State Codes and Statutes

Statutes > Wyoming > Title33 > Chapter28

CHAPTER 28 - REAL ESTATE BROKERS AND SALESMEN

 

ARTICLE 1 - GENERAL LICENSING PROVISIONS

 

33-28-101. Short title; license required.

 

Thisact shall be known and may be cited as the "Real Estate License Act of1971". From and after the effective date of this act it is unlawful forany person to engage in or conduct, directly or indirectly, or to advertise orhold himself out as engaging in or conducting the business, or acting in thecapacity of a real estate broker, associate broker or a real estate salesmanwithin this state without first obtaining a license as a broker, associatebroker or salesman, as provided in this act.

 

33-28-102. Definitions.

 

(a) As used in this act:

 

(i) "Associate broker" means an individual who has abroker's license and who is employed by another broker, or is associated withanother broker as an independent contractor and participates in any activitydescribed in subsection (a)(iii) of this section;

 

(ii) "Branch office" means a real estate broker'soffice other than his principal place of business;

 

(iii) "Broker" means an individual, other than asalesman, or associate broker who, for another and for compensation:

 

(A) Sells, exchanges, purchases, rents, manages or leases realestate;

 

(B) Offers to sell, exchange, purchase, rent, manage or leasereal estate;

 

(C) Negotiates, offers, attempts or agrees to negotiate thesale, exchange, purchase, rental or leasing of real estate;

 

(D) Lists, offers, attempts or agrees to list real estate forsale, lease or exchange;

 

(E) Auctions, offers, attempts or agrees to auction realestate;

 

(F) Collects, offers, attempts or agrees to collect rent for theuse of real estate;

 

(G) Advertises or holds himself out as being engaged in thebusiness of buying, selling, exchanging, renting or leasing real estate;

 

(H) Engages in the business of charging an advance fee inconnection with any contract he undertakes to promote the sale or lease of realestate either through its listing in a publication issued for that purpose orfor referral of information concerning the real estate to brokers, or both;

 

(J) Buys, sells, offers to buy or sell or otherwise deals inoptions on real estate or improvements thereon;

 

(K) Assists or directs in the procuring of prospects calculatedto result in the sale, exchange, lease or rental of real estate; or

 

(M) Assists or directs in the negotiation of any transactioncalculated or intended to result in the sale, exchange, lease or rental of realestate.

 

(iv) "Commission" means the Wyoming real estatecommission;

 

(v) Repealed by Laws 1983, ch. 156, 3.

 

(vi) Repealed by Laws 1983, ch. 156, 3.

 

(vii) "Degree in real estate" means a degree from anaccredited degree granting college or university, including a junior orcommunity college, with a business degree and a major course of study in realestate. A business degree shall include successful completion of four (4) corecourses of real estate principles and practices, real estate law, real estateappraisal and real estate finance, plus at least two (2) additional real estaterelated courses. These courses shall total at least eighteen (18) or moresemester hours or twenty-seven (27) quarter hours;

 

(viii) "License" means the document issued by thecommission certifying that the person named thereon has fulfilled allrequirements prerequisite to licensure under this act;

 

(ix) "Licensee" means any individual who holds thedesignation of broker, associate broker or salesman;

 

(x) "Offer" means and includes every inducement,solicitation, or attempt to encourage a person to acquire an interest in land,if undertaken for gain or profit;

 

(xi) "Office" means a real estate broker's place ofbusiness where records are maintained and licenses displayed;

 

(xii) "Person" means individuals, corporations,partnerships or associations, foreign and domestic;

 

(xiii) "Property manager" means one who for a commissionmanages real estate, including collection of rents, maintenance for theproperty and accounting of fees received for another;

 

(xiv) "Real estate" means leaseholds, as well as anyother interest or estate in land, whether corporeal, incorporeal, freehold ornonfreehold, and whether the real estate is situated in this state or elsewherebut shall not apply to nor include mineral lands, rights or leases;

 

(xv) "Regular employee" means one who is employed on asalaried basis by the owner of real estate whose duties are performed in theordinary course of the business or the management or operation of itsinvestments;

 

(xvi) "Salesman" means any person associated or engagedunder contract by or on behalf of a licensed broker to participate in anyactivity included in W.S. 33-28-102(a)(iii) for compensation or otherwise;

 

(xvii) "Time share" means any arrangement, whether bymembership agreement, lease, rental agreement, license, use agreement or othermeans, whereby the purchaser receives a right to use or a freehold interest inaccommodations or facilities or both, in property for a specific period of timeduring any given year, but not necessarily for consecutive years, and whichextends for a period of more than one (1) year;

 

(xviii) "This act" means W.S. 33-28-101 through33-28-401.

 

33-28-103. Exemptions.

 

(a) The provisions of this act shall not apply to:

 

(i) An owner of real estate or to a member of his immediatefamily or to his regular employees with respect to property owned by him unlessthe owner, his immediate family or regular employee is a licensee;

 

(ii) An attorney in fact under a duly executed and recordedpower of attorney to convey real estate from the owner or lessor, or theservices rendered by an attorney-at-law in the performance of his duties as anattorney unless the attorney is a licensee;

 

(iii) Any individual acting as receiver, trustee in bankruptcy,administrator, executor, or guardian, or while acting under a court order orunder the authority of a will or of a trust instrument or as a witness in anyjudicial proceeding or other proceeding conducted by the state or anygovernmental subdivision or agency;

 

(iv) Any officer or employee of a federal agency in the conductof his official duties;

 

(v) Any officer or employee of the state government or anypolitical subdivision thereof performing his official duties;

 

(vi) Any person or employee acting as the resident manager forthe owner or an employee acting as the resident manager for a broker managingan apartment building, duplex, apartment complex or court, when the residentmanager resides on the premises and is engaged in the leasing of property inconnection with his employment; or

 

(vii) A home owner's association formed and acting pursuant toits declaration and bylaws or a resort association formed and acting pursuantto its association agreement and bylaws.

 

33-28-104. Acts constituting person broker, associate broker orsalesman.

 

Anyperson who, for another, with the intention or upon the promise of receivingany valuable consideration offers, attempts or agrees to perform, or performsany single act defined in W.S. 33-28-102(a)(iii), whether as a part of atransaction or as the entire transaction shall be deemed to be acting as abroker, associate broker or salesman within the meaning of this act.

 

33-28-105. Creation of commission; membership; terms; removal;chairman; powers and duties; director and duties thereof; other employees;compensation; disposition of fees.

 

(a) The Wyoming real estate commission is created to consist offive (5) commissioners, each of whom shall be a citizen of Wyoming, appointedby the governor with the advice and consent of the senate. Not less than three(3) or more than four (4) of the membership shall have been engaged in businessas an active salesperson or broker in Wyoming for at least five (5) yearsimmediately preceding appointment. No more than one (1) commissioner shall beappointed from the same county. The term of the members of the commission shallbe for three (3) years and until their successors are appointed and qualified.Members appointed to fill vacancies shall be appointed in accordance with W.S.28-12-101, and no member shall be appointed to succeed himself for more thanone (1) full term. The governor may remove any commission member as provided inW.S. 9-1-202. The commission at its first meeting held after September 1 ofeach year shall select a chairman to serve for the following year. Thecommission has the power to regulate the issuance of licenses, to revoke orsuspend licenses issued under this act, to censure licensees and may do allthings necessary and proper to carry out the provisions of this act. Thecommission may, from time to time, promulgate and amend necessary andreasonable rules and regulations for these purposes. Effective July 1, 1979,appointments and terms shall be in accordance with W.S. 28-12-101 through28-12-103.

 

(b) Repealed by Laws 1983, ch. 156, 3.

 

(c) The commission shall employ a director. The director issubject to the rules and regulations of the human resources division of thedepartment of administration and information. The director's salary shall bepaid from the real estate board account specified in subsection (g) of thissection. The duties of the director shall include the following:

 

(i) Maintain and operate a suitable office for the commission;

 

(ii) Keep books, records and accounts of all activities of thecommission;

 

(iii) Issue real estate broker and salesman licenses;

 

(iv) Make investigations of complaints and possible violationsof the real estate laws and practices of licensees and to furnish informationand recommendations to the commission for their action;

 

(v) Assist the commission with examinations to be givenapplicants for real estate broker and salesman licenses, and to conduct theexaminations at the direction of the commission;

 

(vi) Assist the commission in holding educational clinics ormeetings when deemed advisable with the aim of promoting higher standards ofpractice in the real estate profession;

 

(vii) Assist the commission in promulgating rules in compliancewith the Wyoming Administrative Procedure Act, for the operation of thecommission and the implementation of this law; and

 

(viii) Perform other duties as the commission prescribes.

 

(d) The commission shall employ other employees to assist inthe discharge of the duties imposed upon it by this act and shall prescribe theduties and fix the compensation of its employees, subject to the rules andregulations of the human resources division of the department of administrationand information. The office of the commission shall be maintained in Cheyenneand all files, records and property of the commission shall at all times remainin the Cheyenne office. No employee of the commission may be a paid employee ofany real estate association or group of real estate dealers or brokers.

 

(e) Each member of the commission shall receive as compensationfrom the real estate board account for each day actually spent on his officialduties per diem and mileage allowance as allowed to state employees and salaryin the amount provided by W.S. 28-5-101(d) for the performance of officialduties.

 

(f) The commission shall adopt a seal, including the words"Wyoming Real Estate Commission, Office of the Commission" by whichthe acts of the commission shall be authenticated. Copies of all records andpapers in the office of the commission, certified by the signature of thedirector and the seal of the commission, shall be received in evidence in allcases equally and with like effect as the originals. The presence of three (3)members of the commission shall constitute a quorum. In the absence of thechairman, the member of the commission present who is senior in time of serviceshall serve as presiding officer. The action of the majority of the members ofthe commission shall be deemed the action of the commission.

 

(g) All fees collected by the commission shall be deposited inthe state treasury. The state treasurer shall deposit the fees to the credit ofthe real estate board account. Disbursements from the account shall not exceedthe monies credited to it.

 

33-28-106. Application for license; qualifications; sworn statement;commission approval of course of study; statement of broker; denial of license;license and pocket card.

 

(a) Any person desiring to act as a real estate broker,associate broker or real estate salesman shall file an application for alicense with the commission. The application shall be in the form and detail asthe commission shall prescribe and the applicant shall provide to thecommission fingerprints and other information necessary for a criminal historyrecord background check as provided in W.S. 7-19-201(a).

 

(b) Licenses shall be granted only to persons who bear a goodreputation for honesty, trustworthiness, integrity and competence to transactthe business of a broker, associate broker or salesman in a manner which willsafeguard the interests of the public, and only after satisfactory proof of theapplicant's qualifications has been presented to the commission including acriminal history record background check as provided in W.S. 7-19-201(a).

 

(c) Each applicant for a broker's license shall:

 

(i) Have reached the age of majority;

 

(ii) Have first served actively for two (2) years as a realestate salesman or shall furnish to the commission proof indicating that theapplicant holds a degree in real estate from an accredited university orcollege; and

 

(iii) Submit other evidence through the application or otherwise,as the commission deems desirable with due regard to the paramount interests ofthe public, as to the honesty, truthfulness, integrity and competency of theapplicant.

 

(d) Every officer of a corporation acting as a broker for thecorporation and every member of an association or partnership acting as abroker for that association or partnership who engages in the real estatebusiness shall obtain a broker's license.

 

(e) Every applicant for a broker's license shall furnish a swornstatement setting forth:

 

(i) The name of the person, firm, partnership, association orcorporation with which he will be associated in the business of real estate;

 

(ii) The location of the place or places for which the licenseis desired;

 

(iii) The period of time, if any, which the applicant has beenengaged in the real estate business;

 

(iv) His present address, both of business and residence;

 

(v) Repealed By Laws 2005, ch. 96, 2.

 

(vi) A statement that the applicant has or has not been refuseda real estate license in this or any other state;

 

(vii) A statement that the applicant's real estate license has orhas not been revoked in this or any other state;

 

(viii) Evidence that the applicant has completed not less thansixty (60) class hours in a course of study approved by the commission, givenby instructors approved by the commission and has satisfactorily passed anexamination covering material taught in each course. The commission shall:

 

(A) Approve courses that cover real estate principles, realestate law, real estate finance and related topics;

 

(B) Promulgate rules and regulations to provide a process forchallenging a course in lieu of evidence of completion of class hours;

 

(C) Publish a list of approved real estate courses and keep thelist updated annually;

 

(D) On request, evaluate a specific course or courses which arenot on the approved list and approve or disapprove the course.

 

(f) Each applicant for a salesman's license shall have reachedthe age of majority. The application for a salesman's license shall beaccompanied by a written statement by the broker in whose service the applicantis about to enter stating:

 

(i) The name and place of business of the broker making thestatement;

 

(ii) In his opinion the applicant is honest, truthful andrecommends the license be granted to the applicant;

 

(iii) The broker will actively supervise and train the applicantduring the period the requested license remains in effect;

 

(iv) The period of time, if any, during which the applicant hasbeen engaged in the real estate business;

 

(v) The name and address of the applicant's last employer;

 

(vi) The applicant has completed not less than thirty (30) classhours in a course of study approved by the commission, given by instructorsapproved by the commission and has satisfactorily passed an examinationcovering material taught in each course. The commission shall:

 

(A) Approve courses that cover estate principles, real estatelaw, real estate finance and related topics;

 

(B) Promulgate rules and regulations to provide a process forchallenging a course in lieu of evidence of completion of class hours;

 

(C) Publish a list of approved real estate courses and keep thelist updated annually;

 

(D) On request, evaluate a specific course or courses which arenot on the approved list and approve or disapprove the course.

 

(vii) Other information as the board may require that relatesspecifically to real estate transactions.

 

(g) The commission may consider prior revocation, conduct orconviction in its determination of whether to grant the applicant a license ifthe applicant:

 

(i) Has had his real estate license revoked on a prioroccasion;

 

(ii) Is found to have committed any of the practices enumeratedin W.S. 33-28-111 during the term of his prior licensure; or

 

(iii) Has been convicted of any felony.

 

(h) The commission shall take into account the nature of theoffense, any aggravating or extenuating circumstances, the time elapsed sincethe revocation, conduct or conviction, the rehabilitation or restitutionperformed by the applicant and other factors as the commission deems relevant.

 

(j) The commission may deny a license to any person who hasbeen determined by the commission after hearing to have engaged in a licensedreal estate activity without a license.

 

(k) The commission shall issue to each broker and to eachsalesman licensee a license and pocket card in a form and size as thecommission shall prescribe.

 

(m) A false statement of material fact made in an applicationshall in itself be sufficient grounds for the refusal of a license.

 

33-28-107. Examinations; salesmen's and brokers' licenses.

 

 

(a) In addition to proof of honesty, trustworthiness and goodreputation, each applicant desiring to become licensed as a real estate brokeror a real estate salesman shall execute and file an application for examinationupon a form prescribed by the commission and shall pass a written examinationprepared by or under the supervision of the commission. The examination shallbe given at times and at places within the state as the commission shallprescribe. The examination for a salesman's license shall include businessethics, composition, arithmetic, elementary principles of land economics andappraisal, a general knowledge of the statutes of this state relating to deeds,mortgages, contracts of sale, agency and brokerage, and the provisions of thisact. The examination for a broker's license shall be of a more exacting natureand scope and more stringent than the examination for a salesman's license.

 

(b) No applicant shall engage in the real estate businesseither as a broker or salesman until he has satisfactorily passed theexamination, complied with the other requirements of this act and until alicense has been issued to him.

 

(c) Repealed by Laws 1983, ch. 156, 3.

 

33-28-108. Fees.

 

Pursuantto W.S. 33-1-201, the commission shall establish fees for examinations,original licenses, renewals, certifications, change of place of business,transfers, duplicate licenses and duplicate pocket cards. The fees shall beused to pay the expense of maintaining and operating the office of thecommission and the enforcement of this act.

