Wyoming Real Estate Practice Test

Correct: C No, that seat requires 5 years of Wyoming licensed experience

W.S. 33-28-105(a) provides that "not less than three (3) or more than four (4) of the membership shall have been engaged in business as a licensee in Wyoming for at least five (5) years immediately preceding appointment." A nominee with only 3 years does not qualify for one of those licensee seats, and Senate confirmation cannot cure a statutory qualification defect. Two details matter: the experience must be Wyoming experience, and it must fall in the 5 years immediately preceding appointment. Also note the 5-year rule reaches only the 3 to 4 licensee seats - because no more than four members may be 5-year licensees, at least one of the five seats must always go to someone who is not.

Correct: C Responsible broker

Only a responsible broker operates independently. W.S. 33-28-102(b)(xlix) defines a responsible broker as one who supervises the licensees of a real estate company or who operates a single license office or sole proprietorship. Both other individual license types are supervised: a salesperson "is licensed by the commission under a responsible broker" (33-28-102(b)(li)), and an associate broker likewise "is licensed by the commission under a responsible broker and does not have supervisory responsibilities" (33-28-102(b)(iv)). Holding a broker-level license alone is therefore not enough to practice independently in Wyoming.

Correct: C The responsible broker must immediately notify WREC, and the salesperson may not perform real estate activity

W.S. 33-28-109(c) requires that 'upon termination of an associate broker's or salesperson's association or contractual relationship, his responsible broker shall immediately notify the commission for cancellation of the associate broker's or salesperson's license.' The salesperson's license may be held on a 'hold for transfer' basis for no more than 30 days before it automatically becomes inactive, and WREC Chapter 1, Section 5(c) is clear that a license that is inactive or on hold for transfer may not be used to perform any real estate activity. The salesperson also may not associate with a new responsible broker until a license is issued under that broker.

Correct: A Dual agency representation

Wyoming expressly bans dual agency: W.S. 33-28-302(o) states that 'a licensee shall not establish dual agency with any seller or buyer,' and 33-28-302(k) allows a licensee to be an agent for the seller or for the buyer 'but not as an agent for both.' Exclusive buyer agency (33-28-304) and seller-only agency (33-28-303) are both permitted, and Wyoming's version of transaction brokerage — the non-agency 'intermediary' relationship of 33-28-305 — is the lawful way for one licensee, or two designated licensees in the same company, to assist both sides. Only dual agency itself is prohibited.

Correct: D Full fiduciary duties

Under W.S. §33-28-304(a), a licensee engaged by a buyer must perform the written agreement, exercise reasonable skill and care, and promote the buyer's interests with 'utmost good faith, loyalty and fidelity' — including presenting all offers timely, disclosing adverse material facts actually known, counseling on known material benefits and risks, and accounting timely for money and property. Wyoming reserves this level of duty for agency: §33-28-305(b)(ii)(K) requires an intermediary to disclose that an intermediary 'owes no fiduciary duty either to buyer or seller.' (Note: §33-28-301 was repealed in 2011; the agent duty lists are §33-28-303 for seller's agents and §33-28-304 for buyer's agents.)

Correct: B Before any discussion incidental to a sale or lease

W.S. 33-28-306(a) requires a written disclosure of applicable agency, intermediary or customer relationships before engaging in any discussion or arrangement incidental to a sale, purchase, exchange or lease, and before entering into any written agreement. The same subsection expressly provides that open house showings, preliminary conversations and requests for factual information do NOT constitute such discussions, so casual property talk alone does not trigger the duty.

Correct: C The next banking day

Wyoming requires trust funds to be deposited no later than the first banking day after receipt. If received Friday afternoon, the deposit must be made by Monday (assuming Monday is a banking day). This is stricter than most states' deposit timelines.

Correct: A A blind ad without broker identification

W.S. 33-28-119(g) bars a salesperson from advertising real estate without including the real estate company name under which she is licensed, and WREC Rules Ch. 6 Section 4 applies that requirement to every advertisement 'displayed digitally or in print' — social media included. A post carrying only her personal name is a blind ad. Note that a trade name or team name never substitutes for the company name; Ch. 6 Section 4(a) requires the licensed company name to appear concurrently with it.

