Substantial contact occurs when a buyer or seller begins to talk about personal or confidential information. Examples include a buyer discussing their price range. … Sometimes, a broker’s first substantial contact with a buyer or seller is in person, at the office or at an open house.
What is considered first substantive contact?
Typically defined as the earliest practicable opportunity during a conversation with a consumer. This can occur prior to entering into a listing agreement, prior to showing a property, or even at an open house.
What is substantive contact in real estate?
Substantive contact means contact in which a discussion or dialogue between the consumer and the associated licensee moves from casual introductory talk to a meaningful conversation regarding the selling or buying motives or objectives of the seller or buyer, financial qualifications, and other confidential information …
When Must South Carolina licensees provide the disclosure of real estate brokerage relationships to consumers?
Code of Laws Section 40-57-370, a real estate licensee is required to provide you a meaningful explanation of agency relationships offered by the licensee’s brokerage firm. This must be done at the first practical opportunity when you and the licensee have substantive contact.
Why is agency disclosure mandated?
The purpose of the agency disclosure form is to protect the client. Upon signing, there is no contractual obligation to exclusively work with that agent, however, this document does make sure that everyone who hires a real estate agent understands the full scope of their relationship dynamic.
What is substantial contact?
Substantial Contact means the elevated degree that a material in contact with water may release leachable contaminants into the water such that levels of these contaminants may be unacceptable with respect to either public health or aesthetic concerns.
What is a substantive dialogue?
The Real Estate License Act defines “substantive dialogue” to mean a meeting or written communication that involves a substantive discussion relating to specific real property.
What is a dual agent in real estate?
Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides.
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.
What must brokers disclose to customers quizlet?
The broker may not disclose any confidential information about any client unless given permission in writing to do so by the client. The broker must disclose any information as required by law. The client agrees that the broker may show other customers and clients the same properties that are being shown to him or her.
How does the South Carolina real estate Commission define substantive contact?
(29) “Substantive contact” means contact in which a discussion or dialogue between the consumer and the associated licensee moves from casual introductory talk to a meaningful conversation regarding the selling or buying motives or objectives of the seller or buyer, financial qualifications, and other confidential …
When a licensee has the first substantive contact with a potential buyer or seller who is a customer the real estate brokerage will be acting as?
(C) At the time of first substantive contact, it is presumed that the potential buyer or seller is to be a customer of the real estate brokerage firm and that the real estate brokerage firm will be acting as a transaction broker as defined by this chapter and that the real estate brokerage firm shall offer services to …
How do you become a broker in SC?
Be lawfully present and eligible to work in the United States.
- Complete 90 hours of approved Pre-Licensing education. …
- Pass the course final exam. …
- Complete exam application for real estate. …
- Complete the background check requirement. …
- Pass the South Carolina real estate salesperson exam. …
- Select a sponsoring broker.
Which disclosure is the most commonly required in a residential real estate sale?
Real Estate Transfer Disclosure Statement (TDS)
The TDS is the most general disclosure form related to the sale of a home.
What is TDS in real estate?
The Real Estate Transfer Disclosure Statement (TDS) describes the condition of a property and, in the case of a sale, must be given to a prospective buyer as soon as practicable and before transfer of title.
The general rule is that if the real estate professional is related to the buyer or the seller of the property, he or she has to disclose the relationship in writing to all other parties to the purchase and sale agreement.