Real estate brokers and salesmen revisions-2.

WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0119

ENROLLED ACT NO. 56, SENATE

SIXTY-FIRST LEGISLATURE OF THE STATE OF
WYOMING
2011 GENERAL SESSION

AN ACT relating to
real estate brokers and salesmen; making general revisions throughout the Real Estate License Act; amending and repealing provisions as required; providing definitions;
and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1
.

W.S. 33
‑
28
‑
101, 33
‑
28
‑
102 by creating a new subsection (b),
33
‑
28
‑
103(a)(iii) through (vi),
33
‑
28
‑
104, 33
‑
28
‑
105(a), (c)(intro), (v), (e)
through
(g)
and by creating a new subsection (h)
, 33
‑
28
‑
106(a), (b), (c)(intro), (ii),
(iii),
(d), (e)(intro), (i)
, (iii), (vi)
,
(vii),
(viii)(intro), (f)(intro)
by creating new paragraphs (viii) through (xvii)
, (g)
(intro),
(i), (k) and by creating new subsection
s
(n)
and (o)
, 33
‑
28
‑
107(b),
33
‑
28
‑
108,
33
‑
28
‑
109(a) through (c), 33
‑
28
‑
110(a), (b)(intro), (i), (iii), (iv), (d) and (f), 33
‑
28
‑
111(a)(intro), (v), (vi)(intro), (A), (ix), (xiii) through (xx), (xxiii), (xxv) through (xvii), (xxix)(intro)
and
(A), 33
‑
28
‑
112(b), 33
‑
28
‑
114
, 33
‑
28
‑
115,
33
‑
28
‑
117,
33
‑
28
‑
118(a) through (e), 33
‑
28
‑
119
(a), (c) through (g) and by creating new subsections (h) and (j)
, 33
‑
28
‑
121, 33
‑
28
‑
122,
33
‑
28
‑
123,
33
‑
28
‑
201(b), 33
‑
28
‑
202(a), (c) and (d)(intro), 33
‑
28
‑
204, 33
‑
28
‑
302(a), (b), (c),
(e),
(f), (h)(intro), (i)
, (iii)(intro)
, (j), (k), (n), (p) and (q), 33
‑
28
‑
303(f) and (g),
33
‑
28
‑
305(b)(ii)(J)
,
33
‑
28
‑
306(a)(intro)
,

(i) and (iv) and 33-28-308(a), (c), (d), (f) and (h)
are amended to read:

33
‑
28
‑
101.

Short title; license required.

This act shall be known and may be cited as the "Real Estate License Act
."

of 1971
"
. F
rom and after the effective date of this act

I
t is unlawful for any person to engage in or conduct, directly or indirectly, or to advertise or hold himself out as
engaging in
or conducting the business
,
real estate activity

or acting in the capacity of a
real estat
e
broker, associate broker or
a real estate

salesman

licensee
within this state without first obtaining a license as
a broker, associate broker or salesman, as

provided in this act.

33
‑
28
‑
102.

Definitions.

(b)

As used in this act:

(i)

"Active license" means a real estate license that has not been inactivated, suspended or revoked;

(ii)

"Advance fee" means a fee claimed, charged or received for a listing, advertisement or offer to sell or lease
real
estate
issued primarily for promoting the sale or lease of real estate;

(iii)

"Aggregate limit" means a provision in an insurance contract limiting the maximum liability of an insurer for a series of losses in a given time period, such as the policy term;

(iv)

"Associate broker" means an individual who has quali
fied as a broker under this act,
is licensed under
a responsible broker and does not have supervisory responsibilities
;

(v)

"Auction
,
" when used as a noun, means a method of sale at a predetermined date and time, by means of one (1) or more exchanges between an auctioneer and prospective purchasers either in person verbally or physically, or by regular mail, telecommunications, the internet or an electronic transmission, the exchanges consisting of one (1) or more offers to sell made by the auctioneer and offers to purchase made by prospective purchasers, with the right to acceptance of offers to purchase residing with the auctioneer. "Auction" includes a sale of real estate in which there has been a solicitation or invitation by advertisement to the public in advance for bidding using sealed bids, provided that the bids are opened and there is a call for an advancement of the bids. "Auction" when used as a verb, means any act or conduct done for compensation or the expectation thereof and designed, intended or expected to affect the bidding or results of a real estate auction, including, but not limited to, serving as an auctioneer or ringman or encouraging, soliciting or receiving bids
;

(v
i
)

"Branch office" means any office of a responsible broker other than his principal place of business;

(vi
i
)

"Broker" means any person licensed under this act including associate brokers and responsible brokers. "Broker" does not include a salesman;

(vii
i
)

"Buyer" means a person attempting to acquire real
estate
and in
cludes

a tenant as that term is commonl
y

used in the rental, leasing or management of real
estate
;

(
ix
)

"Buyer's agent" means a licensee who is authorized to represent and act on behalf of the buyer in a real estate transaction;

(
x)

"Commission" means the
Wyoming
real estate commission;

(x
i
)

"Compensation" means any money, item of value or payment which is provided, promised or expected for the performance of any real estate activity;

(xi
i
)

"Cooperative transaction" means any real estate transaction in which
licensees from
more than one
(1)

real estate company participate
, regardless of agency representation;

(xii
i
)

"Customer" means a party to a real estate transaction who has established no intermediary or agency relationship with any licensee involved in the transaction;

(xi
v
)

"
Degree in real estate
"
means a degree from an accredited degree granting college or university, including a junior or community college, with a major course of study in real estate. A degree
under this section shall at minimum require the
successful completion of four (4) core courses of real estate principles and practices, real estate law, real estate appraisal and real estate finance, plus at least two (2) additional real estate related courses. These courses shall total at least eighteen (18) or more semester hours or twenty-seven (27) quarter hours;

(xv)

"Designated licensee" means a licensee who is designated in writing by a responsible broker to serve as an agent for a seller or a buyer
or as an intermediary
in a real estate transaction;

(xv
i
)

"Distance education course" means a course where instruction takes place when the teacher and the student are not in a traditional classroom setting and are separated by distance or time;

(xvi
i
)

"Equivalent coverage" means insurance coverage obtained independently of the group program available through the insurer under contract with the commission and subject to the provisions of this act;

(xvii
i
)

"Errors and omissions insurance" means professional liability insurance which provides insurance coverage to active licensees for errors and omissions made during the course of real estate transactions subject to the coverages, limitations and exclusions of the specific policy;

(x
ix
)

"Expired license" means a license for which the license period has expired;

(xx)

"Extended reporting period" means a designated period of time after a claims-made policy has expired during which a claim may be made and coverage obtained as if the claim was made during the policy period;

