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Wyoming Law - Real Estate Broker Exam Test Pre Questions And Correct Answers Latest Version 2024
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Wyoming Law - Real Estate Broker Exam Test Pre Questions And Correct Answers Latest Version 2024
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Wyoming Law - Real Estate Broker Exam TestPre Questions And Correct Answers Latest
Version 2024
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.
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