How to Become a Licensed Real Estate Agent in Wyoming
Wyoming License Basic Requirements
To become a real estate agent in Wyoming, you need to meet the following requirements:
- You must be 18 years or older.
- You should have a high school diploma or GED.
- Submit your fingerprints and pass the background check.
Wyoming Real Estate License Costs
- Real Estate Agent Education in Wyoming: $500
to $800 (approx.)
- Exam Fee: $141
- Fingerprint Fee: $39
- License Fee: $300
- Learn more about the requirements by visiting Wyoming Real Estate Commission
- To take the real estate salesperson exam, you need to register with PSI
(Psychological Services Inc.) and pass the exam. You can refer to the Candidate Handbook for more information.
- Online resources or exam preparation: The CE Shop.
STEP 1: Prep Education
Sign up and Complete the Pre-licensing Education
To get a real estate salesperson license in Wyoming, you must complete 54 hours of the pre-licensing education which consists of:
- Salesperson I Course: 30 hours
- Salesperson II Course: 24 hours
STEP 2: Submit a Completed Application
Once you complete the pre-licensing education, you must take the Wyoming Real Estate Licensing examination. The exam is a computer-based exam and is in the multiple-choice format. You can take the Wyoming Real Estate Licensing exam in any one of the following 16 centers – Casper, Green River, Cheyenne, Grand Junction, CO, Denver, CO, Boise, ID, Great Falls, MT, Billings, MT, Missoula, MT, North Platte, NE, Lincoln, NE, Scottsbluff, NE, Omaha (Bellevue), NE, Sioux Falls, SD, Rapid City, SD and Salt Lake City, Utah.
Where to Apply
To take the real estate salesperson exam, you need to register with PSI (Psychological Services Inc.) and pass the exam. You can register for the exam in any one of the following ways:
- Online Scheduling: You can schedule the exam
on the goamp.com
website and register for the exam online by paying the exam fee using a credit
- Telephone Scheduling: You can call PSI to
schedule your examination at the toll-free number, 800-345-6559.
- By Mail: You can complete the registration
form available in the Candidate Handbook and mail it to PSI along
with the exam fee paid via money order or cashier’s check.
You need to pay an examination fee of $141 to take the Wyoming Real Estate Salesperson examination. You can make the payment via credit card—American Express, Visa, Mastercard or Discover, money order, payable to PSI Services Inc. or a cashier’s check. Cash, personal checks and
company checks are not accepted.
STEP 3: Pass the State License Test
The exam consists of two parts—national and state examination. The total duration of both portions of the exam is 3.5 hours. The duration for the national portion only is 1.5 hours and the state portion only is 2.5 hours. The national portion of the exam consists of 100 questions of which you should get at least 70 right to pass. The state portion consists of 32 questions of which you should get at least 28 right to pass.
Topics Covered on the Real Estate Exam
The topics in the national portion of the exam and the breakup of questions include:
- Agency Relationships and Contracts: 28
- Real Property Ownership/Interest:13
- Property Management: 8
- Real Property: 14
- Finance: 14
- Marketing Regulations (Purchase and Rental): 10
- Real Estate Calculations: 13
The topics in the state portion of the exam include:
- The Real Estate Licensing Agency’s Powers
- Requirements Governing the Activities of Licensees
- Additional Topics
What to Bring to the Exam Venue?
You need to carry two forms of identification for admission into the test center.
- Primary ID: This must be a current,
government-issued ID that includes your name, photograph and signature.
Examples of primary ID are passport, a state ID card with photograph and
military ID card with photograph.
- Secondary ID: This should have your name and
signature for the purpose of signature verification and can be your
employment/student ID card with signature, a credit card with signature or
Social Security card with signature.
If your name on the registration is different from your ID, then you must carry along with you a proof of your name change.
If you pass the Real Estate exam, you will get your score report along with the instructions on how to apply for a real estate license. Your exam results will be forwarded to the Wyoming Real Estate Commission. However, if you fail any one portion of the salesperson examination, you will get your scorecard with the instructions for reapplication.
If you don’t get a passing score, then you must submit a new registration form to PSI along with the exam fee and retake the portion of the exam that you have failed. However, you must retake the partial exam within 6 months after the last test failure date. If you don’t pass the exam within 6 months, you will be required to rewrite both the national and state portions of the exam.
STEP 4: Apply and Obtain Your License
Once you pass the Wyoming Real Estate Salesperson Exam, you must submit your original score report and the completed application for your license to the Wyoming Real Estate Commission within 90 days.
Before applying for the Wyoming Real Estate Salesperson license, you must:
- Complete the Salesperson I and II courses and pass.
- Pass the National and State Exam for Salesperson.
- Submit your fingerprints.
If you have an active license from another state, then before applying for the Wyoming Real Estate Salesperson license, you must:
- Submit your fingerprints.
- Complete the Wyoming Law portion
of the Salesperson I course and all courses of the Salesperson II course.
- Pass Salesperson state exam.
Your real estate license application will not
be approved and issued until your fingerprint card has been processed by the
Division of Criminal Investigation of Wyoming and the Commission receives a
You can get your fingerprints taken at any local law enforcement agency. You will need to get two blue fingerprint cards. You must bring an envelope with you in which the fingerprint cards will be put by the official taking the fingerprints and he/she will seal the envelope.
The envelope should have an official stamp of the agency/department taking the fingerprints. You must ensure that you fill in all the information on the fingerprint card completely using black ink only. Incomplete fingerprint cards will not be accepted.
