Question: When Must South Carolina licensees provide the disclosure of real estate brokerage relationships to consumers?

What is a disclosure of brokerage relationship?

Upon having a substantive discussion about a specific property or properties with an actual or prospective buyer or seller who is not the client of the licensee and who is not represented by another licensee, a licensee shall disclose any broker relationship the licensee has with another party to the transaction.

What’s the name of the document that explains agency relationships and must be provided to consumers at the first practical opportunity?

An agency agreement is an employment contract that lays out the terms of the client-agent relationship. An agency agreement is between the consumer (who will become the client) and the licensee (who will become the agent). Written agency agreements help to avoid conflicts of interest.

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When a licensee has the first substantive contact with a potential buyer or seller who is a customer the real estate brokerage will be acting as?

(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 …

What is a brokerage relationship?

Brokerage Relationship

A relationship created by a written brokerage agreement. between a client and a broker where the client. authorizes the broker to provide real estate brokerage. services in a residential real estate transaction.

Which brokerage relationship duty applies to all three types of brokerage relationships?

Which brokerage relationship duty applies to all three types of brokerage relationships? The answer is ACCOUNTING FOR ALL FUNDS. Loyalty and confidentiality are single agent duties. The duty to use skill, care, and diligence is a duty of transaction broker and single agent relationships.

When must a listing agent present the disclosure regarding real estate agency relationships to the seller?

According to California Code, the listing agent must provide the agency relationship disclosure to the seller prior to securing the listing agreement. Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract?

When must the real estate offer rejection form be used in South Carolina?

Code of Laws Section 40-57- 135(I)(5), this offer rejection form is promulgated by the South Carolina Real Estate Commission for use when a real estate purchase offer is rejected without a counter offer. A signed copy of this form is to be provided to the buyer.

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When a South Carolina licensee is involved in a personal real estate transaction which of the following must she disclose to the other parties to the transaction?

Today, she’s walking a new tenant through a one-year lease agreement. Which of the following must be included on page one of this agreement? *South Carolina licensees must disclose their licensed status when they’re involved in a personal real estate transaction, including sales, rentals, exchanges, and auctions.

When must a South Carolina licensee notify the commission of a felony conviction?

-Notify the commission within 30 days of changes to her residential and business address.

Who is responsible for completing the South Carolina Residential Property Condition Disclosure Statement?

South Carolina law requires a Seller Disclosure form be completed by the seller and given to the buyer prior to entering into a contract of sale. This includes transfers of residential real property consisting of at least one, but not more than four, dwellings units.

What is meant by first substantive contact?

Typically defined as the earliest practicable opportunity during a conversation with a consumer. This can occur prior to entering into a listing agreement, prior to showing a property, or even at an open house.

What is a brokerage relationship in real estate?

Brokerage relationship means the contractual relationship between a client and a real estate licensee who has been engaged by such client for the purpose of procuring a seller, buyer, option, tenant, or landlord ready, able, and willing to sell, buy, option, exchange or rent real estate on behalf of a client.

What does no brokerage relationship mean in real estate?

A real estate licensee owes to a potential seller or buyer with whom the licensee has no brokerage relationship the following duties: Dealing honestly and fairly; Disclosing all known facts that materially affect the value of the residential real property which are not readily observable to the buyer; and. 3.

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What is the relationship between broker and seller?

Broker-Client Agency Relationships. Seller agency occurs when the real estate broker is representing the seller in selling his or her property. This type of brokerage relationship is created when the seller and the broker enter into a written contract known as a listing agreement.