Wyoming License Law
A Wyoming broker-in-charge must maintain E&O (errors and omissions) insurance that:
ACovers all agents' personal conduct off-hours
BProtects the brokerage and its licensees against claims of negligent acts in real estate practice✓ Correct
CIs optional in Wyoming
DMust be purchased from the WREC-approved carrier only
Explanation
Errors and omissions (E&O) insurance protects real estate professionals against claims arising from negligent professional acts or omissions. Many Wyoming brokerages require E&O coverage to protect the brokerage and affiliated licensees in the event of a lawsuit.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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