West Virginia License Law
A West Virginia licensee who receives an earnest money deposit must place it in a trust account:
AWithin 30 days of receipt
BPromptly — within the time period specified by WVREC rules, typically within 3 banking days✓ Correct
COnly after the contract is accepted by both parties
DAt the end of each calendar month
Explanation
WVREC rules require that earnest money deposits be placed in the broker's trust account promptly — typically within 3 banking days of receipt. Delay in depositing trust funds is a disciplinary violation.
Related West Virginia West Virginia License Law Questions
- Under West Virginia license law, a licensee who is convicted of a felony involving fraud:
- A West Virginia licensee who is found to have converted client funds to personal use has committed:
- A West Virginia licensee who manages property and also sells real estate must ensure that:
- Which agency regulates real estate licenses in West Virginia?
- A West Virginia salesperson's license is automatically placed on inactive status when:
- Under West Virginia license law, a broker who wishes to open a branch office must:
- How many hours of pre-license education are required for a West Virginia real estate salesperson applicant?
- In West Virginia, which of the following is true about commission amounts charged by real estate licensees?
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →