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Wyoming Real Estate Salesperson — Requirements & Free Practice

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Real Estate Salesperson License

The ordinary Wyoming salesperson license, issued in active or inactive status; active practice requires affiliation with a responsible broker.

Licensing authority: Wyoming Real Estate Commission · Application information

Licensure with an active license in another jurisdiction
Age
Must have reached the age of majority.
Applicant
Applicant presently holds an active real estate license in another jurisdiction.
Application
Submit the completed sworn application, a recent close-up photograph, proof of legal presence and legal name, employment history, professional-license history, three character references and the responsible broker’s recommendation and agreement to supervise and train.
Application Fee
Pay the $300 original application fee.
Character
Must demonstrate honesty, trustworthiness, integrity and competency; disclose refused or revoked licenses, discipline, pending proceedings and relevant criminal history. A prior felony applicant may be considered twelve months after sentencing, parole and probation requirements are completed.
Education
Complete Wyoming Law (Salesperson Course I state portion) and Salesperson II within one year.
Education Assessment
Complete approved prelicensing courses and pass their course examinations; these provider-specific course examinations and any Course I challenge examination are education conditions, not identified Commission licensing examinations.
Education Currency
Course completion certificates must be within one year before application.
Examination Report Currency
Submit applicable examination score reports and all accompanying application documents within ninety days after the last passing examination notice.
Fingerprints
Submit two fingerprint cards and $39 in certified funds payable to the Office of the Attorney General for the background check.
Insurance
Provide errors and omissions insurance meeting Wyoming minimum coverage requirements; the form states $100,000 per claim and $500,000 aggregate, through individual or qualifying group coverage.
License History
Provide certified license histories from each state in which the applicant is or was licensed, including expired licenses.
Nonresident
A nonresident must appoint the Commission director for service of process. W.S. 33-28-110(d) also requires an active like-license in the home state, active real estate business there and sealed certification of good standing with no pending complaints.
Partial Retake
Retake only failed portions within six months; if all required portions are not passed within six months, retake the entire examination.
Practice
Do not practice until the Commission issues the license; active salesperson practice must be under the responsible broker named on the license.
Uniform Examination Credit
Chapter 1, Section 4(k) accepts the uniform portion as already passed for a current, valid like-license in good standing. Certification must state initial licensure, status, disciplinary history and active service for two of the preceding four years under Section 4(k)(i). The Commission instructions request only a new Wyoming state score report from an actively licensed applicant; the national leaf represents the currently offered examination whose requirement can be satisfied by accepted prior uniform examination credit, not a demand to resit it.
Regular active license renewal
No examination is required for this applicant pathway.
Cycle
Renew on the three-year cycle, with application and fees submitted by December 31.
Education
Complete 45 hours during the preceding three years: 24 required and 21 elective.
Insurance
Provide current qualifying errors and omissions insurance.

Official no-examination sources

Effective from 2026-09-22.

Late renewal and reactivation within the renewal grace period
No examination is required for this applicant pathway.
Cancellation
A license not renewed by March 1 is canceled.
Deadline
Submit the renewal application, education evidence and fees from January 1 through March 1; a processing fee applies.
Education
Complete the continuing education for active renewal.
Status
A formerly active license becomes inactive after failure to renew by December 31; practice is prohibited.

Official no-examination sources

Effective from 2026-09-22.

Renewal of an inactive license
No examination is required for this applicant pathway.
Application
Submit the completed renewal application noting inactive status and pay the regular renewal fee.
Education
Continuing education is not required for renewal in inactive status.
Practice
No real estate activity is permitted while inactive.

Official no-examination sources

Effective from 2026-09-22.

