SHERIDAN — For many Wyomingites, buying a home is one of the biggest decisions of their lives, but the real estate world can be one with a steep learning curve.
A first-time homeowner may wonder the difference between a real estate agent and a Realtor, or the difference between a buyer’s agent and a seller’s agent.
Another may wonder what guarantee they have that a listing will accurately reflect the home they visit. And although rare, cases like the Gillette Realtor accused of forging signatures sometimes make headlines.
But there are industry standards, a professional code of ethics and state law in place that safeguard people buying and selling homes in Wyoming, local experts say.
“In Wyoming, we have to be forthright, honest and truthful,” Buck Wilson, president of the Wyoming Association of Realtors (WAR) said in an interview with The Sheridan Press about best practices in his industry. “If someone is not doing that, hopefully one of their peers will hold them accountable.”
Real estate agent, broker, Realtor: What’s the difference?
Titles within the real estate market may appear synonymous to an outsider, but each has a different meaning.
Real estate agents have a professional license from their state to help others buy, sell or rent housing and real estate. Real estate brokers have taken education beyond the agent level as required by state laws and have passed a broker’s license exam. To become a Realtor with a capital “R,” an agent must be a member of the National Association of Realtors.
The seller’s agent is hired by and represents the seller, and fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract, according to the NAR.
The buyer’s agent is hired by prospective buyers to, and works in, the buyer’s best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent, according to the NAR.
Homes are listed within a multiple listing system, or MLS, which is a private database that is created, maintained and paid for by real estate professionals to help their clients buy and sell property. Each MLS has its own rules when it comes to what an agent can and cannot say about a home, according to Wilson. When it comes to advertising homes for sale, best practice is to list honestly. For example, a five-bedroom home with several livable rooms in the basement — but with no egress windows — should include a disclosure of that in the listing.
“At the end of the day, a brokerage is responsible for all promotions and advertisements,” Wilson said.
If a home does not meet the local, county or city zoning designation in which it resides, like if it features a basement apartment in an area zoned for single family only, a brokerage should not advertise that, Wilson continued. Agents also continue to adapt to remove antiquated or outdated language from listings.
“Just recently at the Cheyenne Board of Realtors, we’ve changed from ‘master bedroom’ in a listing to ‘primary bedroom’,” Wilson said.
The term “master bedroom” has racist and sexist undertones, according to a 2020 New York Times report.
“Those are things that we all change as we adapt,” Wilson said. “Because having that ‘R’ means being professional and honest.”
Wyoming Real Estate Commission is the law; professional organizations provide support
Professional organizations like the NAR, the WAR and the Sheridan County Board of Realtors follow codes of ethics that often mimic law, but it’s the Wyoming Real Estate Commission that enforces the law.
Content within listings on the statewide or local MLS are not within the purview of the Wyoming Real Estate Commission. Instead, Wyoming State Statute 33-28-111 is the “enforcement statute,” spelling out requirements for agents across the state.
Sheridan County Board of Realtors President Lisa Hansen said that for membership in the local organization, agents must take — and pass — sales courses, know state law and pass national and state exams.
“Here in Sheridan County, it is up to the brokers to decide if they will be members of the NAR, but to my knowledge, every Sheridan County brokerage is a member of NAR,” Hansen said.
The Wyoming Real Estate Commission assists with licensing and education, and is also the place for a consumer to go with any complaints about agents.
There are practical reasons for an agent to join local organizations, in addition to ethical and educational ones. Theresa Bonnet-Nelson, who is a board member of the Sheridan County Board of Realtors, said that only members have access to the local MLS.
“If you have a buyer’s agent who is not a member of our board, they will not have their listing on the MLS for all agents to see,” Bonnet-Nelson said. “Zillow, Trulia, Realtor.com, all of those places cannot get their information from anywhere but the MLS. It will not be posted anywhere on social media or all the places people are looking to buy or sell a house.”
Bonnet-Nelson added a culture of working together within the local, state and national organizations benefits the community, agents and people who are simply selling and buying homes.
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