Wyo. Code R. 018 | Wyoming Administrative Rules 018 — Real Estate Commission

267 Real Estate Appraiser Board

Chapter 1 General Provisions

Wyo. Code R. 018.0001.1.04092020 § 1 Authority and Board Meetings

(a) Pursuant to the authority vested in the Certified Real Estate Appraiser Board by virtue of Wyoming Statutes § 16-3-101 through 16-3-115 and W. S. § 33-39-101 through 33-39-225 (the Act), the following rules and regulations are hereby promulgated. All rules and regulations for the Board can be found at:

https://sites.google.com/a/wyo.gov/rec/appraisers-and-amcs/rules-and-regulations.

(b) The Board shall hold its annual meeting the second Thursday in July at the Board Office located at 2617 E Lincolnway, Suite H, Cheyenne, WY 82002 at 9:00 am.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 2 Definitions

Terms defined in the act shall have the same meanings when used in these rules unless the context or subject matter clearly requires a different interpretation.

(a) "Applicant" means a person or Appraisal management company (AMC) that submits an application for a permit or registration to the Board. This definition does not include temporary permit;

(b) "Appraiser Qualifications Board" "AQB" is the independent board of the Appraisal Foundation which sets the qualification standards for appraisers;

(c) "Appraisal Subcommittee "ASC" is the Appraisal Subcommittee of the Federal Financial Institutions Examination Council;

(d) "Board" means the Wyoming Certified Real Estate Appraiser Board;

(e) "Certified general real estate appraiser" means a person certified by the Board to develop and communicate real estate appraisals of all types of property;

(f) "Certified residential real estate appraiser" means a person certified by the Board to develop and communicate real estate appraisals of all types of residential property of one-to-four units and vacant or unimproved land that is utilized for one-to-four residential unit purposes or for which the highest and best use is for one-to-four residential units, not to include the appraisal of subdivisions for which a development analysis/appraisal is necessary;

(g) "Director of the Board" means the executive director of the Wyoming Real Estate Commission who serves on the Board as a non-voting ex-officio member;

(h) "In good standing" means maintaining an active certification in this state pursuant to the Certified Real Estate Appraiser Act, which certification is not subject to any disciplinary or probationary restrictions;

(j) "Jurisdiction" includes all fifty states and the commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, the District of Columbia and the Virgin Islands as recognized by the United States of America.

(k) "Proof of completion" is a certified transcript or certificate from the entity offering the course/seminar which states the name of the appraiser, certified appraiser trainee, the title of the course/seminar, and the date of completion.

(l) "Registration number" means the specific number issued to each individual AMC.

(m) "USPAP" means the Uniform Standards of Professional Appraisal Practice.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 3 Exemptions

These Rules and Regulations shall not apply to a real estate broker, associate broker or salesperson who, in the ordinary course of business, gives an opinion of the price of real estate for the purpose of a prospective listing or sale, provided, this opinion of the price shall not be referred to as or construed to be an appraisal.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 4 Fees

(a) The following non-refundable fees shall be charged by the Board:

(i) Examination Fee..........................................$100

(ii) Certified General or Residential permit........................$400

(iii) AMC registration.......................................$1,800

(iv) Certified General or Residential renewal......................$400

(v) AMC renewal - (annual)..................................$1,800

(vi) Change of address or Change of business name..................$20

(vii) Duplicate permit .........................................$20

(viii) Education account........................................$20

(ix) Temporary permit...........................................$250

(x) Course or Instructor Approval................................$50

(xi) Appraiser Federal Registry Fee (annual)........................$40

(xii) Work Product Report Review Fee...........................$275

(xiii) Late Renewal Fee.......................................$100

(xiv) Certified Documents......................................$10

(xv) Paper Processing Fee......................................$25

(xvi) Public Information Requests………… ...............................Current Rate

(xvii) AMC Federal Registry Fee (annual)…………….............$25/Appraiser

(b) The AMC's registration and renewal fees cover any changes made during the year such as, change of address and change of contact person. Forms for required changes must be submitted to the Board. All changes shall be submitted to the Board within thirty (30) days. All AMC Federal Registry Fees must be paid at the time of AMC Application or Renewal in the rate and manner prescribed by the ASC.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 5 Public Records Authority and Adoption of Uniform Rules

The Commission is required under W.S. 16-3-103(j)(ii) to adopt the Department of Administration and Information's uniform rules pertaining to procedures, fees, costs, and charges for inspecting, copying, and producing public records. The Commission hereby incorporates by reference the following uniform rules:

(a) Chapter 2 - Uniform Procedures, Fees, Costs, and Charges for Inspecting, Copying, and Producing Public Records adopted by the Department of Administration and Information and effective on September 6, 2016, found at: http://realestate.wyo.gov/real-estate-professionals/rules-and-regulations.

(b) For these rules incorporated by reference:

(i) The Commission has determined that incorporation of the full text in these rules would be cumbersome or inefficient given the length and nature of the rules;

(ii) The incorporation by reference does not include any later amendments or editions of the incorporated matter beyond the applicable date identified in subsection (a) of this section, and;

(iii) The incorporated rules are maintained at the Commission's office and are available for public inspection and copying at that same location.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 6 Education requirements

(a) All applicants shall attend a fifteen (15) hour national USPAP course covering the most recent edition of USPAP or its equivalent, approved by the AQB of the Appraisal Foundation, taught by an AQB-certified USPAP instructor, and pass the associated fifteen (15) hour national USPAP course examination. The USPAP Instructor shall also be an active certified residential or certified general real estate appraiser.

(b) To qualify for a permit to practice as a certified general real estate appraiser, an applicant shall furnish proof of successfully completing three-hundred (300) creditable classroom hours of courses, finished no more than sixty (60) months immediately preceding the filing of the application, in subjects related to real estate appraisal that meet the required core curriculum established and published by the AQB. In addition, the applicant shall hold a Bachelor's, Masters or Doctorate degree from an accredited college/university acceptable to the Board.

(c) To qualify for a permit to practice as a certified residential real estate appraiser, an applicant shall furnish proof that they have successfully completed one-hundred and twenty-five (125) creditable classroom hours of courses, finished no more than sixty (60) months immediately preceding the filing of the application, in subjects related to real estate appraisal which meet the required core curriculum established and published by the AQB. In addition, the applicant must:

(i) Hold and provide proof of successful completion, via official transcript, of a Bachelor's, Masters or Doctorate degree from an accredited college/university acceptable to the Board; or,

(ii) Hold and provide proof of successful completion, via official transcript, of an Associate's Degree from an accredited college/university acceptable to the Board in a focused field of study; or,

(iii) Provide proof of successful completion, via official transcript, of thirty (30) semester credit hours in specified topics within an accredited college/university acceptable to the Board; or,

(iv) Provide proof of successful completion, via official transcript, of College-Level Examination Program (CLEP) examinations equivalent to a minimum of thirty (30) credit hours in a specified subject matter area attained at an accredited college/university acceptable to the Board; or,

(v) Provide proof of successful completion, via official transcript, of any combination of completed semester credit hours and College-Level Examination Program (CLEP) examinations attained at an accredited college/university acceptable to the Board.

(d) Distance education may be used as qualifying education if the course is approved by the Board, meets AQB criteria and has a proctored final exam at the completion.

(e) To qualify for a permit to practice as a certified appraiser trainee, an applicant shall furnish proof of having successfully completed seventy-five (75) creditable classroom hours which meet the required core curriculum established and published by the AQB, as well as, a supervisor/trainee course. All qualifying education, except the supervisor/trainee course prescribed in Section 18 (l) of these rules, shall be completed within the five (5) year period prior to the date of submission of a certified appraiser trainee permit application

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 7 Experience requirements

(a) To be eligible to take the examination for certification as a certified residential real estate appraiser or a certified general real estate appraiser, an applicant shall present evidence to the Board that the experience requirement has been satisfied.

(b) To be certified as a residential real estate appraiser, the total experience shall consist of one-thousand five hundred (1,500) hours of experience obtained during no fewer twelve (12) months. While the number of hours may be cumulative, the required number of months must accrue before an individual may be certified.

(c) To be certified as a general real estate appraiser, the total experience shall consist of three-thousand (3,000) hours of experience obtained during no fewer than eighteen (18) months. While the number of hours may be cumulative, the required number of months shall accrue before an individual may be certified. At least fifty (50) percent of the appraisal experience shall be in non-residential appraisal work.

Section 8. Examination requirements.

(a) Prior to taking the exam for a permit to practice as a certified real estate appraiser, the applicant shall furnish proof to the Board that the applicable education required by Section 5 and experience required by Section 6 have been completed.

(b) The applicant shall pass the examination and furnish proof of work experience prior to a person submitting an application for certification. Examination fees will not be refunded if the Board does not approve the applicant for certification.

(c) Every applicant seeking certification as an appraiser shall register for the examination with a testing service approved by the AQB.

(i) Failure to complete the examination on the scheduled date will result in forfeiture of the examination fee.

(ii) To re-write the examination, any applicant who does not attain a passing score shall register with a testing service approved by the AQB and submit the examination fee.

(d) A notice to an applicant that they have received a passing score for the approved examination does not constitute a permit to practice.

(e) Examination scores more than twenty-four (24) months old will not be accepted.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 9 Making application

(a) The applicable requirements of Sections 6, 7, and 8 shall be completed prior to submitting an application for certified residential real estate appraiser or certified general real estate appraiser to the Board. All those who are not certified in Wyoming or another jurisdiction and who intend to become a certified residential real estate appraiser or a certified general real estate appraiser in Wyoming shall first be certified by the Board as a certified appraiser trainee after the completion of the applicable requirements of Section 6 and before any required experience will accrue toward the experience requirements as set forth in Section 7.

(b) Each person desiring to become certified as a real estate appraiser shall complete an application.

(i) Applications which are not complete and which are not accompanied by the correct fee will not be accepted and will be returned to the applicant.

(ii) Applicants must be at least eighteen (18) years of age.

(iii) All permits currently held by the applicant are in good standing and all permits previously held by the applicant were in good standing at the time of expiration and there is no discipline currently pending against the applicant in any jurisdiction; and

(iv) The applicant has not been subject to discipline in any jurisdiction in the past five (5) years.

