SB685 H GO AM #3-7
Etheredge 3345
The Committee on Government Organization moved to amend the bill on page 1 by striking everything following the enacting clause and inserting in lieu thereof the following:
ARTICLE 40. WEST VIRGINIA REAL ESTATE LICENSE ACT.
§30-40-4. Definitions.
Unless the context in which used clearly requires a
different meaning, as used in this article:
(a) “Applicant” means any person who is making
application to the commission for a license.
(b) “Associate broker” means any person who
qualifies for a broker’s license, but who is employed or engaged by a licensed
broker to engage in any activity regulated by this article, in the name of and
under the direct supervision of the licensed broker.
(c) “Broker” means any person who for compensation
or with the intention or expectation of receiving or collecting compensation:
(1) Lists, sells, purchases, exchanges, options, rents, manages, leases, or auctions any interest in real estate; or
(2) Directs or assists in the procuring of a prospect calculated or intended to result in a real estate transaction; or
(3) Advertises or holds himself or herself out as engaged in, negotiates, or attempts to negotiate, or offers to engage in any activity enumerated in subdivision (1) of this subsection.
(d) “Commission” means the West Virginia Real
Estate Commission as established §30-40-6 of this code.
(e) “Compensation” means fee, commission, salary,
or other valuable consideration, in the form of money or otherwise.
(d) “Designated broker” means a person
holding a broker’s license who has been appointed by a partnership,
association, corporation, or other form of business organization engaged in the
real estate brokerage business, to be responsible for the acts of the business
and to whom the partners, members, or board of directors have delegated full
authority to conduct the real estate brokerage activities of the business
organization.
(g) “Distance education” means courses of
instruction in which instruction takes place through media where the teacher
and student are separated by distance and sometimes by time.
“Entity” means a business, company, corporation, limited liability company, association, or partnership.
(h) “Inactive” means a licensee who is not authorized
to conduct any real estate business and is not required to comply with any
continuing education requirements.
(i) “License” means a license to act as a broker,
associate broker, or salesperson.
(j) “Licensee” means a person holding a license.
(k) “Member” means a commissioner of the Real
Estate Commission.
(l) “Real estate” means any interest or estate in
land, and anything permanently affixed to land.
(m) “Salesperson” means a person employed or
engaged by or on behalf of a broker to do or deal in any activity included in
this article, in the name of and under the direct supervision of a broker,
other than an associate broker.
Provided, That
for the purposes of receiving compensation, a salesperson may designate
an entity to receive any compensation payable to the salesperson, including,
but not limited to, a limited liability corporation or an S-corporation.
Adopted
Rejected