WV Real Estate study guide
WV Real Estate · Work through your exam, one topic at a time.
A West Virginia real estate salesperson license is the credential that lets you perform brokerage activities - listing, showing, marketing, and negotiating the sale or lease of real property - while working under a licensed West Virginia broker. It is the entry-level license for people moving into residential or commercial sales, whether as a first career or a switch from another field, and it is issued by the West Virginia Real Estate Commission rather than by any school or test-prep company. The WV Real Estate study guide has 11 sections and about 3,185 words.
01Property Ownership
Ownership of real property is a bundle of rights: possession, use, exclusion, enjoyment, disposition, and control. Real property includes the land, attachments (fixtures), and the appurtenant rights that travel with it - mineral, air, and water rights.
304 words, about 2 min02Land Use Controls and Regulations
Land use is regulated by both public and private controls. Public controls rest on the police power - zoning ordinances, subdivision regulations, building and housing codes, environmental rules - and require no compensation unless a regulation goes so far that it becomes a taking.
317 words, about 2 min03Valuation and Market Analysis
Market value is the most probable price in a competitive, open market with informed, willing parties, no undue stimulus, and reasonable exposure time. Price is what a property actually sold for; cost is what it took to build; value is an estimate.
266 words, about 1 min04Financing
Financing questions test vocabulary plus arithmetic. The note is the promise to pay; the mortgage or deed of trust pledges the property as security.
300 words, about 2 min05Laws of Agency
Agency is a fiduciary relationship created when a principal authorizes an agent to act on the principal's behalf. It can arise by express agreement, implication from conduct, ratification, estoppel, or operation of law.
271 words, about 1 min06Mandated Disclosures
Disclosure obligations arise from statute, regulation, and the common-law duty to disclose latent material defects. West Virginia requires sellers of residential property (generally one to four units) to deliver a written property disclosure statement addressing known defects in structure, systems, water, sewer, and environmental hazards, subject to statutory exemptions such as court-ordered transfers, foreclosure sales, and transfers between co-owners.
280 words, about 1 min07Contracts
A contract is a promise enforceable at law. Essentials: competent parties, mutual assent (offer and acceptance), lawful objective, and consideration.
262 words, about 1 min08Transfer of Title
Title passes by deed, by operation of law, or by court action. Deed essentials: a competent grantor, a named grantee, words of conveyance, an adequate legal description, a signature, and delivery with intent to convey plus acceptance.
273 words, about 1 min09Practice of Real Estate
Daily brokerage centers on the listing, the buyer relationship, advertising, and the rules against restraint of trade. A listing is an employment contract between broker and seller and must contain the essential terms and a definite termination date.
286 words, about 1 min10Real Estate Calculations
Arithmetic questions are predictable once you separate the categories. Commission: price × rate, then split between brokers, then between broker and salesperson.
303 words, about 2 min11West Virginia Real Estate Law and Commission Rules
West Virginia licensees work under W. Code Chapter 30, Article 40, and the rules of the West Virginia Real Estate Commission.
323 words, about 2 min