the applicant's application for the

broker's license. Any time spent as an apprentice may not be applied to satisfy that

requirement. If the applicant is an attorney licensed to practice law in Wisconsin,

the applicant may satisfy that requirement by demonstrating to the board's

satisfaction that the applicant has real estate-related experience. If the applicant

is a nonresident, the applicant may satisfy that requirement by demonstrating to the

board's satisfaction that the applicant has been licensed as a real estate broker under

the laws of another state for at least two of the last four years preceding the person's

application for a broker's license in Wisconsin.