Wyoming Real Estate Law Broker Exam Test Prep Questions and Answers

Wyoming Real Estate Law Broker Exam Test Prep Questions and Answers disciplinary action the licensee may appeal the commissions ruling in court 47. If an in fraction is a violation of criminal law: The real estate commission report the keys to the proper judicial authority 48. What is most commonly the outcome of license law violations: Negotiated financial settlement or a court ordered money judgment against the violator 49. If the licensee lacks financial resources the settlement our judgment maybe uncollectible and the state may require the licensee to obtain a: Bond - Which covers the difference between a potential settlement amount and the license his financial resources 50. Instead of requiring a bond some states establish a real estate: Recovery fund 51. What statute gives the Wyoming real estate commission authority to inves- tigate complaints of violations: Wyoming statute 33-28-105 52. Anyone including a real estate commissioner and employee may file a complaint these complaints must be: In writing and with as much information as possible including but not limited to what happened and who was involved who what when where and how and why 53. During a real estate investigation complaints are given to the: Liaison commission member who is on a rotating schedule 54. During an investigation the licensee is advised: who their LCM is that a complaint was made and what the complaint was about 55. What does the report that was put together by the commission staff and the LCM include: Findings of the list of statues a real estate commission rules which I've been violated if any and any relevant information and documentation 56. After the report is made it is sent to the: Attorney generals office and LCM consults with the attorney general 57. Dilation she has how many days to get in compliance with the rules or laws they have violated: 20 days 58. We needed what can be held on the matter: A hearing 59. What sanctions or disciplinary actions can be taken against the licensee: - Administrative fine up to $2500 for each offense, probation, suspension, revocation 60. What are some of the offenses that can result in punishment: Misrepresent- ing, violating statutes, failing to disclose, soliciting, breach of a listing agreement, misleading, using non-authorize trade names, sign without permission, renting without permission from the owner, failure to produce documents, failing to submit an offer, commingling funds, excepting compensation etc 61. Requirements for advertising: State the company they work for, not mislead someone, use a tradename, disclose that they are licensee, use their full name or name listed on their license 62. The real estate company name must be: Conspicuous and easily identifiable 63. Responsible Brokers must notify the commission regarding trust account- : Name and details for the trust account held with funds holders and banks and allow the commission to examine their trust account records 64. Trust accounts may be interest bearing or: Non-interest- bearing 65. Any monies received born into another must be: Deposited into a trust account the account must be with a Wyoming Friends holder it may be a checking savings but must be identified by the word trust or escrow 66. If the responsible broker is doing business as a real estate company the account shall be maintained in the name of: The Broker followed by the words responsible broker 67. Typically a responsible broker that deals with seals in property man- agement will have: Sales trust account, a security deposit trust account and an operating trust account plus an account to pay the day today bills for the office 68. I'm almost on the account that the responsible Broker deposit funds into cannot be: Is certificate of deposit account or other accounts that there are fixed term for maturity unless the broker has written authorization from this client 69. When money that has been deposited into brokers trust account later belongs to him or her it must be: Withdrawn immediately 70. Any money received by the responsible broker his employees or sales person must be deposited into the appropriate account within what time frame: One banking day. The only exception is if the owner of such funds agrees to it in writing 71. The responsible Broker must perform a reconciliation of the trust account on what basis: A monthly basis by comparing cash balance to the account journal, some of cash balances and bank account balance 72. What form must be worksheet for reconciliation of trust account be main- tained: In electronic form or hardcopy showing the reconciliation was performed and the result 73. Responsible Broker must also provide an itemized accounting within how many days of withdrawal of any funds: 20 days 74. The recovery find an education fund or under the direct direction of the: - Wyoming real estate commission 75. When the recovery fund balance reaches 50,000: All fees shall be deposited into the education fund account