EFFECTIVE JUNE 26, 2000

(i) The term "material to the transaction" shall not include psychological factors such as health problems or crimes that have taken place on the premises.

(j) The term "cooperative transaction" means participation by more than one (1) broker regardless of agency representation.

(k) Distance education courses are programs whereby instruction does not take place in a traditional classroom setting but rather through other media where teacher and student are apart. The fact that teacher and students are separated by distance and sometimes by time, gives rise to special considerations for approval of distance education courses.

Section 4. Qualification for a license.

(a) Salesman applicants must submit:

(i) Completed application form;

(ii) Fingerprint card;

(iii) Recent snapshot or photograph;

(iv) Proof of legal presence in the United States;

(v) A copy of the Wyoming passing score report;

(vi) If a non-resident, Agreement and Service of Process forms;

(vii) Evidence of fifty-four (54) classroom hours of education completed within one year of the date of application, referred to as salesman course I and salesman course II which shall meet the curriculum established and published annually by the commission.

(A) An original applicant for licensure shall be required to show proof of completion of the pre-license salesman course I, salesman course II and pass the appropriate examination before applying for a real estate license. These requirements may be accomplished in any order.

(B) In lieu of actual classroom hours of education for salesman course I, an applicant may challenge an approved course by satisfactorily passing the approved course examination and submitting certification.

(viii) Proof of errors and omissions insurance as described in W.S. 33-28-401 and Chapter III of the commission rules.

(b) Broker and associate broker applicants must submit:

(i) Furnish evidence that they have been actively engaged as a real estate salesman for two years or proof that they have a degree in real estate as defined in W.S. 33‑28‑102(a)(vii), W. S. 1977, as amended.

(ii) Completed application form;

(iii) Fingerprint card;

(iv) Recent snapshot or photograph;

(v) Proof of legal presence in the United States;

(vi) Signed Consent to Examine and Audit form provided by the commission.

(vii) Evidence of fifty-four (54) classroom hours of education completed within one year to the date of application,referred to as broker course I and broker course II, which shall meet the curriculum established and published annually by the commission.

(A) In lieu of actual classroom hours of education for broker course I, an applicant may challenge an approved course by satisfactorily passing the approved course examination and submitting certification.

(B) An original applicant for licensure shall be required to show proof of completion of the pre-license broker course I, broker course II and pass the appropriate examination before applying for a real estate license. These requirements may be accomplished in any order.

(viii)Broker applicants with a degree in real estate must:

(A) Provide certificate of completion for broker course I;

(B) Pass the state and national broker examination.

(ix) If a broker applicant, submit proof of a Wyoming trust account or an agreement with a Wyoming title company or an agreement with an escrow agent.

(x) If a nonresident, submit signed Agreement and Service of Process forms provided by the commission.

(xi) Proof of errors and omissions insurance as described in W.S. 33-28-401 and Chapter III of the commission rules.

Section 5. Real Estate Courses.

(a) Prior to offering elective real estate continuing education course(s), an entity or instructor desiring course approval by the commission shall make application on forms, prescribed by the commission, which require information concerning courses offered, course outlines, examinations, instructors and pay a $50 application fee.

(b) Any new material an instructor wants to teach during the required courses must first be approved by the commission and, if approved, the material will be disbursed by the commission staff to all approved instructors to be included in the course outlines.

(c) Courses of study offered in a distance education format must be approved by the real estate commission and certified by the Association

of Real Estate License Law Officials. A student must complete the distance education course within one year of the date of enrollment.

(d) Elective continuing education course approval expires two (2) years from date of approval.

Section 6. Registration and examination required; failure to pass.

(a) Every person desiring to become licensed as a real estate broker, associate broker or salesman shall register for the examination on a form provided by the commission or testing service.

(i) Registrants must be at least eighteen (18) years of age.

(b) Each registrant will be required to take an examination and attain a scaled score of at least seventy‑five (75) on each of the two sections, uniform and state, of the examination.