(c) At the time of application for general or residential certification, an applicant who is not currently certified in Wyoming or another jurisdiction at the level of certification applied for shall submit the appraisal log referred to in (f) below. An Application Review Committee (ARC) of not more than two (2) board members, including one (1) board member certified in the level of certification applied for, selected by board staff will select two (2) appraisals from the appraisal log and conduct or arrange for a review of the selected appraisals to insure all requirements of the appropriate version of USPAP are met. Should the ARC determine either of the selected appraisals does not meet the requirements of the appropriate version of USPAP, it may require of the applicant any or all of the following:

(i) A third appraisal selected from the appraisal log;

(ii) A demonstration report;

(iii) Any other further information it deems appropriate; or

(iv) Completion of appraisal course(s) covering subject matter relative to the deficiencies in the selected appraisal(s).

(d) If, after reviewing all submissions from the applicant, the ARC determines the submissions do not meet the requirements of the appropriate version of USPAP, it shall recommend the Board deny the application.

(e) All applicants shall submit complete and legible fingerprint cards, if applicable, a Certificate of License History.

(f) All applicants not currently certified in Wyoming or another jurisdiction at the level of certification applied for shall submit an appraisal log signed by both the applicant and the supervising appraiser on a form developed by the Board and posted on the Board web site in order to verify the applicant's experience. All appraisals included on the log shall be done under the direct supervision of the supervising appraiser who signs the log. The appraisal reports shall disclose the participation of both the supervising appraiser and the applicant.

(g) No permit will be issued prior to the Board receiving a criminal record background check required by W.S. § 33-39-106(a)(vii).

(h) Applicants who are not residents of Wyoming shall submit:

(i) The written designation required by W.S. § 33-39-115(a) appointing the director of the Board as his/her licensed agent upon whom all judicial and other process or legal notices directed to the applicant may be served; and

(ii) The written agreement to abide by all provisions of the Certified Real Estate Appraiser Act required by W.S. § 33-39-115(b).

(j) A permittee whose permit is held by the Board on inactive status shall apply for activation of such inactive permit and shall submit proof of having successfully completed all required continuing education hours that would have been required if the credential holder was in an active status. The required hours must also include the most recent edition of a 7-Hour National USPAP Update Course.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 10 Permit renewals; continuing education

(a) A renewal application shall include proof that the permittee, including a certified appraiser trainee, has completed at least twenty-eight (28) hours of continuing education, which meets the curriculum established and published by the Board. Repetitious course work will not be accepted in the same renewal cycle. An inactive permittee will not be required to furnish proof of continuing education until such time as they request activation of the permit.

(b) All permittees shall submit proof of completion of the most current AQB-approved seven (7) hour National USPAP update course at the time of renewal. USPAP update courses may be included in the required continuing education hours.

(c) Distance education may be used as continuing education if the course/seminar meets the AQB criteria and is approved by the Board. A proctored exam is not required but an applicant shall successfully complete all prescribed course requirements.

(d) Up to fifty percent (50%) of a permittee's continuing education requirement may be granted for participation, other than as a student, in appraisal educational processes and programs.

(i) Examples of activities for which credit may be granted are teaching, program development, authorship of textbooks, or similar activities that are determined to be equivalent to obtaining continuing education.

(ii) Credit for instructing any course or seminar can only be awarded once during a continuing education cycle.

(e) Failure to remit renewal fees when due will cause an active or inactive permit to lapse.

(i) A lapsed permit may be reinstated within sixty (60) days upon payment of the renewal fee and late renewal fee.

(ii) Any permittee whose permit, active or inactive, has not been renewed within the sixty (60) day grace period must comply with all requirements of a new applicant.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 11 Appraisal courses/seminars

(a) Any entity or individual requesting approval of a course/seminar or an instructor requesting approval by the Board shall submit an application on forms prescribed by the Board which require information concerning the course/seminar being offered, course/seminar outline, examination, grading system and instructor qualifications.

(b) The Board may accept the following courses/seminars as meeting standards for appraiser education:

(i) Any appraisal course/seminar approved by the AQB and the Board.

(ii) Any appraisal course/seminar approved by the Board or by an appraiser regulatory body in any jurisdiction or province with approval standards equal to those established by the Board.

(c) The Board may approve courses/seminars by other schools, professional societies or organizations if they meet the Board standards.

(d) The Board will automatically approve Appraisal Qualifications Board (AQB) Course Approval Program (CAP) approved courses.

(e) Pre-certification education courses shall be at least fifteen (15) classroom hours in duration.

(f) Seminars for continuing education shall be at least three (3) classroom hours in duration.

(g) An approved course/seminar may be monitored by a representative of the Board.

(h) Each course/seminar approval is good for three (3) years, after which the provider shall request approval for another three (3) year period and submit the prescribed fee.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 12 Instructor qualifications

Course/seminar instructors shall have forty (40) hours of teaching appraisal course/seminar experience within the past two (2) years and shall meet at least one of the following qualifications, unless granted an exemption by the Board:

(a) A Bachelor's degree in the field in which the person is instructing; or

(b) Five (5) years of current experience in the subject instructed.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 13 Withdrawal of approval

If the Board determines that an instructor, or course previously approved, no longer meets the prescribed standards, a written notice of withdrawal of approval shall be given stating the reasons for the withdrawal. The withdrawal becomes effective twenty (20) days from the date of the notice unless the person or entity giving the course/seminar files a written request for a hearing prior to the effective date. If a request for a hearing is timely filed, the withdrawal of approval will not become effective except upon order of the Board issued within ninety (90) days after the hearing.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 14 Disputes between permittees

The Board shall not entertain complaints between permittees concerning matters of fees or the earning, splitting or nonpayment thereof.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 15 Regulatory enforcement grounds

(a) Certified Real Estate Appraisers and Certified Appraiser Trainees. In addition to the statutory grounds for disciplinary action against an appraiser (W.S. § 33-39-123), the Board may deny a permit or impose any disciplinary action authorized by W.S. § 33-39-123(a) or combination thereof for any of the following:

(i) An act or omission involving dishonesty, fraud or misrepresentation;

(ii) After accepting an appraisal assignment, failure or refusal, without good cause, to exercise reasonable diligence in developing an appraisal, preparing an appraisal report, communicating an appraisal, or completing an appraisal;

(iii) Failure to notify the Board of a change of address within thirty (30) days.

(iv) Appraising a property type that is outside the scope of a Certified Residential Permit. However, appraisers holding a Certified Residential Permit may obtain the experience necessary to upgrade to a Certified General Permit by appraising properties outside the allowed scope of a Certified Residential Permit by associating with an appraiser holding a Wyoming Certified General Permit, provided that:

(A) The appraiser holding the Certified General Permit shall review, sign, and accept responsibility for the appraisal and report, and

(B) The report shall fully disclose each appraiser's or trainee's role in the appraisal and reporting process, and

(C) The Certified Residential Permit holder shall not make any representations regarding the value analysis to a third party.

(v) Failure to produce documents and records concerning an appraisal under investigation by the Board.

(vi) Failure to appear and to testify under oath at a hearing held by the Board.

(vii) Failure to pay a fine imposed pursuant to W.S. 33-39-123 within thirty (30) days of the date of the Order.

(viii) In addition to noncompliance with standards prescribed by USPAP, as adopted by the Board, any failure to conform to the conduct prescribed by or requirements contained in the Ethics Rule, the Competency Rule, the Scope of Work Rule and the Jurisdictional Exception Rule of USPAP shall constitute a separate ground for discipline under these rules.

(ix) Violation of any provision of W.S. 33-39-101 through 33-39-130, Board Rules and Regulations, or USPAP.

(x) Failure to complete one seven (7) hour national USPAP update course during the period of time when that USPAP course was adopted and in effect.

(b) A summary of all final discipline, whether imposed by settlement or following a contested case hearing, will be published in the Real Estate Commission newsletter, posted on the Board website, and such information as is mandated by federal law for various purposes, including such information that may be subject to a national clearinghouse maintained by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, and in furtherance of Title XI of the Federal Financial Institutions Examination Act ("FIRREA") Real Estate Appraisal Reform [12 U.S.C. §§3331-3351], as amended by the Dodd-Frank Reform Act will be reported.

(c) The Board retains jurisdiction over persons issued a permit pursuant to the Act and these rules, regardless of whether the permit expired, lapsed or was relinquished during or after the alleged occurrence of conduct proscribed by the Act or these rules.

(i) The applicant has had an appraiser license or certification revoked in any governmental jurisdiction within the five (5) year period immediately preceding the date of application;

(ii) The applicant has been convicted of, or pled guilty or nolo contendere to, a felony in a domestic or foreign court:

(A) During the five (5) year period immediately preceding the date of the application for licensing or certification; or

(B) At any time preceding the date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering;

(iii) The applicant has failed to demonstrate character and general fitness such as to command the confidence of the community and to warrant a determination that the appraiser will operate honestly, fairly, and efficiently within the purposes of these criteria.

(d) AMCs. The Board may impose any disciplinary action authorized by W.S. § 33-39-224 for any violation of W.S. §§ 33-39-202 through 33-39-225 by an AMC, its representatives or employees.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 16 Temporary permits

An appraiser certified or licensed in another jurisdiction and in good standing in all jurisdictions in which he/she currently holds a permit, certificate, or license may apply for a temporary permit in Wyoming for temporary work for one (1) appraisal assignment to be completed within six (6) months from date of issuance of a temporary permit.

(a) The appraiser shall submit to the Board a copy of the engagement agreement for the assignment and pay the fee for the temporary permit.

(b) A single appraisal assignment may include one (1) or more properties under one (1) contract for a single client.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 17 Responsibilities of a Certified Real Estate Appraiser acting as a supervisory appraiser

(a) A supervising appraiser shall be responsible for and provide direct supervision of the work performed by a certified appraiser trainee under his/her supervision. The supervising appraiser shall:

(i) Notify the Board of the name(s) and other Board required information for each certified appraiser trainee under his/her supervision.

(ii) Sign and review the appraisal and assume full responsibility for it; and

(iii) Not allow the certified appraiser trainee to make any representations regarding the appraisal to a third party; and

(iv) Disclose in the appraisal report the name of the certified appraiser trainee and the scope of the certified appraiser trainee's contribution to the report.

(v) Maintain an appraisal log jointly with the certified appraiser trainee using the form available on the Board website.

(b) Upon request, the supervising appraiser shall provide the Board with a copy of any appraisal report that a certified appraiser trainee signed under his/her supervision.

(d) The supervising appraiser shall physically inspect each property that the certified appraiser trainee is appraising until such time as he/she deems the certified appraiser trainee satisfies the competency provision of USPAP.

