Broker Responsibility and Office Management
The largest state-portion block covers the broker-only duties of running a Wyoming firm, including trust accounts and supervision. This chapter covers the Responsible Broker role and office management.
The Responsible Broker
Wyoming calls the supervising tier the Responsible Broker. This broker is accountable for the firm's operations, records, trust accounts, and the supervision of associated licensees. These broker-only responsibilities are what set the broker license above the salesperson license.
Trust and Escrow Accounts
A broker who receives client money such as earnest money must place it in a trust or escrow account kept separate from business and personal funds. Commingling or converting trust money is a serious violation. The Responsible Broker is accountable for the trust account even when a salesperson receives the funds.
Supervision and Recordkeeping
Office management includes maintaining required records, reviewing transactions and advertising, and supervising associated licensees so the firm complies with the license law and Commission rules. A failure to properly supervise or safeguard trust funds can expose the Responsible Broker to discipline.