You must mail your fingerprint cards along with your contact information and a fee of $39 to the Commission’s office. The fingerprint report is valid for a period of 90 days after issue. If you don’t complete your license application before the fingerprint report expires, then you will have to go through the entire process again.
If you have a real estate salesperson license from any other U.S. state and are looking to get a license in Wyoming, then you must complete the Wyoming Law section of the Salesperson I course, the Salesman II course and pass the state license examination.
STEP 5: Finding a Brokerage
Once you get your real estate agent license, you must choose a brokerage to work with, which is an important step, as the partnership between you and the brokerage will determine your career path and your success or failure as a real estate agent.
A few factors that you must consider when selecting a real estate brokerage are:
- What is the reputation of the brokerage in the area?
- How is the culture of the brokerage?
- Does the brokerage offer mentorship and training programs? Will you have a coach/trainer/mentor who will work with you?
- What are the systems and tools provided by the brokerage?
- Does the brokerage need additional courses or training?
- How does the brokerage distribute leads?
- Will you have to do the marketing all on your own?
- Does the vision and mission of the company align with your goals and beliefs?
- Do all the other agents and brokers work collaboratively or independently?
Another very important factor to consider is the commission structure of the brokerage. There are 3 common commission plans:
- Traditional Split Plan: In this plan you get
half the commission and the balance 50% is taken by the brokerage. Usually,
these plans come with no or low desk fees.
- High Split Plan: Here you get a commission
that is much higher (from 70%-100%); however, these are usually accompanied by
high per month desk fees.
- Hybrid Plans: This is a combination of the
above two plans. Here, at the start of the year, you get a 70% commission split
and as you meet certain goals, the rate increases to 100%.
How to Find a Real Estate Brokerage in Wyoming?
Do an internet search for real estate firms in Wyoming. But, before you decide which brokerage you want to work with, be sure to check out the client and employee reviews on websites such as Glassdoor, Yelp, etc.
Real Estate Ads
Check out the ads in the local newspaper to see which brokerages are advertising. Check out the television, radio and billboard advertising. Visit the various real estate brokerages in Wyoming and
speak to the employees before deciding on the one you want to work for.
You can speak with your friends, family and locals to find out about the real estate brokerages in your area. Find out who are the best real estate agents and which firm is growing. Check out websites, Facebook pages and LinkedIn profiles of the various brokerages. Attend webinars, events and meetings conducted by brokerages in your area.
Types of Brokerages in Wyoming
The real estate brokerage that you work for essentially determines the volume and type of work that you will do. The training/mentoring that you receive and the company culture you are a part of.
The 3 most common types of brokerages and their pros and cons are as below:
National Franchise Brokerages
National Franchises offer instant name recognition, greater resources for beginner agents and structured training. Examples of national franchise brokerages are Re/Max, Coldwell Banker, Keller
Williams Realty, etc.
- The biggest advantage of working with a national franchise is the reputation, brand name and brand recognition.
- These companies have deeper pockets and more resources such as state-of-the-art tech support, databases, training and marketing tools that ensure greater customer satisfaction.
- Being a part of a franchise brokerage enables you to have access to a wide network of agents.
- You may be one of the many agents and may not have the chance to develop your individuality and creativity.
- It can cost more to be an agent working with a franchise brokerage and commission splits usually are much lower, especially when you’re new.
These are independent or local brokerages that offer more personalized training and greater flexibility and opportunity for growth.
- Since they operate in the local area, boutique brokerages are quite knowledgeable about the local market and they give you a greater advantage with local clients.
- Boutique brokerages offer greater freedom and flexibility to work independently and let you focus on building your business.
- Generally, boutique brokerages charge less in terms of the fees and offer you higher commission splits.
- Being smaller, these firms have fewer resources, support staff, training and marketing materials compared to large franchise brokerages.
- While independent brokerage firms charge less in fees, you end up spending more on office space, admin support, marketing services, collateral, etc. from your own pocket, which means that you’ll end up making less money.
Today, virtual brokerages are the new type of real estate brokerage that is entirely online. Also called a cloud-based brokerage, virtual brokerages don’t have physical offices and they make use of cloud-based technology to connect agents.
- Virtual brokerages are fairly inexpensive to join as they charge a low joining fee, a small fee for every transaction and a monthly fee to access the cloud-based systems. This is ideal for agents who do not want to pay large amounts charged by traditional brokerages.
- Virtual brokerages offer a lot of independence and a cloud-based system offers the flexibility to work from anywhere.
- Since virtual brokerages are paperless and all tools and systems are cloud-based, this type of set-up is preferred by tech-savvy real estate agents.
- You are practically working alone in the case of a virtual brokerage without a physical office, no physical meetings, etc. and if you are a social person who likes collaborative working, then you may find this way of working quite lonely.
- If you are a new agent, then a virtual brokerage may not offer you a support system to tap into and you will have to build your own network.
STEP 6: Post-learning Requirements
In Wyoming, as a real estate salesperson, you
need to renew your license by the 31st December, every 3 years. You
must complete 45 hours of continuing education, which includes:
- Mandatory Courses: 24 hours
- Contracting, Trust Accounts and
Closing: 8 hours
- Marketplace Issues: 8 hours
- Practical Applications: 8 hours
- Contracting, Trust Accounts and
- Electives: 21 hours
You must complete the course within one year from your date of enrolment. You must take all the mandatory courses in a classroom setting, while the elective courses can be taken online.
The CE Shop, an incredible platform for all the training material you will ever need with regards to your real estate licensing, offers continuing education courses packages for $159 to $379 and individual courses ranging between $29 to $79. That’s all you need, now go out there and reach for the stars!