The bill amends the West Virginia Real Estate License Act, specifically section 30-40-26, to enhance the duties of real estate licensees. Key changes include the requirement for licensees to have the notice of agency and consumer guide to agency signed at the first contact with a prospective client. Additionally, licensees must enter into a written notice with the prospective client before listing or showing any property.

Other modifications clarify the obligations of licensees regarding contracts for representation in real estate transactions. The bill specifies that contracts must have a definite expiration date and prohibits provisions that would require clients to pay fees after the contract's expiration if they choose to work with a different broker. Furthermore, licensees are mandated to disclose their agency relationships in writing before any contract is signed and must ensure that all terms of a transaction are included in contracts they prepare.

Statutes affected:
Introduced Version: 30-40-26
Committee Substitute: 30-40-26
Engrossed Committee Substitute: 30-40-26