(xx
i
)

"Funds holder" means a
title company, closing agent or attorney licensed in this state
who holds items of value in trust for the parties to a real estate transaction;

(xx
i
i
)

"Grace period" means January 1 to March 1 of each year
during which an expired license may be renewed
;

(xxi
ii
)

"Group program" means an insurance policy from an insurance provider selected by the commission through the competitive process as specified in this act;

(xxi
v
)

"Inactive license" means a license that has been placed on inactive status at the request of the licensee and is not expired, terminated, suspended or revoked;

(xxv)

"Individual coverage" means insurance coverage other than coverage from the group program which meets the requirements of the commission;

(xxv
i
)

"In-house real estate transaction" means a real estate transaction in which the buyer a
nd the seller have an agency,
intermediary
or customer
relationship with licensees from the same
real estate company
;

(xxv
i
i
)

"Interest in a transaction" means any advantage, benefit or profit, other than
the
agreed upon com
pensation
, which may be realized by a licensee as the result of a purchase, sale or lease of real

estate
;

(xxvii
i
)

"Intermediary" means a licensee who assists one (1) or more parties throughout a contemplated real estate transaction without acting as an agent or advocate for any party to the transaction;

(
xxix
)

"License" means the document issued by the commission certifying that the person named on the document had fulfilled all requirements for licensure under this act;

(xx
x
)

"Licensee" means any
person issued
a license by the commission;

(xxx
i
)

"Like-license" means a license from another jurisdiction which is at an equivalent level of experience and responsibility as a comparable
Wyoming
license;

(xxxi
i
)

"Material to the transaction" means having importance, relevance or consequence to a person making a decision regarding
the purchase, sale or lease of
real estate. "Material to the transaction" does not include psychological considerations including
, but not limited to,
health issues
, suicide, murder
or crimes which have occurred on the property;

(xxxi
i
i
)

"Offer" means any inducement, solicitation or attempt to encourage a person to acquire an interest in real estate which is made for gain or profit;

(xxxi
v
)

"Offeree" means a person to whom an offer is made;

(xxxv)

"Offeror" means the person making an offer;

(xxxv
i
)

"Office" means a
responsible
broker's place of business where records are maintained;

(x
xxvi
i
)

"Option" is a right that an owner may give to another
person
to purchase or lease the owner's
real

estate a
t a specific price;

(xxxvii
i
)

"Owner" means a person with a right to convey an ownership or leasehold interest in real estate;

(
xxxix
)

"Person" means individuals
, corporations, partnerships, associations or other public or private entities,
foreign or domestic;

(
xl
)

"
Prior acts coverage
"
means
insurance coverage for any claim
made
during a current policy period when
the act or acts causing the claim or injuries for which the claim is made occurred prior to the inceptio
n of the current policy period;

(xl
i
)

"
Proof of coverage
"
me
ans a certificate of insurance
demonstrating coverage of a policy of insurance equal to or exceeding the group coverage contracted for by the commission
;

(xli
i
)

"
Property manage
ment
"
means
the act of
management for compensation of
real estate

for
another
, including collection of rents, maintenance
of
the
real
estate
and accounting of fees received for
another;

(xli
i
i
)

"
Qualified insurance carrier
"
means an insurance carrier that:

(A)

For the entire term of its contract shall provide the group plan of errors and omission insurance as provided in this act, maintains an A.M. Best rating of
"
B
"
or better and financial size
category of class VI or higher;

(B)

Is authorized by the
Wyoming

i
nsurance
d
epartment to do business in
Wyoming
as an insuran
ce carrier for the policy term;

(C)

Is and will remain qualified and authorized by the
Wyoming
insurance department to write policies of errors and omissions insurance in
Wyoming
for the policy term;

(D)

After competitive bidding, has been notified by the commission that it is the successful bidder for the group plan to provide the errors and omissions insurance as specified in this act;

(E)

Has entered into a contract to provide group errors and omissions plan in conformity with the contract, thi
s act, applicable rules of the c
ommission and
other applicable law
;

(F)

Will collect premiums, maintain records and report names of those insured and a record of claims to the commission on a timely basis
.

(xl
i
v
)

"
Real estate
"
means leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, and whether the real estate is situated in this state or elsewhere but shall not apply to nor include mineral lands, rights or leases;

(xl
v)

"
Real estate activity
"
occurs when an individual for another and for compensation:

(A)

Sells, exchanges, purchases, rents, manages or leases real estate;

(B)

Offers to sell, exchange, purchase, rent, manage or lease real estate;

(C)

Negotiates, offers, attempts or agrees to negotiate the sale, exchange, purchase, rental or

leasing of real estate;

(D)

Lists, offers, attempts or agrees to list real estate for sale, lease or exchange;

(E)

Auctions, offers, attempts or agrees to auction real estate;

(F)

Collects, offers, attempts or agrees to collect rent for the use of real estate;

(G)

Advertises or holds himself out as being engaged in the business of buying, selling, exchanging,
auctioning,
renting or leasing real estate;

(H)

Engages in the business of charging an advance fee in connection with any contract undertaken to promote the sale
, auction
or lease of real estate either through its listing in a publication issued for that purpose or for referral of information concerning the real estate to brokers;

(J)

Buys, sells, offers to buy or sell or otherwise deals in options on real estate or improvements thereon;

(K)

Assists or directs in the procuring of prospects calculated to result in the sale, exchange, lease or rental of real estate;

(
M
)

Assists or directs in the negotiation of any transaction calculated or intended to result in the sale, exchange, lease or rental of real estate;
or

(
N
)

Deals in time shares.

(xlv
i
)

"
Real estate company
"
means a business entity including a firm, compa
ny, corporation, partnership,
sole proprietorship
or other entity
which is licensed to conduct real estate activity
;

(xlv
i
i
)

"
Real
estate transaction" or "transaction" means any
real estate activity under this section;

(xl
vi
i
i
)

"
Regular employee
"
means
an individual
who is employed
by an owner of real estate
on a salaried basis or paid wages
which are not performance based
, is subject to income tax withholding and FICA and whose duties are performed in the ordinary course of
the

owner's
business or the management or operation of
the owner's
investments;

(
xlix
)

"
Responsible broker
"
means
a
n individual
who has a
n

active
broker
'
s license and who is responsible for the supervision of the activities of licensees associated with the
real estate company
or a broker who operates a single license office;

(
l
)

"
Retroactive date
"
means the date when the first real estate errors and omissions coverage was effective insuring the named insured on a claims-made basis and since which time the insured has been continuously insured;

(l
i
)

