West Virginia License Law
The WVREC Real Estate Recovery Fund exists to:
AFund continuing education programs for licensees
BCompensate consumers who suffer losses due to licensee fraud and cannot collect from the licensee✓ Correct
CPay WVREC operating expenses
DReimburse brokers for errors and omissions claims
Explanation
The West Virginia Real Estate Recovery Fund compensates members of the public who suffer financial losses caused by the fraudulent or dishonest acts of a licensed real estate agent when the judgment cannot be collected from the licensee.
Related West Virginia West Virginia License Law Questions
- A West Virginia licensee who wishes to operate as an independent broker must hold which license type?
- A West Virginia salesperson licensee who wants to independently operate a real estate business must first:
- How many hours of pre-license education are required before applying for a West Virginia broker's license?
- Which of the following activities does NOT require a real estate license in West Virginia?
- Under WV Code Chapter 30 Article 40, which of the following actions would result in automatic license revocation?
- A West Virginia real estate broker who changes business addresses must notify the WVREC within:
- What is the minimum passing score required on the West Virginia real estate licensing examination?
- In addition to education requirements, a broker applicant in West Virginia must have at least how many years of active salesperson experience?
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