(e) Supervisory appraisers shall be state-certified and "in good standing" in all jurisdictions where certified, and certified for a period of at least three (3) years. Supervisory appraisers shall not have been subject to any disciplinary action within any jurisdiction within the last three (3) years that affects the supervisory appraiser's legal eligibility to engage in appraisal practice. A supervisory appraiser subject to a disciplinary action would be considered "in good standing" three (3) years after the successful completion/termination of the sanction imposed against the appraiser. Supervisory appraisers shall have been state-certified for a minimum of three (3) years prior to being eligible to become a Supervisory Appraiser.

(f) The certified appraiser trainee shall be permitted to work under more than one (1) supervising appraiser; however, no supervising appraiser may supervise more than three (3) certified appraiser trainees at any one time.

(g) The supervising appraiser shall be within reasonable geographic proximity to the certified appraiser trainee.

(h) Supervisory appraisers shall be required to complete a course that, at a minimum, complies with the specifications for course content established by the AQB, which is specifically oriented to the requirements and responsibilities of supervisory appraisers and trainee appraisers. The course is to be completed by the supervisory appraiser prior to supervising a trainee appraiser.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.1.04092020 § 18 Responsibilities of a certified appraiser trainee

Certified appraiser trainees shall:

(a) Register their name, address and phone number with the Board office.

(b) Work under the direct supervision of a certified real estate appraiser. A certified appraiser trainee is permitted to work under more than one (1) supervising appraiser.

(d) Maintain an experience log on a form provided by and approved by the Board which shall be reviewed and signed by the supervising certified real estate appraiser.

(e) Maintain separate appraisal logs for each supervising appraiser using the form available on the Board web site.

(f) Participate in the appraisal process in order to receive credit for hours spent and appraisals completed.

(g) Comply with the USPAP competency rule.

(h) Not make representations regarding an appraisal they are involved with to any third party.

(j) Ensure that the supervising appraiser has notified the Board of all pertinent Board required information relative to their status as an appraiser trainee.

(k) Indicate the word "certified appraiser trainee" prominently after their signature on all appraisal reports, reviews or correspondence signed by the certified appraiser trainee.

(l) Trainee appraisers shall be required to complete a course that, at a minimum, complies with the specifications for course content established by the AQB, which is specifically oriented to the requirements and responsibilities of supervisory appraisers and trainee appraisers. The course shall be completed by the trainee appraiser prior to obtaining a certified appraiser trainee permit. Further, the trainee appraiser course is not eligible towards the seventy-five (75) hours of qualifying education required.

History

Effective 2020-04-09

Chapter 2 Appraisal Management Company

Wyo. Code R. 018.0001.2.06212018 § 1 Registration process

(a) AMC applicants shall submit to the Board on forms which shall be prescribed by the Board and shall include:

(i) Completed application form with appropriate fee;

(ii) Fingerprint cards for the designated contact person and any person owning more than ten percent (10%) of the AMC;

(iii) Recent snapshot or photograph of the designated contact person;

(iv) Current appraisal panel list. Changes to the appraisal panel shall be submitted via email to the Board within thirty (30) calendar days;

(v) Engagement Document;

(vi) Wyoming Secretary of State Certificate of Good Standing;

(vii) Certificate of Incorporation, Partnership Agreement or Articles of Organization from your domestic state; and

(viii) Copy of a surety bond in an amount not less than Twenty-Five Thousand Dollars ($25,000.00).

(b) Every Registration shall be valid for a period of one (1) year.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.2.06212018 § 2 Renewal process

(a) Registrations shall be renewed for a period of one (1) year.

(b) Applications for renewal of Registrations shall be submitted to the Board on forms which shall be prescribed by the Board and shall include:

(i) Copy of the Renewal form and the appropriate fee(s);

(ii) A copy of the Continuation Certificate showing the surety bond in the amount not less than twenty five thousand dollars ($25,000.00) was renewed; and

(iii) A current snapshot or photograph of the Designated Contact person.

(c) AMC's may renew expired Registrations up to sixty (60) calendar days following expiration of the Registration by submitting a Renewal Form, remitting all required fees plus a late fee as described in Chapter 1 Section 4.

(d) After a Registration has been expired for a period of time in excess of sixty (60) calendar days, the Registration may not be renewed. In order to acquire a Registration, an AMC shall reapply as set forth in Section 1.

History

Effective 2018-06-21

Chapter 3 Application Review, Complaints, and Hearing Procedures

Wyo. Code R. 018.0001.3.06212018 § 1 Application Review Process

(a) Upon receipt of a complete application submitted by an applicant holding a current permit to practice at the level of certification applied for issued by another jurisdiction, the Board office shall review the application and if it is complete and there are no known grounds for denial of the requested permit, the Board office may issue the permit. If there are grounds for denial reasonably apparent on the face of the completed application, the Board office shall forward the application to the Application Review Committee (ARC).

(b) Upon receipt of a complete application submitted by an applicant who does not hold a current permit at the level of certification applied for (new applicant), the Board office shall forward the application to the ARC.

(c) The ARC shall review the applications it receives and for new applicants conduct or arrange for a USPAP Standard 3 review of appraisal reports selected from the submitted appraisal log.

(d) Following the review the ARC may:

(i) Approve the application if the applicant meets all requirements; or

(ii) If either the application or the Standard 3 review raises questions as to whether denial is appropriate, forward the application and the ARC report to the Assistant Attorney General assigned to the Board for prosecution for review.

(e) If after review the ARC, following consultation with the Assistant Attorney General, concludes that grounds exist to recommend denial of an application:

(i) A preliminary denial letter shall be sent to applicant. The letter shall:

(A) State the basis for the denial including relevant statutes and rules; and

(B) Advise the applicant of the right to request reconsideration.

(ii) If the applicant fails to request reconsideration in writing within thirty (30) days of the date of the preliminary denial letter, the preliminary denial becomes final.

(iii) If the applicant requests reconsideration within thirty (30) days, a reconsideration conference shall be held with the ARC, the Assistant Attorney General, and the applicant.

(iv) Following a reconsideration conference, the ARC shall either approve or deny the application and notify the applicant.

(v) If denied, the applicant shall submit a written request for a hearing before the Board within thirty (30) days of the date of the denial letter or the denial is final.

(f) Application denial hearings

(i) An application denial hearing is a formal contested case hearing conducted pursuant to the Wyoming Administrative Procedure Act.

(ii) The applicant has the burden of proving that he/she meets all requirements for the permit requested.

(g) The ARC may attend hearings, but shall not take part in the consideration of any contested case.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.3.06212018 § 2 Complaints

(a) A disciplinary action is initiated against a permit holder by submitting a sworn written complaint to the Board office. A complaint concerning an alleged violation of the Act or Board Rules may be submitted by any person or entity, a Board member or member of the Board staff. The sworn written complaint should provide as much of the following information as may be available and applicable:

(i) The name and address of the complainant;

(ii) The name, address, place of employment, and telephone number of the permit holder against whom the charges are made;

(iii) The specific conduct alleged to constitute the violation;

(iv) The name and address of any other witnesses; and

(v) The signature of the complainant.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.3.06212018 § 3 Review of Written Complaint

Sworn written complaints shall be sent to the permit holder complained against and be referred to the investigator for the Board, the Assistant Attorney General, and a liaison selected by Board staff. The liaison, following consultation with the investigator and Assistant Attorney General, shall determine whether the complaint merits further investigation. If the complaint does not evidence conduct which violates the Act or Board Rules, it does not merit further investigation and the liaison shall dismiss it. If the complaint merits further investigation, the permit holder against whom the complaint was filed will be advised of the investigation, the names of the investigator and the liaison, the nature of the complaint, and given an opportunity to respond to the complaint.

(a) The liaison shall not take part in the consideration of any contested case.

(b) The liaison shall not, by this rule, be barred from attending any disciplinary hearing.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.3.06212018 § 4 Investigations and Board Action

The investigator for the Board shall investigate those sworn written complaints received which the liaison has determined merit further investigation.

(a) Upon completion of the investigation, the investigator for the Board shall prepare an investigative report and submit it to the liaison. The report shall include:

(i) The findings;

(ii) A list of statutes and/or Board rules believed to have been violated; and

(iii) Any relevant additional information.

(b) The liaison shall review the investigative report, forward the report and his/her recommendations to the Assistant Attorney General assigned to the Board for prosecution, and consult with the Assistant Attorney General.

(i) Send the notice required by Section 6;

(ii) Prepare and file a formal petition and notice of hearing setting the matter for a contested case hearing before the Board;

(iii) Recommend the Board accept an offer of conditional terms for settlement, which may include educational courses;

(iv) Dismiss the complaint.

(d) The Board may resolve a complaint at any time by:

(i) Accepting a voluntary surrender of a permit;

(ii) Accepting conditional terms for settlement;

(iii) Dismissal.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.3.06212018 § 5 Service of Notice and Opportunity to Show Compliance

Prior to commencement of a formal hearing, the liaison shall give notice by mail to the permit holder of the facts or conduct which warrant his/her intended action. The notice shall give the permit holder an opportunity to show compliance with all lawful requirements for retention of the permit within twenty (20) days of the mailing of the notice. Such notice shall be sent to the permit holder's last known address both by certified mail with return receipt requested and by first class mail. Service shall be deemed complete when mailed.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.3.06212018 § 6 Default

The Board may enter an order based on the allegations in a notice of hearing or petition and notice of hearing in any case where the applicant or permit holder has not answered or appeared in writing ten (10) working days before the hearing, or in any case in which the applicant or permit holder or his/her representative has not appeared at a scheduled hearing for which they had notice.

History

Effective 2018-06-21

Wyo. Code R. 018.0001.3.06212018 § 7 Formal Contested Case Hearing Incorporation by Reference

(a) When required, Formal Contested Case Hearings shall be held in accordance with rules administered by the Office of Administrative Hearings. The Board hereby incorporates by reference the following uniform rules:

(i) Chapter 2 - Uniform Rules for Contested Case Practice and Procedure, adopted by the Office of Administrative Hearings and effective on July 20, 2017, found at https://sites.google.com/a/wyo.gov/rec/appraisers-and-amcs/rules-and-regulations.

(b) For these rules incorporated by reference:

(i) The Board has determined that incorporation of the full text in these rules would be cumbersome or inefficient given the length and nature of the rules; and

(ii) The incorporation by reference does not include any later amendments or editions of the incorporated matter beyond the applicable date identified in subsection (a) of this section.

