Kevin holds a Wyoming Broker-Salesperson license and has worked under Broker Linda for six years. Kevin has now met all the requirements to upgrade to a full Broker license and wants to open his own independent brokerage. Kevin also wants to keep one transaction open that he started while working under Linda, acting as the listing agent, until it closes next month. Under Wyoming law, which of the following most accurately describes Kevin's obligations when he terminates his affiliation with Linda and opens his own brokerage?
Correct Answer
B) The open listing agreement belongs to Linda's brokerage, not to Kevin personally; Kevin must obtain Linda's consent and the seller's consent to assign or transfer the listing to his new brokerage.
Under Wyoming law and WREC Rules, listing agreements are contracts between the seller and the brokerage (Linda's firm), not between the seller and the individual salesperson or broker-salesperson. When Kevin terminates his affiliation with Linda's brokerage, the listing agreement remains with Linda's brokerage. For Kevin to continue working that transaction through his new brokerage, he would need both Linda's (the employing broker's) consent and the seller's consent to assign or transfer the listing agreement. This principle reflects the broker-centric nature of Wyoming real estate law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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