Wyoming Real Estate Exam Prep

WY Salesperson Practice Exam

Our Wyoming Real Estate Exam Preparation guide will have you quickly prepared for your upcoming Salesperson License Exam. We have helped license over 50,000 students with an exam pass rate of over 95%. The practice exam questions and answers were created by industry experts and are constantly updated to Wyoming’s licensing requirements. We stand by our real estate practice exams and offer an exam pass guarantee.

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Wyoming License Requirements

All real estate applicants need to have reached the age of majority, and must provide proof that they bear a good reputation for honesty, trustworthiness, integrity and have the competence to transact business as a licensed agent
The applicant must be sponsored by a Wyoming licensed real estate broker who will supervise and train the salesperson.
The applicant needs to successfully complete at least 54 hours of approved real estate education courses at an approved real estate school, consisting of 30 hours of Salesperson I and 24 hours of Salesperson II.
The applicant must successfully pass the salesperson real estate examinations.

Wyoming Sample Practice Real Estate Exam Questions and Answers

Wyoming State Section

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Question 1

The salesperson license fee costs how much?

A	$100.00
B	$140.00
C	$90.00
D	$50.00

Question 2

Mortgage "discount" points only apply if which of the following conditions are met?

A	The interest rate on the mortgage loan has been lowered by 1% for each point charged
B	The interest rate on the mortgage loan has been lowered by 2% for each point charged
C	The loan does not close and the buyer owes the lender for services rendered
D	The seller has agreed to pay 1% of the closing costs

Question 3

What is a holographic will?

A	a will that displays in 3D
B	a will that has been approved by each family member.
C	a will and testament that has been entirely handwritten and signed by the testator.
D	a standard boiler plate will.

Question 4

Standing trees would be considered:

A	Chattels
B	Real property
C	Emblements
D	Personal Property

Question 5

Does Wyoming have homestead laws?

A	No
B	Yes

Question 6

Does Wyoming allow reciprocity with other states?

A	No
B	Yes

Question 7

In what circumstances, if any, can a broker in Wyoming who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	Only when both buyer and seller give informed consent to this arrangement
B	In most circumstances, except when the buyer and seller are related
C	Only when both buyer and seller have legal representation
D	None; the broker may only collect compensation from one party to a transaction

Question 8

Does Wyoming allow Holographic wills?

A	No
B	Yes

Question 9

Which of the following would not put a sales person in jeopardy of losing their license in Wyoming?

A	Placing an ad claiming to be a broker when they are not.
B	Convicted of a felony
C	Being authorized to accept and excessive commission.
D	Depositing his/her clients escrow money into a personal account

Question 10

Is Wyoming a community property state?

A	Yes
B	No

Question 11

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Buyer
B	Lessee
C	Lessor
D	Agent

Question 12

Which of the following isn't part of a deed?

A	Premises
B	Habendum
C	novation
D	acknowledgement

Question 13

Does Wyoming have dower laws?

A	Yes
B	No

Question 14

An easement by prescription may establish:

A	use of property
B	who owes back taxes
C	homestead rights
D	a claim to title

Question 15

Which is not necessary for a valid contract?

A	due date
B	legal object
C	acceptance
D	offer

Question 16

What tenancies does Wyoming allow?

A	Neither
B	Tenancy by the entirety
C	Joint tenancy
D	Both

Question 17

How soon can a broker receive a commission check after a closing in Wyoming?

A	Once the offer sheet is signed.
B	After the transaction is completed and funded.
C	When the Buyer moves in.
D	Once the seller agrees to the price.

Question 18

Which of the following is required for an applicant to receive a Real Estate License?

A	Must have lived in the state for more than a year
B	Must have a Bachelors degree
C	Must sit and pass the required exam
D	Must be 25 or older

Question 19

What is homestead protection?

A	Gradual subsidence of waters, leaving dry land
B	Net cash remaining to investor after sale of investment property
C	The estimated value that an asset will have at then end of it's useful life
D	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.

Question 20

The license law is administered by:

A	Wyoming Department of Justice
B	Wyoming Real Estate Commission
C	Wyoming Department of Taxation and Finance
D	Wyoming Department of Education

Question 21

Which of the following is a landlord's option for a tenant not paying the rent?

A	shut off the power
B	shutoff the gas
C	unlawful detainer action in court
D	lock the tenant out of the apartment

Question 22

What term means "going to the state?"

A	escheat
B	Eminent Domain
C	police power
D	Taxation

Question 22 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

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