§ 33-28-102 — Definitions

Wyoming § 33-28-102

• Jurisdiction: Wyoming
• Title 33: Professions and Occupations
• Ch. 28: REAL ESTATE BROKERS AND SALESPERSONS
• Art. 1: GENERAL LICENSING PROVISIONS

Text

(a) Repealed By Laws 2011, Ch. 104, § 2.
(b) As used in this act:
(i) "Active license" means a real estate license that
has not been inactivated, suspended or revoked;
(ii) "Advance fee" means a fee claimed, charged or
received for a listing, advertisement or offer to sell or lease
real estate issued primarily for promoting the sale or lease of
real estate;
(iii) "Aggregate limit" means a provision in an
insurance contract limiting the maximum liability of an insurer
for a series of losses in a given time period, such as the
policy term;
(iv) "Associate broker" means an individual who has
qualified as an associate broker under this act, is licensed by
the commission under a responsible broker and does not have
supervisory responsibilities;
(v) "Auction," when used as a noun, means a method of
sale at a predetermined date and time, by means of one (1) or
more exchanges between an auctioneer and prospective purchasers
either in person verbally or physically, or by regular mail,
telecommunications, the internet or an electronic transmission,
the exchanges consisting of one (1) or more offers to sell made
by the auctioneer and offers to purchase made by prospective
purchasers, with the right to acceptance of offers to purchase
residing with the auctioneer. "Auction" includes a sale of real
estate in which there has been a solicitation or invitation by
advertisement to the public in advance for bidding using sealed
bids, provided that the bids are opened and there is a call for
an advancement of the bids. "Auction" when used as a verb,
means any act or conduct done for compensation or the
expectation thereof and designed, intended or expected to affect
the bidding or results of a real estate auction, including, but
not limited to, serving as an auctioneer or ringman or
encouraging, soliciting or receiving bids;
(vi) "Branch office" means any office location of a
real estate company that is separate from a principal office and
supervised by a responsible broker;
(vii) Repealed by Laws 2017, ch. 166, § 2.
(viii) "Buyer" means a person attempting to acquire
real estate and includes a tenant as that term is commonly used
in the rental, leasing or management of real estate;
(ix) "Buyer's agent" means a licensee who is
authorized to represent and act on behalf of the buyer in a real
estate transaction;
(x) "Commission" means the Wyoming real estate
commission;
(xi) "Compensation" means any money, item of value or
payment which is provided, promised or expected for the
performance of any real estate activity;
(xii) "Cooperative transaction" means any real estate
transaction in which licensees from more than one (1) real
estate company participate, regardless of agency representation;
(xiii) "Customer" means a party to a real estate
transaction who has established no intermediary or agency
relationship with any licensee involved in the transaction;
(xiv) "Degree in real estate" means a degree from an
accredited degree granting college or university, including a
junior or community college, with a major course of study in
real estate. A degree under this section shall at minimum
require the successful completion of four (4) core courses of
real estate principles and practices, real estate law, real
estate appraisal and real estate finance, plus at least two (2)
additional real estate related courses. These courses shall
total at least eighteen (18) or more semester hours or twenty-
seven (27) quarter hours;
(xv) "Designated licensee" means a licensee who is
designated in writing by a responsible broker to serve as an
agent for a seller or a buyer or as an intermediary in a real
estate transaction;
(xvi) "Distance education course" means a course
where instruction takes place when the teacher and the student
are not in a traditional classroom setting and are separated by
distance or time;
(xvii) "Equivalent coverage" means insurance coverage
obtained independently of the group program available through
the insurer under contract with the commission and subject to
the provisions of this act;
(xviii) "Errors and omissions insurance" means
professional liability insurance which provides insurance
coverage to active licensees for errors and omissions made
during the course of real estate transactions subject to the
coverages, limitations and exclusions of the specific policy;
(xix) "Expired license" means a license for which the
license period has expired;
(xx) "Extended reporting period" means a designated
period of time after a claims-made policy has expired during
