A licensed salesperson in West Virginia is found to have commingled client funds with her personal bank account. Which West Virginia body has primary authority to investigate this complaint and impose administrative sanctions?
Correct Answer
C) The West Virginia Real Estate Commission
The West Virginia Real Estate Commission (WVREC) is the administrative body with primary authority to investigate complaints against licensees and impose sanctions for violations of the License Act, including trust account commingling. This authority is established under W. Va. Code § 30-40-1 et seq.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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