Free West Virginia Real Estate Practice Exam Questions (November 2024) 50+

“Inactive a licensee who is not authorized to conduct any real estate business and is not required to comply with any continuing education requirements.” Per West Virginia License Act 30-40-4

The letters must be at least 1 inch in height. “ Every sign shall contain prominently display the name of the broker, together with his or her trade name, if any, beneath which shall be the word the term “Broker,” and the company name, if any, all in letters not less than 1 inch in height. If the broker so desires, the names of the salespersons or associate brokers may be placed below the name of the broker.” Per West Virginia 174-1-13.

$1,000 to $2,000. “Any person convicted of a first violation shall be fined not less than $1,000 nor more than $2,000, or confined in the county or regional jail not more than ninety days, or both fined and confined” Per West Virginia License Act 30-40-22

Trust funds may be deposited and transferred from a non-interest-bearing trust account into an interest-bearing trust account only with written consent. Per West Virginia License Law 174-1-15

“Four commissioners must be licensed under the provisions of this article, and one commissioner must be a citizen member who is not licensed under the provisions of this article.” Per West Virginia License Act Section 30-40-6.

A fine, imprisonment, or both. “Any person convicted of a first violation shall be fined not less than $1,000 nor more than $2,000, or confined in the county or regional jail not more than ninety days, or both fined and confined” Per West Virginia License Act 30-40-22

A fine. “Any corporation, association or partnership convicted of a second or subsequent violation, shall be fined not less than $5,000 nor more than $10,000” Per West Virginia License Act 30-40-22

“The commission shall consist of five persons appointed for terms of four years by the Governor with the advice and consent of the Senate.” Per West Virginia License Act Section 30-40-6.

No more than a year. “Any person convicted of a second or subsequent violation shall be fined not less than $2,000 nor more than $5,000, or confined in the county or regional jail for a term not to exceed one year, or both fined and confined” Per West Virginia License Act 30-40-22

The broker must send the salesperson's license to the West Virginia Real Estate Commission.

West Virginia is NOT a Community Property state. The states that have community property laws are: Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property is property acquired that is considered to be obtained by mutual effort.

Jackie is responsible. It is up to each and every licensee to track their own continuing education. Per West Virginia License Law

A fine. “Any corporation, association or partnership convicted of a first violation of this article or the commission's rules, shall be fined not less than $2,000 nor more than $5,000” Per West Virginia License Act 30-40-22

In the event of the death of a responsible sole proprietor broker, the commission may permit an associate broker or a designated salesperson licensed to complete and close the then-existing business for a temporary period not to exceed six (6) months. Per West Virginia License Act 174-1-11

“ Each commissioner must have been a resident of this state for at least six years prior to his or her appointment and must remain a resident during the appointment term.” Per West Virginia License Act 30-40-6

Credit is not protected. “discrimination in housing because of race, religion, color, national origin, ancestry, sex, blindness, disability, or familial status is forbidden.” Per West Virginia Fair Housing Act

Title theory states function where banks or mortgage lenders hold the title of a property until it is paid in full. West Virginia practices title theory.

Put simply, the purpose of the West Virginia Real Estate Licensing and Practices Act is to protect the public against unlaw real estate issues. The law defines everything that buyers, sellers, agents, and brokers need to know.

According to West Virginia real estate law, ONLY brokers can directly receive fees or bonuses. After the fee is received, then the broker can distribute the funds to the salesperson if applicable.

“Each broker shall notify the Commission in writing of any change of name of the broker’s business organization name or trade name within thirty (30) days of such change.” Per West Virginia 174 12.3.10.2.

West Virginia's Real Estate Laws are contained in West Virginia Chapter 30, Article 40.

Blindness is state-specific; the rest are all protected by the federal fair housing act, NOT the West Virginia fair housing act. “discrimination in housing because of race, religion, color, national origin, ancestry, sex, blindness, disability, or familial status is forbidden.” Per West Virginia Fair Housing Act

A fiduciary relationship is one in which the agent is held in a position of special trust and confidence by the principal.

