Chapter 4 of 1624% of exam

Additional Topics

Pearson VUE gives this area 11 to 13 items for salesperson and broker alike. It reaches outside the License Act into the recovery fund, land description, landlord and tenant law, foreclosure and redemption, the statute of frauds, and broker's price opinions.

Real Estate Recovery and Education Fund

W.S. 33-28-201 through 33-28-206 create a recovery account funded by an additional $20 fee at issuance and renewal, with no general fund money behind it. A consumer who holds a final judgment against a licensee for fraud, willful misrepresentation, deceit, or conversion of trust funds, and who cannot collect it, may petition for payment of actual damages up to $10,000 within one year of the termination of all proceedings. On payment the Commission immediately suspends the licensee, who may not be relicensed until he repays in full with 18% interest; bankruptcy does not discharge the obligation.

Land Description

W.S. 34-12-102 requires an owner who subdivides a tract into three or more parts for a town, an addition, or suburban lots to record a plat referencing known or permanent monuments, numbering the lots and giving dimensions and the courses of streets and alleys. Lot-and-block descriptions taken from the recorded plat are good and valid for conveyancing and taxation. W.S. 34-12-103 requires approval by the county commissioners or by the city or town, and W.S. 34-12-104 makes acknowledgment and recording equivalent to a deed in fee simple of the streets and other public areas.

Landlord and Tenant, Foreclosure and Redemption

The Residential Rental Property Act, W.S. 1-21-1201 through 1-21-1211, requires owners to keep units safe, sanitary, and fit, and requires the deposit balance and a written itemization within 30 days after termination or 15 days after receipt of the renter's new address, whichever is later, extended 30 days if there is damage. A forcible entry and detainer action needs a three-day notice to quit under W.S. 1-21-1003. Foreclosure by advertisement under W.S. 34-4-101 et seq. requires ten days' notice of intent and four weeks of publication; W.S. 1-18-103 gives three months to redeem, or twelve for agricultural real estate.

Statute of Frauds and Broker's Price Opinions

W.S. 1-23-105(a)(v) makes void, unless in writing and subscribed by the party to be charged, every agreement for the sale of real estate or for a lease of more than one year. W.S. 33-28-125 lets a licensee prepare a broker's price opinion for a potential seller, a potential buyer, or any third party for a lawful purpose, and requires every printed or electronic opinion to carry the statutory statement that it is an opinion of price and not a certified appraisal. Preparing one for compensation is real estate activity under W.S. 33-28-102(b)(xlv)(O), so it requires a license.

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State-specific details

State exam facts

Exam vendor
Pearson VUE
Prelicensing education
60 cumulative class hours (Wyo. Stat. § 33-28-106(e)(viii))
Passing score
Scaled score of 75 (both portions)
Scored questions
130
Time limit
240 minutes
Who regulates real estate brokers in Wyoming?

The Wyoming Real Estate Commission licenses real estate salespersons, associate brokers, and responsible brokers, and it sets the passing score for the licensing exams in conjunction with Pearson VUE, which delivers them. After passing, you must file a complete license application within 90 days of the exam date.

What experience do I need before the Wyoming broker exam?

Experience is the gate, and Wyoming states it in the statute: a responsible broker applicant must "have first served actively for two (2) of the four (4) years immediately preceding the application as a real estate salesperson or associate broker" (Wyo. Stat. § 33-28-106(c)(ii)). An associate broker applicant faces the same two-of-four test but may substitute a degree in real estate as defined in § 33-28-102(b)(xiv); a responsible broker applicant has no degree substitute. On education, § 33-28-106(e)(viii) requires not less than 60 cumulative class hours in Commission-approved courses with a passing exam in each — delivered as Broker Course I, Broker Course II, and the Wyoming Law Course — and applicants already actively licensed elsewhere show Course II plus the appropriate portions of Course I. Responsible broker applicants must additionally pass a Commission-approved broker management course; the Commission's rule (chapter 1, section 3(c)(iv)) says it must have been taken no more than two years before the application, while the Pearson VUE handbook describes it as an 8-hour course taken within one year, so confirm the current window with the Commission. Responsible broker applicants also file proof of Wyoming trust accounts or funds holder agreements.

How is the Wyoming broker exam structured?

The Wyoming broker exam has a national/general portion of 80 scored items plus 5 pretest items with 2.5 hours allowed, and a Wyoming state portion of 50 scored items plus 5 to 10 pretest items with 1.5 hours allowed — 130 scored items over four hours in total. Both portions require a scaled score of 75 to pass, and because scores are equated across exam forms, the number you receive is neither the count nor the percentage of questions you answered correctly.

Sources: https://realestate.wyo.gov/real-estate-professionals/obtain-a-license, https://realestate.wyo.gov/real-estate-professionals/rules-regulations, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/095100.pdf, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/095101.pdf, https://www.wyoleg.gov/statutes/compress/title33.pdf

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