 

33-28-109. Broker to maintain fixed office; display of licenses; changeof address; branch offices; restrictions on associate brokers and salesmen.

 

(a) Each resident licensed broker shall maintain a fixed officewithin this state. The original license as broker and the original license ofeach salesman associated with or under contract to the broker shall beprominently displayed in the office. The address of the office shall bedesignated in the broker's license and no license issued under this act shallauthorize the licensee to transact real estate business at any other addressexcept a licensed branch office. In case of removal from the designatedaddress, the licensee shall make application to the commission before theremoval or within ten (10) days thereafter, designating the new location of hisoffice and paying the required fee, whereupon the commission shall issue alicense for the new location for the unexpired period if the new locationcomplies with the terms of this act.

 

(b) If a broker maintains more than one (1) place of businesswithin the state a branch office license shall be issued to the broker for eachbranch office so maintained by him and the branch office license shall bedisplayed conspicuously in each branch office. Every branch office shall beunder the direction and supervision of a licensed broker. A broker requesting abranch office license shall also, in addition to the branch office application,submit a plan of supervision for the branch office.

 

(c) An associate broker or salesman shall not be associated orengaged under contract to any other broker than is designated upon the licenseissued to the associate broker or salesman. Upon termination of an associatebroker's or salesman's association or contractual relationship, he shallsurrender his pocket card to his broker who shall return his license and pocketcard to the commission for cancellation. Whenever a licensed associate brokeror salesman desires to change his broker or contractual relationship from onelicensed broker to another, he shall notify the commission promptly in writingof the facts attendant thereon and pay the required fee. The commission shallissue a new license and pocket card. No associate broker or salesman shalldirectly or indirectly associate himself with a broker until he has been issueda license to do so with that broker.

 

(d) No more than one (1) license shall be issued to anysalesman to be in effect at one (1) time.

 

33-28-110. Unlawful to compensate unlicensed person; licensing ofnonresidents; service of process on nonresidents.

 

 

(a) It is unlawful for any licensed broker to compensate anyperson who is not a licensed broker, associate broker or salesman forperforming any of the acts regulated by this act; provided, however, that alicensed broker may pay a commission to a licensed broker of another state ifthe nonresident broker does not conduct in this state any of the negotiationsfor which a commission is paid.

 

(b) A nonresident may be issued a nonresident Wyoming broker'slicense if:

 

(i) The individual is a licensed broker in his home state;

 

(ii) The individual is actively engaged in the real estatebusiness and maintains a place of business in his home state;

 

(iii) The individual meets all the other requirements of thisact; and

 

(iv) The individual's home state has entered into a reciprocalagreement with the commission relating to the issuance of reciprocal licenses.

 

(c) A nonresident broker's license may be issued withoutexamination to a real estate broker licensed under the laws of another stateif:

 

(i) The individual is the holder of a broker's license in hishome state;

 

(ii) The standards for registration as a real estate broker inhis home state are substantially equivalent to the minimum standards in thisstate; and

 

(iii) The broker furnishes the commission a statement under sealof the commission of his home state evidencing that he is an active licensedbroker in good standing and has no complaints pending against him in his homestate.

 

(d) A nonresident salesman employed by or associated with abroker holding a nonresident broker's license may be issued a nonresidentsalesman's license under the nonresident broker if he submits to the commissiona statement under the seal of the commission of the state in which he islicensed evidencing that he is an active licensed salesman in good standing andwith no complaints pending against him in his home state.

 

(e) Repealed By Laws 2007, Ch. 171, 2.

 

(f) Prior to being issued a license, every nonresident brokershall file with the commission a designation in writing which appoints thedirector of the commission to act as his licensed agent upon whom all judicialand other process or legal notices directed to the licensee may be served.Service upon the agent so designated shall be equivalent to personal serviceupon the licensee. Copies of the appointment, certified by the director of thecommission, shall be received in evidence in any proceeding and shall be giventhe same force and effect as the original. In the written designation thelicensee shall agree that any lawful process against the licensee which isserved upon his appointed agent shall be of the same legal force and validityas if served upon the licensee, and that the authority of the agent shallcontinue in force so long as any liability of the licensee remains outstandingin this state. Upon the receipt of any process or notice, the director shallmail a copy of the same by certified mail, return receipt requested, to thelast known business address of the licensee.

 

(g) No license shall be issued to a nonresident broker until hehas agreed in writing to abide by all the provisions of this act with respectto his real estate activities within this state and to submit to thejurisdiction of the commission and this state as provided in subsection (f) ofthis section. The agreement shall be filed with the commission and shall remainin force for so long as the nonresident broker is licensed by this state andthereafter with respect to acts or omissions committed while licensed in thisstate as a nonresident broker.

 

(h) Prior to the issuance of any license to any nonresident, heshall file with the commission a certified copy of any certificate issued tohim authorizing him to conduct real estate business in any other state, and payto the commission the same license fee as provided in W.S. 33-28-108 for theobtaining of a broker's or salesman's license in this state.

 

(j) Nonresident licenses granted under reciprocal agreements asprovided in this section shall remain in force, unless suspended or revoked bythe commission for just cause or for failure to pay the required renewal fee,only as long as a reciprocal agreement is in effect between this state and theresident state of the nonresident licensee.

 

33-28-111. Censure of licensee and suspension or revocation of license;grounds.

 

(a) The commission shall upon a written sworn complaint or mayupon its own motion investigate the actions of any broker, associate broker orsalesman, impose an administrative fine not to exceed two thousand five hundreddollars ($2,500.00) for each separate offense and may censure the licensee,place the licensee on probation and set the terms of probation, suspend orrevoke any license issued under this act and impose an administrative fine forany of the following:

 

(i) Making any substantial misrepresentation, false promises orfalse or fraudulent representation;

 

(ii) Violation of this act or any rule of the commission;

 

(iii) Failing to disclose an interest in the transaction;

 

(iv) Soliciting the breach of a listing or a property managementcontract;

 

(v) Negotiating a sale, exchange or lease of real estatedirectly with an owner or lessor if the licensee knows the owner has a writtenoutstanding contract in connection with the property granting an exclusiveright to sell to another broker;

 

(vi) Intentionally using advertising which:

 

(A) Is misleading or is inaccurate in any material matter; or

 

(B) Uses a trade name, collective membership mark, service markor logo name, mark or logo without authorization owned by another person unlessauthorized to do so.

 

(vii) Placing a sign on any property offering it for sale or rentwithout the written consent of the owner or his authorized agent;

 

(viii) Offering real estate for sale or lease without theknowledge and consent of the owner or his authorized agent or on terms otherthan those authorized by the owner or his authorized agent;

 

(ix) If a broker, failing to supervise the activities of hisassociate broker or salesman;

 

(x) Failing to advise the buyer and seller of all terms of theproposed sale at the time an offer is presented including estimated discountsand closing costs;

 

(xi) Unreasonably failing upon demand to surrender to therightful owner, any document or instrument in his possession;

 

(xii) Unreasonably failing to produce documents of record in hispossession or under his control concerning any real estate transaction underinvestigation by the commission;

 

(xiii) Failing to submit all offers in writing to a seller, ifreceived prior to the written acceptance of any offer;

 

(xiv) Commingling the money or other property of the licensee'sprincipals with his own;

 

(xv) Accepting, giving or charging an undisclosed commission,rebate or direct profit on expenditures made for a principal;

 

(xvi) Engaging in activity as an associate broker or salesmaninvolving the representing or attempt to represent a real estate broker otherthan his licensed broker;

 

(xvii) Accepting a commission or other valuable consideration byan associate broker or salesman from anyone other than his employing broker;

 

(xviii) Acting for more than one (1) party in a transaction withoutthe knowledge of all parties for whom the licensee acts;

 

(xix) Guaranteeing or authorizing any person to guarantee futureprofits which may result from the resale of real property;

 

(xx) Failing to obtain written listing agreements identifyingthe property and containing all terms and conditions under which the propertyis to be sold including the price, the commission to be paid, the signatures ofall parties concerned and a definite expiration date;

 

(xxi) Failing to deliver within a reasonable time a completedcopy of any document to all parties;

 

(xxii) Conviction of a felony;

 

(xxiii) Compensating any unlicensed person for performing theservices of a broker, associate broker or salesman;

 

(xxiv) Failing to specify he is being compensated by more than one(1) party and failing to notify all parties involved;

 

(xxv) Failing to account for any monies or property entrusted tolicensee;

 

(xxvi) Failing to keep the funds of others in an escrow or trustaccount;

 

(xxvii) Failing to deposit all financial instruments in an escrowor trustee account within one (1) banking day in a financial institution inthis state;

 

(xxviii) Failing upon consummation or termination of the transactionto give a full accounting of the monies and property placed in escrow or trustshowing dates of deposit, management and withdrawals;

 

(xxix) If a broker:

 

(A) Failing to deliver to the seller in every real estatetransaction at the time the transaction is closed a complete, detailed closingstatement showing all of the receipts and disbursements handled by the brokerfor the seller unless a clear and accurate accounting is furnished by an escrowagent;

 

(B) Failing to deliver to the buyer a complete statementshowing all money received in every real estate transaction from the buyer andhow and for what the same was disbursed unless a clear and accurate accountingis furnished by an escrow agent; and

 

(C) Failing to retain true copies of statements required bythis paragraph in his files.

 

(xxx) Representing to any lender, guaranteeing agency or anyother interested party, either verbally or through the preparation of falsedocuments, an amount in excess of the true and actual sale price of the realestate or terms differing from those actually agreed upon;

 

(xxxi) Accepting other than cash as earnest money unless:

 

(A) The fact is communicated to the owner prior to the owner'sacceptance of the offer to purchase; and

 

(B) The fact is shown in the earnest money receipt.

 

(xxxii) Refusing to appear or testify under oath at any hearingheld by the commission;

 

(xxxiii) Receiving more than three (3) censures from the commissionwithin a two (2) year period.

 

(b) Upon receipt from the department of family services of acertified copy of an order from a court to withhold, suspend or otherwiserestrict a license issued by the commission, the commission shall notify theparty named in the court order of the withholding, suspension or restriction ofthe license in accordance with the terms of the court order. No appeal underthe Wyoming Administrative Procedure Act shall be allowed for a license withheld,suspended or restricted under this subsection.

 

(c) All administrative fines collected under this section shallbe paid to the state treasurer to be credited to the public school fund of thecounty in which the violation occurred.

 

33-28-112. Enjoining violations of chapter; penalties for violation ofinjunction.

 

 

(a) Any person who violates or proposes to violate anyprovisions of this act, or any rules and regulations promulgated under thisact, may be restrained or enjoined from the action at any time by an orderissued by the district court. An action may be initiated by the attorneygeneral or the district attorney for the county in which the violation has oris about to occur.

 

(b) Any defendant so enjoined who violates an injunction shallbe punished for contempt of court by a fine of not more than one thousanddollars ($1,000.00) or by imprisonment in the county jail for not more than six(6) months or both.

 

(c) Repealed by Laws 1983, ch. 156, 3.

 

33-28-113. Contested cases; independent hearing officers; appeals.

 

 

(a) The commission may contract with independent hearingofficers to hear all contested cases arising under this act. The hearingofficer shall not be an employee of the office of the attorney general, or anemployee or member of the commission.

 

(b) All hearings shall be conducted pursuant to the WyomingAdministrative Procedure Act. A hearing officer has the power specified in W.S.16-3-112(b). The hearing officer shall make in each contested case and forwardto the commission written findings of fact and conclusions of law.

 

(c) Any judicial review of the administrative decision underthe Administrative Procedure Act may be in the district court in the countywhere the violation allegedly occurred.

 

(d) Repealed by Laws 1983, ch. 156, 3.

 

33-28-114. Conducting business without license prohibited; penalties;civil liability.

 

 

(a) Any person acting as a broker, associate broker or salesmanwithout first obtaining a license is guilty of a misdemeanor and uponconviction shall be punished by a fine of not more than one thousand dollars($1,000.00) or by imprisonment in the county jail for a term not to exceed six(6) months. Upon conviction of a subsequent violation the person shall bepunished by a fine of not more than one thousand dollars ($1,000.00) or byimprisonment in the county jail for a term not to exceed one (1) year or both.If a corporation is convicted it shall be punished by a fine of not more thanfive thousand dollars ($5,000.00).

 

(b) If any person receives any money or the equivalent thereofas a fee, commission, compensation or profit by or in consequence of aviolation of any provision of this act, he shall, in addition, be liable to apenalty of not less than the amount of the sum of money so received and notmore than three (3) times the sum so received as may be determined by thecourt, which penalty may be recovered in a court of competent jurisdiction byany person aggrieved.

 

33-28-115. Unlicensed person may not maintain action for fee.

 

Noaction or suit shall be instituted, nor recovery be had, in any court of thisstate by any person for compensation for any act done or service rendered,which is prohibited under this act [ 33-28-101 through 33-28-206] to otherthan licensed brokers, licensed associate brokers or licensed salesmen unlessthe person was licensed under this act at the time of offering to perform anyact or service or procuring any promise to contract for the payment ofcompensation for any contemplated act or service.

 

33-28-116. Real estate institutes and seminars; assistance insponsoring studies and programs.

 

 

(a) The commission may conduct or assist in conducting realestate institutes and seminars and incur and pay the necessary expenses inconnection therewith. The institutes or seminars shall be open to all licenseesand the public.

 

(b) The commission is authorized to assist libraries andeducational institutions in sponsoring studies and programs for the purpose ofraising the standards of the real estate business and the competency oflicensees.

 

33-28-117. Directory of licensees.

 

Thecommission shall annually publish a directory of licensees, including a list oflicenses suspended and revoked which shall contain other data as the commissionmay determine to be in the interest of real estate licensees and the public.The lists shall be distributed to all licensed brokers without charge.

 

33-28-118. License renewals; continuing education; payment of fees;effect of failure to renew; inactive status.

 

(a) Licenses issued under this act may be renewed forsuccessive three (3) year periods. Application for renewal of any licenseissued prior to this act shall be made before December 31, 1983. Thereafter theapplication shall be made before December 31 of the third year of the licenseperiod. The commission may establish a grace period for license renewal not toexceed sixty (60) days. The commission may establish a late fee for licenserenewal not to exceed seventy-five dollars ($75.00).

 

(b) Effective December 31, 1983, the commission may adopt rulesand regulations providing for mandatory continuing education allocable overeach three (3) year period not to exceed sixty (60) hours.

 

(c) Failure to remit renewal fees when due shall automaticallycancel a license, but otherwise the license shall remain in full force andeffect continuously from the date of issuance, unless suspended or revoked bythe commission for just cause. Presentation of a check to the commission as afee for either an original or renewal license or for examination for license,which is returned to the state treasurer unpaid, is cause for revocation ordenial of license unless it is established that the dishonor of the check wasnot the fault of the applicant or licensee.

 

(d) Any licensee whose license has been cancelled for failureto renew as provided in this section shall comply with all requirements of anew applicant, including writing the appropriate examination, before a licensewill be reissued.

 

(e) Any real estate associate broker or salesman who is notemployed by or associated with a broker, or any broker who desires to becomeinactive may renew his license in an inactive status prior to the renewaldeadline established in this section, by submitting the renewal fee together witha completed renewal application on which he has noted his present inactivestatus.

 

(f) A license on inactive status for more than three (3) yearsshall not be reissued on an active status unless the licensee has first met theeducational requirements under subsection (b) of this section.

 

(g) A license on an inactive status for less than three (3)years may be renewed on an active status prior to the renewal deadline bysubmitting the renewal fee together with a renewal application.

 

33-28-119. Advertising; licensing under one name; trade names;advertisement of associate brokers and salesmen.

 

 

(a) Every real estate broker, when advertising or promoting hisreal estate brokerage business, shall use the name under which he is licensedand shall use no slogans or phraseology in a manner which would indicate orsuggest to the public that real property may be listed or is being offered forsale, exchange, lease or rent by a private party not licensed by thecommission.

