Wyoming Law - Real Estate Broker Exam Test Prep Flashcards

Wyoming Law - Real Estate Broker Exam Test Prep Flashcards Which of the following statements would be true in regards to broker responsibilities The broker is required to be available to manage and supervise they must have a specific office location that he's in charge of and must be available to serve supervise associates and assist in any transaction when necessary Real estate laws ensureMinimum competency and protect the public by requiring ethical conduct and professionalism What Musta responsible broker make certain is available to public during reasonable business hours The specific office location for the brokerage When a licensee decides to go with errors and omission insurance that is not part of the group plan arranged by the Real Estate Commission They plan that they obtain must be the equivalent or better than the group plan During a real estate investigation complaints are given to the Liaison commission member who is on a rotating schedule Means a person who is attempting to sell or exchange real estate and includes a landlord as that term is commonly used in the rental, leasing or management of real estate Client What are exceptions under renters rights Cabins or structures that only have certain amenities, when the problem of the unit does not affect the renters physical health or safety, if the right has been changed and agreed to in writing, if the renters friend family our guest broke some thing or created a poor condition in the rental by inappropriate use Who may hire an unlicensed assistant to help them with some administrative aspects of the business And associate broker sales associate or responsible Broker The Wyoming Real Estate Recovery FundWas created to help protect the public and to fund real estate education for licensees The general thrust of real estate legislation Established person, educational and professional requirements. Guidelines for conduct, continued education, licensing enforcement and regulations What are renters rightsA safe and clean unit, ability to have electricity plumbing heat hot and cold water, upkeep of anything such as appliances and agreed to in the lease Any monies received born into another must be Deposited into a trust account the account must be with a Wyoming Friends holder it may be a checking savings but must be identified by the word trust or escrow Unless otherwise permitted by other subsections of this rule on money belonging to others shall be deposited And accounted to the purpose of the transaction Requirements for advertisingState the company they work for, not mislead someone, use a tradename, disclose that they are licensee, use their full name or name listed on their license

Trust accounts may be interest bearing or Non-interest-bearing Hi when both of recovery fund and the education fund balance reach 50,000 The commission will no longer collect the annual fees What is a non resident license?It allows a broker to practice in another state typical near state lines Any legal entity which is to be registered and utilized as a brokerage must also possess what Invalid unexpired entity license Means a person with a right to convey an ownership or leasehold interest in real estate Owner If an in fraction is a violation of criminal law The real estate commission report the keys to the proper judicial authority After the report is made it is sent to the Attorney generals office and LCM consults with the attorney general If the responsible broker is not physically in the office he must still be Available by phone or other means What does the report that was put together by the commission staff and the LCM include Findings of the list of statues a real estate commission rules which I've been violated if any and any relevant information and documentation Responsible Broker must also provide an itemized accounting within how many days of withdrawal of any funds 20 days In order for a renter to enforce their rights they must beCurrent on all payments to the landlord Means any person issued a license by the commissionLicensee Means a license that has been placed on inactive status at the request of the licensee and is not expired, terminated, suspended or revoked Inactive License How much of a licensee's renewal fees go to the recovery fund $20 The Wyoming commission rules do in fact require that the broker must be available in the office more often than not and if not in the office always be available By phone or by some other means of contact A provision in an insurance contract limiting the maximum liability of an insurer for a series of losses in a given time

period, such as the policy term is:

Aggregate Limit If a brokers license is expired suspended or revoked or otherwise avoided the licensees of that broker are likewise voided Responsible Brokers must notify the commission regarding trust account Name and details for the trust account held with funds holders and banks and allow the commission to examine their trust account records If there is a dispute over the funds in a trust account the broker should Not release the funds until he has a written release from everyone involved, or deposit the money with the court once a action is filed The real estate company name must beConspicuous and easily identifiable Commission rule 33-28-122 states that commingling funds is Prohibited

Any money received by the responsible broker his employees or sales person must be deposited into the appropriate account within what time frame One banking day.The only exception is if the owner of such funds agrees to it in writing What is most commonly the outcome of license law violations Negotiated financial settlement or a court ordered money judgment against the violator The responsible Broker must perform a reconciliation of the trust account on what basis A monthly basis by comparing cash balance to the account journal, some of cash balances and bank account balance How long does someone have to bring legal action against you for an error or omission?

