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Brokerage Disclosure Requirements in Wyoming
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Brokerage Disclosure Requirements in Wyoming

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Questions and Answers

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?

  • 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?

  • 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?

    <p>An intermediary has obligations only as set forth in Wyoming Statutes.</p> Signup and view all the answers

    Which of the following statements about established relationships and brokerage disclosures is true?

    <p>Written consent is required for relationship modification.</p> Signup and view all the answers

    What information must a brokerage disclosure NOT promise to a customer?

    <p>Confidentiality in communication</p> Signup and view all the answers

    What occurs if a buyer has a listing agreement but does not sign the brokerage disclosure?

    <p>The listing agreement is void.</p> Signup and view all the answers

    What provision regarding vicarious liability is included in the brokerage disclosure?

    <p>The buyer or seller may be liable if they direct or endorse the acts of the agent.</p> Signup and view all the answers

    What must a licensee do prior to engaging in any transactions related to real estate?

    <p>Make a written disclosure of applicable agency, intermediary, or customer relationships</p> Signup and view all the answers

    Which statement about the written disclosure is accurate?

    <p>It does not constitute an agreement until acknowledged by the buyer or seller</p> Signup and view all the answers

    What happens if a buyer or seller refuses to sign the disclosure after it is presented?

    <p>The licensee can continue with the transaction by documenting the refusal</p> Signup and view all the answers

    What must the written disclosure contain regarding agency relationships?

    <p>A description of all the different agency, intermediary and customer relationships</p> Signup and view all the answers

    Which of the following is NOT a duty owed by an intermediary according to the disclosure?

    <p>To act as an agent for any party involved</p> Signup and view all the answers

    Which statement reflects the liabilities of a seller or buyer regarding their agents?

    <p>They may be vicariously liable for the acts of the agent if they approve or direct them</p> Signup and view all the answers

    What must be acknowledged for the representation agreement to be executed?

    <p>An acknowledgment of receipt of the written disclosure</p> Signup and view all the answers

    How should a licensee notify other parties of their established agency relationship?

    <p>At the earliest reasonable opportunity</p> Signup and view all the answers

    What does a customer lack in terms of communication with the licensee?

    <p>Access to confidential information</p> Signup and view all the answers

    Which of the following elements is required in the written disclosure?

    <p>An explanation of the duties and obligations owed under each relationship</p> Signup and view all the answers

    In what situation can a relationship created by a disclosure be modified?

    <p>Only with the written consent of the buyer or seller</p> Signup and view all the answers

    What should a licensee's written disclosure state about compensation for different relationships?

    <p>Compensation for different relationships is negotiable</p> Signup and view all the answers

    Which of the following is classified as a discussion not incidental to a real estate transaction?

    <p>Conducting an open house showing</p> Signup and view all the answers

    What does an intermediary lack compared to an agent in terms of responsibilities?

    <p>The obligation to act as an advocate for any party</p> Signup and view all the answers

    What must a licensee do if a buyer or seller requests changes to the terms outlined in the written disclosure?

    <p>Negotiate different compensation as a condition of consent</p> Signup and view all the answers

    Study Notes

    Brokerage Disclosure Requirements in Wyoming

    • Real estate licensees in Wyoming have specific disclosure obligations when engaging in real estate transactions.

    • Disclosure of agency relationships is crucial for both buyers and sellers to understand their rights and obligations.

    • Brokerage disclosure forms are not required for open houses, preliminary conversations, or general inquiries about real estate.

    • Disclosure forms are required before engaging in discussions or arrangements incidental to a sale, such as negotiating prices or discussing terms of the sale.

    • 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.

    • The disclosure form is not a listing agreement or buyer's agency agreement and doesn't create an agency relationship.

    • 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.

    • The exception is if the buyer or seller refuses to sign the disclosure and that refusal is documented.

    • Licensees must provide notice of their agency relationship to all parties involved at the first reasonable opportunity.

    • Disclosures made in accordance with Wyoming Statute 33-28-306 are considered sufficient to ensure transparency regarding agency relationships.

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    Description

    This quiz covers the essential disclosure obligations for real estate licensees in Wyoming. It focuses on the importance of agency relationships and the specific requirements set by Wyoming Statutes 33-28-306. Understand the distinctions between various roles and the necessary documentation for real estate transactions.

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