 

(b) No real estate broker licensed under this act shall insertin any publication an advertisement which lists only a post office box number,telephone number or street address.

 

(c) No person, corporation, partnership or association,domestic or foreign, shall act or advertise as a real estate broker or salesmanin this state by use of letterheads, billboards, radio or televisionannouncements or any other media of advertising, without first obtaining a realestate broker's or salesman's license from the commission.

 

(d) Except as provided in subsection (e) of this section, noperson shall be licensed as a real estate broker or a real estate salesmanunder more than one (1) name, and no person shall conduct or promote a realestate brokerage business except under the name under which the person orbrokerage business is licensed.

 

(e) A trade name, with the permission of the owner of the tradename, may be used concurrently with the licensed name of the broker in thepromotion or conduct of the licensed broker's business. The broker's licensedname shall be displayed in a conspicuous manner that may be readily identifiedby the general public.

 

(f) A licensed broker shall not advertise the sale, purchase,exchange or lease of property, whether owned by him or not, without including inthe advertisement the name under which he is licensed.

 

(g) A licensed associate broker or salesman shall not advertisethe sale, purchase, exchange or lease of property, whether owned by him or not,without including in the advertisement the name of the broker with whom he isassociated and licensed and the name under which he is licensed.

 

33-28-120. Assistance of attorney general; independent counsel.

 

 

(a) The attorney general shall render opinions to thecommission on all questions of law relating to the interpretation andadministration of this act. The attorney general shall act as attorney for thecommission in all actions and proceedings brought by or against it under thisact.

 

(b) In addition to or instead of the attorney general the commissionmay hire other legal counsel with the approval of the attorney general.

 

33-28-121. Temporary licenses to complete affairs of deceased brokers.

 

Inthe event of the death of a licensed broker who is the sole proprietor of areal estate business, upon application by his personal representative, thedirector shall issue, without examination and for a specified period of time, atemporary license to the personal representative, or to a licensed individualdesignated by him and approved by the director. The license shall authorize theholder of the temporary license to continue to transact business for the solepurpose of completing the affairs of the deceased broker.

 

33-28-122. Broker's trust accounts; disposition of interest;commingling with personal funds prohibited; disputed deposits; cooperativetransactions.

 

 

(a) Every broker licensed in this state shall:

 

(i) Maintain a separate account in a financial institution inthis state designated as a trust account in which all down payments, earnestmoney deposits, advance listing fees or other trust funds received by him, hisassociate brokers or his salesmen on behalf of a principal or any other personshall be deposited unless all persons having an interest in the funds haveagreed otherwise in writing. The account shall permit immediate withdrawal ofthe funds deposited therein;

 

(ii) Notify the real estate commission on forms it prescribes ofthe name of the financial institution in which a trust account is maintainedand the name of the account. If the broker uses a closing agent and depositsmonies with this agent, his intention to use a closing agent shall be disclosedto all parties to any contract, purchase agreement, lease or lease agreementnegotiated by him. The broker shall notify the real estate commission inwriting that he uses a closing agent and deposits monies with the agent;

 

(iii) Permit the commission or its representative to examine thetrust account records;

 

(iv) Upon cancellation of his license for any reason, maintain theescrow account until all deposits have been properly disbursed.

 

(b) If a broker's branch office maintains a separate trustaccount, the office shall maintain a separate bookkeeping system.

 

(c) A trust account maintained by a broker under this sectionmay be interest bearing or noninterest bearing. Any interest accrued on anydeposit in a trust account shall be paid out as agreed in writing by allpersons having an interest in the deposit. In the absence of a writtenagreement among all persons having an interest in the deposit, at the time allor any portion of any deposit is withdrawn and paid out, all interest accruedupon the funds withdrawn and paid out shall also be withdrawn and paid out tothe person from whom the trust funds were received; provided, if the funds arerequired to be disbursed to more than one (1) person, each person entitled toreceive any portion of the deposit shall also be paid a portion of the interestin the same proportion as the funds withdrawn and paid out to each person bearsto the total deposit.

 

(d) A broker is not entitled to any part of the earnest moneyor other money paid to him in connection with any real estate transaction aspart or all of his commission or fee until the transaction has been consummatedor terminated.

 

(e) No broker shall permit an advance payment of fundsbelonging to others to be deposited in the broker's personal account or becommingled with his personal funds. It will not be considered commingling if,when establishing the trust account, the broker deposits some of his funds tokeep the account open or to avoid charges for a minimum balance, so long asthat deposit is identified at the time of deposit. No broker shall use depositsin a trust account for a purpose other than the transaction for which they wereprovided.

 

(f) In the event of a dispute over the return or forfeiture ofany deposit held by the listing broker, the listing broker may continue to holdthe deposit in his trust account until he has a written release from the partiesconsenting to this disposition or until a civil action is filed, at which timeit may be paid to the court.

 

(g) In a cooperative transaction, in which one (1) broker holdsan exclusive right to sell or an exclusive agency on a property and the sellingbroker receives cash or a check as earnest money or according to a contract,the selling broker shall deliver the contract and the earnest money to thelisting broker who shall deposit the cash or check in his trust account. If theselling broker receives a promissory note, or thing of value, the note or thingof value shall be delivered with the contract to the listing broker to be heldby the listing broker.

 

33-28-123. Retention of records.

 

Every broker licensed in this state shallkeep and maintain a full set of records of every real estate transaction inwhich he participates on behalf of any party to the transaction. The recordsshall be maintained not less than seven (7) years from the latest date on whichthe broker participated in the transaction.

 

33-28-124. Act, error or omission in the rendering of real estateservices.

 

A cause of action arising from an act, error or omission inthe rendering of services provided by a licensee under this act shall bebrought within the time limits provided under W.S. 1-3-107. Nothing in thissection shall be construed to extend the limitation period specified in W.S.33-28-203 for actions for payment from the real estate recovery account.

 

ARTICLE 2 - WYOMING REAL ESTATE RECOVERY AND EDUCATION FUNDS

 

33-28-201. Real estate recovery account created; funding of account; noliability of state.

 

(a) There is created a real estate recovery account which shallbe under the direction of the commission under W.S. 33-28-201 through33-28-206.

 

(b) Beginning January 1, 1984, every person obtaining orrenewing a real estate broker's, associate broker's or salesman's license shallpay an additional fee of twenty dollars ($20.00) which shall be deposited inthe real estate recovery fund account. When the balance of the real estaterecovery fund account reaches twenty thousand dollars ($20,000.00) one-half(1/2) of the fee shall be deposited in the real estate recovery fund accountand one-half (1/2) of the fee shall be deposited in the educational fundaccount. When the real estate recovery fund account balance reaches fiftythousand dollars ($50,000.00) all fees shall be deposited in the education fundaccount.

 

(c) No monies shall be appropriated from the general fund forpayment of any expenses incurred under W.S. 33-28-201 through 33-28-206 andthose expenses shall not be paid by the state.

 

33-28-202. Real estate recovery account created; payments; pro ratadistribution when account insufficient; service of process; joinder of account.

 

 

(a) If any person obtains a final judgment in any court ofcompetent jurisdiction against any real estate broker or real estate salesmanlicensed under this act on the grounds of fraud, willful misrepresentation,deceit or conversion of trust funds arising directly out of any transactionoccurring after December 31, 1983 which occurred when the broker, associatebroker or salesman was licensed and in which the broker, associate broker orsalesman performed acts for which a real estate license is required, thatperson, within one (1) year of termination of all proceedings, includingappeals, may file with the commission a verified petition in the court in whichthe judgment was entered for an order directing payment out of the real estaterecovery account in the amount of actual damages included in the judgment andunpaid, and that a writ of execution has been returned unsatisfied, but for notmore than four thousand dollars ($4,000.00).

 

(b) If the payment from the real estate recovery account isinsufficient to pay in full the valid claims of all who have claims on file atany time the money in the account shall be distributed among them in the ratiothat their respective claims bear to the aggregate of the valid claims or in amanner that a court deems equitable. Distribution of any monies shall be amongthe persons entitled to share the monies without regard to the order ofpriority in which their respective judgments were obtained or their claims werefiled.

 

(c) Any real estate broker, associate broker or real estatesalesman who is licensed or renews his license under W.S. 33-28-108 afterDecember 31, 1983, and upon whom personal service cannot be made withreasonable diligence shall be deemed to have appointed the director of thecommission as his agent for service of process for purposes of actions filedagainst him pursuant to subsection (a) of this section. Service of processpursuant to subsection (b) of this section shall be made under the WyomingRules of Civil Procedure.

 

(d) In lieu of the petition under subsection (a) of thissection for an order directing payment out of the real estate recovery account,a person filing an action against a licensed real estate broker, associatebroker or salesman of a type described in subsection (a) of this section mayjoin the real estate recovery account as a limited third party defendant andhave judgment rendered directly against the account in the amount provided insubsection (a) of this section provided:

 

(i) Service of summons and complaint is made on the real estatecommission;

 

(ii) The account may assert all defenses available to defendantlicensee;

 

(iii) Plaintiff posts a bond in the amount of ten percent (10%)of the actual damages he seeks from the account to guarantee costs.

 

(e) The commission may defend any action against the fund onbehalf of the fund and in the name of the defendant.

 

(f) Recovery against the bond required in paragraph (d)(iii) ofthis section shall be authorized by the court if it rules in favor of thecommission on behalf of the fund.

 

33-28-203. Limitation on action for payment from account; notice ofaction; order of payment; showing required.

 

 

(a) No order for payment from the real estate recovery accountshall be issued unless the suit in which the order subsequently results was commencedwithin one (1) year after the cause of action accrued. If any person commencesan action for a judgment which may result in an order for payment from theaccount, the person shall notify the commission in writing of the commencementof the action. The commission, under W.S. 33-28-111, shall investigate thecomplaint and may hold a suspension or revocation hearing.

 

(b) If any person files a petition for an order directingpayment from the real estate recovery account, the court may order payment outof the real estate recovery account under subsection (c) of this section if itfinds:

 

(i) The petitioner is not a spouse of the judgment debtor or aperson representing the spouse;

 

(ii) The petitioner has obtained a judgment of the kind describedin W.S. 33-28-202(a); and

 

(iii) The judgment debtor has insufficient property upon whichexecution may be levied to satisfy the judgment or that a writ of execution hasbeen returned unsatisfied.

 

(c) Upon receipt of an order by the court directing thatpayment be made out of the real estate recovery account, the state auditorshall draw a warrant for the payment of the amount directed upon a voucherapproved by the commission and the state treasurer shall pay the amountdirected out of the real estate recovery account.

 

33-28-204. Revocation of licenses following payment from account;rei

State Codes and Statutes

Statutes > Wyoming > Title33 > Chapter28

CHAPTER 28 - REAL ESTATE BROKERS AND SALESMEN

 

ARTICLE 1 - GENERAL LICENSING PROVISIONS

 

33-28-101. Short title; license required.

 

Thisact shall be known and may be cited as the "Real Estate License Act of1971". From and after the effective date of this act it is unlawful forany person to engage in or conduct, directly or indirectly, or to advertise orhold himself out as engaging in or conducting the business, or acting in thecapacity of a real estate broker, associate broker or a real estate salesmanwithin this state without first obtaining a license as a broker, associatebroker or salesman, as provided in this act.

 

33-28-102. Definitions.

 

(a) As used in this act:

 

(i) "Associate broker" means an individual who has abroker's license and who is employed by another broker, or is associated withanother broker as an independent contractor and participates in any activitydescribed in subsection (a)(iii) of this section;

 

(ii) "Branch office" means a real estate broker'soffice other than his principal place of business;

 

(iii) "Broker" means an individual, other than asalesman, or associate broker who, for another and for compensation:

 

(A) Sells, exchanges, purchases, rents, manages or leases realestate;

 

(B) Offers to sell, exchange, purchase, rent, manage or leasereal estate;

 

(C) Negotiates, offers, attempts or agrees to negotiate thesale, exchange, purchase, rental or leasing of real estate;

 

(D) Lists, offers, attempts or agrees to list real estate forsale, lease or exchange;

 

(E) Auctions, offers, attempts or agrees to auction realestate;

 

(F) Collects, offers, attempts or agrees to collect rent for theuse of real estate;

 

(G) Advertises or holds himself out as being engaged in thebusiness of buying, selling, exchanging, renting or leasing real estate;

 

(H) Engages in the business of charging an advance fee inconnection with any contract he undertakes to promote the sale or lease of realestate either through its listing in a publication issued for that purpose orfor referral of information concerning the real estate to brokers, or both;

 

(J) Buys, sells, offers to buy or sell or otherwise deals inoptions on real estate or improvements thereon;

 

(K) Assists or directs in the procuring of prospects calculatedto result in the sale, exchange, lease or rental of real estate; or

 

(M) Assists or directs in the negotiation of any transactioncalculated or intended to result in the sale, exchange, lease or rental of realestate.

 

(iv) "Commission" means the Wyoming real estatecommission;

 

(v) Repealed by Laws 1983, ch. 156, 3.

 

(vi) Repealed by Laws 1983, ch. 156, 3.

 

(vii) "Degree in real estate" means a degree from anaccredited degree granting college or university, including a junior orcommunity college, with a business degree and a major course of study in realestate. A business degree shall include successful completion of four (4) corecourses of real estate principles and practices, real estate law, real estateappraisal and real estate finance, plus at least two (2) additional real estaterelated courses. These courses shall total at least eighteen (18) or moresemester hours or twenty-seven (27) quarter hours;

 

(viii) "License" means the document issued by thecommission certifying that the person named thereon has fulfilled allrequirements prerequisite to licensure under this act;

 

(ix) "Licensee" means any individual who holds thedesignation of broker, associate broker or salesman;

 

(x) "Offer" means and includes every inducement,solicitation, or attempt to encourage a person to acquire an interest in land,if undertaken for gain or profit;

 

(xi) "Office" means a real estate broker's place ofbusiness where records are maintained and licenses displayed;

 

(xii) "Person" means individuals, corporations,partnerships or associations, foreign and domestic;

 

(xiii) "Property manager" means one who for a commissionmanages real estate, including collection of rents, maintenance for theproperty and accounting of fees received for another;

 

(xiv) "Real estate" means leaseholds, as well as anyother interest or estate in land, whether corporeal, incorporeal, freehold ornonfreehold, and whether the real estate is situated in this state or elsewherebut shall not apply to nor include mineral lands, rights or leases;

 

(xv) "Regular employee" means one who is employed on asalaried basis by the owner of real estate whose duties are performed in theordinary course of the business or the management or operation of itsinvestments;

 

(xvi) "Salesman" means any person associated or engagedunder contract by or on behalf of a licensed broker to participate in anyactivity included in W.S. 33-28-102(a)(iii) for compensation or otherwise;

 

(xvii) "Time share" means any arrangement, whether bymembership agreement, lease, rental agreement, license, use agreement or othermeans, whereby the purchaser receives a right to use or a freehold interest inaccommodations or facilities or both, in property for a specific period of timeduring any given year, but not necessarily for consecutive years, and whichextends for a period of more than one (1) year;

 

(xviii) "This act" means W.S. 33-28-101 through33-28-401.

 

33-28-103. Exemptions.

 

(a) The provisions of this act shall not apply to:

 

(i) An owner of real estate or to a member of his immediatefamily or to his regular employees with respect to property owned by him unlessthe owner, his immediate family or regular employee is a licensee;

 

(ii) An attorney in fact under a duly executed and recordedpower of attorney to convey real estate from the owner or lessor, or theservices rendered by an attorney-at-law in the performance of his duties as anattorney unless the attorney is a licensee;

 

(iii) Any individual acting as receiver, trustee in bankruptcy,administrator, executor, or guardian, or while acting under a court order orunder the authority of a will or of a trust instrument or as a witness in anyjudicial proceeding or other proceeding conducted by the state or anygovernmental subdivision or agency;

 

(iv) Any officer or employee of a federal agency in the conductof his official duties;

 

(v) Any officer or employee of the state government or anypolitical subdivision thereof performing his official duties;

 

(vi) Any person or employee acting as the resident manager forthe owner or an employee acting as the resident manager for a broker managingan apartment building, duplex, apartment complex or court, when the residentmanager resides on the premises and is engaged in the leasing of property inconnection with his employment; or

 

(vii) A home owner's association formed and acting pursuant toits declaration and bylaws or a resort association formed and acting pursuantto its association agreement and bylaws.