3-1

History

Effective 2018-06-21

Chapter 4 Uspap

Wyo. Code R. 018.0001.4.04092020 § 1 Adoption of USPAP

(a) The Uniform Standards of Professional Appraisal Practice (USPAP) 2020-2021 Edition promulgated by the Appraisal Foundation is adopted without modification, including related Appraisal Standards Board (ASB) Statements and Comments. This adoption does not include any later amendments or editions of USPAP.

(b) Copies of USPAP are available at the Board office, 2617 E. Lincolnway, Cheyenne, WY 82002, (307) 777-7141 for inspection. Copies of USPAP may also be purchased from the Appraisal Foundation (202) 289-2735, info@appraisalfoundation.org or the website www.uspap.org.

History

Effective 2020-04-09

Wyo. Code R. 018.0001.4.04092020 § 2 Effective date

. This Chapter is effective January 1, 2020.

History

Effective 2020-04-09

268 Real Estate Commission

Chapter 1 General Provisions and Licensing

Wyo. Code R. 018.0002.1.11182020 § 1 Authority and Meetings

(a) Pursuant to the authority vested in the Wyoming Real Estate Commission (Commission) by virtue of W.S. 33-28-101 through 33-28-401 the following rules and regulations are hereby promulgated. All Commission governing rules and regulations may be found and viewed on the Commission web site: https://sites.google.com/a/wyo.gov/rec/real-estate-professionals/rules-and-regulations.

(b) The Commission shall hold its annual meeting the third Tuesday of September at the Commission Office located at 2617 East Lincolnway, Suite H, Cheyenne, WY 82002, at 9:00 AM (MST). When possible, the annual meeting may be held in conjunction with the Wyoming REALTORS® annual conference in the Wyoming city wherein the conference is taking place.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.1.11182020 § 2 Professional and occupational licensure of military spouses

The Commission shall use the guidelines in W.S. 33-1-116 through 117 in determining licensure of military service members and military spouses.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.1.11182020 § 3 Qualification for a license

(a) Salesperson License applicants shall submit the following items to the Commission in one packet, excluding fingerprint cards, in advance of any expiration dates as issued. All items must be postmarked or time-stamped at the time of submission before any of the following items exceed expiration. A submission of all items by postmark or time-stamp constitutes a receipt of an application by the Commission:

(i) Completed application form with appropriate fees;

(ii) Fingerprint cards and payment for fingerprint processing as prescribed by the Wyoming Department of Criminal Investigation;

(iii) Recent snapshot or photograph;

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

(v) A copy of a valid Commission-recognized examination score report(s) per Section 4 of this Chapter;

(A) If not presently, actively holding a real estate license in another jurisdiction, copies of a passing score report(s) for the national and state real estate examinations.

(B) If presently, actively holding a real estate license in another jurisdiction, a copy of a passing score report for the state real estate examination.

(vi) If a non-resident, Service of Process forms provided by the Commission;

(vii) Evidence of completing, within one year prior to the date of application, all necessary coursework as approved by the Commission.

(A) An original applicant for a license, not holding an active real estate license in another jurisdiction, shall be required to show proof of completion of the pre-license Salesperson Course I (state and national portions) and Salesperson Course II before applying for a real estate license.

(B) An applicant for a license that presently holds an active real estate license in another jurisdiction shall be required to show proof of completion of the pre-license Salesperson Course I (state portion only) and Salesperson Course II before applying for a real estate license.

(C) In lieu of actual clock hours of education for Salesperson Course I (state and national portions), an applicant may challenge an approved course by satisfactorily passing the approved course examination and submitting a valid Course I certificate to the Commission with a completed application.

(viii) Proof of errors and omissions insurance as described in W.S. 33-28-401 and Chapter 7 of these Commission rules.

(b) Associate Broker applicants shall submit the following items to the Commission in one packet, excluding fingerprint cards, in advance of any expiration dates as issued. All items must be postmarked or time-stamped at the time of submission before any of the following items exceed expiration. A submission of all items by postmark or time-stamp constitutes a receipt of an application by the Commission:

(i) Evidence that they have been actively engaged in real estate activity as a licensee, or equivalent credential in other licensing jurisdiction, for two (2) of the four (4) years immediately preceding the application or proof that they have completed a degree in real estate as defined in W.S. 33-28-102(b)(xiv);

(ii) Completed application form with appropriate fees;

(iii) Fingerprint cards and payment for fingerprint processing as prescribed by the Wyoming Department of Criminal Investigation;

(iv) Recent snapshot or photograph;

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

(vi) If a nonresident, signed Service of Process forms provided by the Commission;

(vii) Proof of errors and omissions insurance as described in W.S. 33-28-401 and Chapter 7 of the Commission rules;

(viii) Evidence of completing, within one year prior to the date of application, all necessary coursework as approved by the Commission.

(A) An original applicant for a license shall be required to show proof of completion of the pre-license Broker Course I (state and national portions), Broker Course II before applying for a real estate license.

(B) An applicant for a license with a degree in real estate shall be required to show proof of completion of the pre-license Broker Course I (state and national portions) and Broker Course II before applying for a real estate license.

(C) An applicant for a license that presently holds an active real estate license in another jurisdiction shall be required to show proof of completion of the pre-license Broker Course I (state portion only) and Broker Course II.

(D) In lieu of actual clock hours of education for Broker Course I (state and national portions), an applicant may challenge an approved course by satisfactorily passing the approved course examination portions and submitting a valid Course I certificate to the Commission with a completed application.

(ix) Valid Commission-recognized examination score report(s) per Section 4 of this Chapter;

(A) If not presently, actively holding a real estate license in another jurisdiction, copies of passing score reports for the national and state real estate broker examinations;

(B) If presently, actively holding a real estate license in another jurisdiction, a copy of a passing score report for the state real estate broker examination,

(x) Individuals with a bachelor's degree in real estate applying for a license as an Associate Broker shall also submit, with a completed application, official college transcripts per W.S. 33-28-102(b)(xiv).

(i) Meet all requirements for an Associate Broker's license;

(ii) Provide evidence they have been actively engaged in real estate activity as a Salesperson or Associate Broker, or equivalent credential in other licensing jurisdiction, for two (2) of the four (4) years immediately preceding the application;

(iii) Provide proof of Wyoming trust account(s) or funds holder agreement(s);

(iv) Submit proof of completion of a Commission approved broker management course taken no more than two (2) years prior to the application.

(d) An applicant who holds a prior felony conviction may be considered for certification twelve (12) months after all sentencing/parole/probation/requirements have been completed.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.1.11182020 § 4 Registration and examination required; failure to pass

(a) Every person desiring to become licensed shall register for the appropriate examination on a form provided by the testing service.

(b) Registrants for an exam shall have reached the age of majority.

(c) Candidates for licensure must take a Commission approved examination and receive a passing score as determined by the Commission in partnership with its contracted testing service provider. The scoring method used shall be published by the examination provider prior to the administration of the examination.

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

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

(f) A notice to a registrant that he has received a passing score does not constitute a license to engage in real estate activity. Licenses are issued only pursuant to filing the appropriate application for a license, paying all required fees and Commission approval of such application.

(g) No application for a license will be accepted until the registrant has taken and passed all applicable portions of the examination.

(h) Any registrant who takes the examination and does not attain a passing score on any portion of the examination, shall reregister and pay the appropriate fee if they wish to retake the failed portion. Registrants are only required to retake the portion of the examination they failed; partial examinations shall be taken within six (6) months after registrant's last test failure date. Registrants required to take more than one portion of the examination who do not pass all portions of the examination within six (6) months shall retake the entire examination.

(j) After official notification in writing from the testing service to the registrant that he has successfully passed all the appropriate portions examination, the registrant shall within ninety (90) days of the most recent notice date, file the appropriate application for a license with all the required accompaniments. Failure to file an application for a license and proof of required education within the ninety (90) day period will cancel the application and all scores will be terminated.

(k) The Commission, upon proper certification, will accept the uniform portion of the examination as having been successfully passed by any person seeking a license in

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

(i) Certification shall state when the applicant received his initial license, the status of the license, and if there has been any disciplinary action taken against the licensee, and that the licensee has served actively for two (2) of the (4) years immediately preceding the application as a like-licensed real estate Salesperson or Associate Broker, and Responsible Broker.

(l) Initial licenses will be issued for the balance of the year in which they are obtained. All initial licenses will expire on December 31 of the year in which issued. In order to maintain the license, the license must be renewed on or before December 31, however, no continuing education hours are required for initial renewal. No prorating of license fees can be made by the Commission.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.1.11182020 § 5 Transfers, inactive licenses

(a) Notice of transfer of license from the sponsorship of one Responsible Broker to another shall be indicated on a transfer form provided by the Commission.

(b) When a real estate license has been returned to the Commission, the former licensee shall not perform any real estate activity.

(c) A licensee may request the Commission to hold his license for not more than thirty (30) days on a hold for transfer basis until proper request for reissue has been made, after which time the license will automatically become inactive. A licensee whose license is inactive or on hold for transfer shall not perform any real estate activity.

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

(e) A licensee whose license is on inactive status may not engage in any real estate activity. A licensee may activate his license once all required and elective education is current

History

Effective 2020-11-18

Wyo. Code R. 018.0002.1.11182020 § 6 Real Estate Companies

(a) Real Estate Company Licenses will be issued to the Responsible Broker for a real estate company engaged in real estate activity upon verification by the Secretary of State of Wyoming that the real estate company is in good standing.

(b) The Responsible Broker shall be an officer, partner or manager, or hold an ownership interest in the real estate company.

(c) Submission of the following documents is necessary before issuing a Responsible Broker's License for a real estate company engaged in real estate activity. All items must be postmarked or time-stamped before any of the following items exceed expiration:

(i) A properly executed application and fee;

(ii) A copy of the documents establishing company organization;

(iii) A copy of the bylaws of the corporation; or the operating agreement for the real estate company;

(iv) A copy of the meeting minutes of the corporation; partnership, limited liability company, or other entity indicating the name of the Responsible Broker;

(v) If establishing a home-based business, attest that establishment of the business is in accordance with county and/or city zoning and codes.

(d) Initial Real Estate Company Licenses will be issued for the balance of the year in which they are obtained. All initial Real Estate Company Licenses will expire on December 31 of the year in which issued. In order to maintain the License, the Real Estate Company License must be renewed on or before December 31. No prorating of license fees can be made by the Commission.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.1.11182020 § 7 Deceased Responsible Brokers

(a) Per the authority granted in W.S. 33-28-121, the Executive Director of the Commission shall authorize temporary licenses for no more than ninety (90) calendar days.

