Contracts
A Wyoming seller has an existing listing agreement that expires December 31. On December 28, they list with a new broker. This creates:
ANo issue since the first listing is almost expired
BA potential problem since there may be overlap and the seller could owe commission to both brokers if a buyer from the first broker's marketing purchases the property✓ Correct
CAn automatic cancellation of the first listing
DA violation of WREC rules requiring immediate license revocation
Explanation
Signing a new listing before the old listing expires can create a double commission obligation. Many listing agreements contain 'protection period' clauses entitling the broker to a commission on sales to buyers they introduced—even after expiration. Sellers should ensure one listing expires before signing another.
Related Wyoming Contracts Questions
- In Wyoming, a real estate sales contract must be in writing under the:
- In Wyoming, when a seller accepts a buyer's offer with changes, this is considered:
- A Wyoming real estate purchase agreement that does not specify who pays closing costs creates:
- A Wyoming purchase agreement allows the buyer to inspect and terminate within 10 days 'at buyer's sole discretion.' This is sometimes called a:
- In Wyoming, an earnest money deposit in a real estate transaction is best described as:
- In Wyoming, an exclusive-right-to-sell listing agreement means:
- Under Wyoming contract law, 'time is of the essence' means:
- In Wyoming, when a party to a contract dies before closing:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →