Key Takeaways
- Wyoming requires written agency disclosure to all parties in a real estate transaction
- Licensees must disclose their agency relationship at the first substantive contact with a consumer
- Wyoming recognizes seller agency, buyer agency, disclosed dual agency, and transaction brokerage
- All agency agreements must be in writing and signed by the parties
- Licensees must disclose any personal interest in a transaction to all parties
Wyoming Agency Disclosure Requirements
Wyoming law requires real estate licensees to disclose their agency relationship and the nature of their representation to all parties in a real estate transaction.
Purpose of Agency Disclosure
Agency disclosure requirements ensure that:
- Consumers understand who represents whom in a transaction
- All parties know what duties are owed to them
- Conflicts of interest are properly disclosed
- The public is protected from misunderstanding
Key Point: Agency disclosure must occur at the first substantive contact with a consumer—before any confidential information is shared.
When to Provide Agency Disclosure
The agency disclosure must be provided:
- At first substantive contact
- Before any confidential information is disclosed
- Before any negotiation begins
Timing Guidelines
| Situation | When to Provide |
|---|---|
| Listing presentation | At first meeting |
| Buyer inquiry | Before discussing needs or finances |
| Open house | Before substantive conversation |
| Property showing | Before showing begins |
Types of Agency Relationships in Wyoming
Wyoming recognizes several agency relationships:
| Type | Description |
|---|---|
| Seller Agency | Agent represents seller's interests |
| Buyer Agency | Agent represents buyer's interests |
| Disclosed Dual Agency | Agent represents both parties with consent |
| Transaction Brokerage | Agent facilitates transaction without representing either party |
Note: All agency relationships in Wyoming must be established in writing.
Agency Disclosure Form Requirements
Required Disclosures
The Wyoming agency disclosure form must include:
| Element | Description |
|---|---|
| Types of agency | Explanation of available agency relationships |
| Duties owed | What the agent will do for the client |
| Compensation | How the agent is paid |
| Dual agency risks | If applicable |
Licensee Obligations
The licensee must:
- Provide the disclosure form to the consumer
- Explain the types of agency relationships
- Obtain signature or document refusal
- Retain a copy of the signed disclosure
Consumer Signature
| Requirement | Status |
|---|---|
| Consumer signature required | Yes (or document refusal) |
| Copy provided to consumer | Required |
| Licensee retains copy | Required |
Company Policy Requirements
Each brokerage must:
- Establish written policies regarding agency relationships
- Train licensees on company agency practices
- Ensure compliance with disclosure requirements
- Maintain records of all disclosures
Changes in Agency Relationship
If the agency relationship changes during a transaction:
- New written consent must be obtained
- All parties must be notified
- Documentation must be updated
Warning: Changing from single agency to dual agency requires specific written consent from both parties.
When must a Wyoming licensee provide agency disclosure to a consumer?
Which of the following is NOT a recognized agency relationship in Wyoming?