1. Who may NOT serve as an independent hearing officer in a Commission contested case?
Answer & explanation
Answer: C. The Act bars employees of the attorney general's office and members or employees of the Commission. The AG's office prosecutes cases, so it cannot also hear them.
2. Where are administrative fines collected by the Commission credited?
Answer & explanation
Answer: A. W.S. 33-28-111(c) credits fines to the county public school fund. The Commission's own account receives fees, not fines.
3. A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?
Answer & explanation
Answer: B. Net + other costs = $256,000, which equals 94% of the price (100% - 6%). Price = $256,000 / 0.94 = $272,340.43, about $272,340. Adding 6% to $256,000 ($271,360) understates the price.
4. One discount point equals what percentage of the loan amount?
Answer & explanation
Answer: B. One point = 1% of the loan amount (not the purchase price), paid to lower the interest rate.
5. A home sells for $400,000 with a 5% total commission. What is the total commission?
Answer & explanation
Answer: B. $400,000 x 0.05 = $20,000.
6. What is the length of a Wyoming Real Estate Commission member's term?
Answer & explanation
Answer: D. Terms are three years. Five years is the licensing experience required of licensee members, not the term.
7. Under Commission rules, when may an applicant with a prior felony conviction be considered for licensure?
Answer & explanation
Answer: D. Rule 1-3 allows consideration 12 months after all sentencing requirements are complete. Felonies are not an automatic permanent bar; the Commission weighs factors under W.S. 33-28-106(h).
8. A house is L-shaped: one section is 40 ft by 30 ft and the other is 20 ft by 15 ft. At $185 per square foot, what is the estimated cost to build?
Answer & explanation
Answer: C. Area = (40 x 30) + (20 x 15) = 1,200 + 300 = 1,500 sq ft; 1,500 x $185 = $277,500.
9. Telling a seller that a 6% commission is the rate approved by the Real Estate Commission is:
Answer & explanation
Answer: A. Rule 6-1(a)(iii) prohibits stating that a form or sales compensation rate has Commission approval. Compensation is negotiable.
10. A new highway interchange built next to a residential subdivision lowers home values. This is:
Answer & explanation
Answer: D. Loss in value caused by factors outside the property boundaries is external obsolescence.
11. A rectangular lot is 100 ft by 150 ft. How many square feet is it?
Answer & explanation
Answer: C. Area = length x width = 100 x 150 = 15,000 square feet. (250 is the sum of two sides.)
12. A lender offers a 95% LTV loan. The buyer has $18,000 for the down payment. What is the maximum purchase price?
Answer & explanation
Answer: A. At 95% LTV the down payment is 5% of price. Price = $18,000 / 0.05 = $360,000; loan = $342,000.
13. Within what time must a claimant file a verified petition with the Commission for payment from the recovery account?
Answer & explanation
Answer: C. W.S. 33-28-202 requires a verified petition within one year after termination of all proceedings, including appeals.
14. How many members serve on the Wyoming Real Estate Commission?
Answer & explanation
Answer: A. W.S. 33-28-105 sets a five-member Commission. Seven is a common board size in other states but not Wyoming's.
15. Which statement about Commission membership is correct?
Answer & explanation
Answer: A. The statute limits each county to one commissioner at a time. Only three to four members must be licensees, and a member cannot succeed himself for more than one full term.
16. When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:
Answer & explanation
Answer: B. Designated agency assigns separate agents within one brokerage; the broker is still a dual agent and written consent is required.
17. A salesperson earns $6,000 on a $150,000 sale. What was the commission rate?
Answer & explanation
Answer: B. Rate = commission / sale price = $6,000 / $150,000 = 0.04 = 4%.
18. A 240-acre ranch mortgaged as agricultural real estate sold at foreclosure for $180,000. The owner redeems exactly six months after the sale; the purchaser paid no taxes or liens. Using simple interest at the statutory rate, what is the redemption amount?
Answer & explanation
Answer: B. Agricultural property has a 12-month period, so six months is timely. Interest is 10% per year: $180,000 x 0.10 x 0.5 = $9,000, for $189,000. $198,000 applies a full year of interest; $184,500 uses three months.
19. How many years must a licensee member have worked as a Wyoming licensee before appointment to the Commission?
Answer & explanation
Answer: C. At least three and no more than four members must have been Wyoming licensees for five years before appointment. Three years is the term length, a likely mix-up.
20. A seller says, 'I will pay any broker a 5% commission if they bring me a buyer.' This promise creates a(n):
Answer & explanation
Answer: D. In a unilateral contract only one party is bound (to pay if the act is performed); the other party has no obligation to act. Most real estate contracts are bilateral.
21. A commercial space of 2,400 rentable square feet is quoted at $27 per square foot per year. What is the monthly rent?
Answer & explanation
Answer: B. Annual rent = 2,400 x $27 = $64,800; monthly = $64,800 / 12 = $5,400. Commercial rates are quoted per square foot per YEAR.
22. Annual taxes of $5,400 are paid in arrears at year-end. Closing is June 15, and the seller owns the day of closing. Using a 360-day year, what is the proration?
Answer & explanation
Answer: B. Daily = $5,400 / 360 = $15. Seller owned Jan 1-Jun 15 = 5 months + 15 days = 165 days. 165 x $15 = $2,475. Because the buyer will pay the whole bill later, the seller is debited and the buyer credited.
23. A broker earned a $15,750 commission on a $450,000 sale. What was the commission rate?
Answer & explanation
Answer: A. Rate = commission / sale price = $15,750 / $450,000 = 0.035 = 3.5%.
24. A borrower pays $4,500 for 1.5 discount points. What is the loan amount?
Answer & explanation
Answer: C. Loan = cost of points / points as a percentage = $4,500 / 0.015 = $300,000.
25. A 275-gallon heating oil tank costs $168 to fill at $4.20 per gallon. The buyer will credit the seller for the oil remaining in the tank. What is the credit?