HB 5091
Relating to duties of licensees under the West Virginia Real Estate License Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes the requirements for real estate licensees in West Virginia. It mandates that a written agency agreement be established before a licensee can provide brokerage services, outlining the terms and conditions of the relationship. The agreement must specify duties related to confidentiality and compensation. Furthermore, licensees are now required to disclose in writing who they represent (seller, buyer, etc.) before a party signs a representation contract, and to promptly deliver offers and final contracts to all parties involved.
Key provisions
- Requires a written agency agreement before providing brokerage services.
- Specifies that the written agreement must detail terms and conditions, including confidentiality and compensation.
- Mandates disclosure of the licensee’s representation to all parties involved in a contract.
- Requires licensees to promptly deliver offers and final contracts to all parties.
- Clarifies that open houses do not require a written agency agreement.
- Establishes a definite expiration date for contracts.
- Prohibits fees or commissions after the contract’s expiration date if a new broker is involved.
- Requires the use of a commission-promulgated notice of agency relationship form.
Who is affected
- Real estate brokers
- Real estate associate brokers
- Real estate salespeople
- Consumers purchasing or selling real estate
- Real estate licensing commission
Notable changes
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