W. Va. Code R. § 174-1-10

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 174-1-10 - Special Provisions for Brokers

10.1. Designated broker. -- To be designated as a broker for a partnership, association, corporation, or other form of business organization, the governing body of the business organization must execute a subordination resolution which grants full authority to the partner/member/officer acting as the broker for the business organization. The subordination resolution must be submitted on a form prescribed by the Commission and be sworn to and notarized.

10.2. Broker becoming licensed salesperson. -- The holder of a broker's license may, during the term of that license, request inactivation of the broker's license and upon filing the appropriate application and payment of the proper fee, be issued a salesperson's license. Under this procedure he or she need not qualify by taking the salesperson's examination. The former broker may reinstate the broker's license at any future date without taking the broker's examination upon filing the appropriate application and fee, as long as the broker applicant is the holder of an active salesperson's license.

10.3. Records. -- Every broker shall maintain all records required by the Commission for a minimum of five (5) years. Required records include but are not limited to books, contracts, closing documents, trust account records, and other documents necessary for the Commission to conduct its audits and investigations. These records may be kept in any electronic format that is accessible to the Commission. The records shall be provided to the Commission upon request and shall also be open to inspection by the Commission through its duly authorized representative(s) at the broker's usual place of business and at all times during regular business hours. The broker shall provide sufficient space to permit the Commission's inspection of the records without interference by other users of the property.

10.4. Change of address. -- Each broker shall notify the Commission in writing of any change of company address within ten (10) days after the change. The notice shall be made on a form prescribed by the Commission and accompanied by the license certificate and the fee set forth in Section 2 of the Commission's rules. The Commission shall issue a new certificate with the new address.

10.5. Notice of payment to co-brokers. -- A broker shall provide written notice to all parties prior to paying a portion of his or her compensation to a broker representing another party to the transaction.

10.6. Broker's right to earnest money. -- When for any reason a seller fails, refuses, neglects or is unable to consummate the transaction as provided for in the contract and, through no fault or neglect of the purchaser, the real estate transaction cannot be completed, the broker has no right to any portion of the earnest money paid by the purchaser except by agreement of the parties or by court order.

W. Va. Code R. § 174-1-10