Free Wyoming Property Practice Test — LicenseIQ

Question 1

A special warranty deed warrants title only against defects that:

Accepted Answer

Special (limited) warranty deeds protect only against problems created during the grantor's ownership; general warranty deeds cover the entire history.

Question 2

Adverse possession allows someone to acquire title by:

Accepted Answer

Adverse possession requires open, notorious, exclusive, continuous and hostile use for the statutory period. A tenant's possession is permissive, not hostile. (Reclassified to section 1 / CORE.)

Question 3

The reasonably probable use of a property that is legally permissible, physically possible, financially feasible and maximally productive is its:

Accepted Answer

Highest and best use is the use producing the greatest value that meets the four tests.

Question 4

On a property condition disclosure form, if a seller does not know the age of the roof, the seller should:

Accepted Answer

Only the seller completes the form, reporting what is known and stating when something is unknown; guessing creates liability.

Question 5

A real estate licensee who is not an attorney may:

Accepted Answer

Licensees may complete attorney-prepared forms but may not draft contracts, amendments or addenda or give legal advice - that is the unauthorized practice of law.

Question 6

For a deed to be valid it must be:

Accepted Answer

Transfer requires a valid deed signed by the grantor and delivered to and accepted by the grantee. Recording gives constructive notice but is not required for validity between the parties.

Question 7

The deed clause that defines the extent of the estate granted, often beginning 'to have and to hold,' is the:

Accepted Answer

The habendum clause defines the estate conveyed; the granting clause contains the words of conveyance.

Question 8

Under a land contract (contract for deed), during the payment period the buyer holds:

Accepted Answer

In an installment/land contract the buyer has equitable title and possession; the seller keeps legal title until the final payment.

Question 9

A chronological summary of all recorded documents affecting a property's title, such as deeds, mortgages and liens, is a(n):

Accepted Answer

The abstract summarizes the recorded history; the chain of title lists successive owners; an attorney's opinion of title evaluates it.

Question 10

How many members serve on the Wyoming Real Estate Commission?

Accepted Answer

W.S. 33-28-105 sets a five-member Commission. Seven is a common board size in other states but not Wyoming's.

Question 11

The seller prepaid $4,320 in property taxes for the calendar year. Closing is April 20, and the seller owns the day of closing. Using a 360-day year (30-day months), what is the proration?

Accepted Answer

Daily = $4,320 / 360 = $12. Seller owned Jan 1-Apr 20 = 3 months + 20 days = 110 days, so the buyer owes for 360 - 110 = 250 days. 250 x $12 = $3,000, credited to the seller (who prepaid) and debited to the buyer.

Question 12

The principle that a property's value tends to be set by the cost of an equally desirable substitute is:

Accepted Answer

Substitution: a buyer will pay no more than the cost of an equally desirable alternative.

Question 13

Which consequence applies to an unlicensed person who performed real estate activity and was not paid?

Accepted Answer

W.S. 33-28-115 bars an unlicensed person from maintaining an action for a fee. There is no partial recovery.

Question 14

Under the Code of Ethics, a REALTOR who wants to buy a property listed with his own firm must:

Accepted Answer

REALTORS must disclose in writing their licensed status and any interest when buying or selling property for themselves or family.

Question 15

The four unities required to create a joint tenancy are:

Accepted Answer

PITT: joint tenants must take equal interests, at the same time, by the same deed, with equal rights of possession.

Question 16

A building has a no-pets policy. An applicant who is blind has a guide dog. The property manager must:

Accepted Answer

Fair housing law requires reasonable accommodations for persons with disabilities, including service animals despite no-pet rules.

Question 17

For an individual's first offense of performing real estate activity without a license, what is the maximum penalty?

Accepted Answer

The first offense is a misdemeanor with up to $2,500 and six months. The $5,000 and one-year figures apply to subsequent offenses.

Question 18

A REALTOR is asked to value a type of property she has never handled. Under the Code of Ethics she should:

Accepted Answer

Article 11 requires competence; if lacking expertise, the REALTOR must get qualified help (disclosed to the client) or decline.

Question 19

What is the status of the Statement of Consideration filed when a Wyoming deed is recorded?

Accepted Answer

Under W.S. 34-1-142 and Department of Revenue rules, statements of consideration are not public records and must be kept confidential.

Question 20

A Fremont County deed may describe land by reference to which of the following meridians?

Accepted Answer

BLM county plats for Fremont County are indexed under both the 6th Principal Meridian and the Wind River Meridian.

Question 21

Who may redeem property after a Wyoming foreclosure sale?

Accepted Answer

W.S. 1-18-103(a) lists those persons.

Question 22

Under the Residential Rental Property Act, when must an owner return a renter's deposit balance with an itemization, absent damage?

Accepted Answer

W.S. 1-21-1208(a) uses the later of 30 days after termination or 15 days after receiving the forwarding address.

Question 23

Which activity, performed for another for compensation, requires a Wyoming real estate license?

Accepted Answer

Providing a BPO is listed real estate activity. Mineral leases are excluded from the definition of real estate, receivers are exempt, and owners dealing with their own property are exempt.

Question 24

When a salesperson advertises a listed property, whose name must appear in the ad?

Accepted Answer

W.S. 33-28-119 requires the licensed company name in advertising of property licensees sell or lease, unless they own it.

Question 25

An owner of two single-family houses rents one through a licensed property manager and tells the manager not to rent to families with children. Which statement is correct?

Accepted Answer

W.S. 40-26-110(a) exempts owner sales or rentals only when made without a broker or agent. Familial status is protected.

Wyoming real estate property practice test

1. A special warranty deed warrants title only against defects that:

2. Adverse possession allows someone to acquire title by:

3. The reasonably probable use of a property that is legally permissible, physically possible, financially feasible and maximally productive is its:

4. On a property condition disclosure form, if a seller does not know the age of the roof, the seller should:

5. A real estate licensee who is not an attorney may:

6. For a deed to be valid it must be:

7. The deed clause that defines the extent of the estate granted, often beginning 'to have and to hold,' is the:

8. Under a land contract (contract for deed), during the payment period the buyer holds:

9. A chronological summary of all recorded documents affecting a property's title, such as deeds, mortgages and liens, is a(n):

10. How many members serve on the Wyoming Real Estate Commission?

11. The seller prepaid $4,320 in property taxes for the calendar year. Closing is April 20, and the seller owns the day of closing. Using a 360-day year (30-day months), what is the proration?

12. The principle that a property's value tends to be set by the cost of an equally desirable substitute is:

13. Which consequence applies to an unlicensed person who performed real estate activity and was not paid?

14. Under the Code of Ethics, a REALTOR who wants to buy a property listed with his own firm must:

15. The four unities required to create a joint tenancy are:

16. A building has a no-pets policy. An applicant who is blind has a guide dog. The property manager must:

17. For an individual's first offense of performing real estate activity without a license, what is the maximum penalty?

18. A REALTOR is asked to value a type of property she has never handled. Under the Code of Ethics she should:

19. What is the status of the Statement of Consideration filed when a Wyoming deed is recorded?

20. A Fremont County deed may describe land by reference to which of the following meridians?

21. Who may redeem property after a Wyoming foreclosure sale?

22. Under the Residential Rental Property Act, when must an owner return a renter's deposit balance with an itemization, absent damage?

23. Which activity, performed for another for compensation, requires a Wyoming real estate license?

24. When a salesperson advertises a listed property, whose name must appear in the ad?

25. An owner of two single-family houses rents one through a licensed property manager and tells the manager not to rent to families with children. Which statement is correct?

Sources