South Carolina § 40-57-120 Nonresident licensees; change in residency; referral fees by resident licensees.

South Carolina Statutes

§ 40-57-120 — Nonresident licensees; change in residency; referral fees by resident licensees.

South Carolina·Title 40 PROFESSIONS AND OCCUPATIONS·Ch. 57 REAL ESTATE BROKERS, BROKERS-IN-CHARGE, ASSOCIATES, AND PROPERTY MANAGERS

(A)The commission may recognize applicants who have a license on active status from other jurisdictions only if the other jurisdiction recognizes South Carolina real estate licenses on active status and the other jurisdiction's real estate regulatory authority has entered into a reciprocity agreement with the commission. The commission may enter into reciprocal agreements with real estate regulatory authorities of other jurisdictions that provide for waivers of education requirements, experience requirements, or examinations if the commission considers the education, experience, and examination requirements of another jurisdiction to be substantially equivalent to the requirements of this chapter.

(B)A nonresident licensee, acknowledged by the commission, is not required to maintain a pl

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(A) The commission may recognize applicants who have a license on active status from other jurisdictions only if the other jurisdiction recognizes South Carolina real estate licenses on active status and the other jurisdiction's real estate regulatory authority has entered into a reciprocity agreement with the commission. The commission may enter into reciprocal agreements with real estate regulatory authorities of other jurisdictions that provide for waivers of education requirements, experience requirements, or examinations if the commission considers the education, experience, and examination requirements of another jurisdiction to be substantially equivalent to the requirements of this chapter. (B) A nonresident licensee, acknowledged by the commission, is not required to maintain a place of business in this State if the nonresident maintains an active place of business in the state of residence. A nonresident applicant shall file an irrevocable consent that suits and actions may be commenced against him in the proper court in a judicial circuit of the state in which a cause of action may arise or in which the plaintiff may reside. (C)(1) A resident licensee who becomes a nonresident must notify the commission in writing, within thirty days, of the change in residency and comply with nonresident requirements or place his license on inactive status to avoid cancellation of the license. (2) A nonresident licensee who becomes a resident of South Carolina must notify the commission in writing, within thirty days, of the change in residency and comply with the requirements of this chapter or place his license on inactive status to avoid cancellation of the license. (3) Failure to timely notify the commission of a change in residency or failure to comply with the requirements of this subsection are violations of this chapter subject to penalties provided in Section 40-57-710. (D) A nonresident applicant or licensee must comply with all requirements of commission regulations and of this chapter. The commission may adopt regulations necessary for the regulation of nonresident licensees. (E) A resident licensee may pay a part of his commission as a referral fee on a cooperative basis to a brokerage of another state or jurisdiction if that brokerage's license does not conduct, in this State, a real estate brokerage service for which a fee, compensation, or commission is paid.

South Carolina § 40-57-120 (Nonresident licensees; change in residency; referral fees by resident licensees.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1997 Act No. 24, SECTION 1; 1999 Act No. 18, SECTION 1; 2016 Act No. 170 (S.1013), SECTION 1, eff January 1, 2017; 2017 Act No. 77 (H.3861), SECTION 1, eff May 19, 2017; 2024 Act No. 204 (H.4754), SECTION 3, eff May 21, 2024. Editor's Note Prior Laws:1957 (50) 193; 1960 (51) 1727; 1962 Code SECTION 56-1545.13; 1972 (57) 2649; 1988 Act No. 609, SECTION 2; 1994 Act No. 385, SECTION 10; 1976 Code SECTION 40-57-140. Effect of Amendment 2016 Act No. 170, SECTION 1, rewrote the section, deleting former (A) and (B), relating to reciprocity, redesignating former (C) through (F) as (A) through (D), and adding (G). 2017 Act No. 77, SECTION 1, in (A), added the third sentence, providing that the commission may enter into reciprocal agreements with real estate regulatory authorities of other jurisdictions. 2024 Act No. 204, SECTION 3, rewrote (A); and in (C)(3), substituted "or failure" for "and compliance".