West Virginia Real Estate Specific Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024

Broker is ordering the sign for her new firm. Which is NOT a sign requirement? - Letters at least 2 inches in height The Reason: Every sign shall prominently display the name of the broker, the term "Broker" and the company name, if any, all in letters not less than 1 inch in height. If the broker so desires, the names of the salespersons or associate brokers may be placed below the name of the broker. Broker Bob can pay his friend a referral for helping him obtain a listing if the friend is licensed with his firm - Any referral fee paid must be to a real estate current licensee. The local bank paid Broker Bob a fee to take a picture of a home do a broker price opinion "BPO" for this client. Which of following is a violation of license law? - A Broker Price Opinion (BPO) are illegal in West Virginia. The Reason: In West Virginia, brokers may not perform a "BPO" or an appraisal unless the broker is licensed or certified as an appraiser. A real estate broker or salesperson licensed by this state who, in the ordinary course of his or her business, gives an opinion to a potential seller or third party as to the recommended listing price of real estate or an opinion to a potential purchaser or third party as to the recommended purchase price of real estate, when this opinion as to the listing price or the purchase price is not to be referred to as an appraisal, no opinion is rendered as to the value of the real estate and no fee is charged; When a salesperson terminates employment with a real estate firm, the broker - sends the salespersons license to the Commission