For many residents of Wyoming, one of its greatest appeals is the fact that it's mostly rural. The breathtaking land is ideal for exploration and recreational activities—especially in the widely famed Rocky Mountains and High Plains—and the crucial industries of agriculture and mineral extraction are booming. The metropolitan areas of Cheyenne and Casper are rich in culture and growth opportunities, too. With an abundance of exciting avenues through which to lease or own land and properties, it's a great place to have a career in real estate.
That's why you mustn't let anything restrict, suspend, or revoke your professional license. No matter the sanction, you can overcome it with the assistance of the Lento Law Firm Professional License Defense Team. Learn more by calling their offices today at 888.535.3686, or fill out this contact form.
Who Governs the Real Estate Industry in Wyoming?
The state of Wyoming takes real estate so seriously that there's an entire government office dedicated specifically to it—the Wyoming Real Estate Commission. This is where local real estate rules are made, reviewed, established, and enforced. It's the go-to office for any of Wyoming's real estate professionals which can include the following.
Real Estate Agent
Although land and property owners can technically set their own real estate, it requires a lot of work and a thorough understanding of real estate law. That's where real estate agents shine, using their industry expertise to help facilitate the sale or leasing of plots, buildings, and houses.
Wyoming is one of the few states that forbids dual agency, so agents can are only allowed to handle the selling or purchasing side of a real estate transaction. Either way, they have to work under a brokerage and cannot strike out on their own.
Anyone who wants to be a real estate agent in Wyoming must first finish a 68-hour real estate licensing course, in addition to a course focused on effective salesmanship. Then they must pass state- and national-level exams and a background check, complete with fingerprints.
Property Managers
Real estate investors and leasing agencies often outsource the daily needs and operations of their investments to property managers. Wyoming requires such managers to have real estate licenses. This ensures that the investments are always under the care of someone with a professional understanding of laws and regulations pertaining to the lands and buildings they own.
To be property managers, real estate professionals in Wyoming only need to meet the basic qualifications of sales agents. They must also hang their licenses with brokerages, unless they are brokers themselves.
Real Estate Brokers
In Wyoming, real estate brokers have all the abilities and duties as agents and property managers, plus various managerial responsibilities, such as handling a brokerage's finances, legal compliance, and agent training and supervision. In case they don't want to oversee a brokerage, they also have the option of working for themselves, independent of a larger firm.
At minimum, Wyoming requires real estate brokers to complete a brokerage course and pass the corresponding exam. Those who wish to lead a team or firm must take a brokerage management course as well.
Real Estate Appraisers
Per the Wyoming Real Estate Commission, a real estate appraisal license is separate from sales and broker licenses. That's because appraisal focuses less on facilitating transactions and more on determining real estate value and compliance with different types of loans or land and building codes. Appraisers can also be agents or brokers, but they can't act in both capacities for the same transaction.
In addition to completing 204 course hours of relevant education, real estate appraisers have to document 1,500 hours of practical field experience within 12 months. They must pass appraisal exams and background checks, too.
An Overview of Real Estate License Violations in Wyoming
Passing Wyoming's real estate courses and exams implies that you understand and are willing to comply with the state's rules and regulations for the industry. In fact, the Wyoming Real Estate Commission may consider sanctioning your professional license for any of the following infractions.
Non-compliance with Law or Commission
The federal government enacted laws to regulate real estate to uphold the citizens' basic human rights. The Fair Housing Act of 1968 is one of the most important examples, as it lays out guidelines for real estate professionals to ensure that everyone gets a fair opportunity to obtain housing, regardless of their race, color, nationality, background, religion, age, sex, gender identity, sexual orientation, familial status, or ability.
Each state has laws and policies designed to keep them in compliance. Wyoming is no exception.
Furthermore, the Wyoming Real Estate Commission reserves the right to investigate situations, transactions, firms, brokerages, or individual real estate professionals as they deem necessary. Accordingly, they might request certain types of information, documents, fees, or fines from agents, brokers, or appraisers.
All real estate professionals are expected to comply with both the demands of the law and the commission. To do otherwise would invite disciplinary action.
Dishonesty or Misrepresentation
Even the simplest real estate transaction can have enormous effects on those involved. Real estate professionals must be as honest, forthcoming, and transparent as possible to make sure that every transaction goes smoothly.
Honesty for real estate professionals takes many forms. First of all, they must present true and accurate information about their qualifications to the Wyoming Real Estate Commission. Any professional caught lying about having fulfilled the requirements for their license can expect an investigation.
Furthermore, they have to refrain from making false promises and ensure that everyone involved in a transaction thoroughly understands the deals that they are making. This includes not withholding any important facts about the property that the buyer or seller should know to make a fully informed decision. Their transaction records should also have the names of all the relevant or participating individuals and companies.
Proper signage and advertisement are crucial to a real estate professional's integrity as well. Real estate professionals must check that all advertising materials accurately present the services available, the status of a property, and/or pricing information. When a property is no longer for lease or sale, real estate agents or brokers must quickly remove all signage and lock boxes indicating otherwise to avoid misleading anyone.
Financial Fraud or Mismanagement
Real estate professionals are strictly prohibited from stealing or embezzling money from brokerages, clients, sales, or commissions. They're also barred from offering or accepting bribes and commingling money meant for real estate transactions with personal accounts. Brokers are tasked with providing proof of errors and omissions insurance to the Wyoming Real Estate Commission.
