West Virginia Code 30-40-25 – Collection of compensation
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No person may bring or maintain any action in any court of this state for the recovery of compensation for the performance of any act or service for which a broker‘s license is required, without alleging and proving that he or she was the holder of a valid broker’s license at all times during the performance or rendering of any act or service: Provided, That an associate broker or salesperson may institute suit in his or her own name for the recovery of compensation from his or her affiliated broker for acts or services performed while affiliated with the broker.
Terms Used In West Virginia Code 30-40-25
- 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
- Compensation: means fee, commission, salary, or other valuable consideration, in the form of money or otherwise. 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
- 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