West Virginia Real Estate Broker Exam — All Questions

West Virginia requires a licensee to provide consumers with a written notice explaining the available agency relationships. This document is generally known as the:

• a.Uniform Settlement Statement
• b.Lead-based paint pamphlet
• c.Notice of Agency Relationship✓
• d.Deed of trust

West Virginia licensees must give consumers a written Notice of Agency Relationship that explains the ways a licensee may work with a consumer, such as representing the seller, representing the buyer, or dual agency. The notice lets consumers understand who represents them before they share confidential information.

In West Virginia, a licensee who wishes to represent both the buyer and the seller in the same transaction as a dual agent must:

• a.Obtain the informed consent of both parties and not disclose one party's confidential information to the other✓
• b.File a separate license application for the transaction
• c.Represent whichever party signed first and drop the other
• d.Collect the entire commission from the buyer only

Dual agency is permitted in West Virginia only with the informed consent of both the buyer and the seller. A dual agent must remain neutral and must not disclose one party's confidential negotiating information, such as the top price a buyer will pay, to the other party.

The primary purpose of West Virginia's mandatory agency disclosure is to:

• a.Set the commission rate for the transaction
• b.Transfer title to the buyer
• c.Guarantee the property's condition
• d.Inform consumers, before they share confidential information, which agency relationship a licensee is offering✓

The agency disclosure is informational. It tells consumers, early in the relationship, whether a licensee represents the seller, the buyer, or is acting as a dual agent, so consumers can decide about representation before revealing negotiating positions. It does not set commission, transfer title, or warrant condition.