History

Effective 2020-11-18

Chapter 2 Fees

Wyo. Code R. 018.0002.2.11182020 § 1 Fees

The following nonrefundable and non-prorated fees shall be charged by the Real Estate Commission:

(a) Examination fees

Determined by exam provider

(b) Each original Broker/Salesperson license

$300

(except sole proprietorships)

$300

(d) Broker/Salesperson three (3) year renewal License

$350

(e) Company/Branch office three (3) year renewal license (except sole proprietorships)

$350

(f) Recovery fund (W.S. 33-28-201(b))

$20

(g) Late renewal fee

$75

(h) Education course application fee

$50

(j) Each company change of address

$30/license

(k) Each transfer/active status request/name change

$30

(l) Admin fee for group program errors and omissions

$15

(m) Printed Certified License History

$10

(n) Public Information Request printing/copies

Current Rate per Section 3

(o) Paper Processing Fee

$25

(p) Additional fee for expedited (two (2) business days) license issuance or transfer provided all requirements, including fingerprint results, are complete, valid, and submitted to the agency

$150

History

Effective 2020-11-18

Wyo. Code R. 018.0002.2.11182020 § 2 Public Records Authority

History

Effective 2020-11-18

Wyo. Code R. 018.0002.2.11182020 § 3 Adoption of Uniform Rules

The Commission hereby incorporates by reference the following uniform rules:

(b) For these rules incorporated by reference:

(i) The Commission has determined that incorporation of the full text in these rules would be cumbersome or inefficient given the length and nature of the rules;

(ii) The incorporation by reference does not include any later amendments or editions of the incorporated matter beyond the applicable date identified in subsection (a) of this section, and;

(iii) The incorporated rules are maintained at the Commission's office and are available for public inspection and copying at that same location.

History

Effective 2020-11-18

Chapter 3 Forms

Wyo. Code R. 018.0002.3.11182020 § 1 Minimum requirements, forms

(a) If a Responsible Broker or licensee acting on his behalf, under his supervision or within his control, prepares an instrument, they shall deliver a hard or electronic copy of the document contemporaneously with the signing of such document. Such instruments include, but are not limited to, written listing agreements, consummation of a lease, purchase, sale or exchange of property, or any other type of real estate transaction document. It is the responsibility of the Responsible Broker or licensee acting on his behalf to prepare sufficient copies of such instruments to accomplish this end.

(i) Nothing herein shall be construed to permit the licensee to withhold such delivery in order to obtain other signatures on such instrument, or for any other reason.

(ii) Readily available and properly indexed copies of all unrecorded documents shall be retained by the Responsible Broker for a minimum of two (2) years.

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

(i) The name and address of the real estate company;

(ii) The date of offer by offeror;

(iii) Real estate description that will adequately identify the real estate;

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

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

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

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

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

(ix) Specified date of closing;

(x) Date that offering document expires;

(xi) Signature of the Responsible Broker or his agent upon receipt of monies or other valuable property coming into his possession which belongs to others;

(xii) Date of acceptance of offer by offeree;

(xiii) All changes made to an offer or counter-offer shall be dated and initialed by all parties to the contract;

(xiv) When an offeror makes an offer which is accepted by the offeree, the licensee interacting with the offeree shall immediately notify the offeror or the licensee interacting with the offeror of the acceptance;

(xv) If contract terms are amended or extended, a written agreement form to amend or extend shall be prepared and shall be signed by all parties to the transaction;

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

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

(xviii) A copy of the acknowledged disclosures as required by W.S. 33-28-306 and 33-28-308.

(c) Cooperating Responsible Brokers or licensees acting on their behalf shall present offers and shall negotiate only through the listing Responsible Broker or licensees acting on his behalf unless the listing Responsible Broker gives written consent to contact the principal. All offers shall be presented as expeditiously as possible.

(d) A Responsible Broker shall ensure that his agents comply with minimum Commission requirements when preparing contracts and obtaining signatures.

History

Effective 2020-11-18

Chapter 4 Renewals-Education

Wyo. Code R. 018.0002.4.11182020 § 1 Active License Renewals

(a) A newly issued active license shall be renewed by December 31 of the year it was issued. Completed continuing education hours for a newly issued, active license are not required. This renewal starts the licensee on a three (3) year renewal cycle.

(b) Each active license shall be renewed by submission of a renewal application and all necessary fees, as prescribed in Chapter 2 of these Commission rules, three (3) years on or before December 31 of the third year it is issued. All applications must be postmarked or electronically submitted on or before December 31 to be considered for renewal.

(c) All Responsible Broker licensees submitting an active license renewal application must show proof of completion of fifty-three (53) hours of continuing education as described in Section 8 of this Chapter. All education hours for an active license must be completed during the three (3) previous years.

(d) All Associate Broker and Salesperson licensees submitting an active license renewal application must show proof of completion of forty-five (45) hours of continuing education as described in Section 9 of this Chapter. All education hours for an active license must be completed during the three (3) previous years.

(e) Any licensee that fails to renew their license on or before December 31 shall be considered inactive and shall not perform or engage in real estate activity for any reason.

(f) Any licensee that held an active license on December 31 of the third year of issuance shall be considered inactive but may submit a renewal application to the Commission from January 1 through March 1 of the following year. In order to reactivate the license that lapsed, the Commission shall charge the licensee an additional fee for processing. All applications must be postmarked or electronically submitted on or before March 1.

(g) Any license not renewed by March 1 of the year following the third year of issuance shall be canceled.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 2 Inactive License Renewals

(a) An individual that has obtained an active license from the Commission may move their active license to inactive status with submission of the appropriate forms and payment of fees.

(b) Inactive licenses must be renewed on the regular renewal cycle with proper submission of Commission forms and payment of fees, however, completion of required and continuing education is not necessary for inactive license renewal.

(c) All newly issued inactive license shall be renewed by December 31 of the year it was issued. Completed continuing education hours for a newly issued, inactive license are not required. This renewal starts the licensee on a three (3) year renewal cycle.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 3 Reactivating a License

. An individual that holds an inactive license shall submit an application, furnish proof of completion of all education prescribed by Sections 8 and 9 of this Chapter and pay all required fees, in order to apply for an active license from the Commission.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 4 Real Estate Company Renewals

(a) Each active Real Estate Company License shall be renewed by submission of a renewal application and all necessary fees, as prescribed in Chapter 2 of these Commission rules, three (3) years on or before December 31 of the third year it is issued. All applications must be postmarked or electronically submitted on or before December 31 to be considered for renewal. Newly issued active or inactive company licenses shall be renewed by December 31 of the year it was issued. This renewal starts the license on a three (3) year renewal cycle.

(b) Any real estate company that fails to renew their license on or before December 31 shall be considered inactive and shall not perform or engage in real estate activity for any reason.

(c) Any Real Estate Company License that was considered active on December 31 of the third year of issuance shall be considered inactive but may submit a renewal application to the Commission from January 1 through March 1 of the following year. In order to reactivate the license that lapsed, the Commission shall charge the real estate company an additional fee for processing. All applications must be postmarked or electronically submitted on or before March 1.

(d) Any Real Estate Company License not renewed by March 1 of the year following the third year of issuance shall be canceled.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 5 Pre-Licensing Education Classes

(a) The Commission shall approve schools and instructors that provide classes before individuals apply for a real estate license per Chapter 1 of these rules. These classes include, but are not limited to, Salesperson Course I, Salesperson Course II, Broker Course I and Broker Course II. In order to be considered for approval as a school that provides pre-licensing education, schools and instructors shall meet and maintain the following criteria:

(i) The school and its instructors shall be duly registered with, approved by, and in good standing with the Wyoming Department of Education as a training entity per the laws, rules, and regulations of the Wyoming Department of Education;

(ii) The school and instructors shall submit a formal application to the Commission every three years in the manner prescribed by the Commission and its forms, acknowledging that applications and forms are subject to judicial review;

(iii) Pre-Licensing class outlines submitted with applications shall follow the outlines of study established by the Commission's recognized testing provider;

(iv) Pre-Licensing class formats, delivery, and instruction, shall be established and executed with methodologies that support student success and practical application of the material;

(v) Every pre-licensing instructor shall require that participants satisfactorily pass a class examination, with a raw score of 70 percent or better, encompassing the course material and demonstrating that the course material was mastered by the participant;

(vi) Pre-Licensing classes delivered in an asynchronous online format shall be certified by the International Distance Education Certification Center (IDECC), a subsidiary of the Association of Real Estate License Law Officials (ARELLO) after they are pre-approved or approved by the Commission;

(vii) Approved pre-licensing classes formatted for live delivery may also be delivered via live, synchronous webinar or video conference at any time to no more than fifty (50) participants. Instructors or proctors shall attest to the satisfactory attendance of every class participant by issuance of a course completion certificate;

(viii) Approved pre-licensing schools or instructors shall issue a certificate to every participant that successfully completes a pre-licensing course. These certificates shall disclose the school and/or instructor, and, the date of course completion;

(ix) Pre-licensing instructors offering Salesperson I and/or Broker I may establish, provide, and administer an examination allowing individuals to challenge the Salesperson I and Broker I courses. The examination shall encompass all content delivered in the course and test for mastery of that content. All participants that complete an examination shall receive a score report from the instructor. A passing score shall be a raw score of 70 percent or higher on the examination. Only passing scores may be used in lieu of course completion by attendance for a license application.

(b) At the time of application, instructors for pre-licensing classes shall meet the following criteria:

(i) Instructors shall submit a professional resume or curriculum vitae showing all completed formal education, as well as, previous and current professional experience spanning no less than five (5) years;

(ii) Instructors shall have completed and furnish proof of five (5) years of professional work experience in the real estate industry;

(iii) Instructors shall submit proof of successful completion of advanced coursework in the areas of adult education and instruction.

(c) The Commission reserves the right to audit and evaluate approved pre-licensing classes at any time, allowing commissioners or staff to attend the classes free of charge.

(d) Schools and instructors are permitted to provide amendments to pre-licensing course delivery during the three-year approval period and amended applications must be ratified by the Commission before class delivery can be modified.