Correct: B Antitrust price-fixing

Setting or suggesting commission rates among competing brokers constitutes price-fixing, a per se violation of federal antitrust law. Commission rates must always be freely negotiable between the broker and the client. No organization may establish standard rates.

Correct: B $100,000 per claim

WREC Rules & Regulations Chapter 7 set the minimum errors and omissions coverage at $100,000 single-limit liability per occurrence or claim made (§ 4(a) — not including costs for investigation or defense) with a $500,000 annual aggregate (§ 4(b)). Section 8(a)(iii)(D) applies the same $100,000 / $500,000 floor to individually obtained 'equivalent' coverage. The mandate itself comes from W.S. 33-28-401, effective January 1, 2008, but the statute sets no dollar limits — subsection (c) directs the Commission to fix the minimum limits, deductible, and exemptions by rule.

Correct: B A $20 fee from each license issuance or renewal

Wyoming funds its recovery account through a $20 fee collected every time a person obtains or renews a real estate license. The fee is not based on commissions, general fund appropriations, or a one-time charge.

Correct: B There is no statutory maximum in Wyoming

Wyoming does not impose a statutory cap on security deposit amounts. This is one of several provisions that make Wyoming considered landlord-friendly. The amount is left to negotiation between landlord and tenant.

Correct: B Judicial and non-judicial foreclosure

Wyoming permits both judicial foreclosure through court proceedings with a sheriff sale, and non-judicial foreclosure using the power of sale clause. The method depends on the terms of the security instrument.

Correct: A Rectangular (government) survey system

Due to Wyoming's vast open geography and western settlement patterns, the rectangular (government) survey system using townships and ranges is the primary method of land description. Metes and bounds is used in some areas but is not the dominant method.

Correct: B At least 3 commissioners

W.S. 33-28-105(a): "Not less than three (3) or more than four (4) of the membership shall have been engaged in business as a licensee in Wyoming for at least five (5) years immediately preceding appointment." Three is the floor and four is the ceiling, so at least one of the five seats must always be filled by someone who is not a 5-year Wyoming licensee. Note the statute tests prior business experience as a licensee in the 5 years before appointment, not whether the member holds an active license while serving.

Correct: B No, leasing for compensation requires licensure

Wyoming law requires a real estate license for anyone who engages in listing, selling, buying, exchanging, leasing, or property management for compensation. Receiving $500 to find a tenant is leasing for compensation and requires licensure, regardless of the personal relationship.

Correct: C WREC must be notified of the change

When a salesperson changes broker affiliation in Wyoming, WREC must be notified of the change. This ensures the commission maintains accurate records of which licensees are affiliated with which brokers, which is essential for supervision accountability and consumer protection.

Correct: C Commingling of trust funds

Depositing client funds into a personal account constitutes commingling, which is a serious violation of Wyoming real estate law. Client funds must be deposited into a properly maintained trust or escrow account, kept separate from the broker's personal or business operating funds.

Correct: B Customer relationship

Under W.S. §33-28-302(p), a customer relationship exists by default 'unless a single agency or intermediary relationship is established through a written agreement.' A customer is not a client, but Wyoming does not leave a customer with nothing: §33-28-310(a) requires reasonable skill and care, timely presentation of all offers, timely accounting, keeping the parties fully informed, and disclosure of adverse material facts actually known. What a customer is NOT owed is agency-level loyalty and fidelity — and §33-28-302(p) states flatly that a licensee 'shall not owe any duty of confidentiality to a customer.'

Correct: A No violation; showings and factual questions are exempt

W.S. 33-28-306(a) expressly provides that open house showings, preliminary conversations and requests for factual information do not constitute discussions or arrangements incidental to a sale, purchase, exchange or lease. The written relationship disclosure is triggered by a discussion or arrangement incidental to a transaction, or by entering a written agreement. A person who attends a showing without an agency relationship is a 'customer' under W.S. 33-28-102(b)(xiii), and W.S. 33-28-306(a)(vii)(A) requires the disclosure to state that a customer cannot be required to sign an agency agreement just to view or tour real estate.