 

33-28-104. Acts constituting person broker, associate broker orsalesman.

 

Anyperson who, for another, with the intention or upon the promise of receivingany valuable consideration offers, attempts or agrees to perform, or performsany single act defined in W.S. 33-28-102(a)(iii), whether as a part of atransaction or as the entire transaction shall be deemed to be acting as abroker, associate broker or salesman within the meaning of this act.

 

33-28-105. Creation of commission; membership; terms; removal;chairman; powers and duties; director and duties thereof; other employees;compensation; disposition of fees.

 

(a) The Wyoming real estate commission is created to consist offive (5) commissioners, each of whom shall be a citizen of Wyoming, appointedby the governor with the advice and consent of the senate. Not less than three(3) or more than four (4) of the membership shall have been engaged in businessas an active salesperson or broker in Wyoming for at least five (5) yearsimmediately preceding appointment. No more than one (1) commissioner shall beappointed from the same county. The term of the members of the commission shallbe for three (3) years and until their successors are appointed and qualified.Members appointed to fill vacancies shall be appointed in accordance with W.S.28-12-101, and no member shall be appointed to succeed himself for more thanone (1) full term. The governor may remove any commission member as provided inW.S. 9-1-202. The commission at its first meeting held after September 1 ofeach year shall select a chairman to serve for the following year. Thecommission has the power to regulate the issuance of licenses, to revoke orsuspend licenses issued under this act, to censure licensees and may do allthings necessary and proper to carry out the provisions of this act. Thecommission may, from time to time, promulgate and amend necessary andreasonable rules and regulations for these purposes. Effective July 1, 1979,appointments and terms shall be in accordance with W.S. 28-12-101 through28-12-103.

 

(b) Repealed by Laws 1983, ch. 156, 3.

 

(c) The commission shall employ a director. The director issubject to the rules and regulations of the human resources division of thedepartment of administration and information. The director's salary shall bepaid from the real estate board account specified in subsection (g) of thissection. The duties of the director shall include the following:

 

(i) Maintain and operate a suitable office for the commission;

 

(ii) Keep books, records and accounts of all activities of thecommission;

 

(iii) Issue real estate broker and salesman licenses;

 

(iv) Make investigations of complaints and possible violationsof the real estate laws and practices of licensees and to furnish informationand recommendations to the commission for their action;

 

(v) Assist the commission with examinations to be givenapplicants for real estate broker and salesman licenses, and to conduct theexaminations at the direction of the commission;

 

(vi) Assist the commission in holding educational clinics ormeetings when deemed advisable with the aim of promoting higher standards ofpractice in the real estate profession;

 

(vii) Assist the commission in promulgating rules in compliancewith the Wyoming Administrative Procedure Act, for the operation of thecommission and the implementation of this law; and

 

(viii) Perform other duties as the commission prescribes.

 

(d) The commission shall employ other employees to assist inthe discharge of the duties imposed upon it by this act and shall prescribe theduties and fix the compensation of its employees, subject to the rules andregulations of the human resources division of the department of administrationand information. The office of the commission shall be maintained in Cheyenneand all files, records and property of the commission shall at all times remainin the Cheyenne office. No employee of the commission may be a paid employee ofany real estate association or group of real estate dealers or brokers.

 

(e) Each member of the commission shall receive as compensationfrom the real estate board account for each day actually spent on his officialduties per diem and mileage allowance as allowed to state employees and salaryin the amount provided by W.S. 28-5-101(d) for the performance of officialduties.

 

(f) The commission shall adopt a seal, including the words"Wyoming Real Estate Commission, Office of the Commission" by whichthe acts of the commission shall be authenticated. Copies of all records andpapers in the office of the commission, certified by the signature of thedirector and the seal of the commission, shall be received in evidence in allcases equally and with like effect as the originals. The presence of three (3)members of the commission shall constitute a quorum. In the absence of thechairman, the member of the commission present who is senior in time of serviceshall serve as presiding officer. The action of the majority of the members ofthe commission shall be deemed the action of the commission.

 

(g) All fees collected by the commission shall be deposited inthe state treasury. The state treasurer shall deposit the fees to the credit ofthe real estate board account. Disbursements from the account shall not exceedthe monies credited to it.

 

33-28-106. Application for license; qualifications; sworn statement;commission approval of course of study; statement of broker; denial of license;license and pocket card.

 

(a) Any person desiring to act as a real estate broker,associate broker or real estate salesman shall file an application for alicense with the commission. The application shall be in the form and detail asthe commission shall prescribe and the applicant shall provide to thecommission fingerprints and other information necessary for a criminal historyrecord background check as provided in W.S. 7-19-201(a).

 

(b) Licenses shall be granted only to persons who bear a goodreputation for honesty, trustworthiness, integrity and competence to transactthe business of a broker, associate broker or salesman in a manner which willsafeguard the interests of the public, and only after satisfactory proof of theapplicant's qualifications has been presented to the commission including acriminal history record background check as provided in W.S. 7-19-201(a).

 

(c) Each applicant for a broker's license shall:

 

(i) Have reached the age of majority;

 

(ii) Have first served actively for two (2) years as a realestate salesman or shall furnish to the commission proof indicating that theapplicant holds a degree in real estate from an accredited university orcollege; and

 

(iii) Submit other evidence through the application or otherwise,as the commission deems desirable with due regard to the paramount interests ofthe public, as to the honesty, truthfulness, integrity and competency of theapplicant.

 

(d) Every officer of a corporation acting as a broker for thecorporation and every member of an association or partnership acting as abroker for that association or partnership who engages in the real estatebusiness shall obtain a broker's license.

 

(e) Every applicant for a broker's license shall furnish a swornstatement setting forth:

 

(i) The name of the person, firm, partnership, association orcorporation with which he will be associated in the business of real estate;

 

(ii) The location of the place or places for which the licenseis desired;

 

(iii) The period of time, if any, which the applicant has beenengaged in the real estate business;

 

(iv) His present address, both of business and residence;

 

(v) Repealed By Laws 2005, ch. 96, 2.

 

(vi) A statement that the applicant has or has not been refuseda real estate license in this or any other state;

 

(vii) A statement that the applicant's real estate license has orhas not been revoked in this or any other state;

 

(viii) Evidence that the applicant has completed not less thansixty (60) class hours in a course of study approved by the commission, givenby instructors approved by the commission and has satisfactorily passed anexamination covering material taught in each course. The commission shall:

 

(A) Approve courses that cover real estate principles, realestate law, real estate finance and related topics;

 

(B) Promulgate rules and regulations to provide a process forchallenging a course in lieu of evidence of completion of class hours;

 

(C) Publish a list of approved real estate courses and keep thelist updated annually;

 

(D) On request, evaluate a specific course or courses which arenot on the approved list and approve or disapprove the course.

 

(f) Each applicant for a salesman's license shall have reachedthe age of majority. The application for a salesman's license shall beaccompanied by a written statement by the broker in whose service the applicantis about to enter stating:

 

(i) The name and place of business of the broker making thestatement;

 

(ii) In his opinion the applicant is honest, truthful andrecommends the license be granted to the applicant;

 

(iii) The broker will actively supervise and train the applicantduring the period the requested license remains in effect;

 

(iv) The period of time, if any, during which the applicant hasbeen engaged in the real estate business;

 

(v) The name and address of the applicant's last employer;

 

(vi) The applicant has completed not less than thirty (30) classhours in a course of study approved by the commission, given by instructorsapproved by the commission and has satisfactorily passed an examinationcovering material taught in each course. The commission shall:

 

(A) Approve courses that cover estate principles, real estatelaw, real estate finance and related topics;

 

(B) Promulgate rules and regulations to provide a process forchallenging a course in lieu of evidence of completion of class hours;

 

(C) Publish a list of approved real estate courses and keep thelist updated annually;

 

(D) On request, evaluate a specific course or courses which arenot on the approved list and approve or disapprove the course.

 

(vii) Other information as the board may require that relatesspecifically to real estate transactions.

 

(g) The commission may consider prior revocation, conduct orconviction in its determination of whether to grant the applicant a license ifthe applicant:

 

(i) Has had his real estate license revoked on a prioroccasion;

 

(ii) Is found to have committed any of the practices enumeratedin W.S. 33-28-111 during the term of his prior licensure; or

 

(iii) Has been convicted of any felony.

 

(h) The commission shall take into account the nature of theoffense, any aggravating or extenuating circumstances, the time elapsed sincethe revocation, conduct or conviction, the rehabilitation or restitutionperformed by the applicant and other factors as the commission deems relevant.

 

(j) The commission may deny a license to any person who hasbeen determined by the commission after hearing to have engaged in a licensedreal estate activity without a license.

 

(k) The commission shall issue to each broker and to eachsalesman licensee a license and pocket card in a form and size as thecommission shall prescribe.

 

(m) A false statement of material fact made in an applicationshall in itself be sufficient grounds for the refusal of a license.

 

33-28-107. Examinations; salesmen's and brokers' licenses.

 

 

(a) In addition to proof of honesty, trustworthiness and goodreputation, each applicant desiring to become licensed as a real estate brokeror a real estate salesman shall execute and file an application for examinationupon a form prescribed by the commission and shall pass a written examinationprepared by or under the supervision of the commission. The examination shallbe given at times and at places within the state as the commission shallprescribe. The examination for a salesman's license shall include businessethics, composition, arithmetic, elementary principles of land economics andappraisal, a general knowledge of the statutes of this state relating to deeds,mortgages, contracts of sale, agency and brokerage, and the provisions of thisact. The examination for a broker's license shall be of a more exacting natureand scope and more stringent than the examination for a salesman's license.

 

(b) No applicant shall engage in the real estate businesseither as a broker or salesman until he has satisfactorily passed theexamination, complied with the other requirements of this act and until alicense has been issued to him.

 

(c) Repealed by Laws 1983, ch. 156, 3.

 

33-28-108. Fees.

 

Pursuantto W.S. 33-1-201, the commission shall establish fees for examinations,original licenses, renewals, certifications, change of place of business,transfers, duplicate licenses and duplicate pocket cards. The fees shall beused to pay the expense of maintaining and operating the office of thecommission and the enforcement of this act.

 

33-28-109. Broker to maintain fixed office; display of licenses; changeof address; branch offices; restrictions on associate brokers and salesmen.

 

(a) Each resident licensed broker shall maintain a fixed officewithin this state. The original license as broker and the original license ofeach salesman associated with or under contract to the broker shall beprominently displayed in the office. The address of the office shall bedesignated in the broker's license and no license issued under this act shallauthorize the licensee to transact real estate business at any other addressexcept a licensed branch office. In case of removal from the designatedaddress, the licensee shall make application to the commission before theremoval or within ten (10) days thereafter, designating the new location of hisoffice and paying the required fee, whereupon the commission shall issue alicense for the new location for the unexpired period if the new locationcomplies with the terms of this act.

 

(b) If a broker maintains more than one (1) place of businesswithin the state a branch office license shall be issued to the broker for eachbranch office so maintained by him and the branch office license shall bedisplayed conspicuously in each branch office. Every branch office shall beunder the direction and supervision of a licensed broker. A broker requesting abranch office license shall also, in addition to the branch office application,submit a plan of supervision for the branch office.

 

(c) An associate broker or salesman shall not be associated orengaged under contract to any other broker than is designated upon the licenseissued to the associate broker or salesman. Upon termination of an associatebroker's or salesman's association or contractual relationship, he shallsurrender his pocket card to his broker who shall return his license and pocketcard to the commission for cancellation. Whenever a licensed associate brokeror salesman desires to change his broker or contractual relationship from onelicensed broker to another, he shall notify the commission promptly in writingof the facts attendant thereon and pay the required fee. The commission shallissue a new license and pocket card. No associate broker or salesman shalldirectly or indirectly associate himself with a broker until he has been issueda license to do so with that broker.

 

(d) No more than one (1) license shall be issued to anysalesman to be in effect at one (1) time.

 

33-28-110. Unlawful to compensate unlicensed person; licensing ofnonresidents; service of process on nonresidents.

 

 

(a) It is unlawful for any licensed broker to compensate anyperson who is not a licensed broker, associate broker or salesman forperforming any of the acts regulated by this act; provided, however, that alicensed broker may pay a commission to a licensed broker of another state ifthe nonresident broker does not conduct in this state any of the negotiationsfor which a commission is paid.

 

(b) A nonresident may be issued a nonresident Wyoming broker'slicense if:

 

(i) The individual is a licensed broker in his home state;

 

(ii) The individual is actively engaged in the real estatebusiness and maintains a place of business in his home state;

 

(iii) The individual meets all the other requirements of thisact; and

 

(iv) The individual's home state has entered into a reciprocalagreement with the commission relating to the issuance of reciprocal licenses.

 

(c) A nonresident broker's license may be issued withoutexamination to a real estate broker licensed under the laws of another stateif:

 

(i) The individual is the holder of a broker's license in hishome state;

 

(ii) The standards for registration as a real estate broker inhis home state are substantially equivalent to the minimum standards in thisstate; and

 

(iii) The broker furnishes the commission a statement under sealof the commission of his home state evidencing that he is an active licensedbroker in good standing and has no complaints pending against him in his homestate.

 

(d) A nonresident salesman employed by or associated with abroker holding a nonresident broker's license may be issued a nonresidentsalesman's license under the nonresident broker if he submits to the commissiona statement under the seal of the commission of the state in which he islicensed evidencing that he is an active licensed salesman in good standing andwith no complaints pending against him in his home state.

 

(e) Repealed By Laws 2007, Ch. 171, 2.

 

(f) Prior to being issued a license, every nonresident brokershall file with the commission a designation in writing which appoints thedirector of the commission to act as his licensed agent upon whom all judicialand other process or legal notices directed to the licensee may be served.Service upon the agent so designated shall be equivalent to personal serviceupon the licensee. Copies of the appointment, certified by the director of thecommission, shall be received in evidence in any proceeding and shall be giventhe same force and effect as the original. In the written designation thelicensee shall agree that any lawful process against the licensee which isserved upon his appointed agent shall be of the same legal force and validityas if served upon the licensee, and that the authority of the agent shallcontinue in force so long as any liability of the licensee remains outstandingin this state. Upon the receipt of any process or notice, the director shallmail a copy of the same by certified mail, return receipt requested, to thelast known business address of the licensee.

 

(g) No license shall be issued to a nonresident broker until hehas agreed in writing to abide by all the provisions of this act with respectto his real estate activities within this state and to submit to thejurisdiction of the commission and this state as provided in subsection (f) ofthis section. The agreement shall be filed with the commission and shall remainin force for so long as the nonresident broker is licensed by this state andthereafter with respect to acts or omissions committed while licensed in thisstate as a nonresident broker.

 

(h) Prior to the issuance of any license to any nonresident, heshall file with the commission a certified copy of any certificate issued tohim authorizing him to conduct real estate business in any other state, and payto the commission the same license fee as provided in W.S. 33-28-108 for theobtaining of a broker's or salesman's license in this state.

 

(j) Nonresident licenses granted under reciprocal agreements asprovided in this section shall remain in force, unless suspended or revoked bythe commission for just cause or for failure to pay the required renewal fee,only as long as a reciprocal agreement is in effect between this state and theresident state of the nonresident licensee.

 

33-28-111. Censure of licensee and suspension or revocation of license;grounds.

