W. Va. Code R. § 174-1-11

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

Section 174-1-11 - Deceased or Incapacitated Responsible Broker

11.1. In the event of death or other incapacity of the responsible broker:

11.1.a. Sole proprietor broker. -- The Commission may, in its discretion based upon the specific circumstances, permit an associate broker or a designated salesperson licensed with the sole proprietor broker to complete and close the_then-existing business of that broker, including taking contracts then signed to closing, for a temporary period not to exceed six (6) months from the date of Commission approval of a non-broker licensee to serve in that capacity. The sole proprietor's licensees may also transfer to a new broker.

11.1.b. Designated broker. -- The partnership, association, corporation, or other form of business organization, the governing body of the business organization must execute a new subordination resolution which names a successor broker for the business organization. The subordination resolution must be submitted on a form prescribed by the Commission and be sworn to and notarized prior to the transaction of any real estate business.

W. Va. Code R. § 174-1-11