WYOMING LAW - REAL ESTATE BROKER
EXAM TEST PREP QUESTIONS AND
ANSWERS (100% CORRECT ANSWERS)
ALREADY GRADED A+
QUESTIONS AND ANSWERS
Means having importance, relevance or consequence to a person making a decision
regarding the purchase, sale or lease of real estate.. ANSWER -Interest in the transaction
You must have a trust account for. ANSWER -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:. ANSWER -Aggregate
Limit
The Wyoming Real Estate Recovery Fund. ANSWER -Was created to help protect the
public and to fund real estate education for licensees
Means any person issued a license by the commission. ANSWER -Licensee
How much of a licensee's renewal fees go to the recovery fund. ANSWER -$20
Means a person with a right to convey an ownership or leasehold interest in real estate.
ANSWER -Owner
When a Broker's license becomes inactive. ANSWER -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. ANSWER -If they successfully challenge the Broker I and Broker II
course
, When the recovery fund total reaches $20,000 what happens to subsequent fees. ANSWER
-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. ANSWER -Compensation
If the ARC committee denies an application how long does the applicant have to request
reconsideration. ANSWER -90 Days
How long does someone have to bring legal action against you for an error or omission?.
ANSWER -2 years
Salespersons and Associate Broker are required this many hours of continuing education
every three years. ANSWER -45
Salespersons and Associate Brokers are required to complete the following amount of
continuing education hours every three years:. ANSWER -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. ANSWER -Inactive License
A Broker's Price Opinion. ANSWER -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?.
ANSWER -Never, all offers must be communicated to your client as soon as possible
Means the person making an offer. ANSWER -Offeror
EXAM TEST PREP QUESTIONS AND
ANSWERS (100% CORRECT ANSWERS)
ALREADY GRADED A+
QUESTIONS AND ANSWERS
Means having importance, relevance or consequence to a person making a decision
regarding the purchase, sale or lease of real estate.. ANSWER -Interest in the transaction
You must have a trust account for. ANSWER -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:. ANSWER -Aggregate
Limit
The Wyoming Real Estate Recovery Fund. ANSWER -Was created to help protect the
public and to fund real estate education for licensees
Means any person issued a license by the commission. ANSWER -Licensee
How much of a licensee's renewal fees go to the recovery fund. ANSWER -$20
Means a person with a right to convey an ownership or leasehold interest in real estate.
ANSWER -Owner
When a Broker's license becomes inactive. ANSWER -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. ANSWER -If they successfully challenge the Broker I and Broker II
course
, When the recovery fund total reaches $20,000 what happens to subsequent fees. ANSWER
-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. ANSWER -Compensation
If the ARC committee denies an application how long does the applicant have to request
reconsideration. ANSWER -90 Days
How long does someone have to bring legal action against you for an error or omission?.
ANSWER -2 years
Salespersons and Associate Broker are required this many hours of continuing education
every three years. ANSWER -45
Salespersons and Associate Brokers are required to complete the following amount of
continuing education hours every three years:. ANSWER -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. ANSWER -Inactive License
A Broker's Price Opinion. ANSWER -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?.
ANSWER -Never, all offers must be communicated to your client as soon as possible
Means the person making an offer. ANSWER -Offeror
