![]() You can become a client of the brokerage firmĬlients receive more services than customers. The duties of a brokerage firm offering transaction brokerage relationship to a customer can be found in S.C. A transaction broker also may facilitate a transaction without representing either party. A transaction broker may be a single agent of a party in a transaction giving the other party customer service. Transaction broker means a real estate brokerage firm that provides customer service to a buyer, a seller, or both in a real estate transaction. Transaction BrokerageĪ real estate brokerage firm may offer transaction brokerage in accordance with S.C. ![]() As a customer, you should not expect the brokerage firm or its licensees to promote your best interest.Ĭustomer service does not require a written agreement therefore, you are not committed to the brokerage firm in any way unless a transaction broker agreement or compensation agreement obligates you otherwise. Unless or until you enter into a written agreement with the brokerage firm for agency representation, you are considered a “customer” of the brokerage firm, and the brokerage firm will not act as your agent. The law requires real estate licensees to perform the following basic duties when dealing with any real estate buyer or seller as customers: present all offers in a timely manner, account for money or other property received on your behalf, provide an explanation of the scope of services to be provided, be fair and honest and provide accurate information, provide limited confidentiality, and disclose “material adverse facts” about the property or the transaction which are within the licensee’s knowledge. South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. This must be done at the first practical opportunity when you and the licensee have substantive contact. 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. Pursuant to South Carolina Real Estate License Law in S.C.
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