Property Management requirements in Wisconsin

Must Wisconsin property management companies have a real estate broker's license?

Yes, if a property manager is going to negotiate, or offer to negotiate the rental of an interest in real estate, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

Must Wisconsin community association managers have a real estate broker's license?

NO. A broker's license is not required to manage community associations in Wisconsin.

Wisconsin Real Estate Broker Requirements:

1). Complete required education. All applicants for licensure as a broker must complete one of the following as proof of completion of the education requirement:

1. a specific 36-hour brokers course of approved education programs in business management from an approved Wisconsin school
   
   
2. a transcript showing 20 academic semester-hours credit in real estate or real estate related law completed at an accredited institution of higher education
   
   
3. a photocopy of current bar membership card or a certificate of good standing in the Wisconsin State Bar

If applicant does not presently hold a salesperson's license in Wisconsin, applicant must also complete the salesperson education requirement.

Out of state licensed broker reciprocal license option: Out of state applicants holding an license in good standing in a state that has a signed reciprocal agreement with Wisconsin may waive the education requirement and take the exam directly. The original license in the reciprocal state must have been issued on the basis of passing that state's required examinations. Applicants for the broker license must have had two years in good standing as a licensed broker immediately prior to taking the broker exam. Applicants for the broker license are only required to take the broker exam. At the current time, Wisconsin has reciprocal agreements with Illinois and Indiana.

Out of state applicants holding a broker's license in a state without a reciprocal agreement with Wisconsin:

Out of state applicants must hold an active real estate broker's license in another licensing jurisdiction within the 2-year period prior to filing an application for an original real estate broker's license and must submit one of the following as proof of completion of the education requirement:

1. submit proof of completion of 3 designated hours of broker educational requirements at a Wisconsin approved school, AND if the applicant does not hold a Wisconsin salesperson's license, submit proof of completion of 13 designated hours of salesperson education requirements at a Wisconsin approved school
   
   
2. submit a transcript showing 20 academic semester hours credit in real estate or real estate related law completed at an accredited institution of higher education
   
   
3. submit a photocopy of a current bar membership card or a certificate of good standing in the Wisconsin State Bar

2). Pass the examination.

Pass the Wisconsin sales and broker's examinations. The Department has contracted with Promissor to conduct its examination program. Examinations are administered by computer upon appointment.

3). Application for licensure.

Receive the application for licensure at the exam center after passing the required exam(s). The application must be submitted within one year following the date the applicant wrote and passed the examinations.