SB 2007 — Relating to WV Real Estate License Act

WEST VIRGINIA LEGISLATURE SECOND EXTRAORDINARY SESSION IntroducedEnrolled Senate Bill 2007 BBY YSENATORSSENATORS BLAIR(MR.

RESIDENT)ANDBRESIDEN) ALDWINANDBALDWIN (BYREQUEST(BY REQUEST OF THEEXECUTIVE)THE [IntroducedXECUTIV) [Passed April 25, 2022]2022; Intr SB 2007 202225009S 202225010H A BILL to amend and reenact §30-40-4 of the Code of West Virginia, 1931, as amended, relating to West Virginia Real Estate License Act;

in effect 90 days from passage (July 24, 2022)] Enr SB 2007 AN ACT to amend and reenact §30-40-4 of the Code of West Virginia, 1931, as amended, relating to West Virginia Real Estate License Act;

and permitting a salesperson to designate an entity to receive compensation.

Unless the context in which used clearly requires a different meaning, as used in this article:

(a) “Applicant” means any person who is making application to the commission for a license.

(b) “Associate broker” means any person who qualifies for a broker'sbroker’s license, but who is employed or engaged by a licensed broker to engage in any activity regulated by this article, in the name of and under the direct supervision of the licensed broker.

(c) “Broker” means any person who for compensation or with the intention or expectation of receiving or collecting compensation:

(d) “Commission” means the West Virginia Real Estate Commission as established in section six of this article.

(e) “Compensation” means fee, commission, salary or other valuable consideration, in the form of money or otherwise.

(f) “Designated broker” means a person holding a broker'sbroker’s license who has been Intr SB 2007 202225009S 202225010H appointed by a partnership, association, corporation, or other form of business organization engaged in the real estate brokerage business, to be responsible for the acts of the business and to whom the Enr SB 2007 partners, members, or board of directors have delegated full authority to conduct the real estate brokerage activities of the business organization.

(g) “Distance education” means courses of instruction in which instruction takes place through media where the teacher and student are separated by distance and sometimes by time.

(h) “Inactive” means a licensee who is not authorized to conduct any real estate business and is not required to comply with any continuing education requirements.

(i) “License” means a license to act as a broker, associate broker or salesperson.

(j) “Licensee” means a person holding a license.

(k) “Member” means a commissioner of the Real Estate Commission.

(l) “Real estate” means any interest or estate in land and anything permanently affixed to land.

(m) “Salesperson” means a person employed or engaged by or on behalf of a broker to do or deal in any activity included in this article, in the name of and under the direct supervision of a broker, other than an associate broker:

NOTE:Enr SB 2007 The Joint Committee on Enrolled Bills hereby certifies that the foregoing bill is correctly enrolled.

The............................................................... purpose of this bill is to amend the definitions in the Real Estate Licensure Act to distinguish the activity of a salesperson from the entity designated by him or her to receive compensation that is payable to the salesperson.

Strike-throughsChairman, indicateSenate languageCommittee that............................................................... would be stricken from a heading or the present law and underscoring indicates new language that would be added.

Chairman, House Committee Originated in the Senate.

In effect 90 days from passage.

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Clerk of the Senate ...............................................................

Clerk of the House of Delegates ...............................................................

President of the Senate ...............................................................

Speaker of the House of Delegates __________ The within ...................................................

this the...........................................

Day of ..........................................................................................................., 2022.

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Governor 3