This bill amends the West Virginia Real Estate License Act to allow real estate licensees to be actively licensed with two brokerages for a period of 60 days after transitioning from one brokerage to another. This provision is intended to facilitate the receipt of payments on open commissions that may arise from pending contracts during the transition period. The bill specifies that a licensee must provide notice to their current broker about the move to a new brokerage to qualify for this dual licensing arrangement.

Additionally, the bill includes a modification to existing language regarding compensation, clarifying that licensees may not accept compensation from anyone other than their broker, except as outlined in the new provision allowing for dual brokerage licensing. The overall aim of the bill is to streamline the process for licensees during their transition between brokerages while ensuring compliance with existing regulations governing real estate practices.

Statutes affected:
Introduced Version: 30-40-19