Wyo. Code R. 018-0002-2
Effective Date: 01/24/1996 to 11/10/1997
Rule Type: Superceded Rules & Regulations
Reference Number: 018.0002.2.01241996
Section 1. Authority. Pursuant to the authority vested in the Wyoming Real Estate Commission by virtue of W.S. 16-3-101 through 16-3-115 (W.S. 1977, as amended) and W.S. 33-28-101 through 33-28-206 (W.S. 1977, as amended), the following rules and regulations are hereby promulgated.
Section 2. The Wyoming Administrative Procedure Act to govern proceedings. The real estate commission hereby adopts the Rules of Practice and Procedure which are generally applicable to the real estate commission's proceedings before the director under the statutes he administers, particularly those which involve a hearing before the commission, or its duly designated officer. Copies of said rules and amendments are available upon request.
(a) The term "advance fee" is a fee claimed, charged or received for a listing, advertisement, or offer to sell or lease property issued primarily for promoting the sale or lease of real estate. (b) The term "employee" means any person employed on a salaried basis or paid wages and the employee is subject to income tax withholding and FICA. (c) The term "offeree" means the person to whom an offer is made. (d) The term "offeror" means the person making an offer. (e) The term "option" is the right that the owner (optionor) gives to another (optionee) to purchase or lease the optionor's property at a specific price. (f) The term "owner", as it applies to exemptions from the license law shall also apply to licensees renting and leasing their own property as long as full disclosure, in writing, is made to all parties that licensee is acting on his own behalf and not as a licensed real estate agent. Advertising of personally owned property must comply with W. S. 33-28-119. (g) The term "written listing agreements" means any real estate agency employment agreement, including but not limited to buyer's brokerage agreement, seller's listing contract and property management contract. The authority created under a written listing agreement may not be assigned without the written consent of all parties to the agreement. (h) The term "material to the transaction" shall not include psychological factors such as health problems or crimes that have taken place on the premises. (i) The term "cooperative transaction" means participation by more than one (1) broker regardless of agency representation. (j) The term "agent" means a person acting as a real estate licensee under whose license a listing is executed or an offer to purchase is obtained. (k) The term "subagent" means a person acting as a real estate licensee to whom an agent delegates agency powers.
(l) The term "buyer" means a transferee in a real property transaction and includes a vendee or lessee.
(m) The term "seller" means the transferor in a real property transaction and includes a vendor or lessor.
(n) The term "dual agent" means an agent acting either directly or through a subagent, as an agent for both the seller and the buyer in a real property transaction.
Section 4. Qualification for a license.
(a) Salesman applicants must submit:
(i) Completed application form;
(ii) Fingerprint card;
(iii) Recent snapshot or photograph;
(iv) Evidence of forty-two (42) classroom hours of education referred to as salesman course I and salesman course II. Salesman course I shall consist of thirty (30) classroom hours of instruction and salesman course II shall consist of twelve (12) classroom hours of instruction and meet the curriculum established and published annually by the commission.
(v) In lieu of actual classroom hours of education for salesman course I, an applicant may challenge an approved course by satisfactorily passing the approved course examination and submitting certification.
(b) Broker and associate broker applicants must:
(i) Furnish evidence that they have been actively engaged as a real estate salesman for two years before making application to take the examination or proof that they have a degree in real estate as defined in W.S. 33-28-102(a)(vii), W. S. 1977, as amended.
(ii) Submit completed application form;
(iii) Submit fingerprint card;
(iv) Submit a recent snapshot or photograph;
(v) Submit "office information" form;
(vi) Submit evidence of ninety-six (96) classroom hours of education referred to as broker course I, broker course II, salesman course I and salesman course II. Broker course I shall consist of thirty (30) classroom hours of instruction and broker course II shall consist of twenty-four (24) classroom hours of instruction and meet the curriculum established and published annually by the commission.
(A) In lieu of actual classroom hours of education for broker course I, an applicant may challenge an approved course by satisfactorily passing the approved course examination and submitting certification.