 

(a) The commission shall upon a written sworn complaint or mayupon its own motion investigate the actions of any broker, associate broker orsalesman, impose an administrative fine not to exceed two thousand five hundreddollars ($2,500.00) for each separate offense and may censure the licensee,place the licensee on probation and set the terms of probation, suspend orrevoke any license issued under this act and impose an administrative fine forany of the following:

 

(i) Making any substantial misrepresentation, false promises orfalse or fraudulent representation;

 

(ii) Violation of this act or any rule of the commission;

 

(iii) Failing to disclose an interest in the transaction;

 

(iv) Soliciting the breach of a listing or a property managementcontract;

 

(v) Negotiating a sale, exchange or lease of real estatedirectly with an owner or lessor if the licensee knows the owner has a writtenoutstanding contract in connection with the property granting an exclusiveright to sell to another broker;

 

(vi) Intentionally using advertising which:

 

(A) Is misleading or is inaccurate in any material matter; or

 

(B) Uses a trade name, collective membership mark, service markor logo name, mark or logo without authorization owned by another person unlessauthorized to do so.

 

(vii) Placing a sign on any property offering it for sale or rentwithout the written consent of the owner or his authorized agent;

 

(viii) Offering real estate for sale or lease without theknowledge and consent of the owner or his authorized agent or on terms otherthan those authorized by the owner or his authorized agent;

 

(ix) If a broker, failing to supervise the activities of hisassociate broker or salesman;

 

(x) Failing to advise the buyer and seller of all terms of theproposed sale at the time an offer is presented including estimated discountsand closing costs;

 

(xi) Unreasonably failing upon demand to surrender to therightful owner, any document or instrument in his possession;

 

(xii) Unreasonably failing to produce documents of record in hispossession or under his control concerning any real estate transaction underinvestigation by the commission;

 

(xiii) Failing to submit all offers in writing to a seller, ifreceived prior to the written acceptance of any offer;

 

(xiv) Commingling the money or other property of the licensee'sprincipals with his own;

 

(xv) Accepting, giving or charging an undisclosed commission,rebate or direct profit on expenditures made for a principal;

 

(xvi) Engaging in activity as an associate broker or salesmaninvolving the representing or attempt to represent a real estate broker otherthan his licensed broker;

 

(xvii) Accepting a commission or other valuable consideration byan associate broker or salesman from anyone other than his employing broker;

 

(xviii) Acting for more than one (1) party in a transaction withoutthe knowledge of all parties for whom the licensee acts;

 

(xix) Guaranteeing or authorizing any person to guarantee futureprofits which may result from the resale of real property;

 

(xx) Failing to obtain written listing agreements identifyingthe property and containing all terms and conditions under which the propertyis to be sold including the price, the commission to be paid, the signatures ofall parties concerned and a definite expiration date;

 

(xxi) Failing to deliver within a reasonable time a completedcopy of any document to all parties;

 

(xxii) Conviction of a felony;

 

(xxiii) Compensating any unlicensed person for performing theservices of a broker, associate broker or salesman;

 

(xxiv) Failing to specify he is being compensated by more than one(1) party and failing to notify all parties involved;

 

(xxv) Failing to account for any monies or property entrusted tolicensee;

 

(xxvi) Failing to keep the funds of others in an escrow or trustaccount;

 

(xxvii) Failing to deposit all financial instruments in an escrowor trustee account within one (1) banking day in a financial institution inthis state;

 

(xxviii) Failing upon consummation or termination of the transactionto give a full accounting of the monies and property placed in escrow or trustshowing dates of deposit, management and withdrawals;

 

(xxix) If a broker:

 

(A) Failing to deliver to the seller in every real estatetransaction at the time the transaction is closed a complete, detailed closingstatement showing all of the receipts and disbursements handled by the brokerfor the seller unless a clear and accurate accounting is furnished by an escrowagent;

 

(B) Failing to deliver to the buyer a complete statementshowing all money received in every real estate transaction from the buyer andhow and for what the same was disbursed unless a clear and accurate accountingis furnished by an escrow agent; and

 

(C) Failing to retain true copies of statements required bythis paragraph in his files.

 

(xxx) Representing to any lender, guaranteeing agency or anyother interested party, either verbally or through the preparation of falsedocuments, an amount in excess of the true and actual sale price of the realestate or terms differing from those actually agreed upon;

 

(xxxi) Accepting other than cash as earnest money unless:

 

(A) The fact is communicated to the owner prior to the owner'sacceptance of the offer to purchase; and

 

(B) The fact is shown in the earnest money receipt.

 

(xxxii) Refusing to appear or testify under oath at any hearingheld by the commission;

 

(xxxiii) Receiving more than three (3) censures from the commissionwithin a two (2) year period.

 

(b) Upon receipt from the department of family services of acertified copy of an order from a court to withhold, suspend or otherwiserestrict a license issued by the commission, the commission shall notify theparty named in the court order of the withholding, suspension or restriction ofthe license in accordance with the terms of the court order. No appeal underthe Wyoming Administrative Procedure Act shall be allowed for a license withheld,suspended or restricted under this subsection.

 

(c) All administrative fines collected under this section shallbe paid to the state treasurer to be credited to the public school fund of thecounty in which the violation occurred.

 

33-28-112. Enjoining violations of chapter; penalties for violation ofinjunction.

 

 

(a) Any person who violates or proposes to violate anyprovisions of this act, or any rules and regulations promulgated under thisact, may be restrained or enjoined from the action at any time by an orderissued by the district court. An action may be initiated by the attorneygeneral or the district attorney for the county in which the violation has oris about to occur.

 

(b) Any defendant so enjoined who violates an injunction shallbe punished for contempt of court by a fine of not more than one thousanddollars ($1,000.00) or by imprisonment in the county jail for not more than six(6) months or both.

 

(c) Repealed by Laws 1983, ch. 156, 3.

 

33-28-113. Contested cases; independent hearing officers; appeals.

 

 

(a) The commission may contract with independent hearingofficers to hear all contested cases arising under this act. The hearingofficer shall not be an employee of the office of the attorney general, or anemployee or member of the commission.

 

(b) All hearings shall be conducted pursuant to the WyomingAdministrative Procedure Act. A hearing officer has the power specified in W.S.16-3-112(b). The hearing officer shall make in each contested case and forwardto the commission written findings of fact and conclusions of law.

 

(c) Any judicial review of the administrative decision underthe Administrative Procedure Act may be in the district court in the countywhere the violation allegedly occurred.

 

(d) Repealed by Laws 1983, ch. 156, 3.

 

33-28-114. Conducting business without license prohibited; penalties;civil liability.

 

 

(a) Any person acting as a broker, associate broker or salesmanwithout first obtaining a license is guilty of a misdemeanor and uponconviction shall be punished by a fine of not more than one thousand dollars($1,000.00) or by imprisonment in the county jail for a term not to exceed six(6) months. Upon conviction of a subsequent violation the person shall bepunished by a fine of not more than one thousand dollars ($1,000.00) or byimprisonment in the county jail for a term not to exceed one (1) year or both.If a corporation is convicted it shall be punished by a fine of not more thanfive thousand dollars ($5,000.00).

 

(b) If any person receives any money or the equivalent thereofas a fee, commission, compensation or profit by or in consequence of aviolation of any provision of this act, he shall, in addition, be liable to apenalty of not less than the amount of the sum of money so received and notmore than three (3) times the sum so received as may be determined by thecourt, which penalty may be recovered in a court of competent jurisdiction byany person aggrieved.

 

33-28-115. Unlicensed person may not maintain action for fee.

 

Noaction or suit shall be instituted, nor recovery be had, in any court of thisstate by any person for compensation for any act done or service rendered,which is prohibited under this act [ 33-28-101 through 33-28-206] to otherthan licensed brokers, licensed associate brokers or licensed salesmen unlessthe person was licensed under this act at the time of offering to perform anyact or service or procuring any promise to contract for the payment ofcompensation for any contemplated act or service.

 

33-28-116. Real estate institutes and seminars; assistance insponsoring studies and programs.

 

 

(a) The commission may conduct or assist in conducting realestate institutes and seminars and incur and pay the necessary expenses inconnection therewith. The institutes or seminars shall be open to all licenseesand the public.

 

(b) The commission is authorized to assist libraries andeducational institutions in sponsoring studies and programs for the purpose ofraising the standards of the real estate business and the competency oflicensees.

 

33-28-117. Directory of licensees.

 

Thecommission shall annually publish a directory of licensees, including a list oflicenses suspended and revoked which shall contain other data as the commissionmay determine to be in the interest of real estate licensees and the public.The lists shall be distributed to all licensed brokers without charge.

 

33-28-118. License renewals; continuing education; payment of fees;effect of failure to renew; inactive status.

 

(a) Licenses issued under this act may be renewed forsuccessive three (3) year periods. Application for renewal of any licenseissued prior to this act shall be made before December 31, 1983. Thereafter theapplication shall be made before December 31 of the third year of the licenseperiod. The commission may establish a grace period for license renewal not toexceed sixty (60) days. The commission may establish a late fee for licenserenewal not to exceed seventy-five dollars ($75.00).

 

(b) Effective December 31, 1983, the commission may adopt rulesand regulations providing for mandatory continuing education allocable overeach three (3) year period not to exceed sixty (60) hours.

 

(c) Failure to remit renewal fees when due shall automaticallycancel a license, but otherwise the license shall remain in full force andeffect continuously from the date of issuance, unless suspended or revoked bythe commission for just cause. Presentation of a check to the commission as afee for either an original or renewal license or for examination for license,which is returned to the state treasurer unpaid, is cause for revocation ordenial of license unless it is established that the dishonor of the check wasnot the fault of the applicant or licensee.

 

(d) Any licensee whose license has been cancelled for failureto renew as provided in this section shall comply with all requirements of anew applicant, including writing the appropriate examination, before a licensewill be reissued.

 

(e) Any real estate associate broker or salesman who is notemployed by or associated with a broker, or any broker who desires to becomeinactive may renew his license in an inactive status prior to the renewaldeadline established in this section, by submitting the renewal fee together witha completed renewal application on which he has noted his present inactivestatus.

 

(f) A license on inactive status for more than three (3) yearsshall not be reissued on an active status unless the licensee has first met theeducational requirements under subsection (b) of this section.

 

(g) A license on an inactive status for less than three (3)years may be renewed on an active status prior to the renewal deadline bysubmitting the renewal fee together with a renewal application.

 

33-28-119. Advertising; licensing under one name; trade names;advertisement of associate brokers and salesmen.

 

 

(a) Every real estate broker, when advertising or promoting hisreal estate brokerage business, shall use the name under which he is licensedand shall use no slogans or phraseology in a manner which would indicate orsuggest to the public that real property may be listed or is being offered forsale, exchange, lease or rent by a private party not licensed by thecommission.

 

(b) No real estate broker licensed under this act shall insertin any publication an advertisement which lists only a post office box number,telephone number or street address.

 

(c) No person, corporation, partnership or association,domestic or foreign, shall act or advertise as a real estate broker or salesmanin this state by use of letterheads, billboards, radio or televisionannouncements or any other media of advertising, without first obtaining a realestate broker's or salesman's license from the commission.

 

(d) Except as provided in subsection (e) of this section, noperson shall be licensed as a real estate broker or a real estate salesmanunder more than one (1) name, and no person shall conduct or promote a realestate brokerage business except under the name under which the person orbrokerage business is licensed.

 

(e) A trade name, with the permission of the owner of the tradename, may be used concurrently with the licensed name of the broker in thepromotion or conduct of the licensed broker's business. The broker's licensedname shall be displayed in a conspicuous manner that may be readily identifiedby the general public.

 

(f) A licensed broker shall not advertise the sale, purchase,exchange or lease of property, whether owned by him or not, without including inthe advertisement the name under which he is licensed.

 

(g) A licensed associate broker or salesman shall not advertisethe sale, purchase, exchange or lease of property, whether owned by him or not,without including in the advertisement the name of the broker with whom he isassociated and licensed and the name under which he is licensed.

 

33-28-120. Assistance of attorney general; independent counsel.

 

 

(a) The attorney general shall render opinions to thecommission on all questions of law relating to the interpretation andadministration of this act. The attorney general shall act as attorney for thecommission in all actions and proceedings brought by or against it under thisact.

 

(b) In addition to or instead of the attorney general the commissionmay hire other legal counsel with the approval of the attorney general.

 

33-28-121. Temporary licenses to complete affairs of deceased brokers.

 

Inthe event of the death of a licensed broker who is the sole proprietor of areal estate business, upon application by his personal representative, thedirector shall issue, without examination and for a specified period of time, atemporary license to the personal representative, or to a licensed individualdesignated by him and approved by the director. The license shall authorize theholder of the temporary license to continue to transact business for the solepurpose of completing the affairs of the deceased broker.

 

33-28-122. Broker's trust accounts; disposition of interest;commingling with personal funds prohibited; disputed deposits; cooperativetransactions.

 

 

(a) Every broker licensed in this state shall:

 

(i) Maintain a separate account in a financial institution inthis state designated as a trust account in which all down payments, earnestmoney deposits, advance listing fees or other trust funds received by him, hisassociate brokers or his salesmen on behalf of a principal or any other personshall be deposited unless all persons having an interest in the funds haveagreed otherwise in writing. The account shall permit immediate withdrawal ofthe funds deposited therein;

 

(ii) Notify the real estate commission on forms it prescribes ofthe name of the financial institution in which a trust account is maintainedand the name of the account. If the broker uses a closing agent and depositsmonies with this agent, his intention to use a closing agent shall be disclosedto all parties to any contract, purchase agreement, lease or lease agreementnegotiated by him. The broker shall notify the real estate commission inwriting that he uses a closing agent and deposits monies with the agent;

 

(iii) Permit the commission or its representative to examine thetrust account records;

 

(iv) Upon cancellation of his license for any reason, maintain theescrow account until all deposits have been properly disbursed.

 

(b) If a broker's branch office maintains a separate trustaccount, the office shall maintain a separate bookkeeping system.

 

(c) A trust account maintained by a broker under this sectionmay be interest bearing or noninterest bearing. Any interest accrued on anydeposit in a trust account shall be paid out as agreed in writing by allpersons having an interest in the deposit. In the absence of a writtenagreement among all persons having an interest in the deposit, at the time allor any portion of any deposit is withdrawn and paid out, all interest accruedupon the funds withdrawn and paid out shall also be withdrawn and paid out tothe person from whom the trust funds were received; provided, if the funds arerequired to be disbursed to more than one (1) person, each person entitled toreceive any portion of the deposit shall also be paid a portion of the interestin the same proportion as the funds withdrawn and paid out to each person bearsto the total deposit.

 

(d) A broker is not entitled to any part of the earnest moneyor other money paid to him in connection with any real estate transaction aspart or all of his commission or fee until the transaction has been consummatedor terminated.

 

(e) No broker shall permit an advance payment of fundsbelonging to others to be deposited in the broker's personal account or becommingled with his personal funds. It will not be considered commingling if,when establishing the trust account, the broker deposits some of his funds tokeep the account open or to avoid charges for a minimum balance, so long asthat deposit is identified at the time of deposit. No broker shall use depositsin a trust account for a purpose other than the transaction for which they wereprovided.

 

(f) In the event of a dispute over the return or forfeiture ofany deposit held by the listing broker, the listing broker may continue to holdthe deposit in his trust account until he has a written release from the partiesconsenting to this disposition or until a civil action is filed, at which timeit may be paid to the court.

 

(g) In a cooperative transaction, in which one (1) broker holdsan exclusive right to sell or an exclusive agency on a property and the sellingbroker receives cash or a check as earnest money or according to a contract,the selling broker shall deliver the contract and the earnest money to thelisting broker who shall deposit the cash or check in his trust account. If theselling broker receives a promissory note, or thing of value, the note or thingof value shall be delivered with the contract to the listing broker to be heldby the listing broker.

 

33-28-123. Retention of records.

