Free Wyoming Agency Practice Test — LicenseIQ

Question 1

A property manager owes fiduciary duties primarily to the:

Accepted Answer

The property manager is the owner's (general) agent and owes fiduciary duties to the owner, while dealing honestly with tenants.

Question 2

A broker agreed in writing to act as seller's agent for a 5% fee, then becomes an intermediary in the same transaction. Which statement is correct?

Accepted Answer

W.S. 33-28-308(h) prevents a higher fee upon switching to intermediary; a contrary term is void.

Question 3

Every nonresident Wyoming licensee must appoint whom as agent for service of process?

Accepted Answer

W.S. 33-28-110 requires nonresidents to designate the Commission's director as agent for service of process before licensure.

Question 4

An agent advertises a home as having a 'new roof' without verifying it; the roof is actually 18 years old. This is:

Accepted Answer

Stating unverified facts that prove false is negligent misrepresentation; knowingly false statements are fraud. Puffing is opinion, not a verifiable fact.

Question 5

Which fiduciary duty continues even after the agency relationship has ended?

Accepted Answer

Most fiduciary duties end with the agency, but the agent must continue to keep the former client's confidential information private.

Question 6

A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

Accepted Answer

Any personal or financial interest of the agent or family must be disclosed up front so the client can make an informed decision.

Question 7

Who holds proprietary ownership of a written listing agreement obtained by a salesperson?

Accepted Answer

W.S. 33-28-302(q) vests ownership of written listing agreements in the responsible broker.

Question 8

A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:

Accepted Answer

Obedience requires following lawful instructions only. Discriminatory instructions violate fair housing laws and must be refused.

Question 9

Before proposing to the seller's agent that the buyer's agent be paid from the seller's compensation, what must the buyer's agent obtain?

Accepted Answer

W.S. 33-28-308(e) requires the buyer's written approval first.

Question 10

A material defect that a seller/agent must disclose is one that:

Accepted Answer

Material defects significantly affect value or would influence a buyer's decision and must be disclosed.

Question 11

Which event triggers the requirement to give the written relationship disclosure?

Accepted Answer

W.S. 33-28-306(a) excludes open houses, preliminary conversations and requests for factual information. A pricing and listing discussion is incidental to a transaction.

Question 12

Under Wyoming's definition of "material to the transaction," which of these is excluded?

Accepted Answer

The definition excludes psychological considerations such as health conditions, suicide, murder or other crimes on the property.

Question 13

What is the minimum type size for the relationship disclosure?

Accepted Answer

W.S. 33-28-309 requires disclosures under 33-28-306 to be in at least 12-point type.

Question 14

What duty does a seller's agent owe a buyer who is a customer regarding the property's condition?

Accepted Answer

W.S. 33-28-303(c)-(d) limits the duty to adverse material facts actually known, with no duty to inspect or verify.

Question 15

An agent authorized to perform a single specific act for a principal is a:

Accepted Answer

A special (limited) agent has authority for a specific task, typical of a listing agent. A property manager is usually a general agent.

Question 16

A seller has already accepted an offer, and another buyer submits a higher offer. The listing agent should:

Accepted Answer

Listing agents must present all offers through closing, but should not give legal advice about the seller's obligations under the existing contract.

Question 17

A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

Accepted Answer

A general agent handles a range of matters in a continuing relationship (typical of property management). A listing agent is a special (limited) agent for one transaction.

Question 18

A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

Accepted Answer

In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)

Question 19

In an in-house transaction, a seller's agent wants to become an intermediary for both the seller and the buyer. What is required?

Accepted Answer

W.S. 33-28-307 requires written consent of both parties at the earliest reasonable opportunity, with a prominent statement of the duties lost.

Question 20

Without the seller's informed consent, which may a seller's agent NOT disclose?

Accepted Answer

Price flexibility is confidential under 33-28-303(b). The other choices are adverse material facts that must be disclosed to buyers.

Question 21

Which of the following is a fiduciary duty an agent owes the principal?

Accepted Answer

Fiduciary duties are Confidentiality, Obedience, Accounting, Loyalty and Disclosure (COALD), plus reasonable care.

Question 22

Which duty does a seller's agent owe to a buyer who is a customer, not a client?

Accepted Answer

Customers are owed HARD duties - Honesty, Accounting, Reasonable skill and care, and Disclosure of material facts - but not loyalty, obedience or confidentiality.

Question 23

A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

Accepted Answer

Implied agency arises from conduct; the agent then owes full fiduciary duties. Express agency is created by stated agreement, ideally in writing.

Question 24

An agency relationship can be terminated by all of the following EXCEPT:

Accepted Answer

Agency ends by performance, expiration, mutual agreement, operation of law, death or incapacity, or destruction of the property - not by the wish of an unrepresented customer.

Question 25

Which statement about dual agency is correct?

Accepted Answer

Dual agency creates an inherent conflict; with informed written consent, the agent provides limited representation and must keep each party's confidences.

Wyoming real estate agency practice test

1. A property manager owes fiduciary duties primarily to the:

2. A broker agreed in writing to act as seller's agent for a 5% fee, then becomes an intermediary in the same transaction. Which statement is correct?

3. Every nonresident Wyoming licensee must appoint whom as agent for service of process?

4. An agent advertises a home as having a 'new roof' without verifying it; the roof is actually 18 years old. This is:

5. Which fiduciary duty continues even after the agency relationship has ended?

6. A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

7. Who holds proprietary ownership of a written listing agreement obtained by a salesperson?

8. A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:

9. Before proposing to the seller's agent that the buyer's agent be paid from the seller's compensation, what must the buyer's agent obtain?

10. A material defect that a seller/agent must disclose is one that:

11. Which event triggers the requirement to give the written relationship disclosure?

12. Under Wyoming's definition of "material to the transaction," which of these is excluded?

13. What is the minimum type size for the relationship disclosure?

14. What duty does a seller's agent owe a buyer who is a customer regarding the property's condition?

15. An agent authorized to perform a single specific act for a principal is a:

16. A seller has already accepted an offer, and another buyer submits a higher offer. The listing agent should:

17. A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

18. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

19. In an in-house transaction, a seller's agent wants to become an intermediary for both the seller and the buyer. What is required?

20. Without the seller's informed consent, which may a seller's agent NOT disclose?

21. Which of the following is a fiduciary duty an agent owes the principal?

22. Which duty does a seller's agent owe to a buyer who is a customer, not a client?

23. A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

24. An agency relationship can be terminated by all of the following EXCEPT:

25. Which statement about dual agency is correct?

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