(e) The Commission reserves the right to revoke approval of a pre-licensing school or instructors at any time with cause and with the assistance of the Attorney General. Notice of revocation shall be made public and provided to the school or instructors, and the Wyoming Department of Education within ten (10) business days of the revocation. If necessary, formal complaints may be filed with the Wyoming Department of Education and Attorney General if evidence and documentation shows consumer harm and the safety of consumers is at risk.

(f) Schools and instructors revoked of approval to provide pre-licensing education shall be granted an opportunity to petition revocation in writing and/or in person to the Commission at a public meeting.

(g) Schools and instructors denied approval to provide pre-licensing education shall be notified of denial within ten (10) business days of the Commission's decision to deny. Those denied approval shall be granted an opportunity to petition the denial in writing and/or in person to the Commission at a public meeting.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 6 Required Education Classes

(a) The Commission and/or its staff shall pre-approve, conditionally approve, or approve educational seminars and classes for required education credit. Required seminars and classes may be delivered in classroom, online, distance learning and hybrid formats.

(b) Every September of the calendar year, the Commission shall elect an Education Chairman to oversee the processes articulated in these rules. This Chairman shall serve a term of one calendar year and may serve subsequent, consecutive terms.

(c) On March 1 of every calendar year, the Commission shall release and publish on its web site required course criteria and objectives to the public and solicit proposals from qualified instructors and institutions.

(d) Any institution or instructor desiring to deliver required education in the state of Wyoming shall submit the necessary forms prescribed by the Commission to the Commission office July 1 of each calendar year. All required class proposals shall be pre-approved, conditionally approved, approved or denied by the Commission on or before September 1 of each calendar year. The denial of a proposal may be appealed by written petition of the institution or instructor to the Commission within thirty (30) days of notice of the denial.

(e) All approved required seminars and classes shall be deemed valid for one year starting January 1 following initial approval through December 31 of the following year. The Commission and/or its staff members may audit a class or seminar at any time free of charge. Approved classes are subject to a one-time fee for processing as set forth in Chapter 2 of these rules.

(f) The Commission reserves the right to amend and update seminar and class outlines, objectives and materials, as well as, revoke approval of any required class at any time. If a required outline and/or objective is amended, all current instructors of these classes shall be notified of the changes within ten (10) business days and changes must be implemented to coursework as soon as reasonably possible.

(g) All instructors shall adhere to the rules and policies set forth by the Commission.

(h) All instructors delivering required education classes and seminars shall furnish proof of professional work and experience in the real estate industry for at least five (5) years. Instructors that have completed coursework in adult education and instruction shall receive favorable consideration. For online courses or when presenting videos in the classroom, actors may be used to deliver course material developed by a qualified instructor.

(j) All required seminars and classes shall meet the following criteria:

(i) Every seminar or class shall be at least three (3) clock hours in duration. Each hour of direct instruction, discussion and evaluation shall count for one (1) credit hour for continuing education. A credit hour is considered fifty (50) minutes of instruction per clock hour. Completed required classes, by class number and/or name, shall only be counted once for required course credits during a licensee's renewal cycle.

(ii) All seminars and classes shall meet requirements of the Americans with Disabilities Act (ADA) and the promotion of any product or service is prohibited during instruction hours.

(iii) All required classes delivered by asynchronous online formats shall be certified by the International Distance Education Certification Center (IDECC), a subsidiary of the Association of Real Estate License Law Officials (ARELLO) after they are pre-approved or approved by the Commission. Approved required classes formatted for live delivery may also be delivered via live, synchronous webinar or video conference at any time, at the school or instructors discretion, to no more than fifty (50) participants.

(iv) All instructors and institutions delivering education shall keep records of attendance for each class for no less than five (5) years and submit this attendance record to the Commission within ten (10) days after each course is delivered. Attendance records shall contain the following information:

(A) The name of each participant

(B) The hours and dates each participant attended the class or seminar

(D) The name of the seminar/class instructor

(v) All instructors and/or providers shall certify that participants were present for at least ninety percent (90%) of the approved course. If directly observed, instructors must report any false reports of attendance to the Commission immediately.

(vi) Credit hours will not be awarded for only taking an examination.

(vii) All final attendance records and completion certificates and/or information shall be filed by the course provider with the Commission within ten (10) calendar days following each class offering.

(viii) All instructors or education providers shall provide class/seminar participants with notice that they may submit course feedback directly to the Commission via email at rec-education@wyo.gov, as well as, a class/seminar evaluation (paper or electronic). All completed evaluations shall be saved and archived, in paper or electronic format, for two (2) years following each class offering. Evaluations may be requested and reviewed by the Education Chairman, the Commission and/or Commission staff at any time.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 7 Elective Education Classes

(a) The Commission and/or its staff shall approve educational seminars, classes, and petitions for elective education credit. All seminars and classes must be relevant to the real estate industry in the areas of business management, ethics, customer relations/marketing, legal/regulatory compliance, sales, property management/leasing, financing, environmental issues/regulation, community relations, community planning, and/or construction. The Commission may approve other subject areas for seminars and classes when deemed appropriate. Seminars and classes may be delivered in classroom, online, distance learning and hybrid formats. Any institution or instructor desiring to deliver education in the state of Wyoming shall submit the necessary forms and fees prescribed by the Commission to the Commission office at least ten (10) days before the class is delivered.

(b) All instructors shall adhere to the rules and policies set forth by the Commission, as well as, comply with all requirements prescribed in the Commission's forms. The Commission and/or its staff members may audit a seminar or class at any time free of charge.

(c) All elective classes delivered by asynchronous online formats shall be certified by the International Distance Education Certification Center (IDECC), a subsidiary of the Association of Real Estate License Law Officials (ARELLO). Approved elective classes formatted for live delivery may also be delivered via live, synchronous webinar or video conference at any time, at the school or instructor's discretion, to no more than fifty (50) participants.

(d) All classes shall meet the following criteria:

(i) Every course shall be at least three (3) clock hours in duration. Each hour of direct instruction, discussion and evaluation shall count for one (1) credit hour for continuing education. A credit hour is considered fifty (50) minutes of instruction per clock hour. Courses offered in a luncheon or conference format within Wyoming may be approved for one (1) or two (2) clock hours in duration.

(ii) All courses shall be relevant to the real estate industry and adhere to the most current education policies adopted by the Commission. The Commission reserves the right to revoke approval of a continuing education class or seminar at any time. For online courses or when presenting videos in the classroom, actors may be used to deliver course material developed by a qualified instructor.

(iii) All courses shall meet requirements of the Americans with Disabilities Act (ADA) and the promotion of any product or service is prohibited during instruction hours.

(A) The name of each participant

(B) The hours and dates each participant attended the course

(D) The name of the course instructor

(v) All course providers shall certify that participants were present for at least ninety percent (90%) of the approved course. If directly observed, instructors must report any false reports of attendance to the Commission immediately.

(vi) Credit hours will not be awarded for only taking an examination.

(vii) All final attendance records and completion certificates and/or information shall be filed with the Commission within ten (10) calendar days following each class offering.

(viii) All instructors and class providers shall provide participants with notice that they may submit course feedback directly to the Commission via email at rec-education@wyo.gov, as well as, a class/seminar evaluation (paper or electronic). All completed evaluations shall be saved and archived, in paper or electronic format, for two (2) years following each class offering. Completed evaluations may be requested and reviewed by the Commission and/or Commission staff at any time.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 8 Responsible Broker Education Requirements

(a) All active Responsible Brokers shall complete thirty two (32) hours of required education (to include one broker management course) and twenty one (21) hours of elective education during each renewal cycle.

(b) Active Responsible Brokers pursuing or maintaining a designation or credential recognized and endorsed by the National Association of REALTORS® may petition the Commission for elective education credit hours per current Commission policies.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 9 Associate Broker and Salesperson Education Requirements

(a) All active Associate Brokers and Salespersons shall complete twenty four (24) hours of required education and twenty one (21) hours of elective education during each renewal cycle.

(b) All active Associate Brokers and Salespersons pursuing or maintaining a designation or credential recognized and endorsed by the National Association of REALTORS® may petition the Commission for elective education credit hours per current Commission policies.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.4.11182020 § 10 Education Fund Grants

(a) Per the authority granted in W.S. 33-28-206, the Commission may prescribe forms and establish processes to grant funds from its education fund to Wyoming organizations, associations, institutions, and entities deemed qualified and eligible to provide quality elective education classes, seminars, and/or research for the Wyoming real estate industry.

(b) Funds may be granted and expended in allotments of no less than five-hundred dollars ($500) and no more than two-thousand dollars ($2,000) per event. Expenditures for these grants, in sum, shall not exceed thirty thousand dollars ($30,000) in one fiscal year. Recipients of funds shall be required to pay no less than ten percent (10%) of the total costs of the event toward the event and its components.

(c) Any educational event held using Commission education funds shall be made open to all Wyoming real estate licensees at free, reduced or reasonable rate of registration.

(d) The Commission shall be identified and named as a sponsor of any educational event held using Commission education funds.

History

Effective 2020-11-18

Chapter 5 Brokers' Trust Accounts

Wyo. Code R. 018.0002.5.11182020 Brokers' Trust Accounts

CHAPTER 5

BROKERS' TRUST OR ESCROW ACCOUNTS

Section 1. Brokers' trust or escrow accounts. The following rules apply to trust or escrow accounts held by licensed Responsible Brokers.

(a) All money belonging to others accepted by the Responsible Broker shall be deposited with a funds holder or in a bank, financial institution or other recognized depository in this state in a trust or escrow account separate from personal or business money belonging to the Responsible Broker. A banking trust account may be any type of checking, demand, passbook, or statement account insured by an agency of the United States government. The name of each trust account shall be identified by the word "trust" or "escrow". The account shall be maintained in the name of the Responsible Broker.

(b) Money belonging to others which is received by the Responsible Broker or licensees or employees acting on his behalf includes but is not limited to money received in connection with property management contracts; rent or lease contracts; advance fee contracts; or money belonging to others received for future investment or other purposes.

(c) If the Responsible Broker does business as a real estate company, trust or escrow accounts shall be maintained in the name of the Responsible Broker acting for the real estate company and in the name of the real estate company. The name of the Responsible Broker is to be followed by the words "Responsible Broker".

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

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

(i) Example:

Line 1 - XYZ Realty

Line 2 - John Doe, Responsible Broker

Line 3 - Meadows Homeowners' Association Escrow Account

(ii) The Responsible Broker shall be able to withdraw money from a trust or escrow account without the benefit of a cosigner. Other authorized signatures of licensed or unlicensed people may also appear on the account.