"
Salesman
"
means
an individual

who has qualified as a salesman under this act and is licensed under
a responsible broker
;

(l
i
i
)

"
Seller
"
means a person who is attempting to sell or exchange real
estate
and includes a landlord as that term is commonly used in the rental, leasing
or management of real
estate
;

(li
ii)

"
Seller
'
s agent
"
means a licensee who is authorized to represent and act for the seller in a real estate transaction;

(l
i
v
)

"
Short term rental
"
means the rental of real
estate
for thirty-one (31) days or less;

(l
v)

"
Single-limit liability
"
means the maximum limit payable, per licensee, for damages arising out of the same error, omission or wrongful act;

(lv
i
)

"
Subagent
"
means a licensee authorized to represent and act on behalf of a real estate company in performing real estate activity for a principal. A subagent shall owe the same obligations and responsibilities to the principal as a responsible broker;

(lv
i
i
)

"
Surrendered license
"
means a license that has been voluntarily terminated or surrendered by a licensee who, at the time of the voluntary termination or surrender, was under investigation or named in a formal administrative complaint
and the surrender has been accepted by the commission
;

(l
vi
i
i
)

"
Suspended license
"
means a license that has been temporarily suspended by the issuing authority;

(l
ix
)

"
Time share
"
means any arrangement, whether by membership agreement, lease, rental agreement, license, use agreement or other means, whereby the purchaser receives a right to use or a freehold interest in accommodations, facilities or
other real

estate
for a specific period of time during any given year, but not necessarily for consecutive years, and which extends for a period of more than one (1) year;

(l
x
)

"
Transaction manager
"
means a licensee designated in writing by the responsible broker to supervise a transaction. The transaction manager shall not be
involved in the
transaction and shall have the duties of an intermediary while supervising the transaction
;

(l
x
i
)

"
Written listing agreement
"
means any real estate employment agreement, including without limitation a buyer
'
s brokerage agreement, a seller
'
s listing contract and a property management contract. The authority created under a written listing agreement may not be assigned to another person without the written consent of all parties to the agreement
;

(lx
i
i
)

"
This act
"
means W.S. 33
‑
28
‑
101 through 33
‑
28
‑
401.

33
‑
28
‑
103.

Exemptions.

(a)

The provisions of this act shall not apply to:

(iii)

Any individual acting as receiver, trustee in bankruptcy, administrator, executor, or guardian, or while acting under a court order or under the authority of a will or of a trust instrument or as a witness in any judicial proceeding or other proceeding conducted by the state or any governmental subdivision or agency
unless that
individual
is a licensee
;

(iv)

Any officer or employee of a federal agency in the conduct of his official duties
, unless that
individual
is a licensee
;

(v)

Any officer or employee of the state government or any political subdivision thereof performing his official duties
, unless that
individual
is a licensee
;

(vi)

Any person or employee acting as the resident manager for the owner or an employee acting as the resident manager for a broker managing an apartment building, duplex, apartment complex or court, when the resident manager resides on the premises and is engaged in the leasing of
property
real
estate

in connection with his employment
, unless that
individual
is a licensee
; or

33
‑
28
‑
104.

Acts constituting person as licensee.

Any person who, for another, with the intention or upon the promise of receiving
any valuable consideration

compensation

offers, attempts or agrees to perform, or performs any single act
defined in W.S. 33
‑
28
‑
102(a)(iii)

of real estate activity
, whether as a part of a transaction or as the entire transaction shall be deemed to be acting as a
broker, associate broker or salesman

licensee

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 of five (5) commissioners, each of whom shall be a citizen of
Wyoming
, appointed by 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 business as
an
active salesperson or broker

a
licensee

in Wyoming for at least five (5) years immediately preceding appointment. No more than one (1) commissioner shall be appointed from the same county

to serve at the same time
. The term of the members of the commission shall be 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 than one (1) full term. The governor may remove any commission member as provided in W.S. 9
‑
1
‑
202. The commission at its first meeting held after September 1 of each year shall select a chairman to serve for the following year. The commission has the power to regulate the issuance of licenses, to revoke or suspend licenses issued under this act, to censure licensees and may do all things necessary and proper to carry out the provisions of this act. The commission may, from time to time, promulgate and amend necessary and reasonable rules and regulations for these purposes.
Effective July 1, 1979,

A
ppointments and terms shall be in accordance with W.S. 28
‑
12
‑
101 through 28
‑
12
‑
103.

(c)

The commission shall employ a director. The director is subject to the rules and regulations of the human resources division of the department of administration and information. The director's salary shall be paid from the real estate
board

commission

account specified in subsection (g) of this section. The duties of the director shall include the following:

(v)

Assist the commission with examinations to be given applicants for real estate
broker and salesman

licenses, and to conduct the examinations at the direction of the commission;

(e)

Each member of the commission shall receive
as
compensation from the real estate
board

commission

account for each day actually spent on his official duties
including

per diem and mileage allowance as allowed
t
o
for
state employees and salary in the amount provided by W.S. 28
‑
5
‑
101(d) for the performance of official duties.

(f)

The commission shall adopt a seal, including the words Wyoming Real Estate Commission, Office of the Commission by which the acts of the commission shall be authenticated. Copies of all records and papers in the office of the commission, certified by the signature of the director and the seal of the commission, shall be received in evidence in all cases 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 the chairman, the member of the commission present who is senior in time of service shall serve as presiding officer. The action of the majority of the members of the commission shall be deemed the action of the commission.

(g)

All fees collected by the commission shall be deposited in the state treasury. The state treasurer shall deposit the fees to the credit of the real estate
board

commission

account. Disbursements from the account shall not exceed the monies credited to it.

(h)

The presence of three (3) members of the commission shall constitute a quorum. In the absence of the chairman, the member of the commission present who is senior in time of service shall serve as
the
presiding officer. The action of the majority of the members of the commission shall be deemed the action of the commission.

33
‑
28
‑
106.

Application for license; qualifications; sworn statement; commission approval of course of study; statement of broker; denial of license;
issuing
license
s
.

(a)

Any person desiring to act as a
real
estate broker, associate broker or real estate salesman

licensee
shall file an application for a license with the commission. The application shall be in the form and detail as the commission shall prescribe and the
individual

applicant shall provide to the commission fingerprints and other information necessary for a criminal history record background check as provided in W.S. 7
‑
19
‑
201(a).

(b)

Licenses shall be granted only to persons who bear a good reputation for honesty, trustworthiness, integrity and competence to transact the business of a
broker, associate broker or salesman

licensee

in a manner which will safeguard the interests of the public, and only after satisfactory proof of the
individual

applicant
'
s qualifications has been presented to the commission
.

including a criminal history record background check as provided in W.S. 7
‑
19
‑
201(a).