Placement of an active salesperson license in inactive status
No examination is required for this applicant pathway.
Application
Submit the prescribed forms and applicable fees.
Existing License
An individual with an existing active license may request inactive status.
Practice
Do not engage in real estate activity while inactive.
Renewal
Continue renewing on the regular renewal cycle; inactive renewal requires no continuing education.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure by examination
Age
Must have reached the age of majority.
Applicant
Applicant does not presently hold an active real estate license in another jurisdiction.
Application
Submit the completed sworn application, a recent close-up photograph, proof of legal presence and legal name, employment history, professional-license history, three character references and the responsible broker’s recommendation and agreement to supervise and train.
Application Fee
Pay the $300 original application fee.
Character
Must demonstrate honesty, trustworthiness, integrity and competency; disclose refused or revoked licenses, discipline, pending proceedings and relevant criminal history. A prior felony applicant may be considered twelve months after sentencing, parole and probation requirements are completed.
Education
Complete Salesperson I, Salesperson II and Wyoming Law; approved Course I may be challenged instead of classroom attendance.
Education Assessment
Complete approved prelicensing courses and pass their course examinations; these provider-specific course examinations and any Course I challenge examination are education conditions, not identified Commission licensing examinations.
Education Currency
Course completion certificates must be within one year before application.
Examination Report Currency
Submit applicable examination score reports and all accompanying application documents within ninety days after the last passing examination notice.
Fingerprints
Submit two fingerprint cards and $39 in certified funds payable to the Office of the Attorney General for the background check.
Insurance
Provide errors and omissions insurance meeting Wyoming minimum coverage requirements; the form states $100,000 per claim and $500,000 aggregate, through individual or qualifying group coverage.
License History
Provide certified license histories from each state in which the applicant is or was licensed, including expired licenses.
Nonresident
A nonresident must appoint the Commission director for service of process. W.S. 33-28-110(d) also requires an active like-license in the home state, active real estate business there and sealed certification of good standing with no pending complaints.
Partial Retake
Retake only failed portions within six months; if all required portions are not passed within six months, retake the entire examination.
Practice
Do not practice until the Commission issues the license; active salesperson practice must be under the responsible broker named on the license.
Initial renewal in the year of issuance
No examination is required for this applicant pathway.
Deadline
Renew by December 31 of the year issued; this starts the three-year cycle.
Education
No completed continuing education required for this initial renewal.
Fees
Submit the renewal application and applicable renewal fees.
Status
Applies to newly issued active and inactive licenses.

Official no-examination sources

Effective from 2026-09-22.

Expedited military service member or military spouse licensure
Age
Must have reached the age of majority.
Applicant
Applicant presently holds an active real estate license in another jurisdiction.
Application
Submit the completed sworn application, a recent close-up photograph, proof of legal presence and legal name, employment history, professional-license history, three character references and the responsible broker’s recommendation and agreement to supervise and train.
Application Fee
Pay the $300 original application fee.
Character
Must demonstrate honesty, trustworthiness, integrity and competency; disclose refused or revoked licenses, discipline, pending proceedings and relevant criminal history. A prior felony applicant may be considered twelve months after sentencing, parole and probation requirements are completed.
Education
Complete Wyoming Law (Salesperson Course I state portion) and Salesperson II within one year.
Education Assessment
Complete approved prelicensing courses and pass their course examinations; these provider-specific course examinations and any Course I challenge examination are education conditions, not identified Commission licensing examinations.
Education Currency
Course completion certificates must be within one year before application.
Examination Report Currency
Submit applicable examination score reports and all accompanying application documents within ninety days after the last passing examination notice.
Expedited Timing
Issue within thirty days after a completed application or qualifying request without a completed application; paragraph (b)(iv) requires completion of application procedures and payment of required fees.
Fingerprints
Submit two fingerprint cards and $39 in certified funds payable to the Office of the Attorney General for the background check.
Insurance
Provide errors and omissions insurance meeting Wyoming minimum coverage requirements; the form states $100,000 per claim and $500,000 aggregate, through individual or qualifying group coverage.
License Duration
Hold a relevant active occupational or professional license in good standing for not less than five consecutive years.
License History
Provide certified license histories from each state in which the applicant is or was licensed, including expired licenses.
Military Proof
Provide military identification or marriage documentation and Wyoming military orders or evidence of honorable release; submit to Wyoming practice, discipline and continuing education requirements.
Military Status
Qualifying service member, including an honorably released member applying within two years, or qualifying military spouse transferred, scheduled for transfer, domiciled or moved to Wyoming under the statutory definitions.
Nonresident
A nonresident must appoint the Commission director for service of process. W.S. 33-28-110(d) also requires an active like-license in the home state, active real estate business there and sealed certification of good standing with no pending complaints.
Ordinary Requirements
W.S. 33-1-117(k) retains other title 33 and properly adopted licensing requirements except where this section provides otherwise; accepted uniform examination credit remains an applicant condition.
Partial Retake
Retake only failed portions within six months; if all required portions are not passed within six months, retake the entire examination.
Practice
Do not practice until the Commission issues the license; active salesperson practice must be under the responsible broker named on the license.
Uniform Examination Credit
Chapter 1, Section 4(k) accepts the uniform portion as already passed for a current, valid like-license in good standing. Certification must state initial licensure, status, disciplinary history and active service for two of the preceding four years under Section 4(k)(i). The Commission instructions request only a new Wyoming state score report from an actively licensed applicant; the national leaf represents the currently offered examination whose requirement can be satisfied by accepted prior uniform examination credit, not a demand to resit it.
Reactivation after three or more years inactive
No examination is required for this applicant pathway.
Application
Apply for active status and pay the $30 request fee.
Disclosures
Disclose felony history and professional licensing discipline.
Education
Show completion of the current 45-hour salesperson education requirements before reactivation.
Inactive Duration
Inactive for three or more years; the statute expressly imposes educational prerequisites after more than three years and the rule applies to every inactive license.
Insurance
Provide proof of errors and omissions insurance meeting minimum coverage.
Nonresident
Provide certified license history from the resident state if nonresident.
Responsible Broker
Obtain the responsible broker’s signed recommendation and supervision undertaking.