(a) Any entity or individual desiring course approval or instructor desiring approval by the commission shall make application on forms, prescribed by the commission, which require information concerning courses offered, course outlines, examinations, grading systems, instructors and plant facilities. (b) Each entity or individual receiving an approved course of study and each instructor receiving approval shall notify the commission of any change in conditions within fifteen (15) days. (c) At any time before or after approval of a course of study, the commission may make such physical inspections of the facilities as it deems necessary. (d) Entities or individuals conducting courses of study approved by the commission shall furnish a certificate showing that the student passed the approved course examination. (e) An applicant presenting courses of study from an accredited college or university shall have the college or university furnish the commission with a transcript of credit received. (f) No correspondence course shall be approved which does not require that its final examination be taken in an approved setting. (g) Standards of instructors. Instructors shall possess the skill, expertise and education necessary to instruct that portion of the course which they have been assigned to teach. (h) If the commission determines that an instructor or course of study previously approved no longer meets the prescribed standards, a written notice of withdrawal of approval shall be given stating the reasons for the withdrawal. The withdrawal becomes effective twenty (20) days from the date of the notice unless the person or entity giving the course files with the commission a written request for a hearing before the withdrawal becomes effective. (i) If a request for a hearing is filed, the withdrawal of approval will not become effective unless ordered by the commission within ninety (90) days after the hearing.
(a) Every person desiring to become licensed as a real estate broker, associate broker or salesman shall execute and file a registration for examination on a form provided by the commission. (i) Registration forms must be fully completed and the correct fee enclosed or they will not be accepted and will be returned to the registrant. (ii) Registrants must be at least eighteen (18) years of age. (b) Each registrant will be required to take an examination and attain a scaled score of at least seventy-five (75) on each of the two sections, uniform and state, of the examination. (c) Any person who files a registration for examination must select a date set by the commission for taking the examination. The selected date may be changed only by submitting another fee and registration for examination form.
(d) Failure to take the examination on the scheduled date will result in cancellation of the registration and no refund of the examination fee will be made.
(e) A notice to a registrant that he has received a passing score does not constitute a license to practice real estate. Licenses are issued only pursuant to filing the appropriate application for licensure and commission approval of such application.
(f) No broker, associate broker or salesman application for licensure will be accepted until the registrant has taken the examination and received notice of a passing score.
(g) After official notification in writing to the registrant that he has successfully passed the examination, the registrant must within sixty (60) days of the notice date, file the appropriate broker, associate broker, or salesman application for licensure with all the required accompaniments. Failure to file an application for licensure and proof of required education within the sixty (60) day period will cancel the registration and all the rights to a passing score will be terminated.
(h) Any registrant who takes the examination and does not attain a passing score, must file another registration for examination if the registrant desires to again take the examination. Registrants passing one portion of the examination will only be required to rewrite the portion they failed; however, partial examinations must be taken within five (5) examination periods after last test failure date.
(i) The commission, upon proper certification, will agree to accept the uniform portion of the examination as having been successfully passed by any person seeking licensure in Wyoming who received a like license in the applicant's licensing jurisdiction, provided that such like license is currently valid and in good standing.
(j) Certification must state when the applicant received his original license, the status of the license, and if there has been any disciplinary action taken against the licensee.
(j) Original licenses will be issued for the balance of the year. They will expire on December 31 of the year in which issued. Renewal licenses will be issued for a 3-year duration. They will expire on December 31 of the third year. No prorating of license fees can be made.
(a) The following nonrefundable and nonprorated fees shall be charged by the real estate commission:
(i) Examination fee...$60 (ii) Each original broker's license...$75 (iii) Each original associate broker's license...$75 (iv) Each original salesman's license...$75 (v) Each branch office license...$75 (vi) Each business address change...$10 (vii) Each transfer, i.e., change of sponsoring broker, etc...$20 (viii) Duplicate license (lost original)...$20 (ix) Duplicate pocket card (lost original)..$20 (x) Broker 3 yr. renewal license...$170 (xi) Associate broker 3 yr. renewal...$170 license (xii) Salesman 3 yr. renewal license...$170 (xiii) Branch office 3 yr. renewal license...$170 (xiv) Recovery fund (W.S. 33-28-201(b))...$20
Section 8. Transfers, inactive licenses, and corporation/partnership licenses, and nonresident licenses.
(a) Notice of transfer of license from the sponsorship of one broker to another shall be indicated on a transfer form provided by the real estate commission, and must be accompanied by a transfer fee.
(b) A license will not be placed on inactive status on original issuance.
(c) When a real estate license has been returned to the real estate commission, such licensee shall not perform any of the acts authorized under the license.
(d) A licensee may request the commission to hold his license for not more than thirty (30) days on a hold for transfer basis until proper request for reissue has been made, after which time the license will automatically become inactive.
(e) A licensee whose license is held by the commission on an inactive or hold for transfer basis during the renewal period must apply for renewal of such inactive license and pay the regular fee.
