HB 5070
To permit and require real estate brokerage firms to pay realtors leaving the commission they are entitled on open contracts.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows real estate brokerage firms in West Virginia to pay realtors who are leaving and have open contracts. Specifically, it permits a realtor to be actively licensed with two brokerages for a period of 60 days after leaving one brokerage, enabling them to receive payment on any outstanding commissions from those open contracts. The bill also updates existing regulations regarding license revocation and disciplinary actions.
Key provisions
- Allows a realtor to be licensed with two brokerages for 60 days after leaving one.
- Permits brokerage firms to pay realtors for commissions on open contracts.
- Updates existing provisions regarding license revocation and disciplinary actions.
- Addresses issues related to advertising and disclosure requirements.
- Clarifies rules regarding compensation and rebates.
- Specifies requirements for maintaining records and supervising associate brokers.
- Defines circumstances leading to license suspension or revocation.
- Establishes a process for issuing replacement licenses after a broker’s license is revoked.
Who is affected
- Real estate brokers
- Real estate agents/realtors
- Real estate brokerage firms
- Real estate clients
- West Virginia consumers involved in real estate transactions
Notable changes
- Introduces a 60-day window for realtors to maintain active licensure with two brokerages while receiving commission payments on open contracts.
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