 

Every broker licensed in this state shallkeep and maintain a full set of records of every real estate transaction inwhich he participates on behalf of any party to the transaction. The recordsshall be maintained not less than seven (7) years from the latest date on whichthe broker participated in the transaction.

 

33-28-124. Act, error or omission in the rendering of real estateservices.

 

A cause of action arising from an act, error or omission inthe rendering of services provided by a licensee under this act shall bebrought within the time limits provided under W.S. 1-3-107. Nothing in thissection shall be construed to extend the limitation period specified in W.S.33-28-203 for actions for payment from the real estate recovery account.

 

ARTICLE 2 - WYOMING REAL ESTATE RECOVERY AND EDUCATION FUNDS

 

33-28-201. Real estate recovery account created; funding of account; noliability of state.

 

(a) There is created a real estate recovery account which shallbe under the direction of the commission under W.S. 33-28-201 through33-28-206.

 

(b) Beginning January 1, 1984, every person obtaining orrenewing a real estate broker's, associate broker's or salesman's license shallpay an additional fee of twenty dollars ($20.00) which shall be deposited inthe real estate recovery fund account. When the balance of the real estaterecovery fund account reaches twenty thousand dollars ($20,000.00) one-half(1/2) of the fee shall be deposited in the real estate recovery fund accountand one-half (1/2) of the fee shall be deposited in the educational fundaccount. When the real estate recovery fund account balance reaches fiftythousand dollars ($50,000.00) all fees shall be deposited in the education fundaccount.

 

(c) No monies shall be appropriated from the general fund forpayment of any expenses incurred under W.S. 33-28-201 through 33-28-206 andthose expenses shall not be paid by the state.

 

33-28-202. Real estate recovery account created; payments; pro ratadistribution when account insufficient; service of process; joinder of account.

 

 

(a) If any person obtains a final judgment in any court ofcompetent jurisdiction against any real estate broker or real estate salesmanlicensed under this act on the grounds of fraud, willful misrepresentation,deceit or conversion of trust funds arising directly out of any transactionoccurring after December 31, 1983 which occurred when the broker, associatebroker or salesman was licensed and in which the broker, associate broker orsalesman performed acts for which a real estate license is required, thatperson, within one (1) year of termination of all proceedings, includingappeals, may file with the commission a verified petition in the court in whichthe judgment was entered for an order directing payment out of the real estaterecovery account in the amount of actual damages included in the judgment andunpaid, and that a writ of execution has been returned unsatisfied, but for notmore than four thousand dollars ($4,000.00).

 

(b) If the payment from the real estate recovery account isinsufficient to pay in full the valid claims of all who have claims on file atany time the money in the account shall be distributed among them in the ratiothat their respective claims bear to the aggregate of the valid claims or in amanner that a court deems equitable. Distribution of any monies shall be amongthe persons entitled to share the monies without regard to the order ofpriority in which their respective judgments were obtained or their claims werefiled.

 

(c) Any real estate broker, associate broker or real estatesalesman who is licensed or renews his license under W.S. 33-28-108 afterDecember 31, 1983, and upon whom personal service cannot be made withreasonable diligence shall be deemed to have appointed the director of thecommission as his agent for service of process for purposes of actions filedagainst him pursuant to subsection (a) of this section. Service of processpursuant to subsection (b) of this section shall be made under the WyomingRules of Civil Procedure.

 

(d) In lieu of the petition under subsection (a) of thissection for an order directing payment out of the real estate recovery account,a person filing an action against a licensed real estate broker, associatebroker or salesman of a type described in subsection (a) of this section mayjoin the real estate recovery account as a limited third party defendant andhave judgment rendered directly against the account in the amount provided insubsection (a) of this section provided:

 

(i) Service of summons and complaint is made on the real estatecommission;

 

(ii) The account may assert all defenses available to defendantlicensee;

 

(iii) Plaintiff posts a bond in the amount of ten percent (10%)of the actual damages he seeks from the account to guarantee costs.

 

(e) The commission may defend any action against the fund onbehalf of the fund and in the name of the defendant.

 

(f) Recovery against the bond required in paragraph (d)(iii) ofthis section shall be authorized by the court if it rules in favor of thecommission on behalf of the fund.

 

33-28-203. Limitation on action for payment from account; notice ofaction; order of payment; showing required.

 

 

(a) No order for payment from the real estate recovery accountshall be issued unless the suit in which the order subsequently results was commencedwithin one (1) year after the cause of action accrued. If any person commencesan action for a judgment which may result in an order for payment from theaccount, the person shall notify the commission in writing of the commencementof the action. The commission, under W.S. 33-28-111, shall investigate thecomplaint and may hold a suspension or revocation hearing.

 

(b) If any person files a petition for an order directingpayment from the real estate recovery account, the court may order payment outof the real estate recovery account under subsection (c) of this section if itfinds:

 

(i) The petitioner is not a spouse of the judgment debtor or aperson representing the spouse;

 

(ii) The petitioner has obtained a judgment of the kind describedin W.S. 33-28-202(a); and

 

(iii) The judgment debtor has insufficient property upon whichexecution may be levied to satisfy the judgment or that a writ of execution hasbeen returned unsatisfied.

 

(c) Upon receipt of an order by the court directing thatpayment be made out of the real estate recovery account, the state auditorshall draw a warrant for the payment of the amount directed upon a voucherapproved by the commission and the state treasurer shall pay the amountdirected out of the real estate recovery account.

 

33-28-204. Revocation of licenses following payment from account;rei


State Codes and Statutes

State Codes and Statutes

Statutes > Wyoming > Title33 > Chapter28

CHAPTER 28 - REAL ESTATE BROKERS AND SALESMEN

 

ARTICLE 1 - GENERAL LICENSING PROVISIONS

 

33-28-101. Short title; license required.

 

Thisact shall be known and may be cited as the "Real Estate License Act of1971". From and after the effective date of this act it is unlawful forany person to engage in or conduct, directly or indirectly, or to advertise orhold himself out as engaging in or conducting the business, or acting in thecapacity of a real estate broker, associate broker or a real estate salesmanwithin this state without first obtaining a license as a broker, associatebroker or salesman, as provided in this act.

 

33-28-102. Definitions.

 

(a) As used in this act:

 

(i) "Associate broker" means an individual who has abroker's license and who is employed by another broker, or is associated withanother broker as an independent contractor and participates in any activitydescribed in subsection (a)(iii) of this section;

 

(ii) "Branch office" means a real estate broker'soffice other than his principal place of business;

 

(iii) "Broker" means an individual, other than asalesman, or associate broker who, for another and for compensation:

 

(A) Sells, exchanges, purchases, rents, manages or leases realestate;

 

(B) Offers to sell, exchange, purchase, rent, manage or leasereal estate;

 

(C) Negotiates, offers, attempts or agrees to negotiate thesale, exchange, purchase, rental or leasing of real estate;

 

(D) Lists, offers, attempts or agrees to list real estate forsale, lease or exchange;

 

(E) Auctions, offers, attempts or agrees to auction realestate;

 

(F) Collects, offers, attempts or agrees to collect rent for theuse of real estate;

 

(G) Advertises or holds himself out as being engaged in thebusiness of buying, selling, exchanging, renting or leasing real estate;

 

(H) Engages in the business of charging an advance fee inconnection with any contract he undertakes to promote the sale or lease of realestate either through its listing in a publication issued for that purpose orfor referral of information concerning the real estate to brokers, or both;

 

(J) Buys, sells, offers to buy or sell or otherwise deals inoptions on real estate or improvements thereon;

 

(K) Assists or directs in the procuring of prospects calculatedto result in the sale, exchange, lease or rental of real estate; or

 

(M) Assists or directs in the negotiation of any transactioncalculated or intended to result in the sale, exchange, lease or rental of realestate.

 

(iv) "Commission" means the Wyoming real estatecommission;

 

(v) Repealed by Laws 1983, ch. 156, 3.

 

(vi) Repealed by Laws 1983, ch. 156, 3.

 

(vii) "Degree in real estate" means a degree from anaccredited degree granting college or university, including a junior orcommunity college, with a business degree and a major course of study in realestate. A business degree shall include successful completion of four (4) corecourses of real estate principles and practices, real estate law, real estateappraisal and real estate finance, plus at least two (2) additional real estaterelated courses. These courses shall total at least eighteen (18) or moresemester hours or twenty-seven (27) quarter hours;

 

(viii) "License" means the document issued by thecommission certifying that the person named thereon has fulfilled allrequirements prerequisite to licensure under this act;

 

(ix) "Licensee" means any individual who holds thedesignation of broker, associate broker or salesman;

 

(x) "Offer" means and includes every inducement,solicitation, or attempt to encourage a person to acquire an interest in land,if undertaken for gain or profit;

 

(xi) "Office" means a real estate broker's place ofbusiness where records are maintained and licenses displayed;

 

(xii) "Person" means individuals, corporations,partnerships or associations, foreign and domestic;

 

(xiii) "Property manager" means one who for a commissionmanages real estate, including collection of rents, maintenance for theproperty and accounting of fees received for another;

 

(xiv) "Real estate" means leaseholds, as well as anyother interest or estate in land, whether corporeal, incorporeal, freehold ornonfreehold, and whether the real estate is situated in this state or elsewherebut shall not apply to nor include mineral lands, rights or leases;

 

(xv) "Regular employee" means one who is employed on asalaried basis by the owner of real estate whose duties are performed in theordinary course of the business or the management or operation of itsinvestments;

 

(xvi) "Salesman" means any person associated or engagedunder contract by or on behalf of a licensed broker to participate in anyactivity included in W.S. 33-28-102(a)(iii) for compensation or otherwise;

 

(xvii) "Time share" means any arrangement, whether bymembership agreement, lease, rental agreement, license, use agreement or othermeans, whereby the purchaser receives a right to use or a freehold interest inaccommodations or facilities or both, in property for a specific period of timeduring any given year, but not necessarily for consecutive years, and whichextends for a period of more than one (1) year;

 

(xviii) "This act" means W.S. 33-28-101 through33-28-401.

 

33-28-103. Exemptions.

 

(a) The provisions of this act shall not apply to:

 

(i) An owner of real estate or to a member of his immediatefamily or to his regular employees with respect to property owned by him unlessthe owner, his immediate family or regular employee is a licensee;

 

(ii) An attorney in fact under a duly executed and recordedpower of attorney to convey real estate from the owner or lessor, or theservices rendered by an attorney-at-law in the performance of his duties as anattorney unless the attorney is a licensee;

 

(iii) Any individual acting as receiver, trustee in bankruptcy,administrator, executor, or guardian, or while acting under a court order orunder the authority of a will or of a trust instrument or as a witness in anyjudicial proceeding or other proceeding conducted by the state or anygovernmental subdivision or agency;

 

(iv) Any officer or employee of a federal agency in the conductof his official duties;

 

(v) Any officer or employee of the state government or anypolitical subdivision thereof performing his official duties;

 

(vi) Any person or employee acting as the resident manager forthe owner or an employee acting as the resident manager for a broker managingan apartment building, duplex, apartment complex or court, when the residentmanager resides on the premises and is engaged in the leasing of property inconnection with his employment; or

 

(vii) A home owner's association formed and acting pursuant toits declaration and bylaws or a resort association formed and acting pursuantto its association agreement and bylaws.

 

33-28-104. Acts constituting person broker, associate broker orsalesman.

 

Anyperson who, for another, with the intention or upon the promise of receivingany valuable consideration offers, attempts or agrees to perform, or performsany single act defined in W.S. 33-28-102(a)(iii), whether as a part of atransaction or as the entire transaction shall be deemed to be acting as abroker, associate broker or salesman within the meaning of this act.

 

33-28-105. Creation of commission; membership; terms; removal;chairman; powers and duties; director and duties thereof; other employees;compensation; disposition of fees.

 

(a) The Wyoming real estate commission is created to consist offive (5) commissioners, each of whom shall be a citizen of Wyoming, appointedby the governor with the advice and consent of the senate. Not less than three(3) or more than four (4) of the membership shall have been engaged in businessas an active salesperson or broker in Wyoming for at least five (5) yearsimmediately preceding appointment. No more than one (1) commissioner shall beappointed from the same county. The term of the members of the commission shallbe for three (3) years and until their successors are appointed and qualified.Members appointed to fill vacancies shall be appointed in accordance with W.S.28-12-101, and no member shall be appointed to succeed himself for more thanone (1) full term. The governor may remove any commission member as provided inW.S. 9-1-202. The commission at its first meeting held after September 1 ofeach year shall select a chairman to serve for the following year. Thecommission has the power to regulate the issuance of licenses, to revoke orsuspend licenses issued under this act, to censure licensees and may do allthings necessary and proper to carry out the provisions of this act. Thecommission may, from time to time, promulgate and amend necessary andreasonable rules and regulations for these purposes. Effective July 1, 1979,appointments and terms shall be in accordance with W.S. 28-12-101 through28-12-103.

 

(b) Repealed by Laws 1983, ch. 156, 3.

 

(c) The commission shall employ a director. The director issubject to the rules and regulations of the human resources division of thedepartment of administration and information. The director's salary shall bepaid from the real estate board account specified in subsection (g) of thissection. The duties of the director shall include the following:

 

(i) Maintain and operate a suitable office for the commission;

 

(ii) Keep books, records and accounts of all activities of thecommission;

 

(iii) Issue real estate broker and salesman licenses;

 

(iv) Make investigations of complaints and possible violationsof the real estate laws and practices of licensees and to furnish informationand recommendations to the commission for their action;

 

(v) Assist the commission with examinations to be givenapplicants for real estate broker and salesman licenses, and to conduct theexaminations at the direction of the commission;

 

(vi) Assist the commission in holding educational clinics ormeetings when deemed advisable with the aim of promoting higher standards ofpractice in the real estate profession;

 

(vii) Assist the commission in promulgating rules in compliancewith the Wyoming Administrative Procedure Act, for the operation of thecommission and the implementation of this law; and

 

(viii) Perform other duties as the commission prescribes.

 

(d) The commission shall employ other employees to assist inthe discharge of the duties imposed upon it by this act and shall prescribe theduties and fix the compensation of its employees, subject to the rules andregulations of the human resources division of the department of administrationand information. The office of the commission shall be maintained in Cheyenneand all files, records and property of the commission shall at all times remainin the Cheyenne office. No employee of the commission may be a paid employee ofany real estate association or group of real estate dealers or brokers.

 

(e) Each member of the commission shall receive as compensationfrom the real estate board account for each day actually spent on his officialduties per diem and mileage allowance as allowed to state employees and salaryin the amount provided by W.S. 28-5-101(d) for the performance of officialduties.

 

(f) The commission shall adopt a seal, including the words"Wyoming Real Estate Commission, Office of the Commission" by whichthe acts of the commission shall be authenticated. Copies of all records andpapers in the office of the commission, certified by the signature of thedirector and the seal of the commission, shall be received in evidence in allcases equally and with like effect as the originals. The presence of three (3)members of the commission shall constitute a quorum. In the absence of thechairman, the member of the commission present who is senior in time of serviceshall serve as presiding officer. The action of the majority of the members ofthe commission shall be deemed the action of the commission.

 

(g) All fees collected by the commission shall be deposited inthe state treasury. The state treasurer shall deposit the fees to the credit ofthe real estate board account. Disbursements from the account shall not exceedthe monies credited to it.

 

33-28-106. Application for license; qualifications; sworn statement;commission approval of course of study; statement of broker; denial of license;license and pocket card.

 

(a) Any person desiring to act as a real estate broker,associate broker or real estate salesman shall file an application for alicense with the commission. The application shall be in the form and detail asthe commission shall prescribe and the applicant shall provide to thecommission fingerprints and other information necessary for a criminal historyrecord background check as provided in W.S. 7-19-201(a).

 

(b) Licenses shall be granted only to persons who bear a goodreputation for honesty, trustworthiness, integrity and competence to transactthe business of a broker, associate broker or salesman in a manner which willsafeguard the interests of the public, and only after satisfactory proof of theapplicant's qualifications has been presented to the commission including acriminal history record background check as provided in W.S. 7-19-201(a).

