018-3 Wyo. Code R. § 3-1 - Minimum requirements, forms

Current through April 9, 2022

(a) If a Responsible Broker or licensee acting on his behalf, under his supervision or within his control, prepares an instrument, they shall deliver a hard or electronic copy of the document contemporaneously with the signing of such document. Such instruments include, but are not limited to, written listing agreements, consummation of a lease, purchase, sale or exchange of property, or any other type of real estate transaction document. It is the responsibility of the Responsible Broker or licensee acting on his behalf to prepare sufficient copies of such instruments to accomplish this end.
(i) Nothing herein shall be construed to permit the licensee to withhold such delivery in order to obtain other signatures on such instrument, or for any other reason.
(ii) Readily available and properly indexed copies of all unrecorded documents shall be retained by the Responsible Broker for a minimum of two (2) years.
(b) The Responsible Broker or licensee acting on his behalf shall prepare the purchase offer and acceptance form, exchange contract form or other inducement document form for the voluntary transfer of freehold or non-freehold real estate to include but not be limited to:
(i) The name and address of the real estate company;
(ii) The date of offer by offeror;
(iii) Real estate description that will adequately identify the real estate;
(iv) Enumerated and described personal property included in the transaction may be referenced by addendum;
(v) Total amount of purchase price. For a lease or rental agreement, the total amount of rent payments, if applicable, or the periodic rate;
(vi) Total amount and type of earnest money deposit, damage, security or other deposits and any understanding for the return of all or part of the deposits;
(vii) Complete and accurate description of all contractual conditions including balance of purchase price, rent or lease payments or management fees and terms or conditions of payment;
(viii) Date of actual or constructive possession and assignment of leases or referenced to closing date;
(ix) Specified date of closing;
(x) Date that offering document expires;
(xi) Signature of the Responsible Broker or his agent upon receipt of monies or other valuable property coming into his possession which belongs to others;
(xii) Date of acceptance of offer by offeree;
(xiii) All changes made to an offer or counter-offer shall be dated and initialed by all parties to the contract;
(xiv) When an offeror makes an offer which is accepted by the offeree, the licensee interacting with the offeree shall immediately notify the offeror or the licensee interacting with the offeror of the acceptance;
(xv) If contract terms are amended or extended, a written agreement form to amend or extend shall be prepared and shall be signed by all parties to the transaction;
(xvi) All offers presented by a licensee and rejected by the offeree shall be so rejected in writing upon the offer form presented. The licensee shall deliver a copy of such offer with the written rejection thereon to the offeror or the licensee working with the offeror;
(xvii) Should an offeree authorize the licensee to reject on his behalf or refuse to execute a written rejection, the licensee shall, by a written, signed statement, verify the date of offeree's oral notification to the licensee of rejection of such offer;
(xviii) A copy of the acknowledged disclosures as required by W.S. 33-28-306 and 33-28-308.
(c) Cooperating Responsible Brokers or licensees acting on their behalf shall present offers and shall negotiate only through the listing Responsible Broker or licensees acting on his behalf unless the listing Responsible Broker gives written consent to contact the principal. All offers shall be presented as expeditiously as possible.
(d) A Responsible Broker shall ensure that his agents comply with minimum Commission requirements when preparing contracts and obtaining signatures.

Notes

018-3 Wyo. Code R. § 3-1
Amended, Eff. 5/12/2015. Amended, Eff. 4/16/2018. Amended, Eff. 11/18/2020.

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