West Virginia License Law
Under WV Code Chapter 30 Article 40, which of the following persons is exempt from the real estate licensing requirement?
AA property manager who collects rent for a fee
BAn attorney acting in the course of their legal practice for a client✓ Correct
CA licensed home inspector who shows properties to clients
DA mortgage loan originator who advises buyers on property selection
Explanation
Attorneys performing real estate services in the course of their legal practice for clients are generally exempt from real estate licensing requirements in West Virginia.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
State-Specific Concepts
License Law
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