Wyoming Real Estate Salesperson State Exam Flashcards

Wyoming Real Estate Salesperson State Exam Flashcards Interpret Metes and Bounds Description:Begins with ID of city, county, state- from POB (point of beginning), describes perimeter and returns to POB What are tax sale and redemption laws in Wyoming? Counties in Wyoming recover the loss of uncollected property tax revenue at the annual tax sale.- The counties sell its tax liens on real property to attending purchasers for the amount of taxes, interest, and costs associated with the sale.- The notice of sale along with the properties listed for sale, must be published for three consecutive weeks in a legal newspaper within the county of the sale.- Four years from the date of the tax sale, the treasurer will accept applications and issue tax deeds for unredeemed real property to purchasers upon proof of compliance with the statutory notice requirements.- Cannot be issued after 6 years since original sale date Errors and omissions insurance- Applicant must be on the brokerage group plan, or have an equal or better plan for themselves When does an initial license expire?Contract that has not yet been completed because of unfinished obligations. For example, if a real estate transaction is in escrow, it is considered executory What are valid contracts?Regulatory --> enable agency to pass specific regulations and rules to support the administration of the license lawJudicial --> Powers enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocationsAdministrative --> Enable it to establish the staff organization, records, and facilities to manage the licensing process What is the real estate recovery fund meant for?How long does a borrower have to redeem property after the date of sale in a non-judicial foreclosure?

• months from the date of sale by paying the amount of the

purchase price or amount given/bid if purchased by the execution creditor or by the mortgagee under a mortgage, together with interest at the rate of 10% from the date of sale plus the amount of any assessments or taxes and the amount due on any prior lien that the purchaser paid after the purchase, with interest What is the Wyoming Appraisal Management Company Registration and Regulation Act?Includes an amendment that exempts some professionals from registering as an AMC, including attorneys, certified public accountants, financial advisors, insurance agents, real estate brokers, and other professionals who request an appraisal of the client's property on behalf of the client.§ Disclose to both parties the conflict of interest§ May also change (with written permission) the agency relationship

you have with both parties to an intermediary agreement· Means you'll keep the secrets of both parties and help facilitate the sale, but will not advocate for one or the other What is a latent defect?

36 sections per township, each one-mile square- 1 section = 640 acres- 1/2 section = 320 acres- 1/4 section = 160 acresand so on What is the NW 1/4 of the SW 1/4 of Section 8 Surveyor uses a datum as an elevation point to describe height or depth of a propertyBenchmark - reference elevations for nearby properties to simplify surveying

What is universal agency:

§ employees of a property owner who are not paid on a per transaction basis, such as an onsite rental agent in an apartment complex§ employees of transient lodging facilities such as motels and hotels§ managers of residential condominiums or cooperatives§ dealers in cemetery lots 4 attorneys performing regular legal duties for a principal§ persons acting in a court-appointed capacity What are the 3 causes for a voided license?Protects consumers from increased settlement costs due to illegal kickbacks and hidden fees Who must be duly licensed under law?Identify ranges, tiers, and townships:Meridians: north-south, longitudinal lines on survey gridParallels: east-west, latitudinal linesRange: north-south

area between consecutive meridiansTier/township strip:

east-west area between two parallelsTownship: the area

enclosed by the intersection of two consecutive meridians and two consecutive parallels.Domestic use (household use), including watering laws, etc. for noncommercial family use, where the area to be irrigated does not exceed one acre.What are preferred uses of water?These are legally binding and enforceable contracts where all parties are in agreement and all the standards of contract law have been met.What are void contracts?

• Keep your header honest- Keep your subject line honest-

Admit that it's an ad- Don't hide your location- Make opting out easy- Quickly remove opt-outs- Don't be complacent What is the Fair Housing Act?How much advance warning must a landlord give before starting eviction proceedings in Wyoming?

• days

When does a non-judicial foreclosure take place: When a "power of sale" clause exists in a mortgage or deed of trust · Windows that don't close or doors that stick· Faulty foundation or leaky roof· Problems with appliances or home systems like the HVAC· Repairs made on any of the above as well as insurance claims· Renovations completed without a permit· Pest or mold infestations· Environmental hazards in the area (e.g., floods and wildfires) For a contract to be enforceable, it must have what?Meet the necessary contract law requirements and offer legal repercussions if not fulfilled.What are unenforceable contracts?

• When the fund reaches $20,000, 1/2 of the $20 shall go to

the recovery fund and 1/2 should go to the education fund-

When the fund reaches $50,000, all fees shall be deposited into the education fund accountWhen both reach $50,000, the commission will no longer collect the annual fees What is E&O insurance and what must an applicant have?