(c)

Each applicant for a
responsible

broker's license shall:

(ii)

Have first served actively for two (2)
of the four (4)

years
immediately preceding the application

as a real estate salesman or
shall furnish to the commission proof indicating that the applicant holds a degree in real estate from an accredited university or college

associate broker
; and

(iii)

Submit other evidence through the application or otherwise, as the commission deems desirable with due regard to the paramount interests of the public, as to the honesty, truthfulness, integrity and competency of the
individual

applicant.

(d)

Every
officer of a corporation

member of a real estate company

acting as a
responsible

broker for
the corporation and every member of
an association or partnership

acting as a broker for that a
ssociation or partnership

that
real estate company

who engages in
the
any

real estate
business

activity

shall obtain a
responsible

broker's license.

(e)

Every applicant for a
responsible broker's or associate

broker's license shall
furnish
a sworn statement setting forth

state
:

(i)

The name of the
person, firm, partnership, association or corporation

real estate company

with which he will be associated in the business of real estate;

(iii)

The period of time, if any, which
the applicant

he

has been engaged in the real estate business;

(vi)

A statement that the applicant

That he

has or has not been refused a real estate license in this or any other state;

(vii)

A statement that the applicant's

That his
real estate license has or has not been revoked in this or any other state;

(viii)

Evidence that
the applicant

he

has completed not less than sixty (60)
cumulative

class hours in a course of study approved by the commission, given by instructors approved by the commission and has satisfactorily passed an examination covering material taught in each course.

The commission shall:

(f)

Each applicant for a salesman's license shall
:

have reached the age of majority. The application for a salesman's license shall be accompanied by a written statement by the broker in whose service the applicant is about to enter stating:

(
viii)

Have reached the age of majority;

(i
x
)

Submit other evidence as the commission deems desirable with due regard to the paramount interests of the public as to the honesty, truthfulness, integrity and competency of the individual applicant
;

(
x
)

Furnish the name of the real estate company with which he will be associate
d
in the business of real estate;

(
xi
)

Furnish the period of time, if any, that he has been engaged in the real estate business;

(
xii
)

Furnish his present address;

(
xiii
)

Furnish the name and address of his previous employer;

(
xiv
)

Furnish a statement that he has or has not been refused a real estate license in this or any other state;

(
xv
)

Furnish a statement that his real estate license has or has not been revoked in this or any other state;

(
xvi
)

Furnish evi
dence that he has completed not
less than thirty (30) class hours in a course of study approved by the commission, given by instructors approved by the commission and has satisfactorily passed an examination covering material taught in each course;

(x
vii
)

Include a
statement by the responsible broker in whose service the applicant is about to enter stating:

(A)

The name and
address
of the
responsible broker's real estate company
;

(B)

That i
n his opinion the applicant is honest, truthful and recommends the license be granted to the applicant;

(
C
)

T
hat th
e responsible broker will actively supervise and train the applicant during the period the requested license remains in effect
.

(g)

The commission may consider prior revocation, conduct or conviction in its determination of whether to grant
the

an

applicant a license if the applicant:

(i)

Has
been fined or disciplined or

had his real estate license revoked
,

on a prior occasion

suspended, censured or placed on probation in any jurisdiction
;

(k)

The commission shall issue
to each broker and to each salesman licensee a license and pocket card

licenses
in a form and size as the commission shall prescribe.

(n)

Each individual applicant for an associate broker's license shall:

(i)

Have reached the age of majority;

(ii)

Have first served actively for two (2) of the four
(4)
years immediately
preceding
the application as a salesman or shall furnish to the commission proof indicating that he holds a degree in real estate from an accredited university or college; and

(iii)

Submit other evidence through the application or otherwise, as the commission deems
desirable
with due regard to the paramount interests of the public as to the honesty, truthfulness, integrity and competency of the individual applicant.

(
o
)

The commission shall:

(i
)

Approve courses that cover real estate principles, real estate law, real estate finance and related topics;

(ii
)

Promulgate rules and regulations to provide a process for challenging a course in lieu of evidence of completion of class hours;

(iii
)

Publish a list of approved real estate courses and keep the list updated annually;

(iv
)

On request, evaluate a specific course or courses which are not on the approved list and approve or disapprove the course.

33
‑
28
‑
107.

Examinations; salesmen's and brokers' licenses.

(b)

No applicant shall engage in
th
e
real estate
business either as a broker or salesman

activity
until he has satisfactorily passed the examination, complied with the other requirements of this act and until a license has been issued to him.

33
‑
28
‑
108.

Fees.

Pursuant to W.S. 33
‑
1
‑
201, the commission shall establish fees for examinations, original licenses, renewals, certifications, change of place of business, transfers
,

and

duplicate licenses
.

and duplicate pocket cards
.
The fees shall be used to pay the expense of maintaining and operating the office of the commission and the enforcement of this act.

33
‑
28
‑
109.

Responsible b
roker to maintain fixed office; change of address; branch offices; restrictions on associate brokers and salesmen.

(a)

Each resident
licensed

responsible

broker shall maintain a fixed office within this state.
The original license as broker and the original license of each salesman associated with or under contract to the broker shall be prominently displayed in the office.

The address of the office shall be designated
in the broker
'
s license

on all licenses associated with the office

and no license issued under this act shall authorize the licensee to transact real estate
business

activity

at any other address except a licensed branch office. In case of removal from the designated address, the
licensee

responsible broker

shall make application to the commission before the removal
or within ten (10) days thereafter,

designating the new location of his office and paying the required fee, whereupon the commission shall issue a license for the new location for the unexpired period if the new location complies with the terms of this act.

(b)

If a
responsible

broker maintains more than one (1) place of business within the state
,
a branch office license shall be issued to the
responsible

broker for each branch office so maintained by him
.

and the branch office license shall be displayed conspicuously in each branch office.

Every branch office shall be under the direction and supervision of
a licensed

the responsible

broker. A
responsible

broker requesting a branch office license shall also, in addition to the branch office application, submit a plan of supervision for the branch office

for approval by the commission
.

(c)

An associate broker or salesman shall not be associated or engaged under contract to any other
responsible

broker than is designated upon the license issued to the associate broker or salesman. Upon termination of an associate broker's or salesman's association or contractual relationship,
he shall surrender his pocket card to

his
responsible

broker
who shall return his license and pocket card to

shall immediately notify

the commission for cancellation
of the
associate broker
'
s or salesman
'
s
license
. Whenever a licensed associate broker or salesman desires to change his
broker or

contractual relationship from one

(1)

licensed

responsible

broker to another, he shall notify the commission promptly in writing of the facts attendant thereon and pay the required fee.
Upon application, t
he commission shall issue a new license

and pocket card

under the new
responsible
broker
.
No associate broker or salesman shall directly or indirectly associate himself with a
responsible

broker until he has been issued a license to do so with that
responsible

broker.