Official no-examination sources

Effective from 2026-09-22.

Reactivation after less than three years inactive
No examination is required for this applicant pathway.
Application
Apply for active status and pay the $30 request fee.
Board Education
The implementing rule also asks for proof of education under Chapter 4, Sections 8 and 9; the activation form says proof of 45 continuing education hours, if needed (24 required, 21 elective).
Disclosures
Disclose felony history and professional licensing discipline.
Inactive Duration
Inactive for less than three years.
Insurance
Provide proof of errors and omissions insurance meeting minimum coverage.
Nonresident
Provide certified license history from the resident state if nonresident.
Responsible Broker
Obtain the responsible broker’s signed recommendation and supervision undertaking.
Statutory Application
W.S. 33-28-118(g) permits renewal on active status before the renewal deadline with a renewal application and fee.

Official no-examination sources

Effective from 2026-09-22.

Licensure of a qualified individual licensed in another jurisdiction under W.S. 33 1 120
Age
Must have reached the age of majority.
Applicant
Applicant presently holds an active real estate license in another jurisdiction.
Application
Submit the completed sworn application, a recent close-up photograph, proof of legal presence and legal name, employment history, professional-license history, three character references and the responsible broker’s recommendation and agreement to supervise and train.
Application Fee
Pay the $300 original application fee.
Character
Must demonstrate honesty, trustworthiness, integrity and competency; disclose refused or revoked licenses, discipline, pending proceedings and relevant criminal history. A prior felony applicant may be considered twelve months after sentencing, parole and probation requirements are completed.
Competency
Demonstrate competency; relevant full-time, part-time, paid and volunteer experience may be credited.
Conduct
Must not have engaged in an act constituting grounds for refusal, suspension or revocation; complete required application procedures and fees.
Education
Complete Wyoming Law (Salesperson Course I state portion) and Salesperson II within one year.
Education Assessment
Complete approved prelicensing courses and pass their course examinations; these provider-specific course examinations and any Course I challenge examination are education conditions, not identified Commission licensing examinations.
Education Currency
Course completion certificates must be within one year before application.
Equivalency
The Board must determine that the other state mandates substantially equivalent or more stringent education, training, examination and experience requirements.
Examination Report Currency
Submit applicable examination score reports and all accompanying application documents within ninety days after the last passing examination notice.
Fingerprints
Submit two fingerprint cards and $39 in certified funds payable to the Office of the Attorney General for the background check.
Insurance
Provide errors and omissions insurance meeting Wyoming minimum coverage requirements; the form states $100,000 per claim and $500,000 aggregate, through individual or qualifying group coverage.
License History
Provide certified license histories from each state in which the applicant is or was licensed, including expired licenses.
National Examination Equivalence
The substantially equivalent examination requirement may be met by the same or an earlier version. The statute requires waiver after more than ten years of licensure; a Wyoming-law examination may still be required regardless of licensure duration.
Nonresident
A nonresident must appoint the Commission director for service of process. W.S. 33-28-110(d) also requires an active like-license in the home state, active real estate business there and sealed certification of good standing with no pending complaints.
Partial Retake
Retake only failed portions within six months; if all required portions are not passed within six months, retake the entire examination.
Practice
Do not practice until the Commission issues the license; active salesperson practice must be under the responsible broker named on the license.
Uniform Examination Credit
Chapter 1, Section 4(k) accepts the uniform portion as already passed for a current, valid like-license in good standing. Certification must state initial licensure, status, disciplinary history and active service for two of the preceding four years under Section 4(k)(i). The Commission instructions request only a new Wyoming state score report from an actively licensed applicant; the national leaf represents the currently offered examination whose requirement can be satisfied by accepted prior uniform examination credit, not a demand to resit it.
Reinstatement following suspension after a recovery account payment
No examination is required for this applicant pathway.
Discipline
Repayment does not prevent further action under W.S. 33-28-111 and bankruptcy does not remove the statutory disabilities; comply with the Commission’s applicable disciplinary order.
Insurance
Provide qualifying errors and omissions coverage on a reinstatement request; reinstatement is not automatic on repayment.
Repayment
Before reinstatement, repay the entire recovery account payment with eighteen percent annual interest.
Suspension
A recovery account payment on a claim or judgment causes immediate suspension of the judgment debtor’s license.