(c) Any person who registers for the examination must select a date for taking the examination. The selected date may be changed only by submitting another fee and registration or as allowed by the testing service.

(d) Failure to take the examination on the scheduled date will result in cancellation of the registration and no refund of the examination fee will be made.

(e) A notice to a registrant that he has received a passing score does not constitute a license to practice real estate. Licenses are issued only pursuant to filing the appropriate application for licensure and commission approval of such application.

(f) No broker, associate broker or salesman application for licensure will be accepted until the registrant has taken the examination and received notice of a passing score.

(g) After official notification in writing to the registrant that he has successfully passed the examination, the registrant must within sixty (60) days of the notice date, file the appropriate broker, associate broker, or salesman application for licensure with all the required accompaniments. Failure to file an application for licensure and proof of required education within the sixty (60) day period will cancel the registration and all the rights to a passing score will be terminated.

(h) Any registrant who takes the examination and does not attain a passing score, must file another registration for examination if the registrant desires to again take the examination. Registrants passing one portion of the examination will only be required to rewrite the portion they failed; however, partial examinations must be taken within six (6) months after registrant’s last test failure date.

(i) The commission, upon proper certification, will agree to accept the uniform portion of the examination as having been successfully passed by any person seeking licensure in Wyoming who received a like

license in the applicant's licensing jurisdiction, provided that such like license is currently valid and in good standing.

(i) Certification must state when the applicant received his original license, the status of the license, and if there has been any disciplinary action taken against the licensee.

(j) Original licenses will be issued for the balance of the year. They will expire on December 31 of the year in which issued. Renewal licenses will be issued for 3‑year duration. They will expire on December 31 of the third year. No prorating of license fees can be made.

Section 7.Fees.

(a) The following nonrefundable and nonprorated fees shall be charged by the real estate commission:

(i) Examination fee. . . . . . . . . . . . . . . . . .$140

(ii) Each original broker's license. . . . . . . . . . $200

(iii) Each original business entity (except

sole proprietorships). . . . . . . . . . . . . . $200

(iv) Each original associate broker's license. . . . . $200

(v) Each original salesman's license. . . . . . . . . $100

(vi) Each branch office license. . . . . . . . . . . . $100

(vii) Each business address change. . . . . . . . . . . .$25

(viii)Each transfer, i.e., change of sponsoring

broker, etc. . . . . . . . . . . . . . . . . . . . .$30

(ix) Duplicate license (lost original). . . . . . . . . $20

(x) Duplicate pocket card (lost original). . . . . . . $20

(xi) Broker 3 yr. renewal license. . . . . . . . . . . . $250

(xii) Business entity 3 yr. renewal license(except

sole proprietorships) . . . . . . . . . . . . . . .$250

(xiii)Associate broker 3 yr. renewal license. . . . . . .$250

(xiv) Salesman 3 yr. renewal license. . . . . . . . . . .$250

(xv) Branch office 3 yr. renewal license. . . . . . . . $200

(xvi) Recovery fund (W.S. 33‑28‑201(b)). . . . . . . . . .$20

(xvii)Late renewal fee . . . . . . . . . . . . . . . . . $75

(xviii)Continuing education course application fee.. . . $50

Section 8. Transfers, inactive licenses, and corporation/partnership/ limited liability company licenses, and nonresident licenses.

(a) Notice of transfer of license from the sponsorship of one broker to another shall be indicated on a transfer form provided by the real estate commission, and must be accompanied by a transfer fee.

(b) When a real estate license has been returned to the real estate commission, such licensee shall not perform any of the acts authorized under the license.

(c) A licensee may request the commission to hold his license for not more than thirty (30) days on a hold for transfer basis until proper request for reissue has been made, after which time the license will automatically become inactive.

(d) A licensee whose license is held by the commission on an inactive or hold for transfer basis during the renewal period must apply for renewal of such inactive license and pay the regular fee.

