Wyoming Administrative Code Agency 018 - Real Estate Commission
The Wyoming Administrative Code, Agency 018, is dedicated to the Wyoming Real Estate Commission. This commission is the state regulatory body responsible for licensing and overseeing real estate brokers, salespersons, and other real estate professionals in Wyoming. Its primary goal is to protect the public by ensuring competence, ethical conduct, and compliance with real estate laws and regulations.
The administrative rules for Agency 018 are organized into several chapters, covering the full scope of real estate regulation:
Chapter 1 - General Provisions and Licensing: This foundational chapter sets out the authority of the Commission, its meeting procedures, and general rules for licensing. It details the requirements for obtaining a real estate salesperson or broker license, including:
Education: Pre-license course requirements (e.g., Salesman Course I and II, Broker Course I and II), which often cannot be taken by correspondence or online for certain portions.
Experience: Specific experience requirements for broker applicants (e.g., active engagement in real estate activity for a certain period).
Examination: Passing a Commission-approved examination.
Application Procedures: Submission of forms, fees, fingerprint cards, proof of legal presence, and photographs.
Transfers, Inactive Licenses: Rules for transferring licenses between brokers or placing a license on inactive status.
Real Estate Companies: Regulations for establishing and operating real estate companies.
Instructor Qualifications: Requirements for individuals who teach real estate pre-license or continuing education courses.
Temporary Permits: Provisions for temporary licenses under specific circumstances (e.g., for military spouses).
Chapter 2 - Fees: Outlines the various nonrefundable and non-prorated fees associated with real estate licenses, including initial application fees, renewal fees, and other charges.
Chapter 3 - Forms: Specifies the minimum requirements for various forms used in real estate transactions and those required by the Commission.
Chapter 4 - Renewals and Education: Details the process for renewing real estate licenses and the mandatory continuing education (CE) requirements for licensees. This ensures that real estate professionals stay current with industry practices, legal changes, and ethical standards.
Chapter 5 - Brokers' Trust Accounts: Establishes strict rules and regulations for how real estate brokers must manage and maintain client trust or escrow accounts, ensuring the proper handling of client funds.
Chapter 6 - Regulatory Enforcement Grounds: Defines the specific actions or omissions that constitute violations of the Wyoming Real Estate Act or the Commission's rules, which can lead to disciplinary action against a licensee. These grounds often include unprofessional conduct, misrepresentation, fraud, failure to disclose, and other breaches of professional duty.
Chapter 7 - Errors and Omissions Insurance: Mandates that real estate licensees carry errors and omissions (E&O) insurance, as required by Wyoming Statute, to protect consumers in the event of negligence or mistakes by a licensee.
Chapter 8 - Application Review, Complaints and Hearing Procedures: Outlines the formal process for:
Application Review: How the Commission reviews and makes decisions on license applications.
Complaints: Procedures for filing complaints against licensees, including requirements for sworn written complaints, investigation, and review by the Commission.
Hearings: Detailed procedures for contested case hearings before the Commission when disciplinary action is being considered, including due process rights, witness testimony, representation, and decision-making. (Note: A former Chapter 9 on this topic was repealed and integrated into Chapter 8).
Key Responsibilities of the Wyoming Real Estate Commission:
Established under Wyoming Statute, Title 33, Chapter 28, the Real Estate Commission's core duties include:
Licensing: Granting, renewing, and regulating licenses for real estate brokers, associate brokers, and salespersons.
Rulemaking: Promulgating and enforcing administrative rules to implement the Wyoming Real Estate Act.
Consumer Protection: Investigating complaints against licensees, conducting disciplinary hearings, and imposing sanctions (e.g., fines, license suspension or revocation) for violations of laws or rules.
Education: Establishing pre-license education requirements and mandating continuing education for licensees.
Oversight: Ensuring proper ethical conduct and professional standards within the real estate industry in Wyoming.
To view the most current and complete version of these rules, it's advisable to visit the official website of the Wyoming Real Estate Commission (realestate.wyo.gov) or the Wyoming State Legislature's administrative rules database.
RELATED Blog
0 comments