Agent Derek is a Wyoming broker-salesperson working under Broker Henderson. Derek has developed a loyal client base and recently passed his broker examination. He now wants to open his own independent brokerage. Under Wyoming law, what must Derek do before he can legally operate as an independent broker?
Correct Answer
B) Derek must obtain a separate broker license and receive approval from the WREC to act as a principal broker before operating independently
Under Wyoming's three-tier licensing structure (W.S. 33-28-101 et seq.), a broker-salesperson who has passed the broker examination must obtain a broker license from the WREC and be designated as a principal broker before operating independently. Passing the examination alone does not authorize independent operation; the licensee must apply for and receive the broker license and meet all WREC requirements for acting as a principal broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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