WV Real Estate Law Review 2024

Activities That Require a License - anyone engaging in, carrying on, advertising, and acting in the capacity of a broker, associate broker or real estate salesperson Exceptions to Having A License - Appraiser, Mortgage Company, Engineer, Lawyer, Contractor, Surveyor, and Home Inspector; they aren't procuring buyers and sellers but acting within their specialized fields of study; also includes Owners, Lessors, Property Managers; Power of Attorney, Under the authority of a deed or trust, and employed exclusively for ONE person, partnership, or corporation; Any Person dealing with easements, pipelines, etc.; Anyone who does clerical or secretarial work for a broker Property Manager - doesn't require a real estate license BUT is limited to what they can do without one and don't qualify for extra compensation; they can only be employed exclusively by ONE person, partnership, or corporation Clerical or Secretarial Employee of a Broker - doesn't need a real estate license BUT is limited to 1) handing out pre-printed info 2) handling rental reservations for no more than 30 days; they CAN collect rental fees and make appointments Scope of Practice For Real Estate Brokerage - mostly terms describing the broker, associate broker, and salesperson Associate Broker - a person that qualifies for a broker's license but is working for and under the direct supervision of a licensed broker; a "glorified salesperson" Broker - any person who lists, sells, purchases, exchanges, options, rents, manages, leases or auctions real estate EXPECTING COMPENSATION Salesperson - person employed or engaged on behalf of a broker, in the name of, and under direct supervision of a broker, OTHER than an associate broker Closing Statement and Role of Broker - every broker shall make certain that the buyer and seller receive a complete, detailed closing statement showing all of the receipts and disbursements for their side of the transaction; must provide their clients a list of where their money has gone Schedule of Fees - 1.)Examination/Reexamination Fee: up to $150.00 and currently $96.00; 2.) Original Application Fee: $25.00 with the state application; 3.)Salesperson License: $75.00/year starts July 1 - June 30; 4.) Salesperson Renewal Fee: $75.00/year payable by June 15; 4.) Change of Employing Broker: $10.00; 5.) Duplicate License: $10.00; 6.) Change of Name: $10.00; 7.) Late Renewal Fee: $10.00 in addition to renewal fee of $75.00 July 1 - Sept 30; 8.) Reinstatement Fee: $50.00 plus renewal fee of $75.00 Oct 1 - Dec 31; 9.) Reinstatement Fee: $100.00 plus renewal fee of $75.00 Jan 1 - June 15; 10.) Returned Check Fee: $25.00