Wyoming Real Estate Recovery and Education Fund
Wyoming maintains a fund that both reimburses wronged consumers and supports real estate education. This chapter covers how the fund works and when consumers may recover.
Purpose of the Fund
The Real Estate Recovery and Education Fund reimburses members of the public who obtain a final judgment against a licensee for fraud, misrepresentation, or similar misconduct in a licensed transaction and cannot otherwise collect, and it also supports real estate education. It is not a marketing, lending, or commission fund.
Recovering from the Fund
A consumer generally must first obtain a final court judgment against the licensee for qualifying misconduct and be unable to collect it before recovering from the fund. The fund is a last resort after a judgment cannot be satisfied, not an alternative to litigation.
Effect on the Licensee
When the fund pays a claim caused by a licensee, that licensee's license is generally suspended until the fund is reimbursed, often with interest. This keeps the fund solvent and holds the responsible licensee accountable for the loss.