Wyoming Real Estate Broker Exam — All Questions
15 questions
A Wyoming salesperson advertises her own home for sale. The advertisement must state:
- a.That an owner is a licensee✓
- b.The rate she will pay a cooperating brokerage
- c.The price she originally paid for the property
- d.That the sale is exempt from the License Act
W.S. 33-28-119(h) provides that a licensee "shall not advertise the sale, purchase, exchange or lease of real estate owned by the licensee unless the advertisement includes the fact that an owner of the real estate is a licensee." The disclosure exists so the public knows it is dealing with someone who has professional knowledge of the market and of the paperwork. Commission rates are negotiable and never a required element of an advertisement. Purchase history is not required either, and the licensee's own price is not a market fact the Act compels. The last option inverts the law: the owner exemption in W.S. 33-28-103(a)(i) is expressly unavailable to a licensee.
A Wyoming salesperson's association with her firm ends. The License Act requires the Commission to be notified for cancellation of her license by:
- a.The departing salesperson, in writing within ten days
- b.The responsible broker, immediately on termination✓
- c.The new responsible broker at the time of transfer
- d.The county clerk where the brokerage keeps its office
W.S. 33-28-109(c) puts the duty on the supervising broker: "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 same subsection gives the licensee a separate duty when she wants to change brokers, to notify the Commission promptly in writing and pay the fee, but that is the transfer step, not the cancellation step, and it carries no ten-day figure. Waiting for the receiving broker would leave a licensee in limbo, and the statute closes that gap by barring any association with a new responsible broker until a license has been issued for it. County clerks have no role in licensing.
A Wyoming responsible broker is personally representing the seller in an in-house transaction where the buyer's designated licensee is a salesperson. The responsible broker must immediately:
- a.Appoint a transaction manager for the transaction✓
- b.Convert both relationships to an intermediary status
- c.Refer the buyer to a competing real estate company
- d.Obtain written consent to act as a dual agent
W.S. 33-28-302(j) provides that if the responsible broker is representing a buyer or a seller in an in-house transaction, "the responsible broker shall immediately appoint a transaction manager unless the other licensee is an associate broker." A transaction manager is defined in W.S. 33-28-102(b)(lx) as a licensee designated in writing to supervise the transaction who is not involved in it and who has the duties of an intermediary. Forcing both sides into intermediary status is not required, because the same subsection says simultaneous designations do not constitute dual agency or compel an intermediary role. Sending the buyer away is not the remedy the statute chose. Dual agency cannot be consented to at all: W.S. 33-28-302(o) states flatly that a licensee shall not establish it.
A Wyoming salesperson closes a sale and the seller offers to hand her a bonus directly. Accepting it would be:
- a.Allowed if the responsible broker is told afterward
- b.Allowed if the amount appears on the closing statement
- c.Allowed because a seller may pay any party he chooses
- d.A ground for discipline under the Act✓
W.S. 33-28-111(a)(xvii) makes it a ground for discipline for an associate broker or salesperson to accept "compensation by an associate broker or salesperson from anyone other than his responsible broker." The rule routes all earned compensation through the supervising broker, which is also how W.S. 33-28-110(a) keeps unlicensed people out of the payment chain. Telling the broker afterward does not cure it, because the violation is in the direct receipt. Disclosure on the closing statement makes the payment visible but not lawful. And the seller's freedom to decide who is paid, recognized in W.S. 33-28-308(a), governs which party bears the cost, not which pocket a salesperson may take money from.
Under the Wyoming License Act, a licensee's "interest in a transaction" means an advantage, benefit, or profit other than:
- a.The agreed upon compensation✓
- b.A referral fee received from a lender
- c.A rebate paid to the licensee at closing
- d.An ownership share in the property sold
W.S. 33-28-102(b)(xxvii) defines "interest in a transaction" as "any advantage, benefit or profit, other than the agreed upon compensation, which may be realized by a licensee as the result of a purchase, sale or lease of real estate." The agreed compensation is carved out precisely because the parties already know about it. Everything else falls inside the definition and therefore inside the disclosure duty: a fee from a lender, a rebate at closing, and an ownership stake are each a benefit beyond the agreed pay. That matters because W.S. 33-28-111(a)(iii) makes "failing to disclose an interest in the transaction" a ground for discipline on its own.