33
‑
28
‑
110.

Unlawful to compensate unlicensed person; licensing of like-licensed nonresidents; service of process on nonresidents.

(a)

It is unlawful for any
licensed

responsible
broker to compensate any person who is not a
licensed broker, associate broker or salesman

licensee associated with his real estate company or a responsible broker for another real estate company

for performing any
of the acts regulated by this act

real estate activity

provided, however, that a
licensed

responsible

broker may pay
a commission
compensation

to a
licensed
broker of another state if the nonresident broker does not conduct
in this state any of the negotiations for which a commission

any real estate activity in this state for which compensation

is paid.

(b)

A nonresident may be issued a
nonresident

Wyoming

responsible

broker's license if:

(i
)

The individual
is a licensed broker

holds a like-license
in his home state;

(iii)

The individual meets all the other requirements of this act
and rules and regulations of the commission
; and

(iv)

The individual
'
s home state has entered into a reciprocal agreement with the commission relating to the issuance of reciprocal licenses

The broker furnishes the commission a statement under seal of the commission of his home state evidencing that he is an active licensed broker in good standing and has no complaints pending against him in his home state
.

(d)

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

may be issued a
Wyoming
associate broker or salesman license if:

(i)

The individual holds a like-license in his home state;

(ii)

The individual is actively engaged in the real estate business in his home state;

(iii)

The individual meets all the other requirements of this act and rules and regulations of the commission; and

(iv)

The
individual
furnishes the commission a statement under seal of the commission of his home state evidencing that he
holds an active license
in good standing and has no complaints pending against him in his home state
.

(f)

Prior to being issued a license, every nonresident
broker

licensee

shall file with the commission a designation in writing which appoints the director of the commission to act as his licensed agent upon whom all judicial and other process or legal notices directed to the licensee may be served. Service upon the agent so designated shall be equivalent to personal service upon the licensee. Copies of the appointment, certified by the director of the commission, shall be received in evidence in any proceeding and shall be given the same force and effect as the original. In the written designation the licensee shall agree that any lawful process against the licensee which is served upon his appointed agent shall be of the same legal force and validity as if served upon the licensee, and that the authority of the agent shall continue in force so long as any liability of the licensee remains outstanding in this state. Upon the receipt of any process or notice, the director shall mail a copy of the same by certified mail, return receipt requested, to the last known business address of the licensee.

33
‑
28
‑
111.

Censure of licensee and suspension or revocation of license; grounds.

(a)

The commission shall upon a written sworn complaint or may upon its own motion investigate the actions of any

broker, associate broker or salesman

licensee
conducting real estate activity regarding real
estate
located in Wyoming
,

impose an administrative fine not to exceed two thousand five hundred dollars ($2,500.00) for each separate offense and may censure
the

a

licensee, place
the

a

licensee on probation and set the terms of probation, suspend or revoke any license issued under this act
and impose an administrative fin
e
for any of the following:

(v)

Negotiating a sale, exchange or lease of real estate

Conducting real estate activity

directly with an owner or lessor if the licensee knows the owner
or les
sor

has
a

written outstanding contract

an outstanding written agreement

in connection with the
property
granting

an exclusive right to sell to

real estate
with

another
responsible

broker;

(vi)

Intentionally

U
sing advertising which:

(A)

Is misleading or is inaccurate in any
material

matter
material to the transaction
; or

(ix)

If a
responsible

broker, failing to supervise the activities of his associate broker or salesman;

(xiii)

Failing to submit all offers
in writing
to a seller
, if received prior to the written acceptance of any offer

or buyer
;

(xiv)

Commingling the money or other property
of
the licensee
'
s principals

others

with his own;

(xv)

Accepting, giving or charging an undisclosed
commission

compensation
, rebate or direct
or indirect
profit on expenditures made for
a principal

others
;

(xvi)

Engaging in
real estate

activity as an associate broker or salesman involving the representing or attempt to represent a
real estate

responsible

broker other than his
licensed

responsible

broker;

(xvii)

Accepting
a commission

or other valuable consideration

compensation

by an associate broker or salesman from anyone other than his
employing

responsible
broker;

(xviii)

Acting for more than one (1) party in a transaction without the
knowledge

written acknowledgement
of all parties for whom the licensee acts;

(xix)

Guaranteeing or authorizing any person to guarantee future profits which may result from the resale of real
property

estate
;

(xxiii)

Compensating any unlicensed person for performing
the services of a broker, associate broker or salesman

real estate activity
;

(xx)

Failing to obtain written listing agreements identifying the property and containing all terms and conditions under which the property is to be sold including the price, the
commission
compensation
to be paid, the signatures of all parties concerned and a definite expiration date;

(xxv)

Failing to account for any monies or property
entrusted to licensee

received from others
;

(xxvi)

Failing to keep the funds of others in an escrow or trust account
, unless each person with an interest in the funds has agreed otherwise in writing
;

(xxvii)

Failing to deposit all financial instruments in an escrow or
trustee

trust

account within one (1) banking day in a financial institution in this state
, unless each person with an interest in the funds has agreed otherwise in writing
;

(xxix)

If a
responsible

broker
:

(A)

Failing to deliver to the
seller

parties

in every real estate transaction at the time the transaction is closed a complete, detailed closing statement showing all of the receipts and disbursements handled by the
broker

licensee
s
in his office

for the
seller

parties

unless a clear and accurate accounting is furnished by
an escrow

agent

another broker or a funds holder
;

33-28-112.

Enjoining violations of chapter; penalties for violation of injunction.

(b)

Any defendant so enjoined who violates an injunction shall be punished for contempt of court by a fine of not more than
one thousand dollars ($1,000.00)

two thousand five hundred dollars ($2,500.00)
or by imprisonment in the county jail for not more than six (6) months or both.

33
‑
28
‑
114.

Conducting business without license prohibited; penalties; civil liability.

(a)

Any
person
acting as a broker, associate broker or salesman

individual
performing real estate activity

without first obtaining a license is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than
one thousand dollars ($1,000.00
)
two
thousand
five hundred
dollars ($
2
,
5
00.00)

or by imprisonment in the county jail for a term not to exceed six (6) months. Upon conviction of a subsequent violation the
person

individual
shall be punished by a fine of not more than
one thousand dollars ($1,000.00)

five thousand dollars ($5,000.00)

or by imprisonment in the county jail for a term not to exceed one (1) year or both. If a corporation
, partnership or association
is convicted it shall be punished by a fine of not more than five thousand dollars ($5,000.00).

