West Virginia Code of State Rules Agency 174 - Real Estate Commission
West Virginia Code of State Rules Agency 174 – Real Estate Commission
Purpose and Scope
Agency 174 governs the licensing, regulation, and oversight of real estate brokers, associate brokers, and salespersons in West Virginia. Its goal is to protect the public by ensuring that real estate professionals act ethically, competently, and in accordance with established standards.
Key Areas Covered
1. Licensing Requirements
Applicants for Licenses: Must meet certain qualifications such as education, experience, and examination requirements.
Types of Licenses: Include broker, associate broker, and salesperson licenses.
Application Process: Includes submission of forms, proof of education, and payment of fees.
Renewals: Licenses are subject to renewal at prescribed intervals with continuing education requirements.
2. Education
Real estate courses are required for initial licensing and renewal.
Course providers and instructors must be approved by the Commission.
Educational programs must cover core real estate principles, laws, and ethics.
Out-of-state providers must register before offering courses to West Virginia licensees.
3. Brokerage Conduct
Designated Broker: Every real estate company must have a designated broker who holds the ultimate responsibility for the firm’s compliance with rules.
Record Keeping: Brokers must maintain detailed records of transactions for a minimum number of years and make them available for review.
Notification: Brokers must notify the Commission of any changes in business address or other material facts promptly.
4. Agency Relationships
Licensees must disclose and obtain consent regarding their agency relationships (who they represent in a transaction).
Dual agency (representing both buyer and seller) is allowed only with written consent from both parties.
Changes in agency status must be corrected and disclosed to all relevant parties.
5. Fees
The Commission establishes a schedule of fees for licenses, renewals, and other administrative processes.
Fees are payable according to the Commission’s set timetable and are non-refundable.
6. Complaint and Disciplinary Procedures
The Commission investigates complaints against licensees.
Complaints can be resolved informally or through formal contested case hearings.
The process ensures due process rights and aims to protect the public from unethical or incompetent conduct.
Sanctions for violations may include fines, suspension, or revocation of licenses.
7. Examinations
Applicants must pass Commission-administered examinations demonstrating knowledge of real estate laws, principles, and ethical practices.
Examination procedures and passing standards are set internally by the Commission.
Summary
Agency 174 establishes a comprehensive regulatory framework to:
Ensure that real estate professionals meet standards of education, experience, and ethical conduct.
Promote transparency and fairness in real estate transactions.
Protect consumers by enforcing compliance through disciplinary measures.
Facilitate ongoing education to maintain professional competence.
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