The West Virginia Real Estate Commission is considering adopting a new rule regarding advertising standards for licensees. Under West Virginia law, which of the following correctly describes the Commission's rulemaking authority?
Correct Answer
C) The Commission may promulgate administrative rules to implement and supplement the License Act, subject to the state's rulemaking procedures
Under W. Va. Code § 30-40-7 and the West Virginia Administrative Procedures Act, the WVREC has the authority to promulgate administrative rules and regulations to implement the provisions of the License Act. These rules, codified in W. Va. C.S.R. § 174-1-1 et seq., supplement the statute and cover areas such as advertising, trust accounts, and agency disclosure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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