(b)

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

33
‑
28
‑
115.

Unlicensed person may not maintain action for fee.

No action or suit shall be instituted, nor recovery be had, in any court of this state by any person for compensation for any
act done or service rendered, which is prohibited under this act to other than licensed brokers, licensed associate brokers or licensed salesmen

real estate activity

unless the person was licensed under this act at the time of
offering to perform any act or service or procuring any promise to contract for the payment of compensation for any contemplated act or service

engaging in real estate activity
.

33
‑
28
‑
117.

Directory of licensees.

The commission shall
annually publish

maintain and make publicly available

a directory of licensees, including
a list of

licenses suspended and revoked which shall contain other data as the commission may 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 for successive three (3) year periods.
Application for renewal of any license issued prior to this act shall be made before December 31, 1983. Thereafter the application shall be made before December 31 of the third year of the license period
.
The commission may establish a grace period for license renewal not to exceed sixty (60) days. The commission may establish a late fee for license renewal not to exceed seventy-five dollars ($75.00).

(b)

Effective December 31, 1983,

T
he commission may adopt rules and regulations providing for mandatory continuing education allocable over each three (3) year period not to exceed sixty (60) hours.

(c)

Failure to
remit

timely submit a complete renewal application including proof of required continuing education and

renewal fees when due shall automatically
cance
l
cause

a license
, but otherwise the license shall remain in full force and effect continuously from the date of issuance, unless suspended or revoked by the commission for just cause

to expire
. Presentation of a check to the commission as a fee for either an original or renewal license or for examination for license, which is returned to the state treasurer unpaid, is cause for revocation or denial of license unless it is established that the dishonor of the check was not the fault of the applicant or licensee.

(d)

Any licensee whose license has
been cancelled for failure to renew

expired

as provided in this section
after the grace period has ended,

shall comply with all requirements of a new applicant, including writing the appropriate examination, before a license will be reissued.

(e)

Any real estate associate broker or salesman who is not employed by or associated with a
responsible

broker, or any
responsible

broker who desires to become inactive
,
may renew his license in an inactive status prior to the renewal deadline established in this section, by submitting the renewal fee together with a completed renewal application on which he has noted his present inactive status.

33
‑
28
‑
119.

Advertising; licensing under one name; trade names; advertisement
of licensees
.

(a)

Every real estate
broker

licensee
, when advertising or promoting his real estate
brokerage business

activities
, shall use the
real estate company

name under which he is licensed and shall use no slogans or phraseology in a manner which would indicate or suggest to the public that real
property
estate

may be listed or is being offered for sale, exchange, lease or rent by a private party not licensed by the commission.

(c)

No person
, corporation, partnership or association, domestic or foreign,
shall act or advertise as a
real estate

broker or salesman

licensee

in this state by use of letterheads, billboards, radio or television announcements or any other media of advertising, without first obtaining a
real
estate broker's or salesman's

license from the commission.

(d)

Except as provided in subsection (e) of this section, no person shall be licensed
as a
real estate

broker or a real estate salesman

under more than one (1)
real estate company

name, and no person shall conduct or promote a real estate brokerage business except under the
real estate company

name under which the person or brokerage business is licensed.

(e)

A trade name, with the permission of the owner of the trade name, may be used concurrently with the licensed name of the
broke
r
real estate company

in the promotion or conduct of the
licensed

responsible

broker's business. The
broker
'
s
licensed

real estate company

name shall be displayed in a conspicuous manner that may be readily identified by the general public.

(f)

A
licensed

responsible

broker shall not advertise the sale, purchase, exchange or lease of
property
real
estate
,
whether
unless

owned by him
,

or not,
without including in the advertisement the
real estate company

name under which he is licensed.

(g)

A licensed associate broker or salesman shall not advertise the sale, purchase, exchange or lease of
property

real estate
,
whether
unless

owned by him
,

or not,
without including in the advertisement the name of the
broker

real estate company

with whom he is associated
.

and licensed and the name under which he is licensed.

(h)

A licensee shall not advertise the sale, purchase, exchange or lease of
real
estate
owned by the licensee unless the advertisement includes the fact that an owner of the real estate
is a
licensee.

(j)

If a licensee uses his individual name in advertising, the first and last name shall be included. A common shortened spelling of the first name of the licensee is permitted. The use of a nickname is permitted if the
nick
name is reflected on the license.

33
‑
28
‑
121.

Temporary licenses to complete affairs of deceased brokers.

In the event of the death of a
licensed
responsible

broker who is the sole proprietor of a real estate
business

company
, upon application by his personal representative, the director shall issue, without examination and for a specified period of time, a temporary license to the personal representative, or to a licensed individual designated by him and approved by the director. The license shall authorize the holder of the temporary license to continue to transact business for the sole purpose of completing the affairs of the deceased
responsible

broker.

33
‑
28
‑
122.

Responsible
broker's trust accounts; disposition of interest; commingling with personal funds prohibited; disputed deposits; cooperative transactions.

(a)

Every
responsible

broker licensed in this state shall:

(i)

Maintain a separate account in a financial institution in this state designated as a trust
or escrow

account in which all down payments, earnest money deposits, advance listing fees or other trust funds received by him, his associate brokers or his salesmen on behalf of a principal or any other person shall be deposited unless all persons having an interest in the funds have agreed otherwise in writing. The account shall permit immediate withdrawal of the funds deposited therein
.
In lieu of maintaining a trust or escrow account under this paragraph, a responsible broker may use a funds holder
;

(ii)

Notify the real estate commission on forms it prescribes of the name of the financial institution in which a trust account is maintained and the name of the account. If the
responsible

broker uses a
closing agent

funds holder

and deposits monies with
this agent

the funds holder
, his intention to use a
closing agen
t
funds holder and the name
of the funds holder

shall be disclosed to all parties to any contract, purchase agreement, lease or lease agreement negotiated by him. The
responsible

broker shall
identify all funds holders used by the broker and

notify the real estate commission in writing that he uses
a closing agent

and deposits monies with the
agent

funds holder
;

(iii)

Permit the commission or its representative to examine the
responsible broker's

trust
account

accounting
records;

(iv)

Upon cancellation of his license for any reason, maintain the
escrow

trust
account until all deposits have been properly disbursed.

(b)

If a
responsible

broker's branch office maintains a separate trust account, the office shall maintain a separate bookkeeping system.

