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South Carolina Agency Law South Carolina Agency Law
Agency Relationships
in South Carolina
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The SC Real Estate License Law, in Section 40-57-139 (A)(1) and (2), requires a real estate
licensee to provide you this brochure and a meaningful explanation of agency relationships
offered by the licensee's Company. This must be done at the first practical opportunity
when you and the licensee have substantive contact.
Before you begin to work with a real estate licensee, it is important for you to know the
difference between a broker-in-charge and associated licensees. The broker-in-charge is the
person in charge of a real estate Company. Associated licensees may work only through a
broker-in-charge.
In other words, when you choose to work with any real estate licensee,
your business relationship is legally with the Company and not with the associated licensee.
A real estate Company and its associated licensees can provide buyers and sellers valuable
real estate services, where in the form of basic customer services, or through
client-level agency representation. The services you can expect will depend upon
the legal relationship you establish with the Company. It is important for you to discuss the
following information with the real estate licensee and agree on whether in your business
relationship you will be a customer or a client.
Now You Are a
Customer of the Company |
South Carolina license law defines customers as buyers or seller who choose NOT to
establish and agency relationship. The law requires real estate licensees to perform the
following basic duties when dealing with any real estate buyer or seller
as customers:
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- Present all offers in a timely manner
- Account for money or other property received on your behalf
- Provide and explanation of the scope of services to be provided
- Be fair and honest and provide accurate information
- Disclose "adverse material facts" about the property or the transaction which are within
the licensee's knowledge
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Unless or until you enter into a written agreement with the Company for agency representation, you are
considered a "Customer" of the Company, and the Company will not act as your agent. As a Customer,
you should not expect the Company or its licensees to promote your best interest, or to keep your
bargaining information confidential.
Customer service does not require a written agreement; therefore, you are not committed to the Company in any way.
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| You Can Become a Client |
Clients receive more services than customers. If client status is offered by the real estate Company,
you can become a client by entering into a written agency agreement requiring the Company and its
associated licensees to act as an agent on your behalf and promote your best interests. If you
choose to become a client, you will be asked to confirm in your written representation agreement
that you received this brochure in a timely manner.
As seller becomes a client of a real estate company by signing a formal listing agreement with the Company.
For a seller to become a client, this agreement must be in writing and must clearly establish the terms
of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.
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A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company.
For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the
agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.
If you enter into a written agency agreement, as a Client, you can expect the real estate Company to provide the
following client-level services:
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accounting
- Reasonable care and skill
Client-level services also include advice, counsel and assistance in negotiations.
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| Single Agency |
When the Company represents only one client in the same transaction (the seller or the buyer), it is
called single agency.
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| Dual Agency |
Dual Agency exists when the real estate Company has tow clients in one transaction - a seller client and
a buyer client.
At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving
written consent allowing the Company to represent both you and the other client in a disclosed dual agency
relationship.
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| Disclosed Dual Agency |
In a disclosed dual agency, the Company's representation duties are limited because a buyer and seller
has recognized conflicts of interest. Both clients' interests are represented by the Company.
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As a disclosed dual agent, the Company and its associated licensees cannot advocate on behalf of one client
over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors
motivating the buyer/client to buy or the seller/client to sell.
Each Dual Agency Agreement contains the names of both
the seller client(s) and the buyer client(s) and identifies the property.
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| Designated Agency |
In designated agency, a broker-in-charge may designate individual associated licensees to act solely on behalf of each client.
Designated agents are not limited by the Company's agency relationship with the other client, but instead have a duty to
promote the best interest of their clients, including negotiating a price. The broker-in-charge remains a disclosed dual agent
for both clients, and ensures the assigned agents fulfill their duties to their respective clients.
Each Designated Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the
property.
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| What to Look For in Any Agreement |
When you choose client-level service, your written Agency Agreement or your agent should answer these questions:
- Can I work with other Companies during the time of the Agreement?
- What will happen if I buy or sell on my own without the agent?
- When will this agreement expire?
- How will the Company be paid for its services?
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- Does this Company represent both buyers and sellers as clients?
- If so, what are the choices if two clients become involved in one transation?
- What duties will the Company continue to provide me after the transaction is completed?
If you plan to become a client of a Company, the licensee will explain the agreement to you fully
and will answer questions you may have about the agreement. Remember, however, that until you enter into
a representation agreement with the Company, you are considered a customer and the Company cannot be your
advocate, cannot advise you on price or terms, and cannot keep your confidences.
As a real estate consumer in South Carolina, it is your choice as to the type and nature of services you receive.
- You can choose to remain a customer and represent yourself while the Company represents the other party.
- You can choose to hire the Company for representation through a written agreement.
- If represented by the Company, you can decide whether to go forward under the shared services of
dual agency or designated agency or to remain in single agency.
The choice of services belongs to you---the South Carolina real estate consumer.
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