Real Estate Licensing and Regulations, Exams of Nursing

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WYOMING LAW - REAL ESTATE BROKER EXAM TEST

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Means having importance, relevance or consequence to a person making a decision regarding the purchase, sale or lease of real estate. - Answers-Interest in the transaction You must have a trust account for - Answers-Each area of business must have a separate trust account 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: - Answers-Aggregate Limit The Wyoming Real Estate Recovery Fund - Answers-Was created to help protect the public and to fund real estate education for licensees Means any person issued a license by the commission - Answers-Licensee How much of a licensee's renewal fees go to the recovery fund - Answers-$ Means a person with a right to convey an ownership or leasehold interest in real estate - Answers-Owner When a Broker's license becomes inactive - Answers-His or her trust accounts must be maintained by the broker until all the deposits are properly dispersed to their owners. An salesperson that wishes to obtain an associate broker license may bypass the Broker I and Broker II course - Answers-If they successfully challenge the Broker I and Broker II course When the recovery fund total reaches $20,000 what happens to subsequent fees - Answers-1/2 continues to go to the recover fund and the other 1/2 goes to the education fund Means any money, item of value or payment which is provided, promised or expected for the performance of any real estate activity - Answers-Compensation If the ARC committee denies an application how long does the applicant have to request reconsideration - Answers-90 Days How long does someone have to bring legal action against you for an error or omission?

• Answers-2 years

Salespersons and Associate Broker are required this many hours of continuing education every three years - Answers- 45 Salespersons and Associate Brokers are required to complete the following amount of continuing education hours every three years: - Answers-24 hours of required education hours and 21 elective hours Means a license that has been placed on inactive status at the request of the licensee and is not expired, terminated, suspended or revoked - Answers-Inactive License A Broker's Price Opinion - Answers-Must 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. 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? - Answers-Never, all offers must be communicated to your client as soon as possible Means the person making an offer - Answers-Offeror Is a right that an owner may give to another person to purchase or lease the owner's real estate at a specific price - Answers-Option Means a licensee who assists one or more parties throughout a contemplated real estate transaction without acting as an agent or advocate for any party - Answers- Intermediary If there is a dispute over the funds in a trust account the broker should - Answers-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 When a claim against the fund is made and is paid the licensee involved - Answers- License is suspended until the funds are paid back When does the Wyoming Real Estate Commission provide or approve forms for the use in Real Estate Transactions? - Answers-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. 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 - Answers-They plan that they obtain must be the equivalent or better than the group plan

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 - Answers-Client How long do you have after you have passed the Real Estate License Exam to file your application for a Real Estate license? - Answers-90 days When a real estate license application is received by the Wyoming Real Estate Commission - Answers-Only send application to the Application Review Committee if there is an issue with the application What Real Estate services done for consideration require the individual to be licensed?

• Answers-Brokering a sale, managing property, rental activity, appraising, counseling, syndicating, auctioning Real estate laws ensure - Answers-Minimum competency and protect the public by requiring ethical conduct and professionalism A licensee who violates ethical and professional standards faces - Answers-Temporary or permenant loss of the right to practice real estate The general thrust of real estate legislation - Answers-Established person, educational and professional requirements. Guidelines for conduct, continued education, licensing enforcement and regulations Who is exempt from licensing requirements - Answers-Employees of a property owner On site rental or apartment agent Employees of transient lodging Managers of condos or coops Dealers in cemetery lots Attorneys for principal Court appointed capacity Two primary types of licenses - Answers-Broker and Salesperson What is a non resident license? - Answers-It allows a broker to practice in another state typical near state lines What is a broker salesperson license - Answers-Licens held by a duly licensed broker who prefers to act as a sales person on behalf of an employee Broker instead of performing services as a broker Licensees may not practice real estate with a voided license examples are - Answers- Expired, suspended, revoked

