LLR approved a new trust account guideline document for brokers which helps explain the monthly reconciliation procedures and trust account rules for brokers. LLR likely have already notified brokers of this new document and here is a link to a draft discussed during the SCR June 4, 2019 broker update with SCR President Drew Streett… Continue Reading LLR SC Real Estate Commission News
A one time use free paper hardcopy of SCR Residential Contract (SCR310) and Lease (SCR410) [version 2019] is available during business hours (9 am to 5 pm EST M-F) upon request at the front desk of the South Carolina Association of REALTORS® (3780 Fernandina Road; Columbia SC 29210). Other one time use free paper hardcopies… Continue Reading Free Hardcopy of SCR Residential Contract (SCR310) and Lease (SCR410)
https://www.irs.gov/forms-pubs/about-form-8829 Home office deduction benefits eligible small business owners Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of… Continue Reading IRS Information on Home Office
Disclosure issue questions are the biggest risk management question in real estate. A judge or hearing panel is going to look at the total situation's facts, so the answer can vary but a simple answer that can change with certain facts is "disclose known material adverse facts in a reasonable time period and prior to… Continue Reading Disclosure
http://scopportunityzone.com/ https://www.nar.realtor/taxes/background-qualified-opportunity-zones Posted by: Byron King on 05/21/19 (This information is only accurate as of 05/21/19. You must contact SCR for updates and changes to this information after 05/01/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)
https://www.nar.realtor/taxes/background-qualified-opportunity-zones Posted by: Byron King on 05/20/19 (This information is only accurate as of 05/20/19. You must contact SCR for updates and changes to this information after 05/01/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)
Standard of Practice 12-3 The offering of premiums, prizes, merchandise discounts or other inducements to list, sell, purchase, or lease is not, in itself, unethical even if receipt of the benefit is contingent on listing, selling, purchasing, or leasing through the REALTOR® making the offer. However, REALTORS® must exercise care and candor in any such… Continue Reading Inducements are Ethical if Handled Properly
https://www.nar.realtor/law-and-ethics/cybersecurity-checklist-best-practices-for-real-estate-professionals Cybercrime can be devastating to real estate professionals and their clients. The following checklist offers some best practices to help you curb the risk of cybercrime. Because data protection and cybersecurity laws differ across the country, NAR recommends that you work with an attorney licensed in your state to help you develop cybersecurity-related programs,… Continue Reading Cyber Security NAR Checklist
The license law has long stated this name requirement for decades, but LLR enforcement has been almost zero until recently. This is not a new law. LLR states the accurate name is necessary so when the public is harmed, the licensee can be identified for LLR prosecution. (3) A licensee may not conduct real estate… Continue Reading Use Your License Name in All of Your Real Estate Business
Any consumer that you have substantive contact with: always explain and get this form SCR115 executed: https://screaltors.org/wp-content/uploads/Forms/115.pdf https://www.llr.sc.gov/pol/rec/recpdf/SC_Disclosure_of_Real_Estate_Brokerage_Relationships.pdf (29) "Substantive contact" means contact in which a discussion or dialogue between the consumer and the associated licensee moves from casual introductory talk to a meaningful conversation regarding the selling or buying motives or objectives of the… Continue Reading Always Use the LLR Form (Real Estate Relationships, aka Agency Brochure)