Podcast
Questions and Answers
What must be disclosed by a real estate licensee during a transaction?
What must be disclosed by a real estate licensee during a transaction?
- The commission rate of the agent
- The property's previous sale price
- The personal opinions of the buyer
- The agency relationship in the transaction (correct)
When is it necessary for a real estate agent to complete a brokerage disclosure?
When is it necessary for a real estate agent to complete a brokerage disclosure?
- Prior to engaging in discussions about the sale (correct)
- After a property is sold
- Immediately upon meeting a customer
- During the open house event
What is NOT included in a brokerage disclosure form according to Wyoming Statutes?
What is NOT included in a brokerage disclosure form according to Wyoming Statutes?
- Negotiable compensation details
- Description of agency relationships
- A listing of all properties sold by the agent (correct)
- Duties and obligations owed under each relationship
What statement must be included regarding intermediary relationships in a brokerage disclosure?
What statement must be included regarding intermediary relationships in a brokerage disclosure?
Which of the following statements about established relationships and brokerage disclosures is true?
Which of the following statements about established relationships and brokerage disclosures is true?
What information must a brokerage disclosure NOT promise to a customer?
What information must a brokerage disclosure NOT promise to a customer?
What occurs if a buyer has a listing agreement but does not sign the brokerage disclosure?
What occurs if a buyer has a listing agreement but does not sign the brokerage disclosure?
What provision regarding vicarious liability is included in the brokerage disclosure?
What provision regarding vicarious liability is included in the brokerage disclosure?
What must a licensee do prior to engaging in any transactions related to real estate?
What must a licensee do prior to engaging in any transactions related to real estate?
Which statement about the written disclosure is accurate?
Which statement about the written disclosure is accurate?
What happens if a buyer or seller refuses to sign the disclosure after it is presented?
What happens if a buyer or seller refuses to sign the disclosure after it is presented?
What must the written disclosure contain regarding agency relationships?
What must the written disclosure contain regarding agency relationships?
Which of the following is NOT a duty owed by an intermediary according to the disclosure?
Which of the following is NOT a duty owed by an intermediary according to the disclosure?
Which statement reflects the liabilities of a seller or buyer regarding their agents?
Which statement reflects the liabilities of a seller or buyer regarding their agents?
What must be acknowledged for the representation agreement to be executed?
What must be acknowledged for the representation agreement to be executed?
How should a licensee notify other parties of their established agency relationship?
How should a licensee notify other parties of their established agency relationship?
What does a customer lack in terms of communication with the licensee?
What does a customer lack in terms of communication with the licensee?
Which of the following elements is required in the written disclosure?
Which of the following elements is required in the written disclosure?
In what situation can a relationship created by a disclosure be modified?
In what situation can a relationship created by a disclosure be modified?
What should a licensee's written disclosure state about compensation for different relationships?
What should a licensee's written disclosure state about compensation for different relationships?
Which of the following is classified as a discussion not incidental to a real estate transaction?
Which of the following is classified as a discussion not incidental to a real estate transaction?
What does an intermediary lack compared to an agent in terms of responsibilities?
What does an intermediary lack compared to an agent in terms of responsibilities?
What must a licensee do if a buyer or seller requests changes to the terms outlined in the written disclosure?
What must a licensee do if a buyer or seller requests changes to the terms outlined in the written disclosure?
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Study Notes
Brokerage Disclosure Requirements in Wyoming
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Real estate licensees in Wyoming have specific disclosure obligations when engaging in real estate transactions.
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Disclosure of agency relationships is crucial for both buyers and sellers to understand their rights and obligations.
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Brokerage disclosure forms are not required for open houses, preliminary conversations, or general inquiries about real estate.
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Disclosure forms are required before engaging in discussions or arrangements incidental to a sale, such as negotiating prices or discussing terms of the sale.
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Wyoming Statutes 33-28-306 sets forth the requirements for brokerage disclosure forms, which must clearly outline:
- Different types of available agency relationships: sellers, buyers, intermediary, and customer.
- Negotiability of compensation for each relationship.
- Duties and obligations associated with each relationship.
- The distinction between duties owed by an agent versus an intermediary.
- The inability to modify an established relationship without written consent from both parties.
- The non-agent, non-advocate role of an intermediary.
- Potential vicarious liability for the actions of agents, subagents, or intermediaries if approved or directed by the buyer or seller.
- Lack of confidentiality for customers.
- A designated space for the buyer or seller's signature acknowledging receipt of the disclosure.
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The disclosure form is not a listing agreement or buyer's agency agreement and doesn't create an agency relationship.
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If a buyer or seller has a listing agreement or buyer's agreement with the broker but hasn't signed the brokerage disclosure, their agreement is considered void.
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The exception is if the buyer or seller refuses to sign the disclosure and that refusal is documented.
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Licensees must provide notice of their agency relationship to all parties involved at the first reasonable opportunity.
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Disclosures made in accordance with Wyoming Statute 33-28-306 are considered sufficient to ensure transparency regarding agency relationships.
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