(f) Licensing of corporations and partnerships:
(i) Licenses will be issued to officers and directors of a corporation engaged in the real estate business upon verification by the Secretary of State of Wyoming.
(ii) The following documents are necessary before issuing a real estate broker's license to an officer or director of a corporation or members of a partnership engaged in the real estate business:
(A) A properly executed application and fee.
(B) A copy of the Articles of Incorporation of the corporation or partnership agreement.
(C) A copy of the bylaws of the corporation.
(D) A copy of the minutes of the corporation or partnership meeting indicating the name of the responsible broker for the corporation or partnership.
(g) A person applying for a nonresident Wyoming real estate license must apply for the same type of license as they hold in their resident state.
(h) Nonresident brokers may not sponsor resident associate brokers or salesmen.
Section 9. Minimum requirements, forms.
(a) A broker, shall at the time of signing, deliver a copy of any document to the party or parties executing the same when such instrument has been prepared by the broker or under his supervision, or is within his control, including but not limited to instruments relating to the employment of the broker, the listing of property, the consummation of a lease, purchase, sale or exchange of property, or to any other type of real estate transaction in which he participates as a broker. It is the responsibility of the broker, associate broker or salesman to prepare sufficient copies of such instruments in order that the above may be accomplished.
(i) Nothing herein shall be construed to permit the broker, associate broker or salesman to withhold such delivery in order to obtain other signatures on such instrument.
(ii) Readily available and properly indexed copies of all unrecorded documents shall be retained by the responsible broker.
(b) If an agency relationship is established, the licensee shall disclose in writing to all parties the relationship and by whom the licensee is to be compensated. The disclosure shall be made as early as practicable and prior to the parties entering into a written agreement.
(i) The receipt of the written disclosure statement shall be acknowledged by the signature of the person to whom the disclosure was made. The licensee shall deliver, with the offer, a copy of the acknowledged disclosure to the listing agent and retain the original.
(c) The purchase offer and acceptance, exchange contract or other inducement document for the voluntary transfer of freehold or non-freehold real estate shall include but not be limited to:
(i) The name and address of the real estate firm.
(ii) The date of offer by offeror.
(iii) Property description that will adequately identify the property.
(iv) Enumerated and described personal property included in the transaction may be referenced by addendum.
(v) Total amount of purchase price. For a lease or rental agreement, the total amount of rent payments, if applicable, or the periodic rate.
(vi) Total amount and type of earnest money deposit, damage, security or other deposits and any understanding for the return of all or part of the deposits.
(vii) Complete and accurate description of all contractual conditions including balance of purchase price, rent or lease payments or management fees and terms or conditions of payment.
(viii) Date of actual or constructive possession and assignment of leases or referenced to closing date.
(ix) Specified date of closing.
(x) Properly witnessed signatures of all parties to the transaction.
(xi) Date that offering document expires.
(xii) Signature of real estate broker or his agent upon receipt of monies or other valuable property coming into his possession which belongs to others.
(xiii) Date of acceptance of offer by offeree.
(xiv) All changes made to an offer or counter-offer must be dated and initialed by all parties to the contract. If more than two (2) changes are made on an offer, a new agreement must be drafted or a counter-offer attached.
(xv) When an offeror makes an offer which is accepted by the offeree, the broker must obtain offeror's written acknowledgement of a receipt of a copy of the acceptance.
(xvi) If contract terms are extended, a written extension agreement must be prepared and signed by all parties to the transaction.
(xvii) All offers presented by a licensee and rejected by the offeree shall be so rejected in writing upon the offer form presented. The licensee shall deliver a copy of such offer with the written rejection thereon to the offeror.
(A) Should an offeree authorize the licensee to reject on his behalf or refuse to execute a written rejection, the licensee shall, by a written, signed statement, verify the date of offeree's oral notification to the licensee of rejection of such offer.
(d) Cooperating brokers shall present offers and shall negotiate only through the listing broker unless the listing broker gives written consent to contact the principal. All offers shall be presented as expeditiously as possible.
(e) A broker is responsible for assuring that his agents comply with minimum real estate commission requirements when preparing contracts and obtaining signatures.
(a) A renewal application shall include proof that the licensee has completed at least forty-five (45) hours of continuing education which shall meet the curriculum established and published yearly by the commission. Repetitious coursework in the same curriculum shall not be credited. An inactive licensee will not have to furnish proof of continuing education until such time as licensee requests the activation of inactive license.
(i) 'Course' includes a seminar, conference, or equivalent.
(A) No correspondence course shall be approved which does not require that a final written examination be taken in an approved setting monitored by a member of the commission, commission staff or other entity approved by the commission.