Official no-examination sources

Effective from 2026-09-22.

Reissue after expiration beyond the grace period
Age
Must have reached the age of majority.
Applicant
Former Wyoming license has expired beyond the grace period; applicant now holds a current active like-license in another jurisdiction.
Application
Submit the completed sworn application, a recent close-up photograph, proof of legal presence and legal name, employment history, professional-license history, three character references and the responsible broker’s recommendation and agreement to supervise and train.
Application Fee
Pay the $300 original application fee.
Character
Must demonstrate honesty, trustworthiness, integrity and competency; disclose refused or revoked licenses, discipline, pending proceedings and relevant criminal history. A prior felony applicant may be considered twelve months after sentencing, parole and probation requirements are completed.
Education
Complete Wyoming Law and Salesperson II, with valid course certificates.
Education Assessment
Complete approved prelicensing courses and pass their course examinations; these provider-specific course examinations and any Course I challenge examination are education conditions, not identified Commission licensing examinations.
Education Currency
Course completion certificates must be within one year before application.
Examination Report Currency
Submit applicable examination score reports and all accompanying application documents within ninety days after the last passing examination notice.
Fingerprints
Submit two fingerprint cards and $39 in certified funds payable to the Office of the Attorney General for the background check.
Insurance
Provide errors and omissions insurance meeting Wyoming minimum coverage requirements; the form states $100,000 per claim and $500,000 aggregate, through individual or qualifying group coverage.
License History
Provide certified license histories from each state in which the applicant is or was licensed, including expired licenses.
Nonresident
A nonresident must appoint the Commission director for service of process. W.S. 33-28-110(d) also requires an active like-license in the home state, active real estate business there and sealed certification of good standing with no pending complaints.
Partial Retake
Retake only failed portions within six months; if all required portions are not passed within six months, retake the entire examination.
Practice
Do not practice until the Commission issues the license; active salesperson practice must be under the responsible broker named on the license.
Uniform Examination Credit
Chapter 1, Section 4(k) accepts the uniform portion as already passed for a current, valid like-license in good standing. Certification must state initial licensure, status, disciplinary history and active service for two of the preceding four years under Section 4(k)(i). The Commission instructions request only a new Wyoming state score report from an actively licensed applicant; the national leaf represents the currently offered examination whose requirement can be satisfied by accepted prior uniform examination credit, not a demand to resit it.
Reissue after expiration beyond the grace period
Age
Must have reached the age of majority.
Applicant
Former Wyoming license has expired beyond the grace period; applicant holds no current active license elsewhere.
Application
Submit the completed sworn application, a recent close-up photograph, proof of legal presence and legal name, employment history, professional-license history, three character references and the responsible broker’s recommendation and agreement to supervise and train.
Application Fee
Pay the $300 original application fee.
Character
Must demonstrate honesty, trustworthiness, integrity and competency; disclose refused or revoked licenses, discipline, pending proceedings and relevant criminal history. A prior felony applicant may be considered twelve months after sentencing, parole and probation requirements are completed.
Education
Complete Salesperson I, Salesperson II and Wyoming Law, with valid course certificates.
Education Assessment
Complete approved prelicensing courses and pass their course examinations; these provider-specific course examinations and any Course I challenge examination are education conditions, not identified Commission licensing examinations.
Education Currency
Course completion certificates must be within one year before application.
Examination Report Currency
Submit applicable examination score reports and all accompanying application documents within ninety days after the last passing examination notice.
Fingerprints
Submit two fingerprint cards and $39 in certified funds payable to the Office of the Attorney General for the background check.
Insurance
Provide errors and omissions insurance meeting Wyoming minimum coverage requirements; the form states $100,000 per claim and $500,000 aggregate, through individual or qualifying group coverage.
License History
Provide certified license histories from each state in which the applicant is or was licensed, including expired licenses.
Nonresident
A nonresident must appoint the Commission director for service of process. W.S. 33-28-110(d) also requires an active like-license in the home state, active real estate business there and sealed certification of good standing with no pending complaints.
Partial Retake
Retake only failed portions within six months; if all required portions are not passed within six months, retake the entire examination.
Practice
Do not practice until the Commission issues the license; active salesperson practice must be under the responsible broker named on the license.
Uniform Examination Credit
No current like-license credit applies.
Reissue on transfer to another responsible broker
No examination is required for this applicant pathway.
Application
Notify the Commission in writing, submit its transfer form and pay the required fee.
Hold
A transfer hold may last no more than thirty days; afterwards the license becomes inactive. No real estate activity is permitted during the hold or inactive status.
New Broker
A new license must be issued with the new responsible broker before association or practice under that broker.

