Updated over 1 year ago on . Most recent reply
Confused in Wisconsin
Confused. If wholesaling is legal in WI without a license why is it illegal to have a property under contract without the intention of actually buying the property yourself? Isn't wholesaling defined as selling a contract?
Most Popular Reply
Because that's the way wholesalers get around the law. You could argue it's a loophole and not the intention of the lawmakers.
Wis. Stat. § 452.03 states that no person may engage in or follow the business or occupation of, or advertise as a real estate broker or salesperson without a license. The definition of a broker can be found in Wis. Stats. § 452.01(2). The definition includes, but is not limited to: Negotiating, promoting, or advertising the sale, exchange, purchase, or rental of real property, or the granting or acceptance of an option to sell, exchange, purchase, or rent an interest or estate in real estate or a time share.