LLR SCREC Posts Updated SCDREBR aka SCR110

https://llr.sc.gov/re/recpdf/Doc170%20SC_Disclosure_of_Real_Estate_Brokerage_Relationships.pdf

SCR legal video on this issue:

https://www.youtube.com/watch?v=beqJDN3e838

On Thursday Dec 19, 2024, the LLR SCREC posted their updated SCDREBR aka SCR110.

The SCR forms libraries are currently being updated for this update.

On Wednesday Dec 11, 2024 the REC voted unanimously to approve an updated version of the South Carolina Disclosure of Brokerage Relationships Form. The Commission updated this form to clarify some of the questions members and licensees have been asking in light of the NAR Settlement.

Basic real estate agency law requires that all licensees must, at first substantive contact, provide a consumer (buyer or seller) with the Disclosure of Brokerage Relationships and provide a meaningful explanation of brokerage relationships in real estate transactions.

The NAR Settlement requires all REALTOR® members to have a written agreement with a Buyer prior to touring a home. The REC has been working over the last few months to amend the Disclosure of Brokerage Relationships form to meet this requirement.

SCR’s legal counsel has reviewed the updated Disclosure of Brokerage Relationships Form and for showing property agrees that if the form is signed by a Buyer consumer and the brokerage firm, the settlement requirement will have been met. The Disclosure would serve practically as a default showing agreement with the Buyer customer for no fee.

That means:

  • you cannot charge for touring the home using solely this agreement

  • you cannot provide client level service using only this agreement, and

  • there is no assurance that the customer will continue to work with you if you only have this agreement.

  • To ensure and protect your compensation, use a written agency agreement or transaction brokerage agreement.

This information is only accurate as of 12/19/24. You must contact SCR for updates and changes to this information after 12/19/24 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 information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.