(c)

A trust account maintained by a
responsible

broker under this section may be interest bearing or noninterest bearing. Any interest accrued on any deposit in a trust account shall be paid out as agreed in writing by all persons having an interest in the deposit. In the absence of a written agreement among all persons having an interest in the deposit, at the time all or any portion of any deposit is withdrawn and paid out, all interest accrued upon the funds withdrawn and paid out shall also be withdrawn and paid out to the person from whom the trust funds were received; provided, if the funds are required to be disbursed to more than one (1) person, each person entitled to receive any portion of the deposit shall also be paid a portion of the interest in the same proportion as the funds withdrawn and paid out to each person bears to the total deposit.

(d)

A
broker

licensee

is not entitled to any part of the earnest money or other
money paid

item of value given
to him in connection with any real estate transaction as part or all of his
commission
compensation

or fee until the transaction has been consummated or terminated.

(e)

No
responsible

broker shall permit an advance payment of funds belonging to others to be deposited in the
responsible

broker's personal account or be commingled with his personal funds. It will not be considered commingling if, when establishing the trust account, the
responsible
broker deposits some of his funds to keep the account open or to avoid charges for a minimum balance, so long as that deposit is identified at the time of deposit. No
responsible

broker shall use deposits in a trust account for a purpose other than the transaction for which they were provided.

(f)

In the event of a dispute over the return or forfeiture of any deposit held by
the
listing

a
responsible
broker, the
listing

responsible

broker
may

shall

continue to hold the deposit in
his

a

trust account until he has a written release from the parties consenting to
this

its
disposition
,

or

until a civil action is filed

or the responsible broker interpleads all parties
, at which time it may be paid to the court.

(g)

Unless otherwise agreed by all parties to the contract, i
n a cooperative transaction
,
in which
one (1)

the

responsible

broker
holds an exclusive right to sell or an exclusive agency on a property and the selling broker

working with a buyer

receives cash or a check as earnest money
,

or according to a contract,

the
selling

responsible
broker shall deliver the contract and the
earnest money

cash or check

to the
listing

responsible

broker
working with the seller

who shall deposit the cash or check in his trust account. If the
sellin
g
responsible

broker
working with a buyer

receives a promissory note, or thing of value, the note or thing of value shall be delivered with the contract to the
listing
broker to be held by the listing

responsible

broker

working with the seller
,

who shall hold the note or thing of value
.

33
‑
28
‑
123.

Retention of records.

Every
responsible
broker licensed in this state shall keep and maintain a full set of records of every real estate transaction in which he participates on behalf of
or to assist

any party to the transaction. The records shall be maintained not less than seven (7) years from the latest date on which the
broker

real estate company

participated in the transaction.

33
‑
28
‑
201.

Real estate recovery account created; funding of account; no liability of state.

(b)

Beginning January 1, 1984,

E
very person obtaining or renewing a
real estate
broker
'
s, associate broker
'
s or salesman
'
s

license shall pay an additional fee of twenty dollars ($20.00) which shall be deposited in the real estate recovery fund account. When the balance of the real estate recovery 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 account and one
‑
half (1/2) of the fee shall be deposited in the educational fund account. When the real estate recovery fund account balance reaches fifty thousand dollars ($50,000.00) all fees shall be deposited in the education fund account.

33
‑
28
‑
202.

Real estate recovery account created; payments; pro rata distribution when account insufficient; service of process; joinder of account.

(a)

If any person obtains a final judgment in any court of competent jurisdiction against any
real estate broker or real estate salesman licensed under this act

licensee

on the grounds of fraud, willful misrepresentation, deceit or conversion of trust funds arising directly out of any transaction
occurring after December 31, 1983

which occurred when the
broker, associate broker or salesman

licensee
was licensed and in which the
broker, associate broker or salesman performed acts for which a real estate license is required

licensee p
e
r
formed
any
real estate activity
, that person, within one (1) year of termination of all proceedings, including appeals, may file with the commission a verified petition in the court in which the judgment was entered for an order directing payment out of the real estate recovery account in the amount of actual damages included in the judgment and unpaid, and that a writ of execution has been returned unsatisfied, but for not more than
four thousand dollars ($4,000.00)

ten thousand dollars ($10,000.00)
.

(c)

Any
real
estate broker, associate broker or real estate salesman who is licensed or renews his license under W.S. 33
‑
28
‑
108 after December 31, 1983, and

upon whom personal service

licensee who

cannot
personally

be
made

served

with
a copy of a summons and complaint through

reasonable diligence
,
shall be deemed to have appointed the director of the commission as his agent for service of process for purposes of actions filed against him pursuant to subsection (a) of this section. Service of process pursuant to subsection (b) of this section shall be made under the Wyoming Rules of Civil Procedure.

(d)

In lieu of the petition under subsection (a) of this section for an order directing payment out of the real estate recovery account, a person filing an action against a
licensed
real estate
broker, associate broker or salesman
licensee

of a type described in subsection (a) of this section may join the real estate recovery account as a limited third party defendant and have judgment rendered directly against the account in the amount provided in subsection (a) of this section provided:

33
‑
28
‑
204.

Suspension of licenses following payment from account; reinstatement.

If the commission is required to make any payment from the real estate recovery account in settlement of a claim or toward the satisfaction of a judgment, the commission shall immediately suspend the judgment debtor's license. The judgment debtor shall not be licensed
as either a broker, associate broker or salesman

or have his license reinstated until he has repaid in full the amount paid from the real estate recovery account with interest thereon of eighteen percent (18%) per annum.
Repayment under this section shall not prohibit the commission from acting in accordance with W.S. 33
‑
28
‑
111.

A discharge in bankruptcy shall not relieve a person from the disabilities and penalties of the section.

33
‑
28
‑
302.

Relationships between licensees and the public.

(a)

A
responsible

broker shall not be required to offer or engage in more than one (1) of the brokerage relationships. When engaged in any
of the activities enumerated in W.S. 33
‑
28
‑
102(a)(iii
)
real estate activity
, a licensee
, with permission of his responsible broker,
may act in any real estate transaction as an agent or intermediary or may work with the seller or buyer as a customer. The licensee's duties and obligations arising from that relationship shall be disclosed to the seller or buyer pursuant to this article.

(b)

When engaged in any
of the activities enumerated in W.S. 33
‑
28
‑
102(a)(iii)

real estate activity
, a licensee may act as an agent only pursuant to a written agreement with the seller or buyer which discloses the duties and responsibilities set forth in W.S. 33
‑
28
‑
303 or 33
‑
28
‑
304.