Disability is protected. “discrimination in housing because of race, religion, color, national origin, ancestry, sex, blindness, disability, or familial status is forbidden.” Per West Virginia Fair Housing Act

$2,000 to $5,000. “Any person convicted of a second or subsequent violation shall be fined not less than $2,000 nor more than $5,000, or confined in the county or regional jail for a term not to exceed one year, or both fined and confined” Per West Virginia License Act 30-40-22

“To maintain an active license, every licensee is required to complete seven (7) hours of continuing professional education for each fiscal year in courses approved by the commission.” Per West Virginia Real Estate Commission

None. “No trust fund account may earn interest or any other form of income, unless specifically authorized by commission rule.” Per West Virginia License Act 30-40-18

“Each licensee shall notify the Commission in writing of any change in name, personal address, and phone and email address of record within thirty (30) days of the change or prior to June 30, whichever comes first.” Per West Virginia 174-1-9

Commingling is when a licensee mixes funds held in care for a client with their own funds.

First time individuals, no more than 90 days. “Any person convicted of a first violation shall be fined not less than $1,000 nor more than $2,000, or confined in the county or regional jail not more than ninety days, or both fined and confined” Per West Virginia License Act 30-40-22

“Obtains, negotiates or attempts to obtain or negotiate a contract whereby the broker is entitled to a commission only to the extent that the sales price exceeds a given amount, commonly referred to as a net listing.” Per West Virginia License Act 30-40-19

All of the following actions are NOT allowed aside from “Accept and process rental reservations or bookings for a period not to exceed thirty (30) consecutive days in a manner and procedure predetermined by the broker.” Per West Virginia License Act 30-40-5

“Designated broker means a person holding a broker’s license who has been 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 partners, members, or board of directors have delegated full authority to conduct the real estate brokerage activities of the business organization.” Per West Virginia License Act 30-40-4

“Associate broker means any person who qualifies for a broker’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.” Per West Virginia License Act 30-40-4

A broker price opinion "BPO" is a violation of license law. In West Virginia, brokers may not perform a "BPO" or an appraisal unless the broker is licensed or certified as an appraiser. All of the other following tasks are perfectly acceptable and allowed for a licensed real estate broker.

Regarding real estate license reciprocity, West Virginia has reciprocity with some other states but not all.

$5,000 to $10,000. “Any corporation, association or partnership convicted of a second or subsequent violation, shall be fined not less than $5,000 nor more than $10,000” Per West Virginia License Act 30-40-22

$2,000 to $5,000. “Any corporation, association or partnership convicted of a first violation of this article or the commission's rules, shall be fined not less than $2,000 nor more than $5,000” Per West Virginia License Act 30-40-22

“Have served an apprenticeship as a licensed salesperson for two years or shall produce evidence satisfactory to the commission, in its sole discretion, of real estate experience equivalent to two years full-time experience as a licensed salesperson.” The applicant must submit to the Commission written documentation outlining the applicant's experience in the real estate business. Per West Virginia License Act 30-40-12

Dual agency is legal in West Virginia as long as there is written consent from all parties prior to entering into negotiations. Per West Virginia License Act 174-1-16

“Unless otherwise directed or allowed in the signed purchase agreement, every broker who receives any trust funds shall immediately or by the next business day following receipt deposit the trust funds in the broker’s trust account” Per West Virginia License Law 174-1-15

Twenty days. “Upon initiation or receipt of the complaint, the commission shall provide a copy of the complaint to the licensee for his or her response to the allegations contained in the complaint. The accused party shall file an answer within twenty days of the date of service.” Per West Virginia License Act 30-40-20

“Every broker shall maintain at the broker’s usual place of business, all records required by the Commission for a minimum of five (5) years.” Per West Virginia License Act Section 10.3 Maintain Records.

“The commission shall consist of five persons appointed for terms of four years by the Governor with the advice and consent of the Senate.” Per West Virginia License Act Section 30-40-6.

The others are not true. “The names of associate brokers and salespersons shall not be included in the advertising unless the associate brokers and salespersons are clearly identified as such.” Per West Virginia 174-1-17.

“Advertises or displays a "for sale", "for rent" or other such sign on any property without an agency relationship being established or without the owner's knowledge and written consent.” Per West Virginia License Act 30-40-19

“To maintain an active license, every licensee is required to complete seven (7) hours of continuing professional education for each fiscal year in courses approved by the commission.” Per West Virginia Real Estate Commission

Unlike some states, in West Virginia, there is no state law that dictates what a broker may charge for a commission. The commission is completely negotiable in the listing contract.

Generally speaking, everyone must comply. The law applies to owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more.

Any West Virginia agent advertising is required to prominently feature the name of the brokerage that is employing or sponsoring the agent.