Wyoming's License Act defines what is "material to the transaction." That definition expressly excludes:
- a.Environmental hazards the licensee actually knows of
- b.Psychological considerations✓
- c.Physical defects the licensee actually knows about
- d.Title defects that the licensee actually knows about
W.S. 33-28-102(b)(xxxii) defines the term as "having importance, relevance or consequence to a person making a decision" about a property, then adds that it "does not include psychological considerations including, but not limited to, health issues, suicide, murder or crimes which have occurred on the property." The other three sit at the center of what a licensee must disclose. W.S. 33-28-303(c) requires a seller's agent to disclose to any prospective buyer all adverse material facts actually known, and names title, physical condition, material defects, and environmental hazards as examples. The knowledge qualifier matters: W.S. 33-28-303(d) adds that a seller's agent owes no duty to inspect independently or to verify the seller's statements.
Wyoming law sets a minimum type size for the written relationship disclosure a licensee gives a buyer or seller. That size is:
- a.8 point
- b.10 point
- c.12 point✓
- d.14 point
W.S. 33-28-309 states in a single sentence that "any disclosure under W.S. 33-28-306 shall be in a font size of 12 point or greater." The legislature wrote a floor rather than a fixed size, so larger type complies and smaller type does not. The disclosure it governs is the written statement required by W.S. 33-28-306(a) before any discussion or arrangement incidental to a sale, purchase, exchange, or lease, describing every relationship the article allows and the duties owed under each. Type size is part of the requirement because the disclosure is meant to be read by a consumer, not buried, and because W.S. 33-28-306(a)(iii) separately calls for a conspicuous statement of what an agent owes that an intermediary does not.
Without the seller's informed consent, a Wyoming seller's agent may not tell a buyer that:
- a.The seller would take less than the asking price✓
- b.The roof leaks whenever there is a heavy rainfall
- c.The property has an easement across its north line
- d.Another offer on the property was made last week
W.S. 33-28-303(b)(i) bars a seller's agent from disclosing, without the seller's informed consent, "that a seller is willing to accept less than the asking price for the property." The same subsection protects the seller's motivation, willingness to change financing terms, and other material information about the seller. A leaking roof runs the other way: W.S. 33-28-303(c) requires the seller's agent to disclose to any prospective buyer all adverse material facts actually known, including physical condition and defects. A recorded easement is a title matter listed in the same sentence. And the existence of another offer is not one of the four protected categories, so it is handled by the seller's instructions rather than by a statutory bar.
A Wyoming licensee engaged as an intermediary:
- a.Owes each party the loyalty an agent owes a client
- b.Negotiates for whichever party first requests it
- c.Acts as an advocate for neither party to the deal✓
- d.Is a dual agent for the buyer and seller alike
W.S. 33-28-305(a) says an intermediary "shall not act as an advocate or agent for either party" and is limited to the services listed in subsection (b)(ii). Those services are real but non-partisan: present all offers, keep the parties informed, account for money, disclose adverse material facts, and advise the parties to get expert help. The loyalty and fidelity language belongs to agents under W.S. 33-28-303(a)(iii) and 33-28-304(a)(iii), and it is exactly what an intermediary does not supply. Negotiating for a party is ruled out by W.S. 33-28-305(b)(ii)(K), which requires the intermediary to tell the parties he is not allowed to negotiate on their behalf. And the intermediary is not a dual agent, because W.S. 33-28-302(o) prohibits dual agency outright.
A Wyoming buyer signs no written agreement with the licensee who is showing him homes, so he is a customer. That licensee owes him:
- a.A duty of confidentiality in all communications
- b.No duty of confidentiality✓
- c.The loyalty and fidelity owed to a principal
- d.The same fiduciary duties owed to a seller client
W.S. 33-28-302(p) is explicit: a customer relationship exists unless an agency or intermediary relationship is created in writing, and "a licensee shall not owe any duty of confidentiality to a customer." The written disclosure required by W.S. 33-28-306(a)(vii)(B) has to tell the consumer that plainly, that he will not be afforded any confidentiality in communications with the licensee. What the customer does get is set out in W.S. 33-28-310(a): reasonable skill and care, timely presentation of offers, accounting for money, being kept informed, and disclosure of adverse material facts. Loyalty, fidelity, and fiduciary duty are the agent's obligations under W.S. 33-28-303 and 33-28-304 and follow only from a written agency agreement.