Violating any of these rules can break the trust of clients and colleagues alike, in addition to complicating or invalidating a transaction or appraisal. The Wyoming Real Estate Commission handles such violations with a harsh hand.
Illegal Practice or Delegation
No one is permitted to practice real estate in Wyoming without having a valid real estate license. If they don't have one yet, or if theirs has been suspended or revoked, the licensee in question must stay out of all transactions or appraisals unless or until they get approval from the Wyoming Real Estate Commission.
Real estate professionals who have current licenses should also remember that the licenses alone don't authorize them to act in a transaction or appraisal. They must first obtain verifiable written evidence of a professional relationship with their client(s). Otherwise, everything they do for their client(s) could be considered illegal and therefore invalid.
Finally, no matter how busy they become, real estate professionals mustn't forget that they had to earn their authority and abilities. Agents, brokers, and appraisers can't delegate open houses, surveys, and other specialized tasks to unlicensed assistants or colleagues. There's a reason why licensees have to go through so much education to be allowed to do such things, and it's because they require expertise to do legally and correctly, as well as insurance for protection.
How Does Wyoming Discipline Real Estate Violations?
If the Wyoming Real Estate Commission thinks you might have violated the rules and codes of conduct expected of real estate professionals, then they'll follow a set of guidelines for investigating and assigning discipline as needed. It will basically go like this:
Review and Investigation of Complaint
The Wyoming Real Estate Commission offers a means of filing written complaints about real estate agents, brokers, or appraisers online. Upon receiving a complaint, the commission will form an Application Review Committee (ARC), which will include an investigator. They will look into the situation to gather evidence, interview witnesses, obtain character statements, and more.
Notice of Decision
If the investigation convinces the ARC that you're guilty of wrongdoing, they'll decide how to discipline you, which often involves license sanctions. They'll inform you in writing about their conclusion and why they came to it. You'll have 30 days to request a reconsideration conference before the ARC's decision is finalized.
Reconsideration Conference
A reconsideration conference may very well be your first opportunity to defend yourself to the ARC. You can request to hold it either in person or remotely; either way, you must be prepared to offer evidence and arguments in your favor. It would be crucial to have the Lento Law Firm Professional License Defense Team there to help you.
Within 14 days, the ARC will notify you about whether they've made a new decision or plan to reinforce their previous one.
Formal Hearing
If you're unsatisfied with the outcome of the reconsideration conference, there's still one more option available to you—a formal hearing with the Wyoming Real Estate Commission (not the ARC). As long as you make the request within 30 days, you can use the hearing to dispute the ARC's investigation and/or conclusion. This, too, is a great time to have the Lento Law Firm Professional License Defense Team step in on your behalf.
Potential Sanctions
What can happen if you fail to get the ARC or commission on your side during any part of this process? There are several sanctions that could be imposed on your license, including the following:
Fines or Fees
You might have to compensate for your violation by paying fees or fines to the Wyoming Real Estate Commission and/or anyone else who suffered harm due to your actions. The fees or fines can range anywhere from a few hundred dollars to several thousand, depending on your offense. In any case, it's bound to be a financial setback for you.
Injunctions or Cease and Desist Letters
While injunctions and cease and desist letters are most commonly issued to offenders who practice real estate without valid professional licenses, they can apply to any action you take that the commission wants you to stop. For example, they could demand that you refrain from committing fraud, misrepresenting a property, making false promises to clients, or failing to fulfill your contractual duties.
Sometimes, injunctions allow you to continue with an action as long as you meet certain requirements or conditions.
Suspension
Though usually temporary, license suspensions can have far-reaching ripple effects on your real estate career. You would have to agree to stop practicing real estate for a predefined amount of time and/or meet certain requirements—like completing a remedial education course or paying off fines—before the Wyoming Real Estate Commission will restore your license. Being out of work for however long it takes to resolve the issue or satisfy the commission can put a gap in your resume that you'll have trouble filling.
Revocation
Even worse if the Wyoming Real Estate Commission decides to revoke your license entirely. This means that you would be permanently barred from practicing real estate.
Luckily, there are ways to convince the commission to reinstate your license, but it's a difficult path. You would have to file a petition to the commission, submit to another investigation of your character and qualifications, and agree to any additional requirements or stipulations that the commission demands. The process can take so long that your career may never fully recover.
Why Hire the Lento Law Firm?
Knowing the stakes, don't hesitate to act when you know that the Wyoming Real Estate Commission is investigating a complaint against you. Contact the Lento Law Firm Professional License Defense Team right away.
Boasting a long and shining track record of excellence and success in professional license defense in Wyoming and elsewhere, the Lento Law Firm has the experience, knowledge, passion, and confidence that you need. With their help, you'll be able to deal with anything that the Wyoming Real Estate Commission throws your way so that you can continue enjoying a rewarding real estate career.
Let Nothing Keep You From Practicing Real Estate in Wyoming
The opportunities for real estate professionals in Wyoming are as wonderful and expansive as the rural land itself. You don't have to miss out on any of them if you do everything in your power to protect your license, and that includes getting the Lento Law Firm Professional License Defense Team on your side. Schedule a consultation today by calling the Lento Law Firm Professional License Defense Team at 888.535.3686 or filling out this contact form.
