The bill amends the West Virginia Real Estate License Act, specifically section 30-40-17, to create an exception for nonresident real estate brokers. Under the new provisions, nonresident brokers who maintain a definite place of business in their home jurisdiction will not be required to establish a physical office within West Virginia. This change aims to facilitate the participation of out-of-state brokers in the West Virginia real estate market while still ensuring that they adhere to the licensing requirements of their own jurisdictions.

In addition to this key insertion, the bill retains existing requirements for all brokers, including the need to maintain a definite place of business, display branch office licenses, and manage the licenses of associate brokers and salespersons. The bill also outlines the procedures for changing office addresses and the consequences of terminating affiliations with brokers. Overall, the legislation seeks to modernize the Real Estate License Act by accommodating nonresident brokers while maintaining regulatory standards for real estate practices in West Virginia.

Statutes affected:
Introduced Version: 30-40-17
Enrolled Version: 30-40-17