Broker Responsibility and Office Management
This area is broker only and, at 14 to 16 items, tied for the largest block on the state portion. A salesperson candidate never sees it. It covers running the company, trust accounts, funds holders, the place of business, records, and supervision.
Real Estate Company Management and Place of Business
W.S. 33-28-109(a) requires each resident responsible broker to establish at least one but no more than three real estate companies or sole proprietorships in Wyoming, license each company, and maintain a fixed principal office in this state for each. The designated address appears on every license associated with it, and no license authorizes activity at another address except a licensed branch office. A move requires an application to the Commission before the removal. Commission rules chapter 1, section 6 require the responsible broker to be an officer, partner, manager, or owner of the company.
Trust Accounts and Funds Holders
W.S. 33-28-122 requires a trust or escrow account in a Wyoming financial institution that permits immediate withdrawal, or, in lieu of one, a funds holder, which W.S. 33-28-102(b)(xxi) limits to a title company, closing agent, or Wyoming-licensed attorney whose use and name must be disclosed to the parties and reported to the Commission. Financial instruments must be deposited within one banking day absent written agreement by everyone with an interest. Depositing the broker's own money is commingling unless it is identified at deposit to keep the account open or avoid minimum-balance charges. Disputed deposits stay in trust until a written release, a civil action, or interpleader.
Recordkeeping and Supervision
W.S. 33-28-123 requires a full set of records for every transaction, kept at least two years from the company's last participation. Commission rules chapter 5 require a journal, a transaction ledger, and a monthly reconciliation of journal and ledger liabilities against the bank statement. W.S. 33-28-111(a)(ix) makes a responsible broker's failure to supervise his associate brokers or salespersons a ground for discipline, and W.S. 33-28-302(n) preserves that responsibility and his vicarious liability. Branch offices need a company license, the same trade name, and a plan of supervision approved by the Commission, and a broker licensed for more than one company must disclose all of their names in every transaction.
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State-specific details
State exam facts
- State regulator
- Wyoming Real Estate Commission
- 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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