The South Carolina Real Estate Commission has broad authority over the licensing and regulation of real estate professionals. Which of the following is NOT an authorized power of the SCREC under South Carolina law?
Correct Answer
D) Setting the commission rates that brokers may charge clients for real estate services
The SCREC does NOT have the authority to set commission rates. Under federal antitrust law (Sherman Antitrust Act) and SC law, commission rates are negotiable between the parties and cannot be fixed or mandated by any government body or trade association. The SCREC's powers are limited to licensing, discipline, regulation of practice, and consumer protection — not price-setting.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
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A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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