The bill amends the West Virginia Real Estate License Act, specifically section 30-40-26, to enhance the responsibilities of Real Estate Commission licensees. It introduces a requirement for licensees to have the notice of agency and the consumer guide to agency signed at the first point of contact with a prospective client. Additionally, it mandates that a written notice must be entered into with the client before any property is listed or shown.

The bill also reorganizes the existing duties of licensees, replacing previous subsections with new numbered provisions that clarify their obligations. These include ensuring that all terms of a real estate transaction are included in contracts, promptly delivering offers and copies of contracts to clients, and disclosing the nature of their agency relationship in writing before any contracts are signed. Overall, the changes aim to improve transparency and protect consumer interests in real estate transactions.

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