South Carolina Real Estate Salesperson Exam — All Questions

The principle of contribution states that the value of a component or improvement is measured by:

• a.The raw number of square feet of floor area or land area that the improvement happens to occupy
• b.The owner's personal emotional attachment to and sentimental feelings about that improvement
• c.Its original construction or installation cost in every case, dollar for dollar, with no exception
• d.How much it adds to the overall value of the property, not its cost✓

Under contribution, an improvement is worth the amount it adds to the whole property's market value, which may be more or less than its cost. This principle explains why some renovations do not fully return their expense, a key point in over-improvement analysis.

Under Internal Revenue Code Section 121, a qualifying homeowner may generally EXCLUDE from taxable capital gain:

• a.Up to $250,000 of gain if single, or $500,000 if married filing jointly✓
• b.Up to a full one million dollars of gain on any property at all, at any time and any frequency
• c.All gain on any and every investment or rental property the taxpayer happens to own and sell
• d.Absolutely nothing, because gain on the sale of a home is always fully and entirely taxable

Section 121 lets homeowners who owned and used the home as their principal residence for at least two of the prior five years exclude up to $250,000 of gain (single) or $500,000 (married filing jointly). It applies to a primary residence, not to investment property.

Depreciation recapture on the sale of investment real estate means that:

• a.All of the depreciation deductions previously claimed are simply refunded to the investor in cash
• b.The investor is legally required to physically restore and rebuild the depreciated building itself
• c.Gain from prior depreciation may be taxed, often at a special rate✓
• d.No income tax is ever owed at all on the sale of a property that has previously been depreciated

When depreciated property is sold at a gain, the portion of gain due to depreciation deductions is 'recaptured' and taxed under special rules, reflecting the earlier tax benefit. It is a tax concept, not a requirement to rebuild, and it increases, not eliminates, tax on sale.

Which appraisal approach is generally MOST reliable for a special-purpose property, such as a church or public school, that rarely sells and earns no market income?

• a.The sales comparison approach, which depends on recent sales of similar comparable properties
• b.The income approach, which converts a property's market rental income into an indicated value
• c.The gross rent multiplier method, which relies on typical market rents that these lack entirely
• d.The cost approach✓

Special-purpose properties have few or no comparable sales and generate no market rent, so the cost approach (replacement cost new, less depreciation, plus land) is typically most reliable. Sales comparison lacks comparables and the income/GRM methods need market income these properties do not produce.

The four characteristics an item must have to possess value in the market, often remembered as DUST, are:

• a.Debt, Utility, Supply, and Taxes, a mix of unrelated financing and cost terms rather than value
• b.Demand, Utility, Scarcity, and Transferability✓
• c.Depreciation, Use, Sale, and Title, which describe stages of ownership rather than value itself
• d.Demand, Ownership, Scarcity, and Time, which swaps in two terms that are not part of the concept

For something to have market value it must have Demand (buyers who want it), Utility (usefulness), Scarcity (limited supply), and Transferability (the ability to convey it). The DUST acronym captures these four essentials of value.

Real estate salespersons in South Carolina are licensed and regulated by:

• a.The South Carolina Association of Realtors
• b.The county register of deeds
• c.The South Carolina Real Estate Commission, under the Department of Labor, Licensing and Regulation✓
• d.The South Carolina Secretary of State

The South Carolina Real Estate Commission, part of the Department of Labor, Licensing and Regulation (LLR), licenses and disciplines real estate licensees under South Carolina Code Title 40, Chapter 57. A trade association is a private membership group and does not license practitioners.

In South Carolina, each real estate office must be managed and supervised by a:

• a.Broker-in-charge✓
• b.Certified appraiser
• c.Property manager
• d.Licensed attorney

South Carolina requires that each real estate brokerage office have a broker-in-charge (BIC) who is responsible for supervising affiliated licensees and for maintaining the office's trust (escrow) accounts and records. A salesperson works under the supervision of the broker-in-charge and may not operate independently.

A South Carolina salesperson may lawfully be paid a commission for brokerage services by:

• a.The seller directly upon listing
• b.Any cooperating broker in the deal
• c.The broker with whom the salesperson is affiliated✓
• d.The buyer directly at closing

A South Carolina salesperson works under and is compensated only by the broker (through the broker-in-charge) with whom the salesperson is affiliated. A salesperson may not accept commissions or fees directly from a buyer, seller, or another broker. The broker is responsible for supervision and for handling client funds.