(e) Licensing of corporations, limited liability companies and partnerships:

(i) Licenses will be issued to officers and directors of a corporation or managers of a limited liability company engaged in the real estate business upon verification by the Secretary of State of Wyoming.

(ii) The responsible broker must be an officer of the corporation, a member of the limited liability company, or a partner in a partnership.

(iii) The following documents are necessary before issuing a real estate broker's license to an officer or director of a corporation, members of a partnership, or manager of a limited liability company engaged in the real estate business:

(A) A properly executed application and fee.

(B) A copy of the Articles of Incorporation of the corporation; partnership agreement; or Articles of Organization.

(D) A copy of the minutes of the corporation; partnership, or limited liability company meeting indicating the name of the responsible broker for the corporation, partnership or limited liability company.

(E) An affidavit from the unlicensed officers and directors of a corporation or managers of the limited liability company

stating that they will not participate in any real estate transaction conducted by the corporation or limited liability company.

(f) Nonresident brokers may sponsor resident associate brokers to qualify branch offices pursuant to W.S. 33-28-109 and 110 but may not otherwise sponsor resident associate brokers or salesmen.

Section 9. Minimum requirements, forms.

(a) A broker, shall at the time of signing, deliver a copy of any document to the party or parties executing the same when such instrument has been prepared by the broker or under his supervision, or is within his control, including but not limited to instruments relating to the employment of the broker, the listing of property, the consummation of a lease, purchase, sale or exchange of property, or to any other type of real estate transaction in which he participates as a broker. It is the responsibility of the broker, associate broker or salesman to prepare sufficient copies of such instruments in order that the above may be accomplished.

(i) Nothing herein shall be construed to permit the broker, associate broker or salesman to withhold such delivery in order to obtain other signatures on such instrument.

(ii) Readily available and properly indexed copies of all unrecorded documents shall be retained by the responsible broker.

(b) The licensee shall prepare the purchase offer and acceptance form, exchange contract form or other inducement document form for the voluntary transfer of freehold or non‑freehold real estate to include but not be limited to:

(i) The name and address of the real estate firm.

(ii) The date of offer by offeror.

(iii) Property description that will adequately identify the property.

(iv) Enumerated and described personal property included in the transaction may be referenced by addendum.

(v) Total amount of purchase price. For a lease or rental agreement, the total amount of rent payments, if applicable, or the periodic rate.

(vi) Total amount and type of earnest money deposit, damage, security or other deposits and any understanding for the return of all or part of the deposits.

(vii) Complete and accurate description of all contractual conditions including balance of purchase price, rent or lease payments or management fees and terms or conditions of payment.

(viii)Date of actual or constructive possession and assignment of leases or referenced to closing date.

(ix) Specified date of closing.

(x) Properly witnessed signatures of all parties to the transaction.

(xi) Date that offering document expires.

(xii) Signature of real estate broker or his agent upon receipt of monies or other valuable property coming into his possession which belongs to others.

(xiii)Date of acceptance of offer by offeree.

(xiv) All changes made to an offer or counter-offer must be dated and initialed by all parties to the contract. If more than two (2) changes are made on an offer, a new agreement must be drafted or a counter‑offer attached.

(xv) When an offeror makes an offer which is accepted

by the offeree, the broker must obtain offeror's written acknowledgment of a receipt of a copy of the acceptance.

(xvi) If contract terms are extended, a written extension agreement form must be prepared and signed by all parties to the transaction.

(xvii)All offers presented by a licensee and rejected by the offeree shall be so rejected in writing upon the offer form presented. The licensee shall deliver a copy of such offer with the written rejection thereon to the offeror.

(A) Should an offeree authorize the licensee to reject on his behalf or refuse to execute a written rejection, the licensee shall, by a written, signed statement, verify the date of offeree’s oral notification to the licensee of rejection of such offer.

(xviii)If a licensee is party to negotiating an amendment or extension of a contract form, the licensee must prepare a written agreement form to amend or extend contract.