• years

Two primary types of licensesBroker and Salesperson Dilation she has how many days to get in compliance with the rules or laws they have violated 20 days The real estate commissions authority is generallyRegulatory, judicial, administrative What sanctions or disciplinary actions can be taken against the licensee Administrative fine up to $2500 for each offense, probation, suspension, revocation An salesperson that wishes to obtain an associate broker license may bypass the Broker I and Broker II course If they successfully challenge the Broker I and Broker II course When a Broker's license becomes inactive His or her trust accounts must be maintained by the broker until all the deposits are properly dispersed to their owners.A second mission of real estate commission is to enact enforceable guidelines defining the Ethical unprofessional behavior of licensees Means the person making an offerOfferor I'm almost on the account that the responsible Broker deposit funds into cannot be Is certificate of deposit account or other accounts that there are fixed term for maturity unless the broker has written authorization from this client In Wyoming what entity is responsible for issuing suspending or revoking real estate license The real estate commission The documents which I've been converted to digital storage medium are subject to retention guidelines in law which dictate that they must be kept As long as they may be relevant as long as they are necessary and as long as dictated by statues or government regulations Transaction records would include any and all records pertaining to residential property transactions management leasing commercial etc. these record should be kept for how many years Seven years The recovery find an education fund or under the direct direction of the Wyoming real estate commission When does the Wyoming Real Estate Commission provide or approve forms for the use in Real Estate Transactions?Never. The only forms that they provide or approve are forms used by the commission for licensing and internal use. Forms for real estate transaction must be obtained elsewhere.Every contract duty or relationship with in this article including intermediary or customer relationship imposes an obligation of what Good faith Fairdealing in its performance and Fairdealing in it's enforcement A sales person does not need to have a commitment or employment with the broker when they get their license As soon as they are hired by a broker their license will become active from inactive

What may happen when found guilty of a violation or misleading advertising by broker or associate They could have their license suspended or revoked You have a listing for a property valued at 1.2 million dollars. A customer comes into your office and presents you with an offer for the property with a sale price of $400,000. When are you allowed to not give the offer to your client as you know that they will say no?Never, all offers must be communicated to your client as soon as possible Which of the following activities does not require a real estate license and could be done by an unlicensed assistant Except friends, answer telephone, text messages, make appointments, take incoming calls, develop and maintain mailing list or database When a real estate license application is received by the Wyoming Real Estate Commission Only send application to the Application Review Committee if there is an issue with the application Most real estate commissions are comprised of a group of commissioners appointed by the executive branch of The state government If the licensee lacks financial resources the settlement our judgment maybe uncollectible and the state may require the licensee to obtain a Bond - Which covers the difference between a potential settlement amount and the license his financial resources Who is exempt from licensing requirements Employees of a property ownerOn site rental or apartment agentEmployees of transient lodgingManagers of condos or coopsDealers in cemetery lotsAttorneys for principalCourt appointed capacity During an investigation the licensee is advised who their LCM is that a complaint was made and what the complaint was about Which of these items should be addressed in a new employee training program Employees need to re-date and sign the policy manual their license requirements responsibilities and instructions for transactions You must have a trust account forEach area of business must have a separate trust account A Broker's Price OpinionMust include the statement: "This is an opinion of price and is not a certified appraisal of the market value of the property. If such an appraisal is desired, the service of a certifiedappraiser must be obtained.Is a right that an owner may give to another person to purchase or lease the owner's real estate at a specific price Option What is the process when a complaint comes into the commission Formal complaint is filed, all relevant circumstances of the dispute are recorded, dedicated officials then investigate the complaint.When should I licensee who has establish an agency relationship sub agency or in a meteor your relationship with the seller or buyer provide notice of that relationship to any party At the earliest reasonable opportunity Means any money, item of value or payment which is provided, promised or expected for the performance of any real estate activity Compensation Moral characterIn most states will be evaluated when determining licensing qualification