The bill amends the West Virginia Real Estate License Act, specifically section 30-40-26, to enhance the duties of real estate licensees. It introduces new requirements for licensees, including the necessity to have the notice of agency and consumer guide signed at the first contact with a prospective client. Additionally, licensees must enter into a written notice with the client before listing or showing any property. These changes aim to ensure that consumers are adequately informed about agency relationships and the services being provided.

The bill also reorganizes the existing duties of licensees, replacing the previous lettered subsections with numbered ones for clarity. It maintains essential provisions such as the requirement for contracts to have a definite expiration date and prohibits obligations for fees after contract expiration if a new representation contract is signed with a different broker. Furthermore, it emphasizes the importance of written disclosures regarding the licensee's representation and mandates prompt delivery of contracts and offers to the involved parties. Overall, the amendments seek to improve transparency and accountability in real estate transactions.

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