Under South Carolina agency rules, a licensee should provide the required brokerage-relationships disclosure to a consumer:

• a.Within 10 days after listing
• b.At the closing table
• c.Only after a contract is signed
• d.At the first practical opportunity, before eliciting or receiving confidential information✓

South Carolina requires licensees to disclose the available brokerage relationships at the first practical opportunity, before the consumer shares confidential information. The disclosure explains options such as seller agency, buyer agency, designated agency, and dual agency so the consumer can decide how to work with the licensee.

In South Carolina, when a single firm represents both the buyer and the seller, the firm may assign one affiliated agent to represent the buyer and another to represent the seller. This arrangement is known as:

• a.Universal agency
• b.Open agency
• c.Designated agency✓
• d.Subagency

South Carolina recognizes designated agency, in which the broker-in-charge appoints separate affiliated licensees to represent the buyer and the seller within the same firm. This lets each client receive advocacy while the firm handles both sides. Full dual agency, where one licensee represents both parties, requires the written consent of both.

Under the South Carolina Residential Property Condition Disclosure Act, the seller of residential real property must generally:

• a.Obtain a professional home inspection before listing
• b.Guarantee the property is free of all defects
• c.Furnish the buyer a completed property condition disclosure statement✓
• d.Provide a title insurance policy to the buyer

South Carolina's Residential Property Condition Disclosure Act (Title 27, Chapter 50) requires most sellers of residential property to give the buyer a completed disclosure statement describing the known condition of the property. The law does not require the seller to inspect or to warrant the property, but it does require honest disclosure of known conditions on the state form.

Earnest money a South Carolina salesperson receives from a buyer must be:

• a.Given directly to the seller when the offer is made
• b.Delivered to the broker-in-charge for deposit in the firm's trust (escrow) account✓
• c.Sent to the Real Estate Commission for safekeeping
• d.Held by the salesperson in a personal account until closing

Client money such as earnest money must be handled through the firm's trust account, which the broker-in-charge maintains. A salesperson who receives funds must deliver them promptly to the broker-in-charge, and trust money must be kept separate from personal and business funds. Commingling or misusing trust money is a serious violation of South Carolina license law.

To sit for the South Carolina salesperson examination, an applicant must first complete:

• a.The 60-hour Unit I pre-license course✓
• b.A 30-hour ethics course
• c.A four-year college degree
• d.The 30-hour Unit II advanced course only

South Carolina requires completion of the 60-hour Unit I pre-license course before a candidate may take the salesperson licensing examination. The 30-hour Unit II (Advanced Real Estate Principles) course must also be completed before the license is issued; the two courses together total 90 hours of pre-license education. Licensees later complete continuing education to renew.

Since South Carolina's 2024 rewrite of the Real Estate Practice Act, the entry-level licensee who works under a broker-in-charge is officially titled:

• a.A real estate salesperson
• b.A real estate associate✓
• c.A real estate affiliate broker
• d.A provisional real estate broker

2024 Act No. 204, effective May 21, 2024, substituted "associate" for "salesperson" throughout Chapter 57. South Carolina now issues licenses in the classifications of associate, broker, broker-in-charge, property manager and property manager-in-charge. "Affiliate broker" and "provisional broker" are titles used in other states, not in South Carolina. Cite: S.C. Code 40-57-30(5) and 40-57-110(A).

South Carolina's minimum ages for licensure are:

• a.18 for both an associate and a broker
• b.21 for both an associate and a broker
• c.21 for an associate and 21 for a broker-in-charge
• d.18 for an associate, 21 for a broker✓

An applicant must be at least eighteen for an associate license and at least twenty-one for a broker or broker-in-charge license. The same split applies on the property management side: eighteen for a property manager, twenty-one for a property manager-in-charge. Cite: S.C. Code 40-57-310(1)-(2) and 40-57-510(A)(1)-(2).

In South Carolina, an agency relationship between a consumer and a brokerage firm:

• a.exists only if both agree to it in writing✓
• b.may be created orally if the parties later confirm it
• c.arises automatically once the firm shows the consumer a property
• d.arises whenever a commission is paid

No agency relationship exists unless the consumer and the brokerage firm agree to it in writing. South Carolina expressly forbids agency being assumed, created orally, or implied from conduct, and the statute separately says that paying or promising to pay compensation does not by itself create agency. Cite: S.C. Code 40-57-370(E)-(F).

