West Virginia Code 30-40-17 – Place of business; branch offices; display of certificates; custody of license certificates; change of address; change of employer by a salesperson or associate broker; license certificates; term of license
(a) Every person holding a broker‘s license under the provisions of this article shall:
Terms Used In West Virginia Code 30-40-17
- Associate broker: means any person who qualifies for a broker's license, but who is employed or engaged by a licensed broker to engage in any activity regulated by this article, in the name of and under the direct supervision of the licensed broker. See West Virginia Code 30-40-4
- Broker: means any person who for compensation or with the intention or expectation of receiving or collecting compensation:
(1) Lists, sells, purchases, exchanges, options, rents, manages, leases, or auctions any interest in real estate. See West Virginia Code 30-40-4
- Commission: means the West Virginia Real Estate Commission as established §. See West Virginia Code 30-40-4
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Inactive: means a licensee who is not authorized to conduct any real estate business and is not required to comply with any continuing education requirements. See West Virginia Code 30-40-4
- License: means a license to act as a broker, associate broker, or salesperson. See West Virginia Code 30-40-4
- Licensee: means a person holding a license. See West Virginia Code 30-40-4
- Real estate: means any interest or estate in land, and anything permanently affixed to land. See West Virginia Code 30-40-4
- Salesperson: means a person employed or engaged by or on behalf of a broker to do or deal in any activity included in this article, in the name of and under the direct supervision of a broker, other than an associate broker: Provided, That for the purposes of receiving compensation, a salesperson may designate an entity to receive any compensation payable to the salesperson, including, but not limited to, a limited liability corporation or an S-corporation. See West Virginia Code 30-40-4
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(1) Have and maintain a definite place of business within this state, which shall be a room or rooms used for the transaction of real estate business and any allied business. The definite place of business shall be designated in the license certificate issued by the commission and the broker may not transact business at any other location, unless such other location is properly licensed by the commission as a branch office;
(2) Conspicuously display his or her branch office license in each branch office;
(3) Make application to the commission before changing the address of any office or within 10 days after any change;
(4) Maintain in his or her custody and control the license of each associate broker and salesperson affiliated with him or her; and
(5) Promptly return the license of any associate broker or salesperson whose affiliation with the broker is terminated.
(b) Every person holding an associate broker’s or salesperson’s license under the provisions of this article shall:
(1) Conduct real estate brokerage activities only under the direct supervision and control of his or her affiliated broker, which shall be designated in the license certificate; and
(2) Promptly make application to the commission of any change of employing broker: Provided, That it shall be unlawful to perform any act contained in this article, either directly or indirectly, after affiliation has been terminated until the associate broker or salesperson has made application to the commission for a change of affiliated broker and the application is approved.
(c) The commission shall issue a license certificate which shall:
(1) Be in such form and size as shall be prescribed by the commission;
(2) Display the seal of the commission and shall contain such other information as the commission may prescribe: Provided, That a salesperson’s and an associate broker’s license shall show the name of the broker by whom he or she is affiliated;
(3) If an active licensee, be mailed or delivered to the broker’s main office address;
(4) If an inactive licensee, be held in the commission office; and
(5) Be valid for a period that coincides with the fiscal year beginning on July 1 and ending on June 30.