(iii) Money belonging to others, when accepted by a Responsible Broker or funds holder, shall not be invested in any type of account, security, or certificate of deposit which has a fixed term for maturity unless there is written consent obtained by the Responsible Broker of all parties to the transaction.

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

(v) All money belonging to others in the form of cash, or check received shall be deposited directly into the listing Responsible Broker's real estate company trust account or with the Responsible Broker's real estate company funds holder by the listing Responsible Broker per W.S. 33-28-122(a)(i), not later than the first banking day after receipt unless all persons having an interest in the funds have agreed otherwise in writing.

(vi) When trust funds are held by a funds holder, the Responsible Broker shall obtain a receipt showing the date and the amount of the funds transferred to the funds holder. The Responsible Broker, for each funds holder account maintained, shall also maintain a recordkeeping system in his place of business, consisting of at least the following:

(A) Date Received/Paid,

(B) Check number,

(D) Buyer,

(E) Seller,

(F) Escrow Agent,

(G) Date Delivered,

(H) Description of the real estate, and

(I) Disposition of Transaction.

(vii) The Responsible Broker, for all money belonging to others, shall also maintain a recordkeeping system for every real estate company and/or branch location consisting of at least the following:

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

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

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

(D) Separate trust account journals shall be reconciled with the related bank statement monthly.

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

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

(h) A nonresident Responsible Broker licensed in Wyoming engaged in real estate activity in this state shall maintain separate trust accounts with a Wyoming funds holder or in a bank or recognized depository in Wyoming.

(j) A Responsible Broker is not limited to the number of separate trust accounts or funds holder accounts he may maintain for money belonging to others.

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

Section 2. Audits. The Commission may audit the Responsible Broker's trust or escrow account records to assure compliance with Commission rules and statutes.

History

Effective 2020-11-18

Chapter 6 Regulatory Enforcement Grounds

Wyo. Code R. 018.0002.6.04162018 § 1 Regulatory enforcement grounds

The Commission may take disciplinary action, which includes an administrative fine, censure, probation, suspension, or revocation, including a combination thereof, with respect to a licensee, for any of the following acts or conduct:

(a) Against a licensee and/or licensee's Responsible Broker for:

(i) Violating or failing to comply with any rule of the Commission or provision of the act;

(ii) Participating in real estate activity while a license is on inactive status;

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

(iv) Violation or assisting in the violation of local, state or federal law or regulation;

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

(vi) Making any false promise which influences, persuades, or induces action by another relating to a real estate transaction;

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

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

(ix) Permitting the use of his license as a Responsible Broker to enable anyone to operate a real estate company without actual participations therein and control thereof by the Responsible Broker;

(x) Failing to provide information requested by the Commission relative to a complaint, investigation, or audit which could indicate a violation of the act;

(xi) Failing to disclose matters known to the licensee which are material to the real estate transaction;

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

(xiii) Failing to remove signs and/or lock boxes after termination of a listing; continuing to advertise real estate which is no longer listed;

(xiv) Advertising and promoting another real estate company's or Responsible Broker's listings without written permission and in compliance with Section 4 of this chapter;

(xv) Failing to pay a fine imposed or comply with all requirements of a Commission settlement agreement, stipulation and order;

(xvi) Compensating any unlicensed person for performing the services of a licensee for any real estate activity except anyone arranging non-consecutive short-term rentals.

(xvii) Failing to obtain and maintain errors and omissions insurance and provide proof of insurance to the Commission.

(xviii) Falsifying attendance and/or completion of required and elective education for licensure;

(xix) Failing to disclose the names of all real estate companies within all real estate transactions if the Responsible Broker holds a license for more than one (1) real estate company, per W.S. 33-28-111(a)(xxix)(D);

(xx) Procuring a license to practice pursuant to the Wyoming Real Estate Act by knowingly making a false statement, submitting false information, refusing to provide complete information in response to a question in an application for a license or through any form of fraud or misrepresentation;

(xxi) Participating, engaging, or assisting in a real estate transaction wherein all parties to the transaction are customers and no written agency or intermediary relationship is established.

(b) Unless approved by the Commission, the voluntary surrender, expiration or lapse of a license by a licensee does not prevent the Commission from proceeding with its investigation of a complaint and taking appropriate disciplinary action against a licensee.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.6.04162018 § 2 Suspension/revocation requirements

(a) When a Responsible Broker's license is suspended or revoked, he shall return his license, all real estate company licenses, and the licenses of his Associate Brokers and Salespersons to the office of the Commission. Licensees affiliated with a Responsible Broker who have had their license suspended or revoked may not perform any real estate activity until they have transferred to a new Responsible Broker.

(b) When an Associate Brokers or Salesperson license has been suspended or revoked, the licensee shall return his license to the Responsible Broker who shall return the license to the Commission.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.6.04162018 § 3 Unlawful compensation; disputes between licensees

(a) The Commission shall not entertain complaints between licensees regarding disputes concerning matters of compensation, the earning, splitting or the non-payment thereof.

(b) A Responsible Broker may compensate a licensed, unlicensed or inactive person for real estate activity performed if the person was actively licensed and under the Responsible Broker's supervision at the time the real estate activity was performed.

(c) W.S. 33-28-110 (a) does not apply to incentives offered or paid to persons, who on their own behalf, engage the services of a licensee to assist them with the sale or purchase of real estate, provided those persons do not perform any real estate activity. Advertising and/or paying such incentives does not violate any provision of the act or rule or regulation of the Commission.

(d) A licensee may pay their personal assistant a salary directly. The Responsible Broker shall pay a licensed personal assistant if that personal assistant is to receive a percentage of any compensation.

(e) A Responsible Broker's payment of earned real estate compensation to a corporation or LLC which is solely owned by a licensee or licensees working under the Responsible Broker shall not be considered a violation of W.S. 33-28-111(a)(xxiii), "compensating any unlicensed person." Any agreement between the Responsible Broker and the corporation or LLC does not relieve the Responsible Broker of the obligation to supervise the licensee or any other requirement of the act or Commission rules.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.6.04162018 § 4 Advertising Compliance

The following advertising criteria shall be enforced by the Commission and met by real estate companies, Responsible Brokers, Associate Brokers, and Salespersons in all advertisements, displayed digitally or in print, in which the company or licensee is conducting real estate activity:

(a) When a real estate licensee or real estate company advertises with the use of a registered trade name, group name, or team name, the advertisement shall display the name of the real estate company as licensed by the Commission concurrently with the registered trade name, team name, or group name in a conspicuous manner that the general public may easily identify;

(i) A group or team consists of one or more real estate licensees conducting real estate activity representing the same real estate company in which they are all licensed by the Commission;

(b) When real estate Responsible Broker, Associate Broker, or Salesperson uses their individual name in an advertisement, he shall use the legal name in which he is licensed, as registered with and verified by the Commission.

History

Effective 2018-04-16

Chapter 7 Errors and Omissions Insurance

Wyo. Code R. 018.0002.7.04162018 § 1 Proof of Insurance

Every Wyoming licensee shall provide proof of errors and omissions insurance which meets the criteria established by these rules.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 2 Definitions

The definitions in W.S. 33-28-102 apply.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 3 Insurance required

. An applicant for issuance of a license on active status, a licensee renewing a license, or an inactive licensee activating a license shall submit proof of insurance coverage through the group plan or through certification of equivalent coverage.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 4 Minimum standards

. The group policy obtained by the Commission shall provide to each individual licensee, at a minimum, the following terms of coverage:

(a) Not less than one hundred thousand dollars single-limit liability coverage for each licensee per occurrence or claim made, not including costs for investigation or defense;

(b) An annual aggregate limit of not less than five hundred thousand dollars per licensee;

(c) A deductible amount for each occurrence of not more than one thousand dollars for single-limit liability coverage and one thousand dollars maximum additional deductible for defense and investigation;

(d) An extended reporting provision of ninety days and an option to purchase an additional three years extended reporting provision for a premium not to exceed two hundred percent of the premium charged for the last year of the terminating coverage;

(e) Coverage under this section for covered acts in any state, United States territory, or Canada in which a covered individual, domiciled in Wyoming, holds a license;

(f) A conformity endorsement allowing a Wyoming resident licensee to meet the errors and omissions insurance requirement for an active license in another group mandated state without the need to purchase separate coverage in that state;

(g) Stacking of benefits;

(h) Proration of premiums for coverage that is purchased during the course of a calendar year but with no provision for refunds of unearned premiums;

(j) The ability of a licensee, upon payment of an additional premium, to obtain higher or excess coverage or to purchase additional coverages from the group carrier as may be determined by the carrier;

(k) The coverage is individual and license-specific and will cover the licensee regardless of changes in employing Responsible Broker; and

(l) Prior acts coverage shall be offered to licensees with continuous past coverage.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 5 Exceptions to coverage

(a) Except as provided in this section, coverage may not exclude claims brought against the insured licensee arising out of an act or failure to act by the licensee when performing a professional service for which a real estate license is required. Coverage may limit or exclude claims brought against a licensee which arise as follows:

(i) Out of claims or suits made or brought by any insured person against any other insured person within the same firm or from compensation disputes between licensees;

(ii) Out of loss assumed under contract or agreement, except for liability the insured would have had in the absence of such agreements;

(iii) From any criminal, dishonest, actual fraud, or willful act or omission. This exclusion does not apply to any insured person who did not personally participate in committing such an act or omission and who, upon having knowledge of the act or omission, reported it;

(iv) From unlawful discrimination committed by or for the insured person;

(v) From fines or penalties imposed by law;

(vi) From failure to maintain any type or amount of insurance for managed property;

(vii) From bodily injury, personal injury, advertising injury, or property damage;

(viii) From related business activities for which a license is not required under this chapter;

(ix) From involvement in any real estate investment contract or syndication as a partner, joint venture, or underwriter;

(x) From hazardous materials, nuclear materials, or pollutants;

(xi) From prior wrongful acts;

(xii) From management or sale of property in which the insured or spouse has more than a ten percent financial or ownership interest. This exclusion does not apply for one year from the date a property is acquired under a guaranteed sale listing contract if the property is listed for sale during that entire period;

(xiii) From any violation of the Securities Act of 1933, as amended through July 1, 1993, or the Securities Exchange Act of 1934, as amended through July 1, 1993, or any state blue sky or securities law or similar state or federal statutes; or

(xiv) Other standard exclusions that are typical in the professional liability insurance industry may be permitted, subject to the approval of the Wyoming Real Estate Commission.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 6 Group policy approval requirements

(a) Any group policy to be issued shall conform to the standards and practices of the insurance industry and be approved by the Wyoming insurance department.

