(10) "Department" means the Department of Labor, Licensing and Regulation. (9) "Customer" means a buyer, seller, landlord, or tenant who uses the services of a real estate licensee but does not established an agency relationship through a written agency agreement with the licensee's real estate brokerage firm. Conversion is a breach of trust and is a crime as provided by law. (8) "Conversion" means to use trust funds for a purpose other than the purpose for which they are held. ![]() (7) "Commission" means the South Carolina Real Estate Commission and its members, who are charged by law with the responsibility of licensing or otherwise regulating the practice of real estate in the State of South Carolina. (6) "Client" means a person who enters a written agreement establishing an agency relationship with a real estate brokerage firm through its broker-in-charge, a property manager-in-charge, or an associated licensee. (5) "Buyer agency" means a form of agency in which a real estate brokerage firm represents the buyer in an agency capacity as defined in this chapter. (4) "Broker-in-charge" means a broker designated to have responsibility over the actions of all associated licensees and also has the responsibility and control over and liability for a real estate trust account. (f) advertises or otherwise represents to the public as being engaged in any of the foregoing activities. (e) offers to act as a subagent of a real estate brokerage firm representing a client in a real estate transaction or (d) offers services as a real estate consultant, counselor, or transaction manager (c) for a fee or valuable consideration solicits a referral (b) auctions or offers to auction real estate in accordance with Section 40-6-250 (a) negotiates or attempts to negotiate the listing, sale, purchase, exchange, lease, or other disposition of real estate or the improvements to the real estate (3) "Broker" means an associated licensee who has met the experience and education requirements and has passed the examination for a broker license and who, for a fee, salary, commission, referral fee, or other valuable consideration, or who, with the intent or expectation of receiving compensation: (2) "Associated licensee" means a licensee affiliated with and under the supervision of a broker-in-charge or property manager-in-charge. A real estate brokerage firm is the agent of a buyer, seller, landlord, or tenant, and the real estate brokerage firm's "associated licensees" are its subagents. (1) "Agent" means one authorized and empowered by a written agency agreement to perform actions for a client. 170, Section 1, substituted "salesperson" for "salesman", inserted "or provide services" and "an active,", and substituted "commission" for "department". ![]() It is unlawful for an individual to act as a real estate broker, real estate salesperson, or real estate property manager or to advertise or provide services as such without an active, valid license issued by the commission. Valid Licensure Requirement for Real Estate Brokers, Salespersons, and Property Managers. 170, Section 1, reenacted the section with no change. The purpose of this commission is to regulate the real estate industry so as to protect the public's interest when involved in real estate transactions.ΔΆ016 Act No. There is created the South Carolina Real Estate Commission under the administration of the Department of Labor, Licensing and Regulation. South Carolina Real Estate Commission created purpose. The provisions of this chapter control when they conflict with the provisions of Article 1, Chapter 1. Unless otherwise provided in this chapter, the provisions of Article 1, Chapter 1 apply to real estate brokers, salespersons, and property managers. Applicability of chapter conflicts of laws.
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