 

(c) Each applicant for a broker's license shall:

 

(i) Have reached the age of majority;

 

(ii) Have first served actively for two (2) years as a realestate salesman or shall furnish to the commission proof indicating that theapplicant holds a degree in real estate from an accredited university orcollege; and

 

(iii) Submit other evidence through the application or otherwise,as the commission deems desirable with due regard to the paramount interests ofthe public, as to the honesty, truthfulness, integrity and competency of theapplicant.

 

(d) Every officer of a corporation acting as a broker for thecorporation and every member of an association or partnership acting as abroker for that association or partnership who engages in the real estatebusiness shall obtain a broker's license.

 

(e) Every applicant for a broker's license shall furnish a swornstatement setting forth:

 

(i) The name of the person, firm, partnership, association orcorporation with which he will be associated in the business of real estate;

 

(ii) The location of the place or places for which the licenseis desired;

 

(iii) The period of time, if any, which the applicant has beenengaged in the real estate business;

 

(iv) His present address, both of business and residence;

 

(v) Repealed By Laws 2005, ch. 96, 2.

 

(vi) A statement that the applicant has or has not been refuseda real estate license in this or any other state;

 

(vii) A statement that the applicant's real estate license has orhas not been revoked in this or any other state;

 

(viii) Evidence that the applicant has completed not less thansixty (60) class hours in a course of study approved by the commission, givenby instructors approved by the commission and has satisfactorily passed anexamination covering material taught in each course. The commission shall:

 

(A) Approve courses that cover real estate principles, realestate law, real estate finance and related topics;

 

(B) Promulgate rules and regulations to provide a process forchallenging a course in lieu of evidence of completion of class hours;

 

(C) Publish a list of approved real estate courses and keep thelist updated annually;

 

(D) On request, evaluate a specific course or courses which arenot on the approved list and approve or disapprove the course.

 

(f) Each applicant for a salesman's license shall have reachedthe age of majority. The application for a salesman's license shall beaccompanied by a written statement by the broker in whose service the applicantis about to enter stating:

 

(i) The name and place of business of the broker making thestatement;

 

(ii) In his opinion the applicant is honest, truthful andrecommends the license be granted to the applicant;

 

(iii) The broker will actively supervise and train the applicantduring the period the requested license remains in effect;

 

(iv) The period of time, if any, during which the applicant hasbeen engaged in the real estate business;

 

(v) The name and address of the applicant's last employer;

 

(vi) The applicant has completed not less than thirty (30) classhours in a course of study approved by the commission, given by instructorsapproved by the commission and has satisfactorily passed an examinationcovering material taught in each course. The commission shall:

 

(A) Approve courses that cover estate principles, real estatelaw, real estate finance and related topics;

 

(B) Promulgate rules and regulations to provide a process forchallenging a course in lieu of evidence of completion of class hours;

 

(C) Publish a list of approved real estate courses and keep thelist updated annually;

 

(D) On request, evaluate a specific course or courses which arenot on the approved list and approve or disapprove the course.

 

(vii) Other information as the board may require that relatesspecifically to real estate transactions.

 

(g) The commission may consider prior revocation, conduct orconviction in its determination of whether to grant the applicant a license ifthe applicant:

 

(i) Has had his real estate license revoked on a prioroccasion;

 

(ii) Is found to have committed any of the practices enumeratedin W.S. 33-28-111 during the term of his prior licensure; or

 

(iii) Has been convicted of any felony.

 

(h) The commission shall take into account the nature of theoffense, any aggravating or extenuating circumstances, the time elapsed sincethe revocation, conduct or conviction, the rehabilitation or restitutionperformed by the applicant and other factors as the commission deems relevant.

 

(j) The commission may deny a license to any person who hasbeen determined by the commission after hearing to have engaged in a licensedreal estate activity without a license.

 

(k) The commission shall issue to each broker and to eachsalesman licensee a license and pocket card in a form and size as thecommission shall prescribe.

 

(m) A false statement of material fact made in an applicationshall in itself be sufficient grounds for the refusal of a license.

 

33-28-107. Examinations; salesmen's and brokers' licenses.

 

 

(a) In addition to proof of honesty, trustworthiness and goodreputation, each applicant desiring to become licensed as a real estate brokeror a real estate salesman shall execute and file an application for examinationupon a form prescribed by the commission and shall pass a written examinationprepared by or under the supervision of the commission. The examination shallbe given at times and at places within the state as the commission shallprescribe. The examination for a salesman's license shall include businessethics, composition, arithmetic, elementary principles of land economics andappraisal, a general knowledge of the statutes of this state relating to deeds,mortgages, contracts of sale, agency and brokerage, and the provisions of thisact. The examination for a broker's license shall be of a more exacting natureand scope and more stringent than the examination for a salesman's license.

 

(b) No applicant shall engage in the real estate businesseither as a broker or salesman until he has satisfactorily passed theexamination, complied with the other requirements of this act and until alicense has been issued to him.

 

(c) Repealed by Laws 1983, ch. 156, 3.

 

33-28-108. Fees.

 

Pursuantto W.S. 33-1-201, the commission shall establish fees for examinations,original licenses, renewals, certifications, change of place of business,transfers, duplicate licenses and duplicate pocket cards. The fees shall beused to pay the expense of maintaining and operating the office of thecommission and the enforcement of this act.

 

33-28-109. Broker to maintain fixed office; display of licenses; changeof address; branch offices; restrictions on associate brokers and salesmen.

 

(a) Each resident licensed broker shall maintain a fixed officewithin this state. The original license as broker and the original license ofeach salesman associated with or under contract to the broker shall beprominently displayed in the office. The address of the office shall bedesignated in the broker's license and no license issued under this act shallauthorize the licensee to transact real estate business at any other addressexcept a licensed branch office. In case of removal from the designatedaddress, the licensee shall make application to the commission before theremoval or within ten (10) days thereafter, designating the new location of hisoffice and paying the required fee, whereupon the commission shall issue alicense for the new location for the unexpired period if the new locationcomplies with the terms of this act.

 

(b) If a broker maintains more than one (1) place of businesswithin the state a branch office license shall be issued to the broker for eachbranch office so maintained by him and the branch office license shall bedisplayed conspicuously in each branch office. Every branch office shall beunder the direction and supervision of a licensed broker. A broker requesting abranch office license shall also, in addition to the branch office application,submit a plan of supervision for the branch office.

 

(c) An associate broker or salesman shall not be associated orengaged under contract to any other broker than is designated upon the licenseissued to the associate broker or salesman. Upon termination of an associatebroker's or salesman's association or contractual relationship, he shallsurrender his pocket card to his broker who shall return his license and pocketcard to the commission for cancellation. Whenever a licensed associate brokeror salesman desires to change his broker or contractual relationship from onelicensed broker to another, he shall notify the commission promptly in writingof the facts attendant thereon and pay the required fee. The commission shallissue a new license and pocket card. No associate broker or salesman shalldirectly or indirectly associate himself with a broker until he has been issueda license to do so with that broker.

 

(d) No more than one (1) license shall be issued to anysalesman to be in effect at one (1) time.

 

33-28-110. Unlawful to compensate unlicensed person; licensing ofnonresidents; service of process on nonresidents.

 

 

(a) It is unlawful for any licensed broker to compensate anyperson who is not a licensed broker, associate broker or salesman forperforming any of the acts regulated by this act; provided, however, that alicensed broker may pay a commission to a licensed broker of another state ifthe nonresident broker does not conduct in this state any of the negotiationsfor which a commission is paid.

 

(b) A nonresident may be issued a nonresident Wyoming broker'slicense if:

 

(i) The individual is a licensed broker in his home state;

 

(ii) The individual is actively engaged in the real estatebusiness and maintains a place of business in his home state;

 

(iii) The individual meets all the other requirements of thisact; and

 

(iv) The individual's home state has entered into a reciprocalagreement with the commission relating to the issuance of reciprocal licenses.

 

(c) A nonresident broker's license may be issued withoutexamination to a real estate broker licensed under the laws of another stateif:

 

(i) The individual is the holder of a broker's license in hishome state;

 

(ii) The standards for registration as a real estate broker inhis home state are substantially equivalent to the minimum standards in thisstate; and

 

(iii) The broker furnishes the commission a statement under sealof the commission of his home state evidencing that he is an active licensedbroker in good standing and has no complaints pending against him in his homestate.

 

(d) A nonresident salesman employed by or associated with abroker holding a nonresident broker's license may be issued a nonresidentsalesman's license under the nonresident broker if he submits to the commissiona statement under the seal of the commission of the state in which he islicensed evidencing that he is an active licensed salesman in good standing andwith no complaints pending against him in his home state.

 

(e) Repealed By Laws 2007, Ch. 171, 2.

 

(f) Prior to being issued a license, every nonresident brokershall file with the commission a designation in writing which appoints thedirector of the commission to act as his licensed agent upon whom all judicialand other process or legal notices directed to the licensee may be served.Service upon the agent so designated shall be equivalent to personal serviceupon the licensee. Copies of the appointment, certified by the director of thecommission, shall be received in evidence in any proceeding and shall be giventhe same force and effect as the original. In the written designation thelicensee shall agree that any lawful process against the licensee which isserved upon his appointed agent shall be of the same legal force and validityas if served upon the licensee, and that the authority of the agent shallcontinue in force so long as any liability of the licensee remains outstandingin this state. Upon the receipt of any process or notice, the director shallmail a copy of the same by certified mail, return receipt requested, to thelast known business address of the licensee.

 

(g) No license shall be issued to a nonresident broker until hehas agreed in writing to abide by all the provisions of this act with respectto his real estate activities within this state and to submit to thejurisdiction of the commission and this state as provided in subsection (f) ofthis section. The agreement shall be filed with the commission and shall remainin force for so long as the nonresident broker is licensed by this state andthereafter with respect to acts or omissions committed while licensed in thisstate as a nonresident broker.

 

(h) Prior to the issuance of any license to any nonresident, heshall file with the commission a certified copy of any certificate issued tohim authorizing him to conduct real estate business in any other state, and payto the commission the same license fee as provided in W.S. 33-28-108 for theobtaining of a broker's or salesman's license in this state.

 

(j) Nonresident licenses granted under reciprocal agreements asprovided in this section shall remain in force, unless suspended or revoked bythe commission for just cause or for failure to pay the required renewal fee,only as long as a reciprocal agreement is in effect between this state and theresident state of the nonresident licensee.

 

33-28-111. Censure of licensee and suspension or revocation of license;grounds.

 

(a) The commission shall upon a written sworn complaint or mayupon its own motion investigate the actions of any broker, associate broker orsalesman, impose an administrative fine not to exceed two thousand five hundreddollars ($2,500.00) for each separate offense and may censure the licensee,place the licensee on probation and set the terms of probation, suspend orrevoke any license issued under this act and impose an administrative fine forany of the following:

 

(i) Making any substantial misrepresentation, false promises orfalse or fraudulent representation;

 

(ii) Violation of this act or any rule of the commission;

 

(iii) Failing to disclose an interest in the transaction;

 

(iv) Soliciting the breach of a listing or a property managementcontract;

 

(v) Negotiating a sale, exchange or lease of real estatedirectly with an owner or lessor if the licensee knows the owner has a writtenoutstanding contract in connection with the property granting an exclusiveright to sell to another broker;

 

(vi) Intentionally using advertising which:

 

(A) Is misleading or is inaccurate in any material matter; or

 

(B) Uses a trade name, collective membership mark, service markor logo name, mark or logo without authorization owned by another person unlessauthorized to do so.

 

(vii) Placing a sign on any property offering it for sale or rentwithout the written consent of the owner or his authorized agent;

 

(viii) Offering real estate for sale or lease without theknowledge and consent of the owner or his authorized agent or on terms otherthan those authorized by the owner or his authorized agent;

 

(ix) If a broker, failing to supervise the activities of hisassociate broker or salesman;

 

(x) Failing to advise the buyer and seller of all terms of theproposed sale at the time an offer is presented including estimated discountsand closing costs;

 

(xi) Unreasonably failing upon demand to surrender to therightful owner, any document or instrument in his possession;

 

(xii) Unreasonably failing to produce documents of record in hispossession or under his control concerning any real estate transaction underinvestigation by the commission;

 

(xiii) Failing to submit all offers in writing to a seller, ifreceived prior to the written acceptance of any offer;

 

(xiv) Commingling the money or other property of the licensee'sprincipals with his own;

 

(xv) Accepting, giving or charging an undisclosed commission,rebate or direct profit on expenditures made for a principal;

 

(xvi) Engaging in activity as an associate broker or salesmaninvolving the representing or attempt to represent a real estate broker otherthan his licensed broker;

 

(xvii) Accepting a commission or other valuable consideration byan associate broker or salesman from anyone other than his employing broker;

 

(xviii) Acting for more than one (1) party in a transaction withoutthe knowledge of all parties for whom the licensee acts;

 

(xix) Guaranteeing or authorizing any person to guarantee futureprofits which may result from the resale of real property;

 

(xx) Failing to obtain written listing agreements identifyingthe property and containing all terms and conditions under which the propertyis to be sold including the price, the commission to be paid, the signatures ofall parties concerned and a definite expiration date;

 

(xxi) Failing to deliver within a reasonable time a completedcopy of any document to all parties;

 

(xxii) Conviction of a felony;

 

(xxiii) Compensating any unlicensed person for performing theservices of a broker, associate broker or salesman;

 

(xxiv) Failing to specify he is being compensated by more than one(1) party and failing to notify all parties involved;

 

(xxv) Failing to account for any monies or property entrusted tolicensee;

 

(xxvi) Failing to keep the funds of others in an escrow or trustaccount;

 

(xxvii) Failing to deposit all financial instruments in an escrowor trustee account within one (1) banking day in a financial institution inthis state;

 

(xxviii) Failing upon consummation or termination of the transactionto give a full accounting of the monies and property placed in escrow or trustshowing dates of deposit, management and withdrawals;

 

(xxix) If a broker:

 

(A) Failing to deliver to the seller in every real estatetransaction at the time the transaction is closed a complete, detailed closingstatement showing all of the receipts and disbursements handled by the brokerfor the seller unless a clear and accurate accounting is furnished by an escrowagent;

 

(B) Failing to deliver to the buyer a complete statementshowing all money received in every real estate transaction from the buyer andhow and for what the same was disbursed unless a clear and accurate accountingis furnished by an escrow agent; and

 

(C) Failing to retain true copies of statements required bythis paragraph in his files.

 

(xxx) Representing to any lender, guaranteeing agency or anyother interested party, either verbally or through the preparation of falsedocuments, an amount in excess of the true and actual sale price of the realestate or terms differing from those actually agreed upon;

 

(xxxi) Accepting other than cash as earnest money unless:

 

(A) The fact is communicated to the owner prior to the owner'sacceptance of the offer to purchase; and

 

(B) The fact is shown in the earnest money receipt.

 

(xxxii) Refusing to appear or testify under oath at any hearingheld by the commission;

 

(xxxiii) Receiving more than three (3) censures from the commissionwithin a two (2) year period.

 

(b) Upon receipt from the department of family services of acertified copy of an order from a court to withhold, suspend or otherwiserestrict a license issued by the commission, the commission shall notify theparty named in the court order of the withholding, suspension or restriction ofthe license in accordance with the terms of the court order. No appeal underthe Wyoming Administrative Procedure Act shall be allowed for a license withheld,suspended or restricted under this subsection.

 

(c) All administrative fines collected under this section shallbe paid to the state treasurer to be credited to the public school fund of thecounty in which the violation occurred.

 

33-28-112. Enjoining violations of chapter; penalties for violation ofinjunction.

 

 

(a) Any person who violates or proposes to violate anyprovisions of this act, or any rules and regulations promulgated under thisact, may be restrained or enjoined from the action at any time by an orderissued by the district court. An action may be initiated by the attorneygeneral or the district attorney for the county in which the violation has oris about to occur.

