Real Estate License Law Reform (S.1013)
Governor Haley signed S.1013 Real Estate License Law Reform into law. The legislation will go into effect on January 1, 2017.
With the new law, will come many new changes. SCR will help you stay at the forefront of the new changes with its upcoming communications. Please stay tuned to your email and SCR’s facebook page for more information.
On Thursday, June 23rd at noon SCR’s Lobby Team will present: SCR License Law Update and Legislative Wrap Up. Please be sure to tune-in to this important webinar.
An overview of S.1013:
- INCREASE PROFESSIONALISM and PROTECT THE PUBLIC by increasing continuing educational requirements from 8 to 10 hours every two years.
- IMPROVE REAL ESTATE EDUCATION by addressing the QUALITY of CE real estate courses.
- EXPAND REAL ESTATE COURSES to include, for the first time, courses on the topics of ethics, technology, professional development and safety.
- ADD BROKERAGE OPTIONS by including “transactional brokerage,” allowing brokerage firms the option of working with consumers as customers, without creating agency relationships.
- REDUCES LIABILITY by adding new sections for dealing with material adverse conditions to property and provide clear rules on how teams can practice agency and locate offices.
- ADD NEW DEFINITIONS for Limited Function Referral Offices, clarifying that these licensees are practicing referral work only and are not permitted to practice sales or leasing and several other terms.
- UPDATE RULES regarding license reciprocity, trust accounts, agency relationships and more.