Want these explained in order? Wyoming Real Estate Broker Exam Study Guide (2026) — PDF + EPUB, $19.99 · 14-day refund →
A Wyoming buyer signs a written offer in the licensee's office. Commission rules require a copy of the signed offer to be delivered:
- a.At the same time the document is signed✓
- b.Once the seller has accepted the offer
- c.Within five business days of the closing
- d.After the responsible broker has reviewed it
Commission rules chapter 3, section 1(a) requires that when a responsible broker or a licensee acting on his behalf prepares an instrument, they "shall deliver a hard or electronic copy of the document contemporaneously with the signing of such document," and the same section adds that nothing permits withholding delivery in order to obtain other signatures or for any other reason. That last clause forecloses waiting for the seller's acceptance and waiting for the broker's review alike. The statute backs the rule from the other direction: W.S. 33-28-111(a)(xxi) makes failing to deliver a completed copy of any document to all parties within a reasonable time a ground for discipline. Delivery is a signing-time duty, not a closing-time one.
A Wyoming buyer offers a promissory note rather than cash as earnest money. The License Act allows the licensee to accept it only if the fact is:
- a.Approved in advance by the Wyoming Real Estate Commission
- b.Recorded with the county clerk before the offer is presented
- c.Reported to the responsible broker within one banking day
- d.Told to the owner before acceptance and put on the receipt✓
W.S. 33-28-111(a)(xxxi) makes it a ground for discipline to accept other than cash as earnest money unless two things happen together: "the fact is communicated to the owner prior to the owner's acceptance of the offer to purchase" and "the fact is shown in the earnest money receipt." Both conditions are required, and both run to the seller, who is deciding whether the offer is backed by anything. The Commission approves no individual offers. County recording has nothing to do with earnest money. And the one-banking-day figure is real but belongs to a different duty, the deposit deadline for financial instruments in W.S. 33-28-111(a)(xxvii); a promissory note in a cooperative transaction is held rather than deposited under W.S. 33-28-122(g).
Under the Wyoming License Act, every written listing agreement must contain:
- a.A definite expiration date for the agreement✓
- b.An automatic renewal clause of equal length
- c.A guaranteed minimum sale price for the seller
- d.A waiver of the seller's right to cancel it
W.S. 33-28-111(a)(xx) makes it a ground for discipline to fail to obtain written listing agreements that identify the property and contain all terms and conditions, "including the price or price range, the compensation to be paid, the signatures of all parties concerned and a definite expiration date." A definite end date is what keeps a listing from becoming an open-ended claim on the owner's property. An automatic renewal does the opposite and is not authorized anywhere in the chapter. A guaranteed minimum price would be a promise about market outcomes, and W.S. 33-28-111(a)(xix) separately forbids guaranteeing future profits on resale. A waiver of the right to cancel is not a required term and cannot be, since the statute is written to protect the consumer, not the brokerage.
A Wyoming licensee's errors and omissions coverage lapses in the middle of a renewal cycle. Under Commission rules the license is:
- a.Revoked, and the licensee must reapply as a new applicant
- b.Placed on inactive status✓
- c.Unaffected, because coverage matters only at renewal time
- d.Suspended for six months as a first-offense penalty
W.S. 33-28-401(a) requires all licensees to "obtain and maintain errors and omissions insurance coverage," and Commission rules chapter 7 supplies the consequence. Section 9 places a license on inactive status as of the date coverage terminates when the carrier reports nonpayment, and section 12 provides that the licensee may not conduct licensed activity until proof of insurance is filed and the license is activated. Inactive status is a status change, not revocation, and it ends when coverage is restored. Coverage is not a renewal-only formality, since section 3 requires proof at issuance, at renewal, and at activation. And nothing in the chapter attaches a fixed six-month suspension to a lapse.
The Wyoming License Act makes discipline available against a licensee who receives more than three censures from the Commission within a period of:
- a.Six months
- b.One year
- c.Two years✓
- d.Five years
W.S. 33-28-111(a)(xxxiii) lists "receiving more than three (3) censures from the commission within a two (2) year period" as a ground for censure, probation, suspension, or revocation in its own right. The provision treats a pattern as a separate offense: each censure has already been imposed for its own conduct, and the fourth inside two years opens the door to a heavier sanction. The other spans do not appear in the section. Note that the trigger is more than three, so a licensee with exactly three censures in two years has not met it, and that the counting window moves with the censures rather than resetting on a calendar year.