Real Estate Commission

Real Estate Commission

Chapter 6: Regulatory Enforcement Grounds

Effective Date: 05/12/2015 to 04/16/2018

Rule Type: Superceded Rules & Regulations

Reference Number: 018.0002.6.05122015

REGULATORY ENFORCEMENT GROUNDS

Section 1. Regulatory enforcement grounds. The Commission may take disciplinary action, which includes an administrative fine, censure, probation, suspension, or revocation, including a combination thereof, with respect to a licensee, for any of the following acts or conduct:

1. (a) Against a licensee and/or licensee's responsible broker for:
2. (i) Violating or failing to comply with any rule of the Commission or provision of the act;
3. (ii) Participating in real estate activity while a license is on inactive status;
4. (iii) Representing that a particular form or sales compensation rate has been approved by the Commission;
5. (iv) Violation or assisting in the violation of local, state or federal law or regulation;
6. (v) Using a form which does not describe the actual real estate transaction;
7. (vi) Making any false promise which influences, persuades, or induces action by another relating to a real estate transaction;
8. (vii) Failing to account for or to remit any moneys or documents coming into his possession which belong to others;
9. (viii) Commingling the money or property of others with his own;
10. (ix) Permitting the use of his license as a responsible broker to enable anyone to operate a real estate company without actual participations therein and control thereof by the responsible broker;
11. (x) Failing to provide information requested by the Commission relative to a complaint, investigation, or audit which could indicate a violation of the act;
12. (xi) Failing to disclose matters known to the licensee which are material to the real estate transaction;
13. (xii) Failing to notify sub-agents, multiple listing service or other interested parties when agency or non-agency has been terminated. Notice to multiple listing services shall constitute notice to all members thereof;

(xiii) Failing to remove signs and/or lock boxes after termination of a listing; continuing to advertise real estate which is no longer listed;

(xiv) Advertising and promoting another real estate company's or broker's listings without written permission;

(xv) Failing to pay a fine imposed or comply with all requirements of a Commission settlement agreement, stipulation and order;

(xvi) Compensating any unlicensed person for performing the services of a licensee for any real estate activity except anyone arranging non-consecutive short-term rentals.

(xvii) Failing to obtain and maintain errors and omissions insurance and provide proof of insurance to the Commission.

(xviii) Falsifying attendance and/or completion of required and elective education for licensure.

(b) Unless approved by the Commission, the voluntary surrender, expiration or lapse of a license by a licensee does not prevent the Commission from proceeding with its investigation of a complaint and taking appropriate disciplinary action against a licensee.

Section 2. Suspension/revocation requirements.

(a) When a responsible broker's license is suspended or revoked, he shall return his license and the licenses of his associate brokers and salesmen to the office of the Commission. (i) Licensees affiliated with a responsible broker who have had their license suspended or revoked may not perform any real estate activity until they have transferred to a new responsible broker.

(b) When an associate broker or salesman license has been suspended or revoked, the licensee shall return his license to the responsible broker who shall return the license to the Commission.

Section 3. Unlawful compensation; disputes between licensees.

(a) The Commission shall not entertain complaints between licensees regarding disputes concerning matters of compensation, the earning, splitting or the non-payment thereof.

(b) A responsible broker may compensate an unlicensed or inactive person for real estate activity performed if the person was actively licensed and under the responsible broker's supervision at the time the real estate activity was performed.

(c) W.S. 33-28-110 (a) does not apply to incentives offered or paid to persons, who on their own behalf, engage the services of a licensee to assist them with the sale or purchase of real estate, provided those persons do not perform any real estate activity. Advertising and/or paying such incentives does not violate any provision of the act or rule or regulation of the Commission.

(d) A licensee may pay their personal assistant a salary directly. The responsible broker shall pay a licensed personal assistant if that personal assistant is to receive a percentage of any compensation.

(e) A responsible broker’s payment of earned real estate compensation to a corporation or LLC which is solely owned by a licensee working under the responsible broker shall not be considered a violation of W.S. 33-28-111(a)(xxiii), “compensating any unlicensed person.” Any agreement between the responsible broker and the corporation or LLC does not relieve the responsible broker of the obligation to supervise the licensee or any other requirement of the act or Commission rules.