Wyoming License Law
A Wyoming broker is required to keep transaction records (such as purchase agreements and closing statements) for a minimum of:
A1 year
B5 years✓ Correct
C3 years
D7 years
Explanation
Wyoming requires real estate brokers to maintain transaction records, including purchase agreements, closing statements, trust account records, and correspondence, for a minimum of 5 years. These records must be available for WREC inspection.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
State-Specific Concepts
Trust Account Rules
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