If a brokers license is expired suspended or revoked or otherwise avoided the licensees of that broker are - Answers-likewise voided To qualify for a broker or sales person license you must be - Answers-Of legal age and mentally competent you may also be required to have a high school diploma or equivalent Moral character - Answers-In most states will be evaluated when determining licensing qualification A sales person does not need to have a commitment or employment with the broker when they get their license - Answers-As soon as they are hired by a broker their license will become active from inactive Most real estate commissions are comprised of a group of commissioners appointed by the executive branch of - Answers-The state government The real estate commissions authority is generally - Answers-Regulatory, judicial, administrative A second mission of real estate commission is to enact enforceable guidelines defining the - Answers-Ethical unprofessional behavior of licensees What is the process when a complaint comes into the commission - Answers-Formal complaint is filed, all relevant circumstances of the dispute are recorded, dedicated officials then investigate the complaint. If a complaint has substance the commission - Answers-conducts a hearing for further investigation and then issues an official order of disciplinary action the licensee may appeal the commissions ruling in court If an in fraction is a violation of criminal law - Answers-The real estate commission report the keys to the proper judicial authority Which of the following statements is false with regard to brokers supervision - Answers- If the associate is an independent contractor the Broker does not have to supervise his or her real estate activities The commission operates an office inspection program where they randomly select and inspect brokerage offices for the purpose of what - Answers-Providing ongoing education The broker is also required to supervise escrow account supervising escrow accounts means - Answers-That the broker is responsible for those funds and the broker is for all trust funds collected and the record associated with those funds

In what way our brokerage office is chosen for their office Inspection program - Answers-Absolutely random method Upon final hearing who presents the states case - Answers-The designated attorney for the state The investing get a process includes all of the following except - Answers-Press conference What is most commonly the outcome of license law violations - Answers-Negotiated financial settlement or a court ordered money judgment against the violator If the licensee lacks financial resources the settlement our judgment maybe uncollectible and the state may require the licensee to obtain a - Answers-Bond - Which covers the difference between a potential settlement amount and the license his financial resources Instead of requiring a bond some states establish a real estate - Answers-Recovery fund What statute gives the Wyoming real estate commission authority to investigate complaints of violations - Answers-Wyoming statute 33- 28 - 105 Anyone including a real estate commissioner and employee may file a complaint these complaints must be - Answers-In writing and with as much information as possible including but not limited to what happened and who was involved who what when where and how and why During a real estate investigation complaints are given to the - Answers-Liaison commission member who is on a rotating schedule During an investigation the licensee is advised - Answers-who their LCM is that a complaint was made and what the complaint was about What does the report that was put together by the commission staff and the LCM include - Answers-Findings of the list of statues a real estate commission rules which I've been violated if any and any relevant information and documentation After the report is made it is sent to the - Answers-Attorney generals office and LCM consults with the attorney general Dilation she has how many days to get in compliance with the rules or laws they have violated - Answers-20 days We needed what can be held on the matter - Answers-A hearing

What sanctions or disciplinary actions can be taken against the licensee - Answers- Administrative fine up to $2500 for each offense, probation, suspension, revocation What are some of the offenses that can result in punishment - Answers- Misrepresenting, violating statutes, failing to disclose, soliciting, breach of a listing agreement, misleading, using non-authorize trade names, sign without permission, renting without permission from the owner, failure to produce documents, failing to submit an offer, commingling funds, excepting compensation etc Requirements for advertising - Answers-State 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 The real estate company name must be - Answers-Conspicuous and easily identifiable Responsible Brokers must notify the commission regarding trust account - Answers- Name and details for the trust account held with funds holders and banks and allow the commission to examine their trust account records Trust accounts may be interest bearing or - Answers-Non-interest-bearing Any monies received born into another must be - Answers-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 If the responsible broker is doing business as a real estate company the account shall be maintained in the name of - Answers-The Broker followed by the words responsible broker Typically a responsible broker that deals with seals in property management will have - Answers-Sales trust account, a security deposit trust account and an operating trust account plus an account to pay the day today bills for the office I'm almost on the account that the responsible Broker deposit funds into cannot be - Answers-Is certificate of deposit account or other accounts that there are fixed term for maturity unless the broker has written authorization from this client When money that has been deposited into brokers trust account later belongs to him or her it must be - Answers-Withdrawn immediately Any money received by the responsible broker his employees or sales person must be deposited into the appropriate account within what time frame - Answers-One banking day. The only exception is if the owner of such funds agrees to it in writing