which a claim may be made and coverage obtained as if the claim
was made during the policy period;
(xxi) "Funds holder" means a title company, closing
agent or attorney licensed in this state who holds items of
value in trust for the parties to a real estate transaction;
(xxii) "Grace period" means January 1 to March 1 of
each year during which an expired license may be renewed;
(xxiii) "Group program" means an insurance policy
from an insurance provider selected by the commission through
the competitive process as specified in this act;
(xxiv) "Inactive license" means a license that has
been placed on inactive status at the request of the licensee
and is not expired, terminated, suspended or revoked;
(xxv) "Individual coverage" means insurance coverage
other than coverage from the group program which meets the
requirements of the commission;
(xxvi) "In-house real estate transaction" means a
real estate transaction in which the buyer and the seller have
an agency, intermediary or customer relationship with licensees
from the same real estate company;
(xxvii) "Interest in a transaction" means any
advantage, benefit or profit, other than the agreed upon
compensation, which may be realized by a licensee as the result
of a purchase, sale or lease of real estate;
(xxviii) "Intermediary" means a licensee who assists
one (1) or more parties throughout a contemplated real estate
transaction without acting as an agent or advocate for any party
to the transaction;
(xxix) "License" means the document issued by the
commission certifying that the person named by the person's
legal name on the document had fulfilled all requirements for
licensure under this act;
(xxx) "Licensee" means any person issued a license by
the commission;
(xxxi) "Like-license" means a license from another
jurisdiction which is at an equivalent level of experience and
responsibility as a comparable Wyoming license;
(xxxii) "Material to the transaction" means having
importance, relevance or consequence to a person making a
decision regarding the purchase, sale or lease of real estate.
"Material to the transaction" does not include psychological
considerations including, but not limited to, health issues,
suicide, murder or crimes which have occurred on the property;
(xxxiii) "Offer" means any inducement, solicitation
or attempt to encourage a person to acquire an interest in real
estate which is made for gain or profit;
(xxxiv) "Offeree" means a person to whom an offer is
made;
(xxxv) "Offeror" means the person making an offer;
(xxxvi) "Office" means a responsible broker's place
of business where records are maintained;
(xxxvii) "Option" is a right that an owner may give
to another person to purchase or lease the owner's real estate
at a specific price;
(xxxviii) "Owner" means a person with a right to
convey an ownership or leasehold interest in real estate;
(xxxix) "Person" means individuals, corporations,
partnerships, associations or other public or private entities,
foreign or domestic;
(xl) "Prior acts coverage" means insurance coverage
for any claim made during a current policy period when the act
or acts causing the claim or injuries for which the claim is
made occurred prior to the inception of the current policy
period;
(xli) "Proof of coverage" means a certificate of
insurance demonstrating coverage of a policy of insurance equal
to or exceeding the group coverage contracted for by the
commission;
(xlii) "Property management" means the act of
management for compensation of real estate for another,
including collection of rents, maintenance of the real estate
and accounting of fees received for another;
(xliii) "Qualified insurance carrier" means an
insurance carrier that:
(A) For the entire term of its contract shall
provide the group plan of errors and omission insurance as
provided in this act, maintains an A.M. Best rating of "B" or
better and financial size category of class VI or higher;
(B) Is authorized by the Wyoming insurance
department to do business in Wyoming as an insurance carrier for
the policy term;
(C) Is and will remain qualified and authorized
by the Wyoming insurance department to write policies of errors
and omissions insurance in Wyoming for the policy term;
(D) After competitive bidding, has been notified
by the commission that it is the successful bidder for the group
plan to provide the errors and omissions insurance as specified
in this act;
(E) Has entered into a contract to provide group
errors and omissions plan in conformity with the contract, this
act, applicable rules of the commission and other applicable
law;
(F) Will collect premiums, maintain records and
report names of those insured and a record of claims to the
commission on a timely basis.
