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

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

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

Question 2

Does Wyoming have homestead laws?

A	Yes
B	No

Question 3

What is a holographic will?

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

Question 4

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 be 25 or older
C	Must have a Bachelors degree
D	Must sit and pass the required exam

Question 5

Is Wyoming a community property state?

A	Yes
B	No

Question 6

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

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

Question 7

Does Wyoming have dower laws?

A	No
B	Yes

Question 8

What is homestead protection?

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

Question 9

What tenancies does Wyoming allow?

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

Question 10

Does Wyoming allow Holographic wills?

A	Yes
B	No

Question 11

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

A	novation
B	Habendum
C	acknowledgement
D	Premises

Question 12

The salesperson license fee costs how much?

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

Question 13

An easement by prescription may establish:

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

Question 14

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

A	Lessor
B	Agent
C	Lessee
D	Buyer

Question 15

Which is not necessary for a valid contract?

A	due date
B	acceptance
C	legal object
D	offer

Question 16

What term means "going to the state?"

A	Eminent Domain
B	police power
C	Taxation
D	escheat

Question 16 Explanation:

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

Question 17

Does Wyoming allow reciprocity with other states?

A	Yes
B	No

Question 18

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

Question 19

Standing trees would be considered:

A	Personal Property
B	Real property
C	Chattels
D	Emblements

Question 20

The license law is administered by:

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

Question 21

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

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

Question 22

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

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

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