(xvix)A copy of the acknowledged disclosure required by W.S. 33-28-306 and 33-28-308(f).

(c) Cooperating brokers shall present offers and shall negotiate only through the listing broker unless the listing broker gives written consent to contact the principal. All offers shall be presented as expeditiously as possible.

(d) A broker is responsible for assuring that his agents comply with minimum real estate commission requirements when preparing contracts and obtaining signatures.

Section 10. License renewals; grace period; late renewal fee; continuing education requirements.

(a) Licenses expire at midnight December 31. Those licensees who fail to renew by the December 31 deadline shall have an additional 60 days to renew after paying a $75 late renewal fee for the late renewal. All applications for renewal shall be postmarked on or before December 31 or within the 60-day grace period ending on or before March 1. Licenses not renewed by December 31 remain expired until renewed.

(b) A renewal application shall include proof that the licensee has completed at least forty‑five (45) hours of continuing education which shall meet the curriculum established and published yearly by the commission. Repetitious coursework in the same curriculum shall not be credited. An inactive licensee will not have to furnish proof of continuing education until such time as licensee requests the activation of inactive license.

(i) The commission will accept the following courses as meeting standards for continuing education:

(A) Any course in real estate, or a directly related area, approved by the commission or by any real estate regulatory body in any state or province with approval standards similar to those established by the commission.

(B) Any course in real estate, or a directly related area, offered by any institution accredited by a regional accrediting agency which is recognized by the Office of Education of the United States Department of Health, Education and Welfare.

(ii) The commission may approve courses by other schools, professional societies or organizations if they meet the standards for continuing education.

(iii) Courses may not be taken for continuing education credit more than once during any renewal period.

(iv) Application for approval of a course shall be submitted to the commission. The following criteria will be used by the commission in determining whether to approve a course, although additional criteria may also be used:

(A) No course will be approved by the commission if it is less than three (3) clock hours in duration.

(B) The organization must certify that the licensee

attended at least 90 percent of the approved course credit hours and provide a certificate to the attendee.

(v) Those who instruct a continuing education course shall meet at least one of the following qualifications, unless granted a special exception by the commission:

(A) A bachelor's degree in the field in which the person is instructing;

(B) A valid teaching certificate from Wyoming or another state authorizing the holder to teach in the subject offered;

instructed;

(vi) Those who instruct required courses or commission-developed courses shall meet at least one of the qualifications stated in (A), (B) AND (C) above and agree to the conditions stated below unless granted a special exception by the commission:

(A) Audit the instruction of the required course;

(B) Achieve favorable evaluations following a commission audit of the instructor teaching the required course;

(C) Agree that discipline of an instructor’s real estate license may be a basis for denial or suspension of instructor approval.

(D) Successfully complete two years of probation as an instructor of commission-developed courses.

(vii) The entity requesting approval of a course shall apply for approval at least forty-five (45) days before conducting the proposed course.

(viii)An entity which offers a course approved for continuing education shall notify the commission if there is a material change in the approved offering.

Section 11. Brokers’ trust accounts.

(a) All "money belonging to others" accepted by the broker shall be deposited in a bank or financial institution in a trust account separate from money belonging to the broker; and in a bank or recognized depository in this state which account may be any type of checking, demand, passbook, or statement account insured by an agency of the United States government. The name of each trust account shall be identified by the word "trust" or escrow. The account shall be maintained in the name of the licensed broker.

(b) "Money belonging to others" which is received by the broker or his representatives includes but is not limited to money received in connection with: property management contracts; rent or lease contracts; advance fee contracts; or money belonging to others received by the broker for future investment or other purposes.

(c) If the licensed broker does business as a partnership, corporation or limited liability company, such account shall be maintained in the name of the broker acting for such partnership, corporation or limited liability company and in the name of the licensed partnership, limited liability Company or corporation. The name of the broker is to be followed by the word “broker”.

(d) Each “trust” bank account heading shall include a label identifying the purpose/type of such account, i.e., “sales trust”, “security deposit escrow”, “property management trust”.