(ii) Proof of attendance is a certified transcript from a recognized community college or university, or a certificate from the entity offering the course which states the name of the licensee, the title of the course, the number of hours of attendance, and the date of attendance. The commission will not return any documents submitted.
(iii) Continuing education courses shall contain current information which assists the licensee in protecting the consumer and improving real estate service. The absence of such information is grounds for denying approval of the course.
(iv) The commission will accept the following courses as meeting standards for continuing education:
(A) Any course in real estate, or a directly related area, approved by the commission or by any real estate regulatory body in any state or province with approval standards similar to those established by the commission.
(B) Any course in real estate, or a directly related area, offered by any institution accredited by a regional accrediting agency which is recognized by the Office of Education of the United States Department of Health, Education and Welfare.
(C) Any course offered by the National Association of REALTORS, its societies, institutes or councils and any course offered by the Wyoming Association of REALTORS, providing that a request for certification is submitted to the commission on a form provided by the commission.
(v) The commission may approve courses by other schools, professional societies or organizations if they meet the standards for continuing education.
(vi) The following courses do not meet the standards for continuing education:
(A) 'Cram courses' for examinations.
(B) Clerical, office or business skills courses such as typing, shorthand, business machines, speed reading, memory improvement, letter and report writing.
(C) Sales promotion meetings or other meetings held as part of the general business of the licensee.
(D) Orientation courses for licensees offered through the local real estate boards.
(vii) Courses may not be taken for continuing education credit more than once during any renewal period.
(viii) Application for approval of a course shall be submitted to the commission. The following criteria will be used by the commission in determining whether to approve a course, although additional criteria may also be used:
(A) No course will be approved by the commission if it is less than three (3) clock hours in duration.
(B) The organization must certify that the licensee attended and completed the course and provide a copy to the attendee.
(ix) Those who instruct a continuing education course shall meet at least one of the following qualifications, unless granted a special exception by the commission:
(A) A bachelor's degree in the field in which the person is instructing.
(B) A valid teaching certificate from Wyoming or another state authorizing the holder to teach in the subject offered.
(C) Five (5) years of current experience in the subject instructed.
(x) The entity requesting approval of a course shall apply for approval at least sixty (60) days before conducting the proposed course.
(xi) An entity which offers a course approved for continuing education shall notify the commission if there is a material change in the approved offering.
(b) Withdrawal of approval.
(i) The commission may withdraw approval of any course of study or instructor.
(ii) If the commission determines that the school or the courses previously approved no longer meet the prescribed standards, a written notice of withdrawal of approval will be given stating the reasons for the withdrawal. The withdrawal becomes effective twenty (20) days from the date of the notice unless the school files with the commission a written request for a hearing before the withdrawal becomes effective.
(iii) If a request for a hearing is filed, the withdrawal of approval will not become effective unless ordered by the commission within ninety (90) days after the hearing.
(a) All 'money belonging to others' accepted by the broker shall be deposited in a bank or financial institution in a trust account separate from money belonging to the broker; the name of each trust account shall be identified by the word 'trust.'
'Money belonging to others' which is received by the broker includes but is not limited to money received in connection with: property management contracts; rent or lease contracts; advance fee contracts; or money belonging to others received by the broker for future investment or other purposes.
(i) The responsible broker must be able to withdraw money from such trust account without the benefit of a cosigner. Other authorized signatures of licensed or unlicensed people may also appear on the account.
(ii) Money belonging to others shall not be invested in any type of account or security or certificate of deposit which has a fixed term for maturity unless the written consent of all parties to the transaction has been secured.
(iii) Money held in a trust account which is due and payable to the broker shall be withdrawn promptly. Monies earned by licensees affiliated with a broker may not be paid directly from the broker's trust account.
(iv) All money belonging to others in the form of cash or check received shall be deposited directly into the listing broker's trust account by the listing broker not later than the first banking day after receipt.
(v) Each broker, for each trust account maintained shall also maintain a recordkeeping system in his place of business, consisting of at least the following:
(A) A journal must show the chronological sequence in which funds are received and disbursed. For funds received, the journal must include the date, the name of the party who is giving the money, the name of the principal, address or description of the property, and the amount. For disbursements, the journal must also include the date, check number, amount, payee, principal, and the address or description of the property. The journal must include a current running balance of the trust account.
(b) A transaction ledger must show the receipts and disbursements as they affect a particular transaction as between buyer and seller or landlord and tenant, etc. The transaction ledger must include the names of both parties to the transaction, the dates and amounts received, and the address and description of the property. When funds are disbursed, the date, payee, check number, and amount must be shown.
