Key Takeaways
- A single agent represents only the buyer OR the seller—never both without disclosure and consent
- Disclosed dual agency requires written consent from both parties and limits what the agent can do
- Transaction brokers facilitate the transaction without representing either party
- All licensees have basic duties to ALL parties: honesty, accounting, and disclosure of material facts
- Fiduciary duties (loyalty, obedience, confidentiality) are owed only to clients, not customers
Wyoming Agency Relationships
Wyoming law defines the types of agency relationships that real estate licensees may have with consumers.
Types of Agency Relationships
Single Agency (Seller's Agent or Buyer's Agent)
A single agent is a licensee who represents only one party in a transaction:
| Single Agent Role | Represents |
|---|---|
| Seller's agent | Seller only |
| Buyer's agent | Buyer only |
Single agent fiduciary duties include:
- Loyalty - Put client's interests first
- Obedience - Follow lawful instructions
- Disclosure - Reveal all material facts
- Confidentiality - Protect client information
- Accounting - Account for all funds
- Reasonable care - Exercise skill and diligence
Disclosed Dual Agency
Disclosed dual agency occurs when:
- One agent works for both the buyer and seller in the same transaction, OR
- Two agents in the same brokerage represent the buyer and seller
Requirements for Dual Agency
| Requirement | Description |
|---|---|
| Written consent | Both parties must consent in writing |
| Full disclosure | Full disclosure of the dual relationship |
| Confidentiality limits | Cannot disclose price/terms one party will accept |
| Neutral position | Must remain impartial to both parties |
Warning: Dual agency significantly limits what an agent can do for either party. The agent cannot advocate for one party over the other.
Transaction Brokerage
A transaction broker facilitates the transaction without representing either party:
| Feature | Description |
|---|---|
| No advocacy | Does not advocate for either party |
| No fiduciary duties | Limited duties only |
| Facilitator role | Helps complete the transaction |
| Neutral | Treats both parties equally |
Duties to ALL Parties
Wyoming law imposes certain duties on all licensees to all parties in a real estate transaction, regardless of who they represent:
Universal Duties (Owed to Everyone)
| Duty | Description |
|---|---|
| Honesty | Deal honestly and in good faith |
| Disclosure of material facts | Reveal known material facts |
| Accounting | Account for all money and property |
| Competence | Perform services competently |
Duties to Clients Only (Fiduciary Duties)
| Duty | Description |
|---|---|
| Loyalty | Put client's interests above all others |
| Obedience | Follow client's lawful instructions |
| Confidentiality | Protect confidential information |
| Full disclosure | Disclose all relevant information |
| Reasonable care | Exercise skill and diligence |
Personal Interest Disclosure
A licensee must provide written disclosure when:
- The licensee is a principal in the transaction
- The licensee has a personal interest in the property
- The licensee represents immediate family members
- The licensee has any financial interest in the transaction
Key Rule: This disclosure must be provided to ALL parties to the transaction.
Compensation Disclosure
A licensee shall not accept compensation from more than one party without full written disclosure to all parties.
| Situation | Requirement |
|---|---|
| Receiving fee from one party | Standard—no special disclosure needed |
| Receiving fee from multiple parties | Must disclose to ALL parties in writing |
Subagency
Wyoming recognizes subagency where:
- A cooperating broker may act as a subagent of the listing broker
- Subagents owe the same duties as the listing broker
- Subagency must be disclosed to all parties
What type of agency exists when one licensee represents both the buyer and seller in the same transaction with written consent?
Which duty does a licensee owe to ALL parties in a Wyoming real estate transaction?
When must a licensee disclose a personal interest in a transaction?