South Carolina's deed recording fee is:

• a.$1.30 for each $500 of value, all of which goes to the county
• b.$1.85 for each $500 of value, or fraction of $500✓
• c.$2.20 for each $1,000 of value
• d.one-half of one percent of the sale price

The fee is one dollar eighty-five cents for each five hundred dollars, or fractional part of five hundred dollars, of the realty's value. It is made up of a state fee of $1.30 and a county fee of $0.55; the county keeps its $0.55 and remits the state portion. Cite: S.C. Code 12-24-10(A) and 12-24-90.

The classroom hours that qualify a South Carolina associate applicant must have been completed:

• a.within five years before the application✓
• b.within two years before the application
• c.within ten years before the license application
• d.at any time, with no expiration

The sixty hours of fundamentals and thirty hours of advanced principles must be completed within five years before the application for licensure. A candidate whose qualifying courses are older than that has to take them again. Cite: S.C. Code 40-57-320(A)(1)(a).

How many commissioners serve on the South Carolina Real Estate Commission?

• a.Five
• b.Seven
• c.Ten✓
• d.Fifteen

The Commission has ten commissioners: seven practising licensees, one elected from each congressional district by the legislators representing that district; two public members appointed by the Governor with the advice and consent of the Senate; and one additional practising licensee elected at large by the other nine. Each serves a four-year term. Cite: S.C. Code 40-57-40(A)-(B).

South Carolina's Residential Property Condition Disclosure Act covers transfers of residential property with:

• a.any number of dwelling units
• b.at least five dwelling units
• c.one dwelling unit only
• d.at least one but not more than four dwelling units✓

The article applies to sales, exchanges, installment land sales contracts and lease-with-option-to-purchase contracts of residential real property consisting of at least one but not more than four dwelling units. Larger residential buildings and commercial property fall outside it. Cite: S.C. Code 27-50-20.

A South Carolina associate applicant who has finished the sixty-hour fundamentals course but not the thirty-hour advanced course may:

• a.not register for the examination until the advanced course is finished
• b.be licensed at once and take the advanced course during the first renewal cycle
• c.sit for the license examination before completing the advanced hours✓
• d.apply for a temporary permit to practice under a broker-in-charge

The statute lets an applicant take the license examination before completing the required thirty hours of advanced instruction, but both courses must be finished before the license itself is issued. South Carolina has no temporary or provisional practice permit. Cite: S.C. Code 40-57-320(A)(1)(a).

At first substantive contact, and until a representation agreement is signed, South Carolina presumes the consumer is:

• a.a client of the firm, owed full agency duties
• b.unrepresented and owed no duties at all
• c.a customer, with the firm acting as a transaction broker✓
• d.a client of the individual licensee rather than the firm

The statute creates a default: at first substantive contact the potential buyer or seller is presumed to be a customer and the firm is presumed to be acting as a transaction broker, offering customer-level services only, until an agency representation agreement is signed. Cite: S.C. Code 40-57-370(C).

When two South Carolina licensees disagree about how to split a commission, the Real Estate Commission:

• a.may not involve itself in the dispute✓
• b.must arbitrate and issue a binding award
• c.will hold a hearing and divide the fee between them
• d.appoints a mediator at the parties' expense

The Commission is barred by statute from resolving disputes between licensees over the payment or division of a commission or fee; that is a civil matter. Separately, a licensee who lets such a dispute delay or wreck a closing can be disciplined for it. Cite: S.C. Code 40-57-60(B) and 40-57-710(A)(28).

In a South Carolina sales transaction, an earnest money check must be deposited in the trust account within forty-eight hours of:

• a.the licensee receiving the check
• b.the buyer signing the offer
• c.written acceptance of the offer by the parties✓
• d.the closing attorney's title search being ordered

For sales and exchanges, checks must be deposited within forty-eight hours after written acceptance of the offer by the parties, excluding Saturdays, Sundays and bank holidays. Cash or certified funds are different: those go in within forty-eight hours of receipt. Cite: S.C. Code 40-57-136(D)(1).

After passing both the state and national portions of the South Carolina examination, a candidate who does not apply for a license within one year must:

• a.pay only a late application fee
• b.repeat the thirty-hour advanced course
• c.request a waiver from the Commission
• d.reapply and retake all portions of the examination✓

An applicant who passes both portions has one year to apply for the license; miss it and the applicant must reapply and retake every portion of the examination. A separate rule gives an applicant a twelve-month eligibility window to finish all portions once he applies to test. Cite: S.C. Code 40-57-320(B)(3)-(4).