(e) Unless otherwise permitted by other subsections of this rule, all money belonging to others shall be deposited according to the purpose of the transaction in separate types of escrow accounts. For example, sales escrow deposits separated from property management deposits separated from security deposits as follows:

(for example: Line 1 – name of licensed corporation

Line 2 – name of licensed broker, followed by the word ”broker”

Line 3 – type of trust account and word “trust” or “escrow” “Sales Trust” or “Property Management Escrow” Or “ABC Homeowners’ Assoc. Escrow”)

(i) The responsible broker must be able to withdraw money from such trust account without the benefit of a cosigner. Other authorized signatures of licensed or unlicensed people may also appear on the account.

(ii) Money belonging to others shall not be invested in any type of account or security or certificate of deposit which has a fixed term for maturity unless the written consent of all parties to the transaction has been secured.

(iii) Money held in a trust account which is due and payable to the broker shall be withdrawn promptly. Monies earned by licensees affiliated with a broker may not be paid directly from the broker's trust account.

(iv) All money belonging to others in the form of cash or check received shall be deposited directly into the listing broker's trust account or title company or escrow agent, by the listing broker, not later than the first banking day after receipt unless all persons having an interest in the funds have agreed otherwise in writing.

(A) When trust funds are held by a title company, the broker shall obtain a receipt showing the date and the amount of the funds transferred to the title company or escrow agent.

(v) Each broker, for each trust account maintained shall also maintain a recordkeeping system in his place of business, consisting of at least the following:

(A) A journal must show the chronological sequence in which funds are received and disbursed. For funds received, the journal must include the date, the name of the party who is giving the money, the name of the principal, address or description of the property, and the amount. For disbursements, the journal must also include the date, check number, amount, payee, principal, and the address or description of the property. The journal must include a current running balance of the trust account.

(f) A transaction ledger must show the receipts and disbursements as they affect a particular transaction as between buyer and seller or landlord and tenant, etc. The transaction ledger must include the names of both parties to the transaction, the dates and amounts received, and the address and description of the property. When funds are disbursed, the date, payee, check number, and amount must be shown.

(g) The broker shall reconcile trust account journals and ledger liabilities monthly. The bank reconciliation shall prove agreement on the date of reconciliation by (1) the cash balance showing in the account journal; (2) the sum of the cash balances for all ledgers; and (3) the corresponding bank account balance. This worksheet must be maintained in hard copy form for later inspection and list each beneficiary’s ledger balance on the date of reconciliation. The broker is not required to reconcile any trust account when no banking activity has occurred.

(h) Separate trust account journals must be reconciled with the related bank statement monthly.

(i) Money belonging to one beneficiary shall not be used for the benefit of another beneficiary.

(ii) Any instrument or equity or thing of value taken in lieu of cash shall be held by the listing broker except as otherwise agreed to by all parties to the transaction.

(iii) A nonresident broker licensed in Wyoming doing business in this state shall maintain such separate trust accounts in a bank or recognized depository in Wyoming.

(iv) A broker is not limited to the number of separate trust accounts he may maintain for money belonging to others.

(i) When money is collected by a broker for performance or services or for the expenses of performing such services, or for advertising expenses in regard to the sale of real property, and such money is collected before the advertising or services have been performed, such broker shall deposit such money in a trust account. No money may be withdrawn from such principal's funds, except for actual expenses paid on behalf of the principal, until the broker has fully performed the services for which the principal contracted. A full and itemized accounting must be furnished the principal within twenty (20) days of any withdrawal of such principal's funds from such principal's account.

Section 12. Audits

(a) The real estate commission may conduct random broker trust account audits to assure compliance with commission rules and statutes.

Section 13. Unlawful compensation; disputes between licensees.

(a) The real estate commission shall not entertain complaints between licensees regarding disputes between licensees concerning matters of commission, the earning, splitting or the nonpayment thereof.