(c)

When engaged in any
of the activities enumerated in W.S. 33
‑
28
‑
102(a)(iii)

real estate activity
, a licensee may act as a subagent with the duties and responsibilities set forth in W.S. 33
‑
28
‑
303(g)
,
only pursuant to a written agreement between the seller and the seller's agent authorizing an offer of subagency to other
responsible

brokers, or as an intermediary with the seller or buyer,
which

pursuant to a

written agreement
that

discloses the duties and responsibilities set forth in W.S. 33
‑
28
‑
305.

(e)

A licensee may work with a single party in separate transactions pursuant to different relationships,
including

for example,

selling one (1) property as a seller's agent and working with that seller in buying another property as an intermediary or buyer's agent
,

or subagent,

if the licensee complies with this article in establishing a separate relationship in writing for each transaction
.

(f)

A licensee may complete real estate forms and shall explain to the parties the effects thereof if the licensee is performing
the activities enumerated or referred to in W.S. 33
‑
28
‑
102(a)(iii
)
real estate activities

in the transaction in which the forms are to be used.

(h)

If a real estate
brokerage firm

company

has more than one (1) licensee, the responsible broker and any licensee associated with or engaged by that responsible broker may be designated to work with the seller or the buyer as a designated
agent

licensee
. For an in-house real estate transaction, the designated
agent

licensee

shall be:

(i)

A
responsible

broker;

(iii)

A salesman under the direct supervision of a
responsible

broker, and the
responsible

broker is not:

(j)

Licensees employed or engaged by the same responsible broker may be designated
agents

licensees

for different buyers or sellers in the same transaction. If the responsible broker is representing a buyer or a seller in an in-house transaction, the responsible broker shall immediately appoint a transaction manager

unless the other licensee is an associate broker
. The simultaneous designations shall not constitute dual agency or require the responsible broker or licensee to act as an intermediary unless otherwise required by this article. A responsible broker or transaction manager shall have access to all necessary information but shall be prohibited from sharing any confidential information of any party to the transaction that the
responsible

broker or
transaction

manager may learn in the process of supervising the licensees or the transaction.

(k)

A licensee may work as an agent for the seller treating the buyer as a customer or as an agent for the buyer treating the seller as a customer but not as an agent for both the seller and the buyer. A licensee may be designated to work as an intermediary for both the seller and the buyer in the same transaction

pursuant to W.S. 33
‑
28
‑
307
. The applicable designated relationship shall be disclosed in writing to the seller and buyer at the earliest reasonable opportunity. A designated
agen
t

licensee
is not precluded from working with a buyer or seller in a real estate transaction solely because the
agent

licensee
was precluded from representing that person in an earlier separate real estate transaction.

(n)

Nothing in this section shall be construed to limit the responsible broker's responsibility to supervise licensees associated with the
responsible

broker or
firm

real estate company

or to shield the
responsible

broker from vicarious liability.

(p)

A customer relationship shall exist between a licensee and any party to a real estate transaction unless a single agency or intermediary relationship is established through a written agreement between the licensee and the party or parties. When a buyer or seller
is represented by another

has a written listing agreement with a

licensee,
a

another

licensee may work with the other buyer or seller as a customer, having no written agreement, agency or intermediary relationship with
either

any

party. A licensee shall not owe any duty of confidentiality to a customer.

(q)

Proprietary ownership interest of
listings

written listing agreements

shall be vested in the responsible broker.

33
‑
28
‑
303.

Seller's agent engaged by seller.

(f)

A seller may agree in writing with a seller's agent to extend an offer of subagency to other
responsible

brokers
to cooperate in selling the
property

real
estate
.

(g)

Any
responsible

broker acting as a subagent on the seller's behalf shall have the obligations and responsibilities set forth in subsections (a) through (e) of this section.

33
‑
28
‑
305.

Intermediary.

(b)

A licensee engaged as an intermediary shall owe to each party with whom the intermediary has contracted the following duties and obligations:

(ii)

To exercise reasonable skill and care as an intermediary, including:

(J)

Disclosing to any prospective seller all adverse material facts actually known by the intermediary, including but not limited to adverse material facts pertaining to the buyer's financial ability to perform the terms of the transaction
;

and the buyer
'
s intent to occupy the property as a principal residence
;
and

33
‑
28
‑
306.

Relationship disclosures.

(a)

For purposes of this section, open house showings, preliminary conversations and requests for factual information do not constitute discussions or arrangements incidental to a sale, purchase, exchange or lease

of real
estate
. Prior to engaging in any discussion or arrangement incidental to a sale, purchase, exchange or lease

option

of real
estate
,
and
,
prior to entering into any written agreement
,
with a buyer or seller, a licensee shall make a written disclosure of applicable agency, intermediary or customer relationships which shall contain at a minimum the following:

(i)

A description of all the different agency, intermediary and customer relationships allowed by this article and a statement that the
commission

compensation
for different relationships is negotiable;

(iv)

A statement that any established relationship cannot be modified without the written consent of the buyer or seller and that the buyer or seller may, but is not required to, negotiate different
commission fees

compensation
as a condition of consenting to a change in relationship;

33
‑
28
‑
308.

Compensation.

(a)

In any real estate transaction, the broker's compensation may be paid by the seller, the buyer, a third party, or by the sharing or splitting of
a commission or
compensation between brokers.

(c)

A seller may agree that an intermediary, buyer's agent, subagent or a licensee working with a buyer as a customer may share in the
commission or other
compensation paid by the seller with another broker.

(d)

A buyer may agree that a seller's agent, intermediary, subagent or a licensee working with a seller as a customer may share in the
commission or other
compensation paid by the buyer with another broker.

(f)

Prior to entering into a written agreement with the seller and buyer, or prior to entering into a contract to buy or sell, the broker shall disclose in writing to the seller and buyer to the transaction, the agency, intermediary or customer relationships of all parties, persons and entities paying compensation
or commissions
to the broker.

(h)

An agreement authorizing a broker who originally agreed in writing to act as an agent to a buyer or seller with respect to a particular real estate transaction to act instead as an intermediary to that party, shall provide that the party agreeing to the new relationship shall not be liable for any
commission
compensation
greater than the
commission
compensation
the party would have been liable to pay under the initial agreement. Any contract provision in violation of this subsection is void and unenforceable.

Section
2
.

W.S. 33
‑
28
‑
102(a), 33
‑
28
‑
106(e)(viii)(A) through (D) and (f)
(i) through (vii)
, 33
‑
28
‑
110(c), (g), (h) and (j), 33
‑
28
‑
111(a)(xxix)(B),
33-28-119(b),

33
‑
28
‑
301,
33
‑
28
‑
305(f)(iv) and 33
‑
28
‑
401(f) are repealed.

Section 3.

This act is effective July 1, 2011.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1