Wyoming License Law
Under Wyoming law, which of the following is true about earnest money received by a broker?
AIt may be deposited into the broker's operating account
BIt must be deposited into a client trust account✓ Correct
CIt must be given directly to the seller within 24 hours
DIt is not required to be held in any special account
Explanation
Wyoming law requires brokers to maintain a separate trust account for client funds including earnest money deposits. These funds must not be commingled with the broker's personal or business funds.
Related Wyoming Wyoming License Law Questions
- A licensed Wyoming salesperson who wishes to change employing brokers must:
- Wyoming does NOT have which of the following taxes?
- A Wyoming licensee who practices real estate without a current, valid license is subject to:
- How many questions are on the Wyoming real estate salesperson licensing examination?
- The Wyoming Real Estate Commission consists of how many members?
- A Wyoming licensee who wants to practice real estate in Colorado under reciprocity must:
- The Wyoming Real Estate Commission (WREC) is composed of how many members?
- A Wyoming broker who terminates a salesperson's employment must immediately:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →