Legal FAQs

/Legal FAQs

Disclosure

By |2019-05-23T11:21:18-05:00May 23rd, 2019|Legal FAQs|

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 [...]

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Opportunity Zones SC

By |2019-05-21T13:46:34-05:00May 21st, 2019|Legal FAQs|

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)

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Opportunity Zones: NAR Info on Opportunity Zones

By |2019-05-20T09:30:10-05:00May 20th, 2019|Legal FAQs|

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)

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Inducements are Ethical if Handled Properly

By |2019-05-01T09:07:24-05:00May 1st, 2019|Legal FAQs|

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 [...]

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Cyber Security NAR Checklist

By |2019-04-26T08:59:21-05:00April 26th, 2019|Legal FAQs|

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, [...]

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Use Your License Name in All of Your Real Estate Business

By |2019-04-24T09:29:29-05:00April 24th, 2019|Legal FAQs|

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 [...]

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Always Use the LLR Form (Real Estate Relationships, aka Agency Brochure)

By |2019-04-15T08:46:12-05:00April 15th, 2019|Legal FAQs|

Any consumer that you have substantive contact with: always explain and get this form SCR115 executed: https://www.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 [...]

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Question #17 on Seller Disclosure, Always Yes

By |2019-04-10T15:41:13-05:00April 10th, 2019|Legal FAQs|

Question #17 on SC's Residential Property Condition Disclosure Statement (aka the seller's disclosure) asks about EASEMENTS such as access easements, conservation easements, utility easements, other easements; and along with questions about party walls, shared private driveways, private roads, mineral rights, encroachments onto the property, and encroachments onto neighboring properties. https://www.llr.sc.gov/POL/REC/RECPDF/Property%20Condition%20Disclosure%20Statement.pdf Properties have easements, especially utility [...]

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Behave in Listings, Surveillance (Cameras/Microphones), Secure Valuables, Secure Listings

By |2019-04-04T11:01:08-05:00April 4th, 2019|Legal FAQs|

Unfortunately, a handful of buyers and buyers reps sometimes misbehave in listings. #1 issue, bathroom break then hunt for opioid pain killers. Some thoughts. Always tell buyers to assume surveillance and behave in listings. Never discuss confidential information when surveillance is possible. Cameras and microphones are so small now. Cameras are legally safer than microphones. [...]

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Listing Rep Receive and Offer/Countoffer, Present to Seller, Respond to Buyer

By |2019-04-03T15:43:32-05:00April 3rd, 2019|Legal FAQs|

Listing Reps who receive a written offer or counteroffer from a buyer or buyer offer should timely and properly present the offer to the seller. Buyer Reps should always put offers and counteroffers in writing. REO servicer/sellers often are dealing with thousands of REO properties across the USA and rely on technology such as offer [...]

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