WV Real Estate License Law Exam Study Questions and Answers 2024

30-40-1 - laws are created to protect the public for the common good 30-40-3 - a license is required to be a real estate broker, associate broker or salesperson 30-40-4 - definitions Applicant - any person making application for a license Associate Broker - a broker that works under the supervision of another licensed broker, must have 2 years of experience with adequate experience, must take another 90 hr course, must pass the state exam, they can break away and form their own business Broker - brings together a buyer and a seller, an intermediary; any person who for compensation lists, sells, purchases any interest in real estate Broker Commission - the only person the broker can share commission with is another licensed broker or licensed salespeople of that broker or licensed sales people Real Estate License - it goes to the broker, your broker's name is on the license, if your broker loses their license everyone working under them loses their license; you have to stop everything you are doing first and then later find another broker, broker's signature is on your license but it doesn't need signed unless it is being sent back to the commissioner 30-40-5 - scope of practice, includes exceptions to working in the real estate field, some professionals don't have to take a 90 hr course to sell real estate, 30-40-6 - the real estate commission, beginning in 2002, 5 people appointed for terms of 4 years by governor with advice from senate 30-40-7 - general powers of WVREC, what the commission is allowed to do, can fine $1000 per day per violation up to the entire amount of commission you made, they can take back the entire amount you made 30-40-11 - application for license, need 2 people who speak well of you and own property, need high school education or GED and 18 years old, need a sponsoring broker, must disclose anything criminal, when you pass the exam you will get a letter