West Virginia Code 30-40-12 – Qualifications for broker’s license
(a) An applicant for a broker‘s license shall:
Terms Used In West Virginia Code 30-40-12
- Applicant: means any person who is making application to the commission for a license. See West Virginia Code 30-40-4
- 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
- Entity: means a business, company, corporation, limited liability company, association, or partnership. See West Virginia Code 30-40-4
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- License: means a license to act as a broker, associate broker, or salesperson. See West Virginia Code 30-40-4
- Member: means a commissioner of the Real Estate Commission. 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
(1) Submit evidence satisfactory to the commission of either: (i) Real estate experience as a licensed real estate salesperson during the two years prior to the date of application showing the applicant’s representation of a buyer or seller in a minimum of 10 closed transactions; if the applicant is engaged solely in the leasing or renting of real estate, representation of the landlord or tenant in a minimum of 10 closed transactions of at least one year in duration; or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 20 closed transactions; or (ii) regardless of the number of years as a licensed salesperson: a minimum of 20 closed transactions; if the applicant is engaged solely in the leasing or renting of real estate, representation of the landlord or tenant in a minimum of 20 closed transactions of at least one year duration; or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 30 closed transactions. For the purposes of this section, a “closed transaction” means a transaction that resulted in the real estate being conveyed from seller to buyer in which the applicant represented the seller, buyer, or both, or a transaction that resulted in the consummation of a lease of no less than one year in duration in which the applicant represented either the landlord or tenant of the real estate;
(2) Submit satisfactory evidence of having completed the required education course as provided for in § 30-40-14 of this code; and
(3) Successfully pass the examination or examinations provided by the commission.
(b) No broker’s license shall be issued in the name of an entity except through one of its members or officers.
(c) No broker’s license may be issued in the name of an entity unless each member or officer who will engage in the real estate business, obtains a license as a real estate salesperson or associate broker.