South Carolina's dual agency agreement must be signed at the latest by:

• a.both parties at closing
• b.both parties within ten days of the offer
• c.the seller before showing and the buyer at closing
• d.the buyer before writing an offer and the seller before signing the contract✓

Consent to disclosed dual agency is presumed informed when a party signs the Commission's dual agency form. The statute fixes the outside deadline: the buyer signs before writing an offer and the seller signs before signing the sales contract. Cite: S.C. Code 40-57-350(I)(1).

A South Carolina broker-in-charge must notify the Commission of a change of office name, address, email address or telephone number within:

• a.48 hours
• b.thirty days
• c.the next renewal cycle
• d.ten days✓

Notice of a change of office name, address, email address or telephone number goes to the Commission by mail within ten days. Do not confuse it with the separate thirty-day deadline for updating a licensee's own contact information, or the five-day deadline when a broker-in-charge leaves the registered office. Cite: S.C. Code 40-57-135(A)(8).

An applicant who holds an active real estate license in another state when applying in South Carolina:

• a.must pass the state portion of the examination but not the national portion✓
• b.is licensed by reciprocity without any examination
• c.must pass both portions like any other applicant
• d.is exempt from South Carolina's education requirements as well as the examination

An applicant holding an active license in another jurisdiction, or one that expired no more than six months before application, only has to pass the state portion. That concession does not excuse the education requirements of the chapter. Cite: S.C. Code 40-57-320(B)(6).

If a South Carolina seller never delivers the property condition disclosure statement, the failure:

• a.voids the purchase agreement automatically
• b.creates a defect in the title to the property
• c.does not void the contract or delay the closing✓
• d.requires the closing attorney to postpone the closing until it is cured

The Act says plainly that failing to provide the form does not void the agreement, does not create a title defect, and is not a valid reason for anyone, including a closing attorney or lender, to delay or interfere with the closing. The owner can still be liable in damages for a knowing violation. Cite: S.C. Code 27-50-50(B) and 27-50-65.

When a designated broker-in-charge becomes disassociated with the office registered with the Commission, he must notify the Commission within:

• a.twenty-four hours
• b.thirty days
• c.five days✓
• d.the end of the renewal cycle

The broker-in-charge has five days to notify the Commission; the designation is then removed and that licensee's license is deactivated. This five-day rule was added by the 2024 rewrite of the Act. Cite: S.C. Code 40-57-330(C).

South Carolina's brokerage-relationship disclosure requirement does NOT apply when:

• a.the property is commercial instead of a residence
• b.the transaction is the rental or lease of property✓
• c.the consumer is a first-time buyer
• d.the licensee has known the consumer for years

The disclosure duty is switched off in two situations only: the transaction concerns the rental or lease of property, or the licensee's communication is a solicitation of business. Nothing turns on whether the property is commercial or on how well the licensee knows the consumer. Cite: S.C. Code 40-57-370(G).

South Carolina's continuing education requirement for an active associate is:

• a.eight hours every year, all electives
• b.ten hours biennially, including at least four hours of mandated topics✓
• c.twenty hours biennially, including eight hours of mandated topics
• d.no continuing education until the fifth renewal

Licenses renew biennially, and an active broker or associate must show ten hours of continuing education each cycle, of which at least four must be in mandated topics. A broker-in-charge owes four more hours in advanced broker-in-charge topics. Up to four elective hours may be carried forward. Cite: S.C. Code 40-57-340(A)(1)-(2) and (C).

Which South Carolina transfer is exempt from the residential property condition disclosure statement?

• a.A resale of a ten-year-old house by its owner-occupant
• b.The first sale of a dwelling never inhabited✓
• c.A lease with an option to purchase a used home
• d.An installment land sales contract on an older house

New construction being sold for the first time is on the statutory exemption list, along with foreclosure and court-ordered transfers, transfers between co-owners or family members, and property sold at public auction. Lease-with-option and installment land sale contracts are inside the Act, not exempt from it. Cite: S.C. Code 27-50-30(10) and 27-50-20.

If a South Carolina broker-in-charge dies, the Department may permit a supervised licensee to act as broker-in-charge for up to:

• a.six months✓
• b.thirty days
• c.twelve months
• d.the remainder of the renewal cycle

On the death or medical incapacitation of a broker-in-charge or property manager-in-charge, the Department may allow a supervised licensee to act in that role for up to six months, which gives the office time to qualify a permanent replacement. Cite: S.C. Code 40-57-135(C)(4).

