West Virginia Real Estate Broker or Salesperson Bond
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How much does a West Virginia real estate broker or salesperson bond cost?
The West Virginia real estate broker or salesperson bond costs $100 annually. The $100 annual premium is the same whether you're licensed as a real estate broker or real estate salesperson. You can save money by choosing our multi-year discount to extend your real estate license bond term during checkout!
How do I get a West Virginia real estate broker or salesperson bond?
You can purchase your West Virginia real estate broker or salesperson bond online 24/7. You'll just need to provide your real estate salesperson or broker name for Real Estate Commission filing approval. Once your payment has been processed, your official West Virginia surety bond will be sent to your email instantly.
How long does it take to get a real estate broker or salesperson bond?
SuretyBonds.com offers instant West Virginia real estate salesperson or broker bond delivery 24/7. Purchase now to receive your official real estate license bond in minutes by email.
What is a West Virginia real estate broker or salesperson bond?
West Virginia Code Section 30-40-15(6) requires nonresidents file a $2,000 surety bond before they can be authorized to maintain an active real estate broker or salesperson license. The state's official form is titled the “Bond for Real Estate Broker or Salesperson” but is more commonly known as the “real estate broker bond" or "real estate salesperson bond.” This bond specifically benefits any person in West Virginia who might have a cause of action against the real estate broker or real estate salesperson resulting from a real estate transaction.
Why do I need a real estate broker or salesperson bond in West Virginia?
You must file this surety bond if you don't live in West Virginia but need to become a licensed salesperson or real estate broker in the state. By filing this bond, you agree to comply with West Virginia Code Chapter 30 Article 40 when working in the real estate business. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full $2,000 bond amount, which you must reimburse. Note that claims filed against your bond put your salesperson or brokers license at risk.
Who regulates licensing for real estate brokers and salespeople?
The West Virginia Real Estate Commission enforces licensing requirements for nonresident real estate brokers and salespeople. If you have questions about your active license, license application, or real estate license reciprocity, you can contact the commission by calling 1(304)558-3555 or emailing [email protected].
The West Virginia Real Estate Commission requires this bond for nonresident real estate broker or real estate sales licensing. The West Virginia Real Estate Appraiser Licensing and Certification Board enforces a separate West Virginia appraisal management company bond requirement.
What is the real estate broker bond amount?
West Virginia Code establishes a $2,000 required bond amount for nonresident real estate brokers and salespeople seeking a West Virginia real estate license.
How do I update or change my real estate broker or salesperson bond?
If the West Virginia Real Estate Commission requires your bond form to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your real estate broker or salesperson license name or address to match your active license or license application paperwork.
How do I renew my real estate broker or salesperson bond?
You must renew your West Virginia real estate broker or real estate salesperson bond before its current term expires. West Virginia real estate broker bonds remain in effect for the entire term of a salesperson or brokers license. Once you pay your renewal invoice, renewal instructions will be sent to keep your West Virginia surety bond active for your next active license term.
How do I get a West Virginia real estate broker or salesperson license?
To apply for a real estate broker or salesperson license in West Virginia, you must be 18 years old with a high school degree. You'll need to complete these steps to apply for your West Virginia real estate license.
- Pass a background check.
- Complete the salesperson or broker exam.
- Submit a license application.
- Upload a license letter.
- Complete the education requirements.
Real estate brokers must fulfill the following additional requirements.
- Be a licensed salesperson for at least 2 years.
- Be an apprentice of a broker for at least 2 years.
- Provide management information for the last 2 years.
- Register with the West Virginia Secretary of State.
- Fill out the Subordination Resolution.
- Submit a trust fund statement.
The only additional requirement for real estate salespeople is to provide proof of ethical character.
Nonresident applicants might also be required to provide the following additional information/documentation for their salesperson or broker license.
- proof of each state license held
- proof of good history in each state previously licensed
- copy of drivers license
- have a sponsoring broker in West Virginia
- non-resident documentation
- $2,000 surety bond
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