SC License Law ---Twelve Ways to Be Disciplined
This is a Continuing Education course required by every licensee in the state of SC. The course was originally written by Dianna Brouthers. I have been approved by the state of SC to teach this course. I must say that I find the course fascinating and one that I love to teach.
Although the course was written by Dianna, each instructor adds their own experiences to the material. Bruce & Mary Smith wrote a blog about SC requiring this course.
Since I have already taught this course once to 86 Agent-Owners of AgentOwned Realty and am going to teach it this month again, I wanted to share what the 12 ways are that SC wants each of their licensees to know about.
Many, who when they first hear the title, think that it is an ethics course. However, it is a license law course.
- Failure to Comply with Trust Fund Accounting Measures
- this not only talks about handing of earnest monies on contracts, but also reminds licensees that if they have personal rental properties on which a deposit is held, that licensee must have a personal trust account
- also, discusses that earnest monies can only be disbursed in 4 ways:
- written agreement
- order of a court
- filing of an interpleader action
-
- voluntary mediation
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- Misrepresentations
- a false representation of a material fact
- failure to disclose a known property or transaction d
- misrepresentations can be
- innocent
- negligent
- fraudulent
- Failure to disclose Material Facts
- a material fact -- anything that a reasonable purchaser or seller would consider important in deciding whether to buy or sell or how much to pay or take
- Stigmatizations to Property
- No cause of action may be brought against an owner of real estate or licensed real estate agent of any party to a transaction for failure to disclose:
- that the subject property is or was occupied by someone with a virus
- that the death of an occupant has occurred or the manner of death
- an off site condition or hazard that does not directly impact the property
- the location of any registered sex offender
- Violating Buyer's Freedom to Choose Outside Service Provider
- applies to any settlement service
- give buyer a list
- disclose in writing if you have an affiliated business arrangement
- Paying An Unlicensed Person for Activities Requiring a License
- rebates to clients OK
- when part of the representation agreement
- when disclosed to all parties
- when part of the HUD-1 statement
- referral fees to other licensees OK
- no "bird-dogging" fees
- Failure to Disclose Agent Relationship
- Regarding Dual and Designated Agency
- two types of Dual Agency
- single licensee dual
- broker dual (designated agency)
- consumers must consent
- required form must be used
- Acting in a Dual Capacity as Agent and Undisclosed Principal
- careful about buying own list
- disclose personal interest in writing
- full disclosure includes potental use
- Inducing a Party to Break a Contract
- to purchase, to least or for representtion
- Being Paid By More Than One Party Without Written Consent
- clients must know all fees that come to agent
- fee is set by client and agent
- Dual Contracting
- written or oral
- stating price higher than acutal
- loan fraud
- exact agreement must be stated
The objectives of this course are:
- become familiar with license law
- utilize law to determine behavior
- better serve the consumemr
- fewer complaints from consumers
- have fun in the process.
A great course and one that is delightful to teach --- students seem to just eat this up. Of course, I have my real life experiences to add to it which I think makes it more interesting.
Liz Loadholt
Broker, SC Certified Trainer, Relocation Director
Co-founder of AgentOwned Realty
Liz@AgentOwned.com
843-725-5007
The AgentOwned Realty serves your real estate needs for:
Charleston, Johns Island, James Island, Mt. Pleasant, Isle of Palms,
Sullivan's Island, Daniel Island, North Charleston, Summerville,
Goose Creek, Moncks Corner, Santee, Manning, Sumter, Florence.
& Myrtle Beach, all in South Carolina
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