West Virginia Code of State Rules › Agency 174 - Real Estate Commission › Title 174 - LEGISLATIVE RULE REAL ESTATE COMMISSION › Series 174-01 - Licensing Real Estate Brokers, Associate Brokers, and Salespersons and the Conduct of Brokerage Business › Section 174-1-10 - Special Provisions for Brokers

Current through Register Vol. XLI, No. 28, July 12, 2024
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.