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 is not necessary for a valid contract?

A	legal object
B	offer
C	due date
D	acceptance

Question 2

The license law is administered by:

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

Question 3

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

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

Question 4

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

A	novation
B	Premises
C	Habendum
D	acknowledgement

Question 5

Does Wyoming have dower laws?

A	No
B	Yes

Question 6

An easement by prescription may establish:

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

Question 7

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

A	Lessee
B	Lessor
C	Agent
D	Buyer

Question 8

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

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

Question 9

Is Wyoming a community property state?

A	Yes
B	No

Question 10

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 standard boiler plate will.
D	a will and testament that has been entirely handwritten and signed by the testator.

Question 11

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

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

Question 12

Does Wyoming allow Holographic wills?

A	No
B	Yes

Question 13

Does Wyoming allow reciprocity with other states?

A	No
B	Yes

Question 14

What tenancies does Wyoming allow?

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

Question 15

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

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

Question 16

The salesperson license fee costs how much?

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

Question 17

What term means "going to the state?"

A	Eminent Domain
B	police power
C	escheat
D	Taxation

Question 17 Explanation:

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

Question 18

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

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

Question 19

What is homestead protection?

A	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
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	Net cash remaining to investor after sale of investment property

Question 20

Does Wyoming have homestead laws?

A	Yes
B	No

Question 21

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 give informed consent to this arrangement
C	None; the broker may only collect compensation from one party to a transaction
D	Only when both buyer and seller have legal representation