Official no-examination sources

Effective from 2026-09-22.

Real Estate Salesperson Examination — National/General Portion

Provider
Pearson VUE
Format
General (national) portion of a state real estate salesperson examination delivered by Pearson VUE; scored separately from the state portion with a pass/fail result, and a candidate who passes one part and fails the other retakes only the failed part
Exam questions
85 items: 80 scored items and 5 pretest items that are not counted toward the score
Examination outline
  • I. REAL PROPERTY CHARACTERISTICS, LEGAL DESCRIPTIONS, AND PROPERTY USE (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Real property vs. personal property (3 items): 1. Fixtures, trade fixtures, emblements; 2. Attachment, severance, and bill of sale
    • B. Characteristics of real property (2 items): 1. Economic characteristics (a. Scarcity; b. Modification / Improvement; c. Permanence of Investment / Fixity; d. Area Preference / Situs); 2. Physical characteristics (a. Immobility; b. Indestructibility; c. Non-homogeneity / Uniqueness)
    • C. Legal descriptions (3 items): 1. Methods used to describe real property; 2. Survey
    • D. Public and private land use controls – encumbrances (3 items): 1. Public controls – governmental powers (a. Police power, eminent domain, taxation, escheat; b. Zoning ordinances); 2. Private controls, restrictions, and encroachments (a. Covenants, conditions, and restrictions (CC&Rs), HOAs; b. Easements; c. Licenses and encroachments)
  • II. FORMS OF OWNERSHIP, TRANSFER, AND RECORDING OF TITLE (SALES 9; 5 KNOWLEDGE, 2 APPLICATION, 2 ANALYSIS)
    • A. Ownership, estates, rights, and interests (5 items): 1. Forms of ownership; 2. Freehold estate (a. Fee simple absolute; b. Fee simple defeasible, determinable, and condition subsequent; c. Life estate; d. Bundle of rights); 3. Leasehold estates and types of leases (a. Estate for years and from period to period (periodic estate); b. Estate at will and estate at sufferance; c. Gross, net, percentage leases, etc.); 4. Liens and lien priority; 5. Air, surface and sub-surface rights
    • B. Deed, title, transfer of title, and recording of title (4 items): 1. Elements of a valid deed; 2. Types of deeds; 3. Title transfer (a. Voluntary alienation; b. Involuntary alienation); 4. Recording the title (a. Constructive and actual notice; b. Title abstract and chain of title; c. Marketable title and cloud on title; d. Attorney title opinion, quiet title lawsuit, and title insurance)
  • III. PROPERTY VALUE AND APPRAISAL (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Concept of value (4 items): 1. Market value vs. market price; 2. Characteristics of value; 3. Principles of value
    • B. Appraisal process (2 items): 1. Purpose and steps to an appraisal; 2. Federal oversight of the appraisal process
    • C. Methods of estimating value and Broker Price Opinions (BPO) (5 items): 1. Sales comparison approach (market data); 2. Cost approach (a. Improvements and depreciation; b. Physical deterioration, functional, and economic obsolescence; c. Reproduction or replacement costs); 3. Income approach; 4. Gross rent and gross income multipliers; 5. Comparative Market Analysis (CMA); 6. Broker Price Opinion (BPO); 7. Assessed value and tax implications
  • IV. REAL ESTATE CONTRACTS AND AGENCY (SALES 16; 7 KNOWLEDGE, 6 APPLICATION, 3 ANALYSIS)
    • A. Types of contracts (1 item): 1. Express vs. implied; 2. Unilateral vs. bilateral
    • B. Required elements of a valid contract (3 items): 1. Voluntary; 2. Agreement / Promise; 3. Legally competent parties; 4. Lawful consideration; 5. Legal act / Purpose
    • C. Contract performance (3 items): 1. Executed vs. executory; 2. Valid vs. void; 3. Voidable vs. unenforceable; 4. Breach of contract, rescission, and termination; 5. Liquidated, punitive, or compensatory damages; 6. Statute of Frauds; 7. Electronic contracts and digital signatures; 8. Time is of the essence
    • D. Sales contract (2 items): 1. Offer and counteroffer; 2. Earnest money and liquidated damages; 3. Equitable title; 4. Contingencies; 5. Disputes and breach of contract; 6. Option contract and installment sales contract
    • E. Types of agency and licensee-client relationships (2 items)
    • F. Creation and termination of agency (2 items)
    • G. Licensee obligations to parties of a transaction (3 items)