(b) The administrative fee the Commission shall charge and collect as outlined in W.S. 33-28-401 may be waived by the Commission if the total number of licensees enrolled in the group program is less than two thousand (2,000).

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 7 Equivalent coverage

An active licensee who chooses the option of obtaining errors and omissions insurance independently from a carrier other than the group carrier under contract with the Commission shall show evidence of coverage by providing certification of coverage on a form prescribed by the Commission. The form shall show proof that the licensee has coverage in compliance with the minimum standards established by section 9. The form shall be signed by an authorized representative of the insurance company and shall contain a cancellation notification clause as required by section 10.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 8 Standards for equivalent coverage

(a) Licensees or applicants may obtain errors and omissions coverage independent of the group plan from any insurance carrier subject to the following terms and conditions:

(i) The insurance carrier is licensed and authorized by the Wyoming insurance department to write policies of errors and omissions insurance in this state and is in conformance with all Wyoming statutes.

(ii) The insurance provider maintains an A.M. Best rating of "B" or better and Financial size category of class VI or higher.

(iii) The policy, at a minimum, complies with all relevant conditions set forth in this rule and the insurance carrier so certifies in an affidavit issued to the insured

licensee or applicant in a form specified by the Commission and agrees to immediately notify the Commission of any cancellation or lapse in coverage. Independent coverage shall provide, at a minimum, the following:

(A) The contract and policy are in conformance with all relevant Wyoming statutory requirements.

(B) Coverage includes all acts for which a real estate license is required, except those illegal, fraudulent or other acts which are normally excluded from such coverage.

(D) Coverage is for not less than $100,000 for each licensed individual and entity per covered claim, regardless of the number of licensees or entities to which a settlement or claim may apply, with an annual aggregate limit of not less than $500,000 per licensed individual and entity.

(E) Payment of claims by the provider shall be on a first dollar basis and the provider shall look to the insured for payment of any deductible.

(F) The ability of a licensee, upon payment of an additional premium to obtain an extended reporting period of not less than 365 days.

(G) That the provider of the independent policy has executed an affidavit in a form or manner specified by the Commission attesting that the independent policy is in force and, at a minimum, complies with all relevant conditions set forth herein and that the provider will immediately notify the Commission in writing of any cancellation or lapse in coverage of any independent policy.

(b) Licensees or applicants who obtain equivalent coverage and wish to be on active status shall present the affidavit referred to in subsection (iii) of this section to the Commission:

(i) When renewing an active license, no later than at the time of renewal, or;

(ii) Upon any request for reinstatement or activation of a license; or

(iii) Upon application for an active license.

(c) Applicants for a license, activation, renewal and reinstatement shall certify compliance with this rule on forms or in a manner prescribed by the Commission. Any active licensee who so certifies and fails to obtain errors and omissions coverage or to provide proof of continuous coverage, either through the group carrier or directly to the Commission, shall be placed on inactive status:

(i) Immediately, if certification of current insurance coverage is not provided to the Commission; or,

(ii) Immediately upon the expiration of any current insurance when certification of continued coverage is not provided. Certification of equivalent coverage shall be filed with the Commission by 5 p.m. on the date of expiration of coverage. If the certification is not filed on time, the Commission shall place the license on inactive status on that date.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 9 Nonpayment of premium

. If a licensee's insurance company or group plan notifies the Commission that a licensee has not paid a premium, the Commission shall place that license on inactive status as of the date of termination of coverage.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 10 Surrender of license for failure to provide proof of insurance

. When a licensee receives notice of being placed on inactive status for failure to provide proof of insurance, the licensee shall immediately surrender the license to the Commission.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 11 Notification required for cancellation

. If insurance under equivalent coverage is to lapse or not be renewed, the providing company shall notify the real estate Commission of the intent to lapse or not to renew, a minimum of thirty (30) days before the expiration date of the term.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 12 Proof of insurance required to activate license

. A licensee whose license has been placed on inactive status for failure to provide proof of insurance may not conduct any activities for which a license is required until proof of insurance has been provided to the Commission and the license has been activated.

History

Effective 2018-04-16

Wyo. Code R. 018.0002.7.04162018 § 13 Authenticity of coverage

. A licensee may not willfully or knowingly cause or allow a certificate of coverage to be filed with the Commission that is false, fraudulent, or misleading.

History

Effective 2018-04-16

Chapter 8 Application Review, Complaints, and Hearing Procedures

Wyo. Code R. 018.0002.8.11182020 § 1 Application Review Process

(a) Upon receipt of a completed application, the Commission office shall review the application and, if it is complete and there are no known grounds for denial of the license requested, issue the license. If there are known grounds for denial, the Commission office shall forward the application to the Application Review Committee (ARC). An application shall be deemed "complete" when all necessary documentation is received by the Commission office and all fees paid in accordance with Chapter 1 of these rules.

(b) The ARC shall consist of, but is not limited to, the following members:

(i) One (1) Commission Member,

(ii) The Commission Investigator, and

(iii) A prosecuting attorney from the Attorney General's Office.

(c) The ARC shall review the application and all other information made available by the applicant. Following the review, the ARC may:

(i) Approve the application if the applicant meets all requirements; or

(ii) Conduct further review with the possibility of recommending denial of the application.

(d) If, after further review, and following consultation with the Attorney General, the ARC concludes that grounds exist to recommend denial of an application:

(i) A preliminary denial letter, delivered by post or email, shall be sent to applicant by the ARC or a representative of the ARC. The letter shall:

(A) State the basis for the recommendation to deny citing relevant statutes and rules; and

(B) Advise the applicant of the right to request a reconsideration conference that may be held in person or via video or phone teleconference.

(ii) If the applicant fails to request a reconsideration conference in writing within thirty (30) days of the date of the preliminary denial letter, the preliminary denial becomes final.

(iii) If the applicant requests reconsideration within thirty (30) days of the date of the preliminary denial recommendation letter, a reconsideration conference shall be held with the ARC and the applicant.

(iv) Following the reconsideration conference, the ARC shall either recommend approval or denial of the application to the Commission and notify the applicant of their recommendation. Notice shall be provided by letter delivered by post or email no more than fourteen (14) days after the reconsideration hearing was held.

(v) If an application denial is recommended, the applicant may submit a written request for a formal contested case hearing before the Commission within thirty (30) days of the date of the letter of notice. If the applicant does not provide a written request for a formal contested case hearing, the ARC's recommendation to deny the application is final.

(e) Applicant's Request for Hearing

(i) An application denial hearing is a formal contested case hearing conducted pursuant to the Wyoming Administrative Procedure Act.

(ii) The applicant has the burden of proving that he/she meets all requirements for the license requested.

(f) The ARC may attend hearings, but shall not take part in the consideration of any contested case.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.8.11182020 § 2 Complaints

(a) A disciplinary action is initiated against a licensee by submitting a sworn written complaint to the Commission office. A complaint concerning an alleged violation of the Act or Commission Rules may be submitted by any person or entity, a Commission member, or a member of the Commission staff. The sworn written complaint should provide as much of the following information as may be available and applicable:

(i) The name and address of the complainant;

(ii) The name, address, place of employment, and telephone number of the licensee against whom the charges are made;

(iii) The specific conduct alleged to constitute the violation;

(iv) The name and address of any other witnesses; and

(v) The notarized signature of the complainant.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.8.11182020 § 3 Review of Sworn Written Complaint

. Sworn written complaints shall be referred to and reviewed by the Commission Investigator and one Commissioner, a Liaison Commission Member (LCM) selected by Commission staff from a rotating schedule.

(a) The LCM shall not take part in the consideration of any disciplinary contested case hearings related to the matter of the sworn written complaint.

(b) The LCM shall not, by this rule, be barred from attending any disciplinary hearing.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.8.11182020 § 4 Investigations and Commission Action

The LCM and Commission staff shall investigate those written complaints received which merit further investigation. During an investigation, license holders against whom charges are made shall be advised of the charges, the investigation initiated, the name of the LCM, and the nature of the complaint.

(a) Upon completion of the investigation, the investigator for the Commission shall prepare an investigative report and submit it to the LCM.

(i) The report shall include:

(A) The findings of fact;

(B) A list of statutes and/or Commission rules possibly violated; and

(b) The LCM shall review the investigative report and forward the report with recommendations to the appropriate Attorney General prosecuting attorney.

(i) Send the notice required by Section 5 of this chapter;

(ii) Prepare and file a formal petition and notice of hearing setting the matter for a contested case hearing before the Commission;

(iii) Recommend the Commission accept an offer of conditional terms for settlement, which may include completed educational courses;

(iv) Recommend the Commission dismiss the complaint.

(d) The Commission may resolve a complaint at any time by:

(i) Accepting a voluntary surrender of a license;

(ii) Accepting conditional terms for settlement;

(iii) Dismissal.

(e) All discipline ratified by the Commission shall be published in the Commission newsletter following the date of formal action. Published information shall include:

(i) Licensee name and license number

(ii) Statute and rules violated

(iii) Terms of settlement

History

Effective 2020-11-18

Wyo. Code R. 018.0002.8.11182020 § 5 Service of Notice and Opportunity to Show Compliance

. Prior to commencement of a formal contested case hearing, the LCM shall give notice by mail to the licensee of the facts or conduct which warrants his/her intended action. The notice shall give the licensee an opportunity to show compliance with all lawful requirements for retention of the license within twenty (20) days of the mailing of the notice. Such notice shall be sent to the licensee's last known address both by certified mail with return receipt requested and by first class mail.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.8.11182020 § 6 Default

. The Commission may issue a disciplinary order based on the allegations presented in a notice of hearing or in a petition and notice of hearing in any case whereby:

(a) The applicant or licensee has not answered or nor responded in writing within fourteen (14) days before the hearing, or

(b) The applicant or licensee or his/her representative has not appeared at a scheduled hearing for which notice was provided.

History

Effective 2020-11-18

Wyo. Code R. 018.0002.8.11182020 § 7 Formal Contested Case Hearing Incorporation by Reference

(a) When required, Formal Contested Case Hearings shall be held in accordance with rules administered by the Office of Administrative Hearings.

(b) Any code, standard, rule or regulation incorporated by reference does not include any later amendments or editions of the incorporated matter beyond the applicable date identified in subsection (b) of this section.

History

Effective 2020-11-18