A Guaranteed Appraisal, an Unregistered Team, and Deleted Files
Broker Hollis in Cheyenne is competing for a listing. His licensee, Jana, prepares a CMA showing a suggested list price of $465,000 and tells the seller, 'I guarantee it will appraise for $465,000.' The seller signs. Jana also prepares a $150 broker price opinion for a lender and signs it 'Jana, Certified Appraiser.' She keeps transaction files in a personal cloud account and deletes them after 60 days. Her advertisements say 'Hollis Homes Team - the best in Wyoming' but do not name the brokerage. The team name is not registered with the Commission.
1. Jana's CMA, her guarantee, and the BPO: what is improper, and how should it be corrected?
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Jana's CMA is a broker price opinion for listing purposes, not an appraisal. She may explain the CMA's basis and the limits of her data, but she cannot guarantee an appraised value; that is a misrepresentation of a future appraisal outcome and creates false expectations. Signing a BPO as 'Certified Appraiser' is also improper unless she holds the required appraisal credential. The BPO should state that it is not an appraisal and was not prepared by a state-certified or licensed appraiser. The broker should correct the CMA, remove the guarantee, and review advertising and signature blocks.
2. What is wrong with the advertising and the team name, and what should Hollis do?
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Advertising must identify the licensed brokerage, not just a team name. A team name that is not registered with the Commission should not be used until the brokerage completes the required registration or approval. 'Best in Wyoming' is puffery only if it is not a false statement of fact; the bigger problem is the missing brokerage name and the unregistered team. Hollis should revise all ads, business cards, signage, and email footers to include the brokerage name and correct licensee identification.
3. Evaluate the recordkeeping practice and state what policy the brokerage should adopt.
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Transaction records must be retained for the period required by Wyoming Commission rules and must be producible on audit. Keeping files only in a personal cloud account and deleting them after 60 days is unsafe: the broker may need them for commission disputes, agency complaints, and litigation. Electronic records are acceptable only if they are secure, backed up, and retrievable in legible form. The broker should adopt a written retention policy, keep files under the brokerage's control, and not let licensees delete records on their own.