(c) Separate trust account journals must be reconciled with the related bank statement monthly.
(i) Money belonging to one beneficiary shall not be used for the benefit of another beneficiary.
(ii) Any instrument or equity or thing of value taken in lieu of cash shall be held by the listing broker except as otherwise agreed to by all parties to the transaction.
(iii) A nonresident broker licensed in Wyoming doing business in this state shall maintain such separate trust accounts in a bank or recognized depository in Wyoming.
(iv) A broker is not limited to the number of separate trust accounts he may maintain for money belonging to others.
(d) When money is collected by a broker for performance or services or for the expenses of performing such services, or for advertising expenses in regard to the sale of real property, and such money is collected before the advertising or services have been performed, such broker shall deposit such money in a trust account. No money may be withdrawn from such principal's funds, except for actual expenses paid on behalf of the principal, until the broker has fully performed the services for which the principal contracted. A full and itemized accounting must be furnished the principal within twenty (20) days of any withdrawal of such principal's funds from such principal's account.
(a) The real estate commission shall not entertain complaints between licensees regarding disputes between licensees concerning matters of commission, the earning, splitting or the nonpayment thereof.
Section 13. Regulatory enforcement grounds. In addition to the statutory grounds for disciplinary action against a licensee (W.S. 33-28-111), the commission may similarly take disciplinary action for any of the following:
(a) Against a licensee and/or licensee's responsible broker for:
(i) Failing to comply with any rule of the commission; (ii) Participating in or condoning the unlicensed practice of real estate;
(iii) Representing that a particular form or sales commission rate has been approved by the commission;
(iv) Using a form or document in a real estate transaction which violates state or federal law or regulation;
(v) Using a form which does not describe the actual real estate transaction;
(vi) Using a real estate contract form for a transaction which does not involve real estate;
(vii) Making any false promise which influences, persuades, or induces;
(viii) Failing to account for or to remit any moneys or documents coming into his possession which belong to others;
(ix) Commingling the money or property of others with his own;
(x) Permitting the use of his license as a broker to enable anyone to operate a real estate business without actual participation therein and control thereof by the broker;
(xi) Failing to provide information requested by the commission relative to a complaint or investigation which would indicate a violation of the act;
(xii) Failing to disclose matters known to the licensee which are material to the transaction;
(xiii) Failing to notify sub-agents, multiple listing service or other interested parties when agency has been terminated. Notice to multiple listing service shall constitute notice to all members thereof; or
(xiv) Failing to remove signs and/or lock boxes after termination of listing.
(b) The voluntary surrender of a license by a licensee does not prevent the commission from proceeding with its investigation of a complaint, administrative hearing or disciplinary action against a licensee.
(a) When a responsible broker's license is suspended or revoked, he must return his license and pocket card and the licenses and pocket cards of his associate brokers and salesmen to the office of the commission.
(i) Licensees affiliated with a broker who has had his license suspended or revoked may not perform any activity requiring a license until they have transferred to a new responsible broker.
(b) When an associate broker or salesman license has been suspended or revoked, the agent must surrender his pocket card to the responsible broker who shall return the license and pocket card to the commission.
(a) A broker may not engage in property management without a written, dated and signed property management agreement with the owner of the real estate.
(i) The agreement should clearly and fully specify the duties and responsibilities of the broker and the owner of real estate including but not limited to the period of the agreement; the method for termination; the terms and conditions of the agreement; the management fees or any other form of compensation to be received by the broker; and the authority and powers given by the owner to the broker under the agreement.
(ii) Upon signing, the broker shall give a legible copy of the fully executed property management agreement to the owner.
(b) Tenants must be given a copy of the lease agreement upon signing.
(c) The broker shall deposit all funds received on behalf of the owner into a trust account maintained by the broker and under the broker's control.
(i) The broker shall monthly reconcile trust account journals and transaction ledgers and submit a written report to the owner showing all receipts and disbursements monthly or pursuant to the management agreement.
(d) If the property management agreement is terminated, the broker must notify tenants of the termination and the name and address to whom funds held on their behalf will be transferred.
(a) The payment or obligation to pay compensation does not determine agency relationships, if any.
(b) A dual agent shall not disclose confidential information, including minimum and maximum prices to be accepted or offered by principals, without their express written consent.
(c) A contract between the principal and agent may be modified, in writing, to change the agency relationship at any time before the performance of the act which is the object of the contract.