Defines property management as overseeing and management of commercial and residential real estate properties, including all of the daily operations of property.
Definition includes collecting rent and security deposits on behalf of property owner.
Handling maintenance, paying vendors for repairs, and fielding tenant complaints.
Amount of duties property manager has depends on contract with the property owner.
Broker License Qualifications
Increased experience requirements for applicant in closed transactions, in leasing, closed property management, brokerage company management, and salesperson.
For buyer/seller, increased from 10 to 20 closed transactions in prior two years.
If leasing/renting, increased from 10 to 20 closed transactions at least 1 year duration.
When engaged solely in management of a real estate brokerage company, regardless of number years licensed, increased from minimum of 20 to 40 closed transactions.
For applicant engaged solely in leasing or renting of real estate, representation of the landlord or tenant in a minimum of 40 (from 20) closed transactions at least one year.
Or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 40 (from 30) closed transactions.
Nonresident Licensees
A nonresident broker may not be required to maintain active place of business in WV.
Exemption applies if nonresident's state is a party to an active reciprocity agreement.
Legislative History
On Feb. 12, 2024, bill introduced in House; on Feb. 28, 2024, bill passed House.
On Feb. 29. 2024, bill introduced in Senate; on Mar. 6, 2024, bill passed Senate.
Effectiveness
On approval by governor or veto override, HB 5632 in effect 90 days after session end.
Mar. 27, 2024 WV LEG Governor Approval
On Mar. 27, 2024, WV LEG reported governor signed bill into law, effective Jun. 4.
