Property Management
When managing a Wyoming residential property, a manager must comply with the implied warranty of habitability, which means:
AThe property must always be freshly painted
BThe rental unit must be safe, sanitary, and fit for human habitation✓ Correct
CThe manager must provide furnishings at no extra cost
DThe property must meet luxury standards
Explanation
The implied warranty of habitability requires landlords (and their property managers) to maintain rental units in a condition fit for human habitation—including working heat, plumbing, electrical systems, and structural integrity. This warranty exists in Wyoming residential tenancies.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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