West Virginia Code 30-40-26 – Duties of licensees
Every broker, associate broker, and salesperson owes certain inherent duties to the consumer which are required by virtue of the commission granting a license under this article. The duties include, but are not limited to:
Terms Used In West Virginia Code 30-40-26
- 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
- Contract: A legal written agreement that becomes binding when signed.
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- 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
- Principal: means a person or entity that authorizes a licensee to act on his, her, or its behalf. 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
(a) At the time of securing any contract whereby the broker is obligated to represent a principal to a real estate transaction, every licensee shall supply a true legible copy of the contract to each person signing the contract.
(b) Any contract in which a broker is obligated to represent a principal to a real estate transaction shall contain a definite expiration date, and no provision may be included in any contract whereby the principal is required to notify the broker of his or her intention to cancel the contract after the definite expiration date.
(c) No provision may be inserted in any contract for representation that would obligate the person signing the contract to pay a fee, commission, or other valuable consideration to the broker, after the contract’s expiration date, if the person subsequently enters into a contract for representation with a different broker.
(d) Every licensee shall disclose in writing, on the notice of agency relationship form promulgated by the commission, whether the licensee represents the seller, the buyer, the seller and the buyer, the landlord, the tenant, or the landlord and the tenant. The disclosure shall be made prior to any person signing any contract for representation by a licensee or a contract for the sale or purchase of real estate.
(e) Every licensee shall promptly deliver to his or her principal, every written offer received.
(f) Every licensee shall make certain that all the terms and conditions of a real estate transaction are contained in any contract prepared by the licensee.
(g) At the time of securing the signature of any party to a contract, the licensee shall deliver a true copy of the contract to the person whose signature was obtained.
(h) Upon the final acceptance or ratification of any contract, the licensee shall promptly deliver a true copy to each party that has signed the contract.