Relating to residential real estate transactions

HB 3501, titled the "West Virginia Abolishment of Wholesaling Act," prohibits real estate brokers and salespersons from engaging in wholesaling - reselling property quickly without making improvements or holding title. It directly affects licensed real estate professionals who currently use assignment contracts to transfer purchase agreements for profit. The bill defines "wholesaling" as selling or assigning a contract to buy property without acting as a broker, with exceptions for owners, attorneys, auctioneers, and banks. The law would require brokers to comply with standard real estate transaction rules instead of the current wholesale practice.