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What
is the Real Estate Commission?
A
state regulatory office whose purpose is to protect
the public's interest when involved in a real estate
transaction.
Where does the Commission get its statutory authority
and what do the statutes provide?
The SC Code of Laws as written by the General Assembly
created the SC Real Estate Commission and gave it power
to administer the license law which sets standards of
practice and defines license law violations.
What is the Commission member composition?
Nine appointed or elected members - one from each
of the six congressional districts and one at-large,
all of whom are actively engaged in the real estate
business; and two public members who are not engaged
in the real estate business.
What are the functions of the Commission members?
To determine those qualified for licensure; to
take disciplinary action against licensees found in
violation of the license law; and to recommend legislation
which protects the public without stifling innovation
and growth within the industry.
Are there other statutes under the jurisdiction of
the Commission?
Yes! In addition to the SC Real Estate License
Law, the Commission enforces the SC Vacation Time Sharing
Plan Act and the Uniform Land Sales Practice Act.
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Where
can I get information on how to go about buying or selling
a home?
There
are several good books on these subjects. You may call
the Commission for information concerning titles, authors
and possible sources for these books.
What advantage is there to using a real estate licensee
in buying real estate?
Buying or selling real estate can be very complex
and time consuming and for many is the single biggest
decision in their lifetime. A real estate licensee's
professional knowledge, ability and assistance can be
extremely helpful in working through the many details
and potential pitfalls in order to have a good experience
and successful transaction.
What is meant by "customer" or "client"
of a licensee and how would this affect me?
A "customer" is one who does not establish
an agency relationship with a licensee. A "client"
of a licensee is one with whom an agency relationship
is established. You would be one or the other and you
have the right to choose. For more information on "customer",
"client" and "agent" click
here.
If I choose to have a licensee work for me, what
can I expect?
Because there are differing levels of service.
Even if you do not ask, a licensee must explain to you
at the earliest practical time how he/she will work
with you and the services that will be provided.
Will I be asked by the licensee to sign anything?
Licensees are required by law to disclose in writing
the party or parties they represent. You will be asked
to sign this agency disclosure form, but not an agency
agreement. If you agree to be represented by the licensee
you will probably be asked to sign an agreement.
Once I have agreed to be represented do I have any
other responsibilities?
Yes! You have to continue to protect your own interest.
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