The responsible Broker must perform a reconciliation of the trust account on what basis

• Answers-A monthly basis by comparing cash balance to the account journal, some of cash balances and bank account balance What form must be worksheet for reconciliation of trust account be maintained - Answers-In electronic form or hardcopy showing the reconciliation was performed and the result Responsible Broker must also provide an itemized accounting within how many days of withdrawal of any funds - Answers-20 days The recovery find an education fund or under the direct direction of the - Answers- Wyoming real estate commission When the recovery fund balance reaches 50,000 - Answers-All fees shall be deposited into the education fund account Hi when both of recovery fund and the education fund balance reach 50,000 - Answers- The commission will no longer collect the annual fees What are renters rights - Answers-A 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 What are exceptions under renters rights - Answers-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 What are renters duties - Answers-Pay rent in full on time, keep the rental unit clean safe and sanitary, use electricity water and heat in a proper manner, get permission before moving or more people in the unit, follow the terms of the lease and take everything out of the rental until and cleaned if after moving out Renters may not - Answers-Destroy remove anything in the rental unit, interfere with our neighbors quiet enjoyment of their own unit, refused to allow the landlord to come into the rental until to make repairs inspect or show it to potential buyers upon reasonable notice In order for a renter to enforce their rights they must be - Answers-Current on all payments to the landlord Any legal entity which is to be registered and utilized as a brokerage must also possess what - Answers-Invalid unexpired entity license

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 - Answers-By phone or by some other means of contact Which of the following activities does not require a real estate license and could be done by an unlicensed assistant - Answers-Except friends, answer telephone, text messages, make appointments, take incoming calls, develop and maintain mailing list or database Unless otherwise permitted by other subsections of this rule on money belonging to others shall be deposited - Answers-And accounted to the purpose of the transaction The duties and obligations of a broker are detailed in which of the following documents - Answers-The Wyoming real estate license code and rules Which of the following statements would be true in regards to broker responsibilities - Answers-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 Which of these items should be addressed in a new employee training program - Answers-Employees need to re-date and sign the policy manual their license requirements responsibilities and instructions for transactions In Wyoming what entity is responsible for issuing suspending or revoking real estate license - Answers-The real estate commission If the responsible broker is not physically in the office he must still be - Answers- Available by phone or other means Which of the following would be business entities that the commission may license - Answers-Corporations associations are limited liability corporation so proprietorships or partnerships What Musta responsible broker make certain is available to public during reasonable business hours - Answers-The specific office location for the brokerage Commission rule 33- 28 - 122 states that commingling funds is - Answers-Prohibited 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 - Answers-At the earliest reasonable opportunity Every contract duty or relationship with in this article including intermediary or customer relationship imposes an obligation of what - Answers-Good faith Fairdealing in its performance and Fairdealing in it's enforcement

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 - Answers-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 - Answers-Seven years What may happen when found guilty of a violation or misleading advertising by broker or associate - Answers-They could have their license suspended or revoked Who may hire an unlicensed assistant to help them with some administrative aspects of the business - Answers-And associate broker sales associate or responsible Broker Which of the following statements is true with regards to teams in the real estate office - Answers-Teams miss operate in accordance with Wyoming real estate license code the responsible broker is responsible for the activities and the responsible Broker must supervise Who manages the do not call registry - Answers-The federal trade commission A brokerage office is risk reduction program can be aided significantly by - Answers- Written office policies and procedures Of the following who is responsible for acting an operating within the bounds of the Wyoming real estate coat of rules - Answers-The licensee the broker and the team The licensee the broker and the team see - Answers-