  • V. REAL ESTATE PRACTICE (SALES 10; 5 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Responsibilities of broker (2 items): 1. Practicing within scope of expertise; 2. Unauthorized practice of law
    • B. Brokerage agreements between the broker and principal (seller, buyer, landlord, or tenant) (3 items): 1. Seller representation – Types of listing agreements (a. Exclusive right-to-sell and exclusive agency listing; b. Non-exclusive or open listing; c. Net listing (conflict of interest); d. Multiple listing service (MLS)); 2. Buyer representation; 3. Property management agreement (a. Accounting for funds; b. Property maintenance; c. Leasing property; d. Collecting rents and security deposits); 4. Termination of agreements; 5. Services, fees, and compensation
    • C. Fair Housing (3 items): 1. Equal opportunity in housing; 2. Protected classes; 3. Fair housing laws; 4. Illegal practices, enforcement, and penalties; 5. Prohibited advertising; 6. Housing and Urban Development (HUD); 7. Americans with Disabilities Act (ADA)
    • D. Risk management (2 items): 1. Supervision; 2. Compliance with federal regulations; including Privacy and Do Not Contact; 3. Vicarious liability; 4. Antitrust laws; 5. Fraud and misrepresentation; 6. Types of insurance (a. Errors and Omissions; b. General Liability)
  • VI. PROPERTY DISCLOSURES AND ENVIRONMENTAL ISSUES (SALES 9; 5 KNOWLEDGE, 3 APPLICATION, 1 ANALYSIS)
    • A. Property conditions and environmental issues (5 items): 1. Hazardous substances (a. Lead-based paint; b. Asbestos, radon, and mold; c. Groundwater contamination and underground storage tanks; d. Waste disposal sites and brownfields; e. Flood plains, flood zones, and flood insurance); 2. Clean Air and Water Acts; 3. Environmental Protection Agency (EPA) (a. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); b. Superfund Amendment and Reauthorization Act (SARA); c. Environmental site assessments (including Phase I and II studies) and impact statements; d. Wetlands protection)
    • B. Environmental and property disclosure obligations and liability (4 items)
  • VII. FINANCING AND SETTLEMENT (SALES 7; 4 KNOWLEDGE, 2 APPLICATION, 1 ANALYSIS)
    • A. Financing concepts and components (2 items): 1. Methods of financing (a. Mortgage financing – conventional and non-conventional loans; b. Seller financing – land contract/contract for deed); 2. Lien theory vs. title theory and deed of trust; 3. Sources of financing (primary and secondary mortgage markets, and seller financing); 4. Types of loans and loan programs; 5. Mortgage clauses
    • B. Lender Requirements (1 item): 1. FHA requirements; 2. VA requirements; 3. USDA Loan requirements and rural development financing; 4. Conventional requirements; 5. Buyer qualification and Loan to Value (LTV); 6. Hazard and flood insurance; 7. Private mortgage insurance (PMI) and mortgage insurance premium (MIP)
    • C. Federal Financing Regulations and Regulatory Bodies (2 items): 1. Truth-in-Lending and Regulation Z; 2. TILA-RESPA Integrated Disclosures (TRID) (a. Consumer Financial Protection Bureau (CFPB); b. Loan Estimate (LE); c. Closing Disclosure (CD)); 3. Real Estate Settlement Procedures Act (RESPA) (a. Referrals; b. Rebates); 4. Equal Credit Opportunity Act (ECOA); 5. Mortgage fraud and predatory lending
    • D. Settlement and closing the transaction (2 items)
  • VIII. REAL ESTATE MATH CALCULATIONS (SALES 7; 4 APPLICATION, 3 ANALYSIS)
    • A. Property area calculations (1 item): 1. Square footage; 2. Acreage total
    • B. Property valuation (1 item): 1. Comparative Market Analysis (CMA); 2. Net Operating Income (NOI); 3. Capitalization rate; 4. Equity in property; 5. Establishing a listing price; 6. Assessed value and property taxes
    • C. Commission/compensation (1 item)
    • D. Loan financing costs (1 item): 1. Interest; 2. Loan to Value (LTV); 3. Fees; 4. Amortization, discount points, and prepayment penalties
    • E. Settlement and closing costs (1 item): 1. Purchase price and down payment; 2. Monthly mortgage calculations- principal, interest, taxes, and insurance (PITI); 3. Net to the seller; 4. Cost to the buyer; 5. Prorated items; 6. Debits and credits; 7. Transfer tax and recording fee
    • F. Investment (1 item): 1. Return on investment; 2. Appreciation; 3. Depreciation; 4. Tax implications on investment
    • G. Property management calculations (1 item): 1. Property management and budget calculations; 2. Tenancy and rental calculations
Examination sources