(xliv) "Real estate" means leaseholds, as well as any
other interest or estate in land, whether corporeal,
incorporeal, freehold or nonfreehold, and whether the real
estate is situated in this state or elsewhere but shall not
apply to nor include mineral lands, rights or leases;
(xlv) "Real estate activity" occurs when an
individual for another and for compensation performs any one or
more of the following:
(A) Sells, exchanges, purchases, rents, manages
or leases real estate;
(B) Offers to sell, exchange, purchase, rent,
manage or lease real estate;
(C) Negotiates, offers, attempts or agrees to
negotiate the sale, exchange, purchase, rental or leasing of
real estate;
(D) Lists, offers, attempts or agrees to list
real estate for sale, lease or exchange;
(E) Auctions, offers, attempts or agrees to
auction real estate;
(F) Collects, offers, attempts or agrees to
collect rent for the use of real estate;
(G) Advertises or holds himself out as being
engaged in the business of buying, selling, exchanging,
auctioning, renting or leasing real estate;
(H) Engages in the business of charging an
advance fee in connection with any contract undertaken to
promote the sale, auction or lease of real estate either through
its listing in a publication issued for that purpose or for
referral of information concerning the real estate to
responsible brokers, associate brokers and salespersons;
(J) Buys, sells, offers to buy or sell or
otherwise deals in options on real estate or improvements
thereon;
(K) Assists or directs in the procuring of
prospects calculated to result in the sale, exchange, lease or
rental of real estate;
(M) Assists or directs in the negotiation of any
transaction calculated or intended to result in the sale,
exchange, lease or rental of real estate;
(N) Deals in time shares;
(O) Provides a broker's price opinion as
provided in W.S. 33-28-125.
(xlvi) "Real estate company" means a domestic or
foreign business entity that is authorized to conduct business
in Wyoming and licensed by the commission to conduct real estate
activity;
(xlvii) "Real estate transaction" or "transaction"
means any real estate activity under this section;
(xlviii) "Regular employee" means an individual who
is employed by an owner of real estate on a salaried basis or
paid wages which are not performance based, is subject to income
tax withholding and FICA and whose duties are performed in the
ordinary course of the owner's business or the management or
operation of the owner's investments;
(xlix) "Responsible broker" means an individual who
has an active responsible broker's license and who is
responsible for the supervision of the activities of licensees
associated with the real estate company or a responsible broker
who operates a single license office or sole proprietorship;
(l) "Retroactive date" means the date when the first
real estate errors and omissions coverage was effective insuring
the named insured on a claims-made basis and since which time
the insured has been continuously insured;
(li) "Salesperson" means an individual who has
qualified as a salesperson under this act and is licensed by the
commission under a responsible broker;
(lii) "Seller" means a person who is attempting to
sell or exchange real estate and includes a landlord as that
term is commonly used in the rental, leasing or management of
real estate;
(liii) "Seller's agent" means a licensee who is
authorized to represent and act for the seller in a real estate
transaction;
(liv) "Short term rental" means the rental of real
estate for thirty-one (31) days or less;
(lv) "Single-limit liability" means the maximum limit
payable, per licensee, for damages arising out of the same
error, omission or wrongful act;
(lvi) "Subagent" means a licensee authorized to
represent and act on behalf of a real estate company in
performing real estate activity for a principal. A subagent
shall owe the same obligations and responsibilities to the
principal as a responsible broker;
(lvii) "Surrendered license" means a license that has
been voluntarily terminated or surrendered by a licensee who, at
the time of the voluntary termination or surrender, was under
investigation or named in a formal administrative complaint and
the surrender has been accepted by the commission;
(lviii) "Suspended license" means a license that has
been temporarily suspended by the issuing authority;
(lix) "Time share" means any arrangement, whether by
membership agreement, lease, rental agreement, license, use
agreement or other means, whereby the purchaser receives a right
to use or a freehold interest in accommodations, facilities or
other real estate for a specific period of time during any given
year, but not necessarily for consecutive years, and which
extends for a period of more than one (1) year;
(lx) "Transaction manager" means a licensee
designated in writing by the responsible broker to supervise a
transaction. The transaction manager shall not be involved in
the transaction and shall have the duties of an intermediary
while supervising the transaction;
(lxi) "Written listing agreement" means any real
estate employment agreement, including without limitation a
buyer's brokerage agreement, a seller's listing contract and a
property management contract. The authority created under a
written listing agreement may not be assigned to another person
without the written consent of all parties to the agreement;
(lxii) "Broker's price opinion" means an estimate
prepared by a licensee that details the probable selling price
of real estate and provides a varying level of detail about the
real estate's condition, market and neighborhood and information
about sales of comparable real estate;
(lxiii) "This act" means W.S. 33-28-101 through
33-28-401