One act by any person in consideration of receiving compensation, or with the expectation or intention of receiving such compensation, or upon the promise of receiving compensation for any act or service contained in this article shall constitute and consider the person a broker, associate broker or salesperson subject to the provisions of this article.

Terms Used In West Virginia Code 30-40-23

  • Associate broker: means any person who qualifies for a broker's license, but who is employed or engaged by a licensed broker to engage in any activity regulated by this article, in the name of and under the direct supervision of the licensed broker. See West Virginia Code 30-40-4
  • Broker: means any person who for compensation or with the intention or expectation of receiving or collecting compensation:

    (1) Lists, sells, purchases, exchanges, options, rents, manages, leases, or auctions any interest in real estate. See West Virginia Code 30-40-4

  • Compensation: means fee, commission, salary, or other valuable consideration, in the form of money or otherwise. See West Virginia Code 30-40-4
  • Salesperson: means a person employed or engaged by or on behalf of a broker to do or deal in any activity included in this article, in the name of and under the direct supervision of a broker, other than an associate broker: Provided, That for the purposes of receiving compensation, a salesperson may designate an entity to receive any compensation payable to the salesperson, including, but not limited to, a limited liability corporation or an S-corporation. See West Virginia Code 30-40-4