§ 33-28-111 — Censure of licensee and suspension or revocation of license; grounds

Wyoming § 33-28-111

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

Text

(a) The commission shall upon a written sworn complaint or
may upon its own motion investigate the actions of any licensee
conducting real estate advertising, self promotion as a licensee
or real estate activity regarding real estate located in
Wyoming, impose an administrative fine not to exceed two
thousand five hundred dollars ($2,500.00) for each separate
offense and may censure a licensee, place a licensee on
probation and set the terms of probation, suspend or revoke any
license issued under this act for any of the following:
(i) Making any substantial misrepresentation, false
promises or false or fraudulent representation;
(ii) Violation of this act or any rule of the
commission;
(iii) Failing to disclose an interest in the
transaction;
(iv) Soliciting the breach of a listing or a property
management contract;
(v) Conducting real estate activity directly with a
buyer or seller if the licensee knows the buyer or seller has an
outstanding written agreement in connection with the real estate
with another responsible broker;
(vi) Using advertising which:
(A) Is misleading or is inaccurate in any matter
material to the transaction; or
(B) Uses a trade name, collective membership
mark, service mark or logo name, mark or logo without
authorization owned by another person unless authorized to do
so.
(vii) Placing a sign on any property offering it for
sale or rent without the written consent of the owner or his
authorized agent;
(viii) Offering real estate for sale or lease without
the knowledge and consent of the owner or his authorized agent
or on terms other than those authorized by the owner or his
authorized agent;
(ix) If a responsible broker, failing to supervise
the activities of his associate broker or salesperson;
(x) Failing to advise the buyer and seller of all
terms of the proposed sale at the time an offer is presented
including estimated discounts and closing costs;
(xi) Unreasonably failing upon demand to surrender to
the rightful owner, any document or instrument in his
possession;
(xii) Unreasonably failing to produce documents of
record in his possession or under his control concerning any
real estate transaction under investigation by the commission;
(xiii) Failing to submit all offers to a seller or
buyer;
(xiv) Commingling the money or other property of
others with his own;
(xv) Accepting, giving or charging an undisclosed
compensation, rebate or direct or indirect profit on
expenditures made for others;
(xvi) Engaging in real estate activity as an
associate broker or salesperson involving the representing or
attempt to represent a responsible broker other than his
responsible broker or a real estate company other than the real
estate company under which he is licensed;
(xvii) Accepting compensation by an associate broker
or salesperson from anyone other than his responsible broker;
(xviii) Acting for more than one (1) party in a
transaction without the written acknowledgement of all parties
for whom the licensee acts;
(xix) Guaranteeing or authorizing any person to
guarantee future profits which may result from the resale of
real estate;
(xx) Failing to obtain written listing agreements
identifying the property to be sold or acquired and containing
all terms and conditions under which the property is to be sold
or acquired including the price or price range, the compensation
to be paid, the signatures of all parties concerned and a
definite expiration date;
(xxi) Failing to deliver within a reasonable time a
completed copy of any document to all parties;
(xxii) Conviction of a felony that relates to the
practice of real estate activity or to the ability to perform
the duties of a licensee or any felony sexual offense or violent
crime;
(xxiii) Compensating any unlicensed person for
performing real estate activity;
(xxiv) Failing to specify he is being compensated by
more than one (1) party and failing to notify all parties
involved;
(xxv) Failing to account for any monies or property
received from others;
(xxvi) Failing to keep the funds of others in an
escrow or trust account, unless each person with an interest in
the funds has agreed otherwise in writing;
(xxvii) Failing to deposit all financial instruments
in an escrow or trust account within one (1) banking day in a
financial institution in this state, unless each person with an
interest in the funds has agreed otherwise in writing;
(xxviii) Failing upon consummation or termination of
the transaction to give a full accounting of the monies and
property placed in escrow or trust showing dates of deposit,
management and withdrawals;
(xxix) If a responsible broker:
(A) Failing to deliver to the parties in every
real estate transaction at the time the transaction is closed a
complete, detailed closing statement showing all of the receipts
and disbursements handled by the licensees in his office for the
parties unless a clear and accurate accounting is furnished by
another real estate licensee or a funds holder;
(B) Repealed By Laws 2011, Ch. 104, § 2.
(C) Failing to retain true copies of statements
required by this paragraph in his files;
(D) Failing to disclose, in every real estate
transaction, the names of all real estate companies for which a
responsible broker holds a license.
(xxx) Representing to any lender, guaranteeing agency
or any other interested party, either verbally or through the
preparation of false documents, an amount in excess of the true
and actual sale price of the real estate or terms differing from
those actually agreed upon;
(xxxi) Accepting other than cash as earnest money
unless:
(A) The fact is communicated to the owner prior
to the owner's acceptance of the offer to purchase; and
(B) The fact is shown in the earnest money
receipt.
(xxxii) Refusing to appear or testify under oath at
any hearing held by the commission;
(xxxiii) Receiving more than three (3) censures from
the commission within a two (2) year period.
(b) Upon receipt from the department of family services of
a certified copy of an order from a court to withhold, suspend
or otherwise restrict a license issued by the commission, the
commission shall notify the party named in the court order of
the withholding, suspension or restriction of the license in
accordance with the terms of the court order. No appeal under
the Wyoming Administrative Procedure Act shall be allowed for a
license withheld, suspended or restricted under this subsection.
(c) All administrative fines collected under this section
shall be paid to the state treasurer to be credited to the
public school fund of the county in which the violation
occurred.