In West Virginia, if a broker closes their business, all affiliated licensees must:
Correct Answer
B) Transfer to a new broker or place their license on inactive status
If a broker closes their business, affiliated salespersons must transfer their license to a new employing broker or place their license on inactive status with the Commission. They cannot practice without broker supervision.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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