Wyoming Real Estate Salesperson Licensing Examination — State Portion

Provider
Pearson VUE
Format
Written real estate licensing examination, state portion
Exam questions
40 scored items plus 5–10 unscored pretest items
Time limit
1.5 hours
Passing score
Scaled score of 75
Exam fee
$80 at a test center; $90 OnVUE
Examination outline
  • I. The Real Estate Licensing Agency’s Powers (Sales & Broker 2-5 Items)
    • A. Investigations, Hearings and Appeals
    • B. Sanctions — 1. Disciplinary Actions — Revocation, Suspension, etc.
    • B. Sanctions — 2. Penalties
    • C. Examination of Records
  • II. Licensing (Sales 7-9 Items; Broker 4-6 Items)
    • A. Requirements for Licensure
    • B. Activities Requiring a License
    • C. License Renewal
    • D. Continuing Education
    • E. Change in License — 1. Change in Information
    • E. Change in License — 2. Change in Status — a. Inactive vs Active
    • E. Change in License — 2. Change in Status — b. Cancellation
  • III. Requirements Governing the Activities of Licensees (Sales 15-17 Items; Broker 14-16 Items)
    • A. Advertising
    • B. Broker/Salesperson Relationship — 1. Changes in Broker Affiliation — a. Transfers
    • B. Broker/Salesperson Relationship — 1. Changes in Broker Affiliation — b. Terminations
    • B. Broker/Salesperson Relationship — 2. Designated licensees
    • C. Compensation
    • D. Disclosure — 1. Conflict of Interest
    • D. Disclosure — 2. Property Disclosure
    • D. Disclosure — 3. Agency Disclosure
    • E. Duties Owed by a Licensee — 1. Agent
    • E. Duties Owed by a Licensee — 2. Intermediary
    • E. Duties Owed by a Licensee — 3. Customer
    • F. Handling of Documents
    • G. Handling of Monies
    • H. Listings
    • I. Errors and Omission Insurance
    • J. Grounds for Disciplinary Action
  • IV. Additional Topics (Sales & Broker 11-13 Items)
    • A. Real Estate Recovery and Education Fund
    • B. Land Description
    • C. Landlord/Tenant Relationship
    • D. Foreclosure and Redemption
    • E. Statute of Frauds
    • F. Broker’s Price Opinion (BPOs)
Examination sources