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

Does Wyoming allow reciprocity with other states?

A	Yes
B	No

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

Question 3

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	Depositing his/her clients escrow money into a personal account
D	Being authorized to accept and excessive commission.

Question 4

Does Wyoming have dower laws?

A	No
B	Yes

Question 5

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

A	Agent
B	Lessor
C	Buyer
D	Lessee

Question 6

What is homestead protection?

A	Net cash remaining to investor after sale of investment property
B	Gradual subsidence of waters, leaving dry land
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 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	In most circumstances, except when the buyer and seller are related
B	None; the broker may only collect compensation from one party to a transaction
C	Only when both buyer and seller have legal representation
D	Only when both buyer and seller give informed consent to this arrangement

Question 8

The salesperson license fee costs how much?

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

Question 9

Does Wyoming allow Holographic wills?

A	Yes
B	No

Question 10

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 11

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

A	novation
B	Habendum
C	Premises
D	acknowledgement

Question 12

What term means "going to the state?"

A	police power
B	Eminent Domain
C	escheat
D	Taxation

Question 12 Explanation:

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

Question 13

Which is not necessary for a valid contract?

A	legal object
B	acceptance
C	offer
D	due date

Question 14

Standing trees would be considered:

A	Real property
B	Emblements
C	Chattels
D	Personal Property

Question 15

The license law is administered by:

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

Question 16

What is a holographic will?

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

Question 17

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	Once the offer sheet is signed.
D	After the transaction is completed and funded.

Question 18

An easement by prescription may establish:

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

Question 19

Is Wyoming a community property state?

A	No
B	Yes

Question 20

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

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

Question 21

What tenancies does Wyoming allow?

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

Question 22

Does Wyoming have homestead laws?

A	Yes
B	No

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