From LLR SCREC to licensees:
Please be advised the previous eblast regarding the Commission’s guidance of the NAR settlement inquiries contained erroneous information.
For correct guidance, please visit the Commission’s website, https://lIr.sc.gov/re/, and click on the Alert titled "Recent Settlement and SC Law".
For more information, please contact the Commission.
SCR sent the following to the members after the LLR SCREC email:
Dear REALTORS®,
My apologies for the multiple emails today but I wanted to let you know that a revised email from the REC should be in your inbox–it was sent around 6pm this evening.
Please remember to use the revised "Disclosure of Brokerage Relationships” form as required by state law and in accordance with the SC Real Estate Commission’s guidance letter. The revised form should be in all our form vendor platforms in the next few days (zipform, dotloop, etc.)
To summarize the guidance letter, licensees are required to provide the Disclosure of Brokerage Relationship form and have a meaningful discussion of brokerage relationships with all consumers (buyers or sellers) before you show property.
SECTION 40-57-370. Duty of licensee to provide disclosure of brokerage relationships; exceptions. (A) A licensee shall provide at the first practical opportunity to all potential buyers and sellers of real estate with whom the licensee has substantive contact: (1) a meaningful explanation of brokerage relationships in real estate transactions that are offered by that real estate brokerage firm, including an explanation of customer and client services; (2) Disclosure of Brokerage Relationships form prescribed by the commission.
We appreciate the work of the Real Estate Commissioners for this clarification and will have more updates after their next meeting in November.
The use of the Disclosure of Brokerage Relationship form does not replace the NAR settlement requirement to also secure a buyer agreement (buyer agency, transaction brokerage, etc.) with a buyer prior to showing homes.
Please bookmark www.facts.realtor–these great member resources are updated every week, especially the new consumer guides.
If you have any questions, or need any additional information, please contact me or reply to this email.
Sincerely,
Nick Kremydas, CEO
This information is only accurate as of 10/28/24. You must contact SCR for updates and changes to this information after 10/28/24 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.