Broker Henderson's Wyoming brokerage has a listing for a property owned by Mr. Walsh. Agent Lena, also working under Broker Henderson, has a buyer client, Ms. Park, who wants to purchase the Walsh property. Broker Henderson wants to designate Lena to represent Ms. Park and another agent, Tom, to represent Mr. Walsh. For this in-house agency arrangement to be valid under Wyoming law, which of the following steps is required?
Correct Answer
A) Broker Henderson must provide written disclosure of the in-house agency arrangement to both Mr. Walsh and Ms. Park using a WREC-approved form
Under the Wyoming Agency Disclosure Act (W.S. 33-28-301 et seq.), for an in-house agency arrangement to be valid, the broker must provide written disclosure of the in-house agency relationship to all parties using a WREC-approved form. Both the buyer and seller must be informed in writing of the designated agency arrangement, who their designated agent is, and the nature of the relationship. Written disclosure is a mandatory requirement, not merely a best practice.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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