A South Carolina real estate office's Broker-in-Charge unexpectedly resigns and leaves the state. The remaining affiliated licensees want to continue listing and selling properties while a replacement BIC is found. Under South Carolina law, what is the correct course of action?
Correct Answer
A) The office must cease conducting licensed real estate activities until a new BIC is properly designated
Under South Carolina law, a real estate office cannot lawfully operate without a properly designated Broker-in-Charge. When an office loses its BIC, the affiliated licensees may not continue conducting real estate activities until a new BIC is designated and the SCREC is properly notified. Operating without a BIC is a violation of the License Law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
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?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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