A South Carolina firm acting as a disclosed dual agent may NOT reveal:

• a.that the seller would accept less than list price✓
• b.the square footage stated in the listing
• c.a known material defect in the roof
• d.the dates the property was on the market before

A dual agent may pass along information relevant to the transaction, with four carve-outs: a seller's willingness to take less than asking, a buyer's willingness to pay more than offered, confidential negotiating strategy not stated in an offer, and either party's motivation. Known material defects must always be disclosed. Cite: S.C. Code 40-57-350(I)(1)(b).

A South Carolina license that lapses is canceled if it is not reinstated by:

• a.the last day of the twenty-fourth month after expiration✓
• b.the end of the biennial renewal cycle in which it expired
• c.the last day of the sixth month after expiration
• d.the licensee's sixty-fifth birthday

A license not renewed by its expiration date lapses, and practising on it may be punished as unlicensed practice. If it is still not reinstated by the last day of the twenty-fourth month after expiration it is canceled, and the person must reapply and meet the requirements in force at that time. Cite: S.C. Code 40-57-110(D)-(E).

When a South Carolina buyer and seller dispute entitlement to earnest money, the broker-in-charge must:

• a.release the money to whichever party asks first
• b.hold the funds until the dispute is resolved✓
• c.send the funds to the Real Estate Commission
• d.divide the money evenly between the two parties

Disputed trust money stays in the trust account until the dispute ends in one of four ways: a separate written agreement signed by all claimants, an interpleader action, a court order, or voluntary mediation. Disbursing contrary to the contract is itself treated as incompetence. Cite: S.C. Code 40-57-136(E) and (B)(5).

South Carolina requires a broker-in-charge to keep listing contracts, sales contracts, leases and trust account records for a minimum of:

• a.two years
• b.five years✓
• c.seven years
• d.eighteen months

Leases, sales contracts and addenda, listing and buyer agency agreements, transaction broker agreements, option contracts, property management agreements, residential property disclosure forms and trust account records must all be kept for at least five years and produced to the Commission on request. Electronic storage is allowed if an off-site backup exists. Cite: S.C. Code 40-57-135(D) and 40-57-136(F)(1).

When a South Carolina broker-in-charge designates one licensee for the buyer and another for the seller in the same transaction, the broker-in-charge:

• a.has no agency role in the transaction
• b.must withdraw the firm from one side of the transaction
• c.acts as a dual agent under the designated agency agreement✓
• d.must obtain a separate dual agency form signed by each of the two clients

Where both sides are represented by designated agents, the broker-in-charge acts as a dual agent, and so do the firm and the remaining affiliated licensees. No separate dual agency form is needed, because the required consent is contained in the designated agency agreement itself. Cite: S.C. Code 40-57-350(J)(5) and (J)(8).

A person in South Carolina who, for a fee, negotiates rentals of other people's residential property but never lists property for sale must hold:

• a.a broker-in-charge license issued by the Commission
• b.no license at all
• c.a property manager license✓
• d.an auctioneer license

South Carolina licenses property managers separately from associates and brokers. A property manager negotiates or lists rentals and leases; the license does not authorize brokerage of sales. An active property manager must work under a property manager-in-charge or a broker-in-charge. Cite: S.C. Code 40-57-30(29) and 40-57-510(E).

A buyer of South Carolina property subject to a vacation rental agreement takes title subject to rentals that begin:

• a.at any time during the twelve months after the closing date
• b.only if the buyer agreed to them in writing
• c.only if the rental was recorded
• d.within ninety days after the deed is recorded✓

The grantee takes title subject to the vacation rental agreement and the vacation rental management agreement for every rental period beginning no later than ninety days after the grantee's interest is recorded in the office of the register of deeds. Cite: S.C. Code 27-50-250(A).

When an offer on South Carolina real estate is rejected without a counteroffer, the licensee must give the offeror a signed offer-rejection form within:

• a.twenty-four hours
• b.five business days
• c.forty-eight hours✓
• d.a reasonable time, which the statute does not define

The Commission promulgates an offer rejection form. Whether the licensee represents the buyer, the seller, or acts as a transaction broker, a rejection without a counteroffer requires that signed form to reach the offeror within forty-eight hours, affirming the offer was presented. Cite: S.C. Code 40-57-135(I)(5).

