Definitions

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Consumer" means a person who is the recipient or anticipated recipient of any real estate service. "Person" means any individual, corporation, corporate fiduciary, partnership, limited partnership, limited liability company, joint venture or association as defined by §30-40-4 of this code. "Real estate service" means an act or acts requiring a real estate license in accordance with §30-40-3 of this code. "Real estate service agreement" means a contract under which a real estate service provider agrees to provide any real estate service to a consumer. "Real estate service provider" means any person providing or who is anticipated to provide real estate services to a consumer pursuant to a real estate service agreement. "Recording" means presenting a document to a county recorder of deeds for official placement in the public land records. "Residential real estate" means any interest in real property located within the state of West Virginia that consists of not less than one nor more than four residential dwelling units. "Unfair Real Estate Service Agreement" means any real estate service agreement that: (1) Purports to run with the land or to be binding on future owners of interests in the real property; or (2) Purports to create or allow a lien, encumbrance or other security interest in the property; or (3) Allows for the contract to be assigned without timely notification to the owner of the property; or (4) Creates a listing agreement for a residential property that lasts for more than 365 days from the listing date.