 

(b) Any defendant so enjoined who violates an injunction shallbe punished for contempt of court by a fine of not more than one thousanddollars ($1,000.00) or by imprisonment in the county jail for not more than six(6) months or both.

 

(c) Repealed by Laws 1983, ch. 156, 3.

 

33-28-113. Contested cases; independent hearing officers; appeals.

 

 

(a) The commission may contract with independent hearingofficers to hear all contested cases arising under this act. The hearingofficer shall not be an employee of the office of the attorney general, or anemployee or member of the commission.

 

(b) All hearings shall be conducted pursuant to the WyomingAdministrative Procedure Act. A hearing officer has the power specified in W.S.16-3-112(b). The hearing officer shall make in each contested case and forwardto the commission written findings of fact and conclusions of law.

 

(c) Any judicial review of the administrative decision underthe Administrative Procedure Act may be in the district court in the countywhere the violation allegedly occurred.

 

(d) Repealed by Laws 1983, ch. 156, 3.

 

33-28-114. Conducting business without license prohibited; penalties;civil liability.

 

 

(a) Any person acting as a broker, associate broker or salesmanwithout first obtaining a license is guilty of a misdemeanor and uponconviction shall be punished by a fine of not more than one thousand dollars($1,000.00) or by imprisonment in the county jail for a term not to exceed six(6) months. Upon conviction of a subsequent violation the person shall bepunished by a fine of not more than one thousand dollars ($1,000.00) or byimprisonment in the county jail for a term not to exceed one (1) year or both.If a corporation is convicted it shall be punished by a fine of not more thanfive thousand dollars ($5,000.00).

 

(b) If any person receives any money or the equivalent thereofas a fee, commission, compensation or profit by or in consequence of aviolation of any provision of this act, he shall, in addition, be liable to apenalty of not less than the amount of the sum of money so received and notmore than three (3) times the sum so received as may be determined by thecourt, which penalty may be recovered in a court of competent jurisdiction byany person aggrieved.

 

33-28-115. Unlicensed person may not maintain action for fee.

 

Noaction or suit shall be instituted, nor recovery be had, in any court of thisstate by any person for compensation for any act done or service rendered,which is prohibited under this act [ 33-28-101 through 33-28-206] to otherthan licensed brokers, licensed associate brokers or licensed salesmen unlessthe person was licensed under this act at the time of offering to perform anyact or service or procuring any promise to contract for the payment ofcompensation for any contemplated act or service.

 

33-28-116. Real estate institutes and seminars; assistance insponsoring studies and programs.

 

 

(a) The commission may conduct or assist in conducting realestate institutes and seminars and incur and pay the necessary expenses inconnection therewith. The institutes or seminars shall be open to all licenseesand the public.

 

(b) The commission is authorized to assist libraries andeducational institutions in sponsoring studies and programs for the purpose ofraising the standards of the real estate business and the competency oflicensees.

 

33-28-117. Directory of licensees.

 

Thecommission shall annually publish a directory of licensees, including a list oflicenses suspended and revoked which shall contain other data as the commissionmay determine to be in the interest of real estate licensees and the public.The lists shall be distributed to all licensed brokers without charge.

 

33-28-118. License renewals; continuing education; payment of fees;effect of failure to renew; inactive status.

 

(a) Licenses issued under this act may be renewed forsuccessive three (3) year periods. Application for renewal of any licenseissued prior to this act shall be made before December 31, 1983. Thereafter theapplication shall be made before December 31 of the third year of the licenseperiod. The commission may establish a grace period for license renewal not toexceed sixty (60) days. The commission may establish a late fee for licenserenewal not to exceed seventy-five dollars ($75.00).

 

(b) Effective December 31, 1983, the commission may adopt rulesand regulations providing for mandatory continuing education allocable overeach three (3) year period not to exceed sixty (60) hours.

 

(c) Failure to remit renewal fees when due shall automaticallycancel a license, but otherwise the license shall remain in full force andeffect continuously from the date of issuance, unless suspended or revoked bythe commission for just cause. Presentation of a check to the commission as afee for either an original or renewal license or for examination for license,which is returned to the state treasurer unpaid, is cause for revocation ordenial of license unless it is established that the dishonor of the check wasnot the fault of the applicant or licensee.

 

(d) Any licensee whose license has been cancelled for failureto renew as provided in this section shall comply with all requirements of anew applicant, including writing the appropriate examination, before a licensewill be reissued.

 

(e) Any real estate associate broker or salesman who is notemployed by or associated with a broker, or any broker who desires to becomeinactive may renew his license in an inactive status prior to the renewaldeadline established in this section, by submitting the renewal fee together witha completed renewal application on which he has noted his present inactivestatus.

 

(f) A license on inactive status for more than three (3) yearsshall not be reissued on an active status unless the licensee has first met theeducational requirements under subsection (b) of this section.

 

(g) A license on an inactive status for less than three (3)years may be renewed on an active status prior to the renewal deadline bysubmitting the renewal fee together with a renewal application.

 

33-28-119. Advertising; licensing under one name; trade names;advertisement of associate brokers and salesmen.

 

 

(a) Every real estate broker, when advertising or promoting hisreal estate brokerage business, shall use the name under which he is licensedand shall use no slogans or phraseology in a manner which would indicate orsuggest to the public that real property may be listed or is being offered forsale, exchange, lease or rent by a private party not licensed by thecommission.

 

(b) No real estate broker licensed under this act shall insertin any publication an advertisement which lists only a post office box number,telephone number or street address.

 

(c) No person, corporation, partnership or association,domestic or foreign, shall act or advertise as a real estate broker or salesmanin this state by use of letterheads, billboards, radio or televisionannouncements or any other media of advertising, without first obtaining a realestate broker's or salesman's license from the commission.

 

(d) Except as provided in subsection (e) of this section, noperson shall be licensed as a real estate broker or a real estate salesmanunder more than one (1) name, and no person shall conduct or promote a realestate brokerage business except under the name under which the person orbrokerage business is licensed.

 

(e) A trade name, with the permission of the owner of the tradename, may be used concurrently with the licensed name of the broker in thepromotion or conduct of the licensed broker's business. The broker's licensedname shall be displayed in a conspicuous manner that may be readily identifiedby the general public.

 

(f) A licensed broker shall not advertise the sale, purchase,exchange or lease of property, whether owned by him or not, without including inthe advertisement the name under which he is licensed.

 

(g) A licensed associate broker or salesman shall not advertisethe sale, purchase, exchange or lease of property, whether owned by him or not,without including in the advertisement the name of the broker with whom he isassociated and licensed and the name under which he is licensed.

 

33-28-120. Assistance of attorney general; independent counsel.

 

 

(a) The attorney general shall render opinions to thecommission on all questions of law relating to the interpretation andadministration of this act. The attorney general shall act as attorney for thecommission in all actions and proceedings brought by or against it under thisact.

 

(b) In addition to or instead of the attorney general the commissionmay hire other legal counsel with the approval of the attorney general.

 

33-28-121. Temporary licenses to complete affairs of deceased brokers.

 

Inthe event of the death of a licensed broker who is the sole proprietor of areal estate business, upon application by his personal representative, thedirector shall issue, without examination and for a specified period of time, atemporary license to the personal representative, or to a licensed individualdesignated by him and approved by the director. The license shall authorize theholder of the temporary license to continue to transact business for the solepurpose of completing the affairs of the deceased broker.

 

33-28-122. Broker's trust accounts; disposition of interest;commingling with personal funds prohibited; disputed deposits; cooperativetransactions.

 

 

(a) Every broker licensed in this state shall:

 

(i) Maintain a separate account in a financial institution inthis state designated as a trust account in which all down payments, earnestmoney deposits, advance listing fees or other trust funds received by him, hisassociate brokers or his salesmen on behalf of a principal or any other personshall be deposited unless all persons having an interest in the funds haveagreed otherwise in writing. The account shall permit immediate withdrawal ofthe funds deposited therein;

 

(ii) Notify the real estate commission on forms it prescribes ofthe name of the financial institution in which a trust account is maintainedand the name of the account. If the broker uses a closing agent and depositsmonies with this agent, his intention to use a closing agent shall be disclosedto all parties to any contract, purchase agreement, lease or lease agreementnegotiated by him. The broker shall notify the real estate commission inwriting that he uses a closing agent and deposits monies with the agent;

 

(iii) Permit the commission or its representative to examine thetrust account records;

 

(iv) Upon cancellation of his license for any reason, maintain theescrow account until all deposits have been properly disbursed.

 

(b) If a broker's branch office maintains a separate trustaccount, the office shall maintain a separate bookkeeping system.

 

(c) A trust account maintained by a broker under this sectionmay be interest bearing or noninterest bearing. Any interest accrued on anydeposit in a trust account shall be paid out as agreed in writing by allpersons having an interest in the deposit. In the absence of a writtenagreement among all persons having an interest in the deposit, at the time allor any portion of any deposit is withdrawn and paid out, all interest accruedupon the funds withdrawn and paid out shall also be withdrawn and paid out tothe person from whom the trust funds were received; provided, if the funds arerequired to be disbursed to more than one (1) person, each person entitled toreceive any portion of the deposit shall also be paid a portion of the interestin the same proportion as the funds withdrawn and paid out to each person bearsto the total deposit.

 

(d) A broker is not entitled to any part of the earnest moneyor other money paid to him in connection with any real estate transaction aspart or all of his commission or fee until the transaction has been consummatedor terminated.

 

(e) No broker shall permit an advance payment of fundsbelonging to others to be deposited in the broker's personal account or becommingled with his personal funds. It will not be considered commingling if,when establishing the trust account, the broker deposits some of his funds tokeep the account open or to avoid charges for a minimum balance, so long asthat deposit is identified at the time of deposit. No broker shall use depositsin a trust account for a purpose other than the transaction for which they wereprovided.

 

(f) In the event of a dispute over the return or forfeiture ofany deposit held by the listing broker, the listing broker may continue to holdthe deposit in his trust account until he has a written release from the partiesconsenting to this disposition or until a civil action is filed, at which timeit may be paid to the court.

 

(g) In a cooperative transaction, in which one (1) broker holdsan exclusive right to sell or an exclusive agency on a property and the sellingbroker receives cash or a check as earnest money or according to a contract,the selling broker shall deliver the contract and the earnest money to thelisting broker who shall deposit the cash or check in his trust account. If theselling broker receives a promissory note, or thing of value, the note or thingof value shall be delivered with the contract to the listing broker to be heldby the listing broker.

 

33-28-123. Retention of records.

 

Every broker licensed in this state shallkeep and maintain a full set of records of every real estate transaction inwhich he participates on behalf of any party to the transaction. The recordsshall be maintained not less than seven (7) years from the latest date on whichthe broker participated in the transaction.

 

33-28-124. Act, error or omission in the rendering of real estateservices.

 

A cause of action arising from an act, error or omission inthe rendering of services provided by a licensee under this act shall bebrought within the time limits provided under W.S. 1-3-107. Nothing in thissection shall be construed to extend the limitation period specified in W.S.33-28-203 for actions for payment from the real estate recovery account.

 

ARTICLE 2 - WYOMING REAL ESTATE RECOVERY AND EDUCATION FUNDS

 

33-28-201. Real estate recovery account created; funding of account; noliability of state.

 

(a) There is created a real estate recovery account which shallbe under the direction of the commission under W.S. 33-28-201 through33-28-206.

 

(b) Beginning January 1, 1984, every person obtaining orrenewing a real estate broker's, associate broker's or salesman's license shallpay an additional fee of twenty dollars ($20.00) which shall be deposited inthe real estate recovery fund account. When the balance of the real estaterecovery fund account reaches twenty thousand dollars ($20,000.00) one-half(1/2) of the fee shall be deposited in the real estate recovery fund accountand one-half (1/2) of the fee shall be deposited in the educational fundaccount. When the real estate recovery fund account balance reaches fiftythousand dollars ($50,000.00) all fees shall be deposited in the education fundaccount.

 

(c) No monies shall be appropriated from the general fund forpayment of any expenses incurred under W.S. 33-28-201 through 33-28-206 andthose expenses shall not be paid by the state.

 

33-28-202. Real estate recovery account created; payments; pro ratadistribution when account insufficient; service of process; joinder of account.

 

 

(a) If any person obtains a final judgment in any court ofcompetent jurisdiction against any real estate broker or real estate salesmanlicensed under this act on the grounds of fraud, willful misrepresentation,deceit or conversion of trust funds arising directly out of any transactionoccurring after December 31, 1983 which occurred when the broker, associatebroker or salesman was licensed and in which the broker, associate broker orsalesman performed acts for which a real estate license is required, thatperson, within one (1) year of termination of all proceedings, includingappeals, may file with the commission a verified petition in the court in whichthe judgment was entered for an order directing payment out of the real estaterecovery account in the amount of actual damages included in the judgment andunpaid, and that a writ of execution has been returned unsatisfied, but for notmore than four thousand dollars ($4,000.00).

 

(b) If the payment from the real estate recovery account isinsufficient to pay in full the valid claims of all who have claims on file atany time the money in the account shall be distributed among them in the ratiothat their respective claims bear to the aggregate of the valid claims or in amanner that a court deems equitable. Distribution of any monies shall be amongthe persons entitled to share the monies without regard to the order ofpriority in which their respective judgments were obtained or their claims werefiled.

 

(c) Any real estate broker, associate broker or real estatesalesman who is licensed or renews his license under W.S. 33-28-108 afterDecember 31, 1983, and upon whom personal service cannot be made withreasonable diligence shall be deemed to have appointed the director of thecommission as his agent for service of process for purposes of actions filedagainst him pursuant to subsection (a) of this section. Service of processpursuant to subsection (b) of this section shall be made under the WyomingRules of Civil Procedure.

 

(d) In lieu of the petition under subsection (a) of thissection for an order directing payment out of the real estate recovery account,a person filing an action against a licensed real estate broker, associatebroker or salesman of a type described in subsection (a) of this section mayjoin the real estate recovery account as a limited third party defendant andhave judgment rendered directly against the account in the amount provided insubsection (a) of this section provided:

 

(i) Service of summons and complaint is made on the real estatecommission;

 

(ii) The account may assert all defenses available to defendantlicensee;

 

(iii) Plaintiff posts a bond in the amount of ten percent (10%)of the actual damages he seeks from the account to guarantee costs.

 

(e) The commission may defend any action against the fund onbehalf of the fund and in the name of the defendant.

 

(f) Recovery against the bond required in paragraph (d)(iii) ofthis section shall be authorized by the court if it rules in favor of thecommission on behalf of the fund.

 

33-28-203. Limitation on action for payment from account; notice ofaction; order of payment; showing required.

 

 

(a) No order for payment from the real estate recovery accountshall be issued unless the suit in which the order subsequently results was commencedwithin one (1) year after the cause of action accrued. If any person commencesan action for a judgment which may result in an order for payment from theaccount, the person shall notify the commission in writing of the commencementof the action. The commission, under W.S. 33-28-111, shall investigate thecomplaint and may hold a suspension or revocation hearing.

 

(b) If any person files a petition for an order directingpayment from the real estate recovery account, the court may order payment outof the real estate recovery account under subsection (c) of this section if itfinds:

 

(i) The petitioner is not a spouse of the judgment debtor or aperson representing the spouse;

 

(ii) The petitioner has obtained a judgment of the kind describedin W.S. 33-28-202(a); and

 

(iii) The judgment debtor has insufficient property upon whichexecution may be levied to satisfy the judgment or that a writ of execution hasbeen returned unsatisfied.

 

(c) Upon receipt of an order by the court directing thatpayment be made out of the real estate recovery account, the state auditorshall draw a warrant for the payment of the amount directed upon a voucherapproved by the commission and the state treasurer shall pay the amountdirected out of the real estate recovery account.

 

33-28-204. Revocation of licenses following payment from account;rei

Categories