Failure to properly explain and provide the SCR110 (government form from the SC real estate commission) is a violation of license law.
Carry SCR110 in paper and smartphone photo format and zipForm mobile format and link format and hand/email/text them to any/all consumers that you speak with about real estate. Document delivery for risk management.
https://www.screaltors.org/wp-content/uploads/Forms/110.pdf
Do this when talking to potential consumers about real estate even at Starbucks, open houses, Church, PTA meetings, tennis/bowling league, grocery stores…
If reported to LLR for failing to properly provide SCR110, your name and your BIC’s name will likely forever be posted on LLR SC Real Estate Commission’s Board Orders online for any future potential buyer or seller to find online and be reticent to hire someone who has violated SC license law.
https://eservice.llr.sc.gov/PublicOrdersWeb/?divisionId=19
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.
(B) An "Acknowledgement of Receipt of the Disclosure of Brokerage Relationships" form must be included in an agency agreement and in a sales contract. In addition, each sales contract must require the buyer and the seller to acknowledge whether they received customer or client service in that real estate transaction.
(C) At the time of first substantive contact, it is presumed that the potential buyer or seller is to be a customer of the real estate brokerage firm and that the real estate brokerage firm will be acting as a transaction broker as defined by this chapter and that the real estate brokerage firm shall offer services to a customer as defined by Section 40-57-350(L) only until the potential buyer or seller signs an agency representation agreement.
(D) If first substantive contact occurs over the telephone or other electronic means, including the Internet and electronic mail, an "Acknowledgement of Receipt of the Disclosure of Brokerage Relationships" form may be sent by electronic means, including the Internet and electronic mail.
Posted by: Byron King on 2/11/21 (This information is only accurate as of 2/11/21. You must contact SCR for updates and changes to this information after 2/11/21 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)