This bill amends the West Virginia Real Estate License Act by introducing a requirement for real estate licensees to enter into a written agency agreement with consumers before providing brokerage services. The written agreement must outline the terms and conditions of the relationship, including any limitations on confidentiality and compensation. Additionally, it specifies that the agreement must be provided by the licensee's responsible broker and clarifies that no written agency agreement is necessary while the licensee is conducting an open house.

The bill also makes several adjustments to existing provisions regarding the duties of licensees. It establishes that contracts for representation must have a definite expiration date and prohibits any clauses that would require a consumer to pay fees to a broker after the contract's expiration if they choose to work with a different broker. Furthermore, it mandates that licensees disclose their representation status in writing before any contracts are signed and ensures that all terms of a real estate transaction are included in contracts prepared by the licensee.

Statutes affected:
Introduced Version: 30-40-26