How to become a Real Estate Agent in Wyoming

Thinking of becoming a real estate agent in Wyoming? If so, you will first have to be licensed by the Wyoming Real Estate Commission.  There are various requirements that must be met prior to applying for a real estate license including completing the required education at an approved real estate school.

The State of Wyoming currently has reciprocity agreements with the following states: Alabama, Alberta, Colorado, Georgia, Idaho, Iowa, Kansas, Mississippi, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee and Utah.

This allows a resident living in a reciprocal state with an active real estate license to apply for a Wyoming non-resident real estate license.


Here's what you need to know to become a real estate agent in Wyoming:
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools


How to Become a Real Estate Agent in Wyoming

1) Real Estate Agent Licensing Requirements in Wyoming
You MUST be licensed by the Wyoming Real Estate Commission  in order to be a real estate agent in Wyoming.

To obtain your Wyoming real estate salesperson's license so that you can practice as a real estate agent in Wyoming, you must:

i) Satisfy the minimum requirements requirements to apply for the real estate license:

  1. 40 hours of Salesman Course I
  2. 24 hours of Salesman Course II

ii) Register, Take and pass the Wyoming salesperson exam. The exam is 3.5 hours long. There is a $95 exam fee. To pass, you'll need to answer at least 75% correctly.

iii) Complete and submit application for real estate license to the Wyoming Real Estate Commission along with:

 

2) License Renewal and Continuing Education Requirements

Wyoming real estate licenses are valid for 3 years. To continue practicing as a real estate agent in Wyoming, license renewal fees and continuing education must be completed by December 31.

The renewal fee for salesperson is $190.

The continuing education requirement is 45 hours with 24 hours in specific core courses and 21 hours in electives.

 

3) What is a REALTOR®?

A real estate agent is a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribe to its Code of Ethics.

The agent generally join through the local board or association.

For example, in Cheyenne, WY once you have obtain your real estate license, you may pay a fee to join the CHEYENNE BOARD OF REALTORS®.

Joining the local board makes you a member of the Wyoming  Association of REALTORS® and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 


4) Income Potential
Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In Cheyenne, WY, the March 2005 average home price is approximately $147,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $4410.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving $2205 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on Cheyenne, WY's median home price and the above example, a real estate agent in Wyoming can make about $22,050/year by selling 10 houses a year. By selling one house per week, the real estate agent in Wyoming  will have a salary of $114,660.


5) Real Estate Schools

The first step to becoming a real estate agent in Wyoming  is to take the required classes at an approved real estate school. School status may change so it is best to call the Wyoming Real Estate Commission at 307.777.7141 prior to signing up for a class.

Below are real estate schools in Wyoming  that are currently approved by the Wyoming  Real Estate Commission.

COOLEY’S WYOMING REAL ESTATE INSTITUTE
1780 S. Bellaire, Suite 222
Denver, CO 80222
Phone: 303-744-1363 or 1-800-826-6246

 

STEVE WILLOUGHBY SEMINARS
P.O. Box 1621
Casper, WY 82602
Phone: 307-234-8653