If a buyer client wants to see a property personally listed by the firm's broker-in-charge, South Carolina requires the firm to:

• a.refer the buyer to another brokerage firm
• b.act as a dual agent with both parties' written consent✓
• c.treat the buyer as a customer with no further paperwork
• d.cancel the buyer agency agreement before the showing

Designated agency cannot be used to insulate the broker-in-charge's own listing. If a buyer client wants to view or buy a property the broker-in-charge personally listed, or one listed by the same supervised licensee, the firm must operate as a disclosed dual agent with the written consent of both. Cite: S.C. Code 40-57-350(J)(3) and (J)(7).

South Carolina's pre-license education requirement for a property manager license is:

• a.sixty hours of property management instruction
• b.thirty hours of property management principles and practices✓
• c.the same ninety hours of instruction required for an associate license
• d.no classroom instruction, only the examination

A property manager applicant completes thirty hours of classroom instruction in property management principles and practices, or qualifies through a listed degree. A property manager-in-charge needs an active property manager license plus seven approved hours in property management accounting and record-keeping. Cite: S.C. Code 40-57-510(C).

The South Carolina deed recording fee is exempt when the realty's value is:

• a.one hundred dollars or less✓
• b.one thousand dollars or less
• c.five hundred dollars or less
• d.below the county's assessed value for property tax purposes

Deeds transferring realty worth one hundred dollars or less are exempt, as are transfers to government, partition deeds, corrective and quitclaim deeds confirming existing title, and deeds in lieu of foreclosure. For an exempt deed the word "exempt" is noted on the instrument and the affidavit states the reason. Cite: S.C. Code 12-24-40(1) and 12-24-60.

A South Carolina licensee selling his own home must reveal his license status in the contract:

• a.in a separate addendum signed at closing
• b.anywhere in the document, in ordinary type
• c.only if the buyer asks about it
• d.in bold, underlined, capital letters on the first page✓

In a personal transaction the licensee must disclose license status at first substantive contact, in any advertising, and in bold, underlined, capital letters on the first page of the contract. Trust funds from a personal rental or sale go into the licensee's personal trust account, not the firm's. Cite: S.C. Code 40-57-135(F).

A South Carolina licensee with two buyer clients competing for one property must give each client written notice that:

• a.neither will receive the other's confidential information✓
• b.the licensee will withdraw from one of the relationships
• c.the broker-in-charge will decide which offer is presented
• d.both offers will be disclosed to the seller at once

A buyer's agent may show the same property to more than one buyer client. Where two of the agent's buyer clients are in a single transaction, the statute requires written notice to each that neither will receive the confidential information of the other. Cite: S.C. Code 40-57-350(F).

Under South Carolina law, an active broker or associate must submit to a fingerprint-based criminal records check:

• a.before every renewal
• b.only once, at initial application
• c.at initial application and upon every third renewal✓
• d.once every ten years for as long as the license stays active

Initial applicants submit to a SLED fingerprint-based check, an FBI national check, and a social-security-number-based check. Renewing brokers and associates repeat the background check on every third renewal; missing it means the license renews but goes immediately inactive. Cite: S.C. Code 40-57-115 and 40-57-340(A)(1) and (D).

If a South Carolina vacation rental is due to begin more than ninety days after the new owner's interest is recorded, the tenant:

• a.may still occupy the property as scheduled
• b.is due a refund of payments within forty-five days✓
• c.must negotiate a fresh agreement directly with the new owner
• d.forfeits all money paid toward the rental

A rental beginning outside the ninety-day window cannot be enforced by any party against the new owner, but the tenant is not simply out of pocket: payments made toward the agreement must be refunded within forty-five days of the recording of the transfer of interest. Cite: S.C. Code 27-50-250(A).

Under South Carolina's Real Estate Practice Act, marketing residential real estate that the marketer has contracted to buy but does not yet own is:

• a.permitted for anyone, licensed or not
• b.prohibited for a brokerage firm and its subagents✓
• c.permitted only with the seller's oral consent
• d.regulated by the Attorney General rather than the Commission

The 2024 amendments defined "wholesaling" and barred brokerage firms and their subagents from engaging in it, representing others in it, or assisting it. Advertising real estate owned by someone else in the expectation of compensation falls within the definition of "broker" and requires a license. Assigning a contractual right to purchase is treated differently. Cite: S.C. Code 40-57-30(44) and 40-57-350(A).