Section 14. Regulatory enforcement grounds. In addition to the statutory grounds for disciplinary action against a licensee (W.S.

33‑28‑111), the commission may similarly take disciplinary action for any of the following:

(a) Against a licensee and/or licensee's responsible broker for:

(i) Failing to comply with any rule of the commission;

(ii) Participating in or condoning the unlicensed practice of real estate;

(iii) Representing that a particular form or sales commission rate has been approved by the commission;

(iv) Using a form or document in a real estate transaction which violates state or federal law or regulation;

(v) Using a form which does not describe the actual real estate transaction;

(vi) Using a real estate contract form for a transaction which does not involve real estate;

(vii) Making any false promise which influences, persuades, or induces;

(viii)Failing to account for or to remit any moneys or documents coming into his possession which belong to others;

(ix) Commingling the money or property of others with his own;

(x) Permitting the use of his license as a broker to enable anyone to operate a real estate business without actual participation therein and control thereof by the broker;

(xi) Failing to provide information requested by the commission relative to a complaint or investigation which would indicate a violation of the act;

(xii) Failing to disclose matters known to the licensee which are material to the transaction;

(xiii)Failing to notify sub‑agents, multiple listing service or other interested parties when agency or non-agency has been terminated. Notice to multiple listing service shall constitute notice to all members thereof; or

(xiv) Failing to remove signs and/or lock boxes after termination of listing; continuing to advertise property on the internet which has sold or is no longer listed.

(xv) Advertising and promoting another real estate business entity or broker’s listings without written permission.

(xvi) Altering a listing sheet.

(xvii)Failing to pay a fine imposed pursuant to W.S. 33-28-111.

(xviii) Compensating any unlicensed person for performing the services of a broker, associate broker or salesman except:

(A) Anyone arranging short-term rentals.

(xix) Failing to obtain and maintain errors and omissions insurance and provide proof of insurance to the commission.

(b) The voluntary surrender of a license by a licensee does not prevent the commission from proceeding with its investigation of a complaint, administrative hearing or disciplinary action against a licensee.

Section 15. Suspension/revocation requirements.

(a) When a responsible broker's license is suspended or revoked, he shall return his license and pocket card and the licenses and pocket cards of his associate brokers and salesmen to the office of the commission.

(i) Licensees affiliated with a broker who has had his license suspended or revoked may not perform any activity requiring a license until they have transferred to a new responsible broker.

(b) When an associate broker or salesman license has been suspended or revoked, the agent must surrender his pocket card to the responsible broker who shall return the license and pocket card to the commission.

Section 16. Property management.

(a) A broker may not engage in property management without a written, dated and signed property management agreement with the owner of the real estate.

(i) The property management agreement should clearly and fully specify the following:

(A) The duties and responsibilities of the broker and the owner of real estate including but not limited to the period of the agreement;

(B) The method for termination;

(D) The management fees or any other form of compensation to be received by the broker;

(E) The authority and powers given by the owner to the broker under the agreement.

(ii) Upon signing, the broker shall give a legible copy of the fully executed property management agreement to the owner.

(b) Tenants must be given a copy of the lease agreement upon signing.

(c) Unless mutually agreed to in writing between the broker and the owner, the broker shall deposit all funds received on behalf of the

owner into a trust account maintained by the broker and under the broker's control.

(i) Brokers who manage homeowner associations are subject to the Commission rules regarding property management and trust accounts.

(ii) The broker shall segregate trust bank accounts by function with tenant security deposits in one account and day-to-day property management operations in a separate trust account which includes amounts payable to owners.

(iii) In short-term property management, no funds shall be withdrawn from the trust account to pay owners until all services have been performed including the end of the guest’s stay.

(iv) The broker shall monthly reconcile trust account journals and transaction ledgers and submit a written report to the owner showing all receipts and disbursements monthly or pursuant to the management agreement.

(d) If the property management agreement is terminated, the broker must notify tenants of the termination and the name and address to whom funds held on their behalf will be transferred.