Wyoming Real Estate Broker Exam — All Questions
3 questions
The Wyoming Real Estate Recovery and Education Fund exists primarily to:
- a.Fund the Commission's advertising
- b.Provide down-payment loans to buyers
- c.Reimburse consumers who obtain a judgment for certain licensee misconduct and cannot collect, and to support real estate education✓
- d.Pay commissions to licensees between closings
The Recovery and Education Fund reimburses members of the public who win 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.
When the Wyoming Real Estate Recovery Fund pays a claim on behalf of a licensee, the licensee's license is typically:
- a.Suspended until the licensee repays the fund, often with interest✓
- b.Permanently revoked with no path to reinstatement
- c.Unaffected, because the fund covers all losses
- d.Upgraded to a broker license
When the fund pays a claim caused by a licensee, that licensee's license is generally suspended until the fund is reimbursed, commonly with interest. This keeps the fund solvent and holds the responsible licensee accountable for the loss.
A consumer may recover from the Wyoming Real Estate Recovery Fund only after:
- a.Filing a complaint with a trade association
- b.The licensee voluntarily agrees to pay
- c.Purchasing errors-and-omissions insurance
- d.Obtaining a final court judgment against the licensee and being unable to collect it✓
Recovery from the fund generally requires the consumer to first obtain a final judgment against the licensee for qualifying misconduct in a licensed transaction and to be unable to collect it. The fund is a last resort after the judgment cannot be satisfied, not an alternative to the courts.