§ 33-28-303 — Seller's agent engaged by seller

Wyoming § 33-28-303

• Jurisdiction: Wyoming
• Title 33: Professions and Occupations
• Ch. 28: REAL ESTATE BROKERS AND SALESPERSONS
• Art. 3: BROKER RELATIONSHIPS

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(a) A licensee engaged by a seller to act as a seller's
agent has the following duties and obligations:
(i) To perform the terms of the written agreement
made with the seller;
(ii) To exercise reasonable skill and care for the
seller;
(iii) To promote the interests of the seller with the
utmost good faith, loyalty and fidelity, including:
(A) To seek a price and terms which are
acceptable to the seller, except that the licensee shall not be
obligated to seek additional offers to purchase the property
while the property is subject to a contract for sale;
(B) To present all offers to and from the seller
in a timely manner regardless of whether the property is subject
to a contract for sale;
(C) To disclose to the seller adverse material
facts actually known by the licensee;
(D) To counsel the seller as to any material
benefits or risks of a transaction which are actually known by
the licensee;
(E) To advise the seller to obtain expert advice
as to material matters about which the licensee knows but the
specifics of which are beyond the expertise of the licensee;
(F) To account in a timely manner for all money
and property received; and
(G) To inform the seller that the seller may be
vicariously liable for the acts of the seller's agent or
seller's subagent that are approved, directed or ratified by the
seller.
(iv) To comply with all requirements of this article;
and
(v) To comply with any applicable federal, state or
local laws, rules, regulations or ordinances.
(b) The following information shall not be disclosed by a
licensee acting as a seller's agent without the informed consent
of the seller:
(i) That a seller is willing to accept less than the
asking price for the property;
(ii) What the motivating factors are for the party
selling the property;
(iii) That the seller will agree to financing terms
other than those offered;
(iv) Any material information about the seller unless
disclosure is required by law or failure to disclose the
information would constitute fraud or dishonest dealing.
(c) A licensee acting as a seller's agent owes no duty or
obligation to the buyer, except that a licensee shall disclose
to any prospective buyer all adverse material facts actually
known by the licensee. The adverse material facts may include
adverse material facts pertaining to the title and the physical
condition of the property, any material defects in the property
and any environmental hazards affecting the property which are
required by law to be disclosed. The licensee acting as a
seller's agent shall not perpetuate a material misrepresentation
of the seller which the licensee knows or should know is false.
(d) A seller's agent owes no duty to conduct an
independent inspection of the property for the benefit of the
buyer and owes no duty to independently verify the accuracy or
completeness of any statement made by the seller or any
independent inspector.
(e) A seller's agent may show alternative properties not
owned by the seller to prospective buyers and may list competing
properties for sale and not be deemed to have breached any duty
or obligation to the seller.
(f) A seller may agree in writing with a seller's agent to
extend an offer of subagency to other responsible brokers to
cooperate in selling the real estate.
(g) Any responsible broker acting as a subagent on the
seller's behalf shall have the obligations and responsibilities
set forth in subsections (a) through (e) of this section.