Legal FAQs

An important SC update for your colleagues and closing attorneys and title insurers as SC seeks to remedy a growing statewide title issue and legal issues that was impacting consumers. https://www.scstatehouse.gov/query.php?search=DOC&searchtext=881&category=LEGISLATION&session=125&conid=42195246&result_pos=0&keyval=1250881&numrows=10 NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL. (A165, R191, S881) AN… Continue Reading NTRAPS Unfair Real Estate Service Agreements

For risk management reasons, all licensees should get into the habit of properly providing paper or e-doc or link of the SCR110 to consumers at first substantive contact. This government form SCR110 is known as the LLR SCREC SCDREBR aka the old agency brochure. https://screaltors.org/wp-content/uploads/Forms/110.pdf One way to help think of SCR110 is to think… Continue Reading SCREC LLR’s SCDREBR AKA The Old Agency Brochure

https://screaltors.org/wp-content/uploads/Forms/120.pdf The SCR120 compensation agreement has a variety of uses including but not limited to: 1. FSBO seller agrees to compensate the buyer side brokerage. 2. Listing brokerage agrees to compensate the buyer side brokerage (e.g., when the buyer side brokerage is not a participant in the listing MLS, when the buyer side brokerage has… Continue Reading Compensation Agreement SCR120

The new license law includes a 48 hour requirement for the offer rejection form: (5) If an offer is rejected without counter, an offer rejection form, promulgated by the commission, signed by the licensee affirming presentation of the offer must be provided to the offeror by the licensee within forty-eight hours of rejection, whether the… Continue Reading New License Law for Listing Agents/TB/BICs and Buyer Agents/TB/BICs – 48 hours

https://www.nar.realtor/videos/window-to-the-law/updates-to-anti-money-laundering-rules https://www.nar.realtor/money-laundering-and-terrorism-financing https://www.nar.realtor/washington-report/fincen-extends-the-beneficial-ownership-rule-reporting-deadline-for-certain-entities https://www.nar.realtor/washington-report/fincen-issues-final-beneficial-ownership-access-rule https://www.fincen.gov/boi https://www.nar.realtor/washington-report/nar-engages-with-treasury-on-beneficial-ownership-matters SPE, Beneficial Ownership Filing, Special Purpose Entity Posted by: Byron King on 05/24/24 (This information is only accurate as of 05/24/24. You must contact SCR for updates and changes to this information after 05/24/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org… Continue Reading Own a Business? Register with the Feds By 2025

https://www.scstatehouse.gov/query.php?search=DOC&searchtext=4754&category=LEGISLATION&session=125&conid=37998232&result_pos=0&keyval=1254754&numrows=10 Some excerpts on wholesaling: (44) "Wholesaling" means having a contractual interest in purchasing residential real estate from a property owner, then marketing the property for sale to a different buyer prior to taking legal ownership of the property. Advertising or marketing real estate owned by another individual or entity with the expectation of compensation… Continue Reading SC Regulates Wholesaling in New RE License Law

Read the new license law in the link below here. Stay tuned to SCR for education on the new license law. https://www.scstatehouse.gov/query.php?search=DOC&searchtext=4754&category=LEGISLATION&session=125&conid=37998232&result_pos=0&keyval=1254754&numrows=10 Posted by: Byron King on 05/21/24 (This information is only accurate as of 05/21/24. You must contact SCR for updates and changes to this information after 05/21/24 as laws and regulations may change… Continue Reading The SC Governor Signs the New License Law

Thanks to the SCR CFO Alan Leichtle for compiling the hotline statistics and automating the hotline software. Thanks to the SCR hotline administrator Shantee Albin too! 1. Forms. FYI the SCR standards forms committee has been meeting and will continue working on updates to the SCR standard forms for the SC license/laws and settlement updates.… Continue Reading Top Ten Plus Hotlines April 2024

Only the BIC is required to hold a business license. Associated licensees operate under their BIC's business license. Typically, a BIC will hold one or more business licenses for all jurisdictions where business is conducted in that year (e.g., a listing closes in Spartanburg, then a Spartanburg Business License and a listing closes in Greenville,… Continue Reading BICs, Are You Paying Too Much In Business License Fees/Taxes?

https://www.scstatehouse.gov/sess125_2023-2024/bills/881.htm Posted by: Byron King on 05/15/24 (This information is only accurate as of 05/15/24. You must contact SCR for updates and changes to this information after 05/15/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org) This information is not legal advice. This… Continue Reading General Assembly: Unfair Real Estate Service Agreements aka NTRAPS Bill