Broker-in-Charge Sandra operates a real estate office in Columbia, South Carolina. Her company opens a second branch office in Lexington. Under South Carolina law, which of the following is correct regarding the Lexington branch office?
Correct Answer
C) The Lexington branch must have its own separately designated broker-in-charge who is responsible for that office
Under S.C. Code Ann. § 40-57-360 and SCREC Regulation 36-1, each real estate office location in South Carolina must have its own designated broker-in-charge. A BIC may only serve as the BIC for one office at a time under normal circumstances. Therefore, the Lexington branch must have a separately designated BIC who is responsible for supervising that office's licensees and ensuring regulatory compliance.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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