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Real estate agent complaints about being cut of out of builder transactions and builder agents having direct communication with represented clients is on the rise.  

Today I review the recent guidance letter from the South Carolina Real Estate Commission regarding builder agents and their responsibilities. In particular, I discuss the need for builder agents to comply with the same regulations as other real estate agents including agency, interference with agency and disclosure. 

I cover the common violations by builder agents, the significance of independent representation for buyers, and legal precedents that highlight the unequal bargaining power in real estate transactions. I conclude with key takeaways for both builders and agents to ensure compliance and protect consumer rights.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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The Real Estate Commission continues to receive complaints about licensees advertising or marketing listings that belong to another Broker.  As a result, the Commission issued a new guidance letter on how advertising and marketing must be handled in social media, print media and other communications. The Commission also discusses the rationale behind the law as well as why it matters to the real estate agent.  

Listen today to see what you can and cannot do in posting pictures about another agents listings. 

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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FinCEN will simply not go away. We thought it was over last year when the government halted the requirement to file your business entity disclosures. But now the anti-money laundering portion of FinCEN requirements for cash transactions involving a corporate entity purchasing property must provide a 120 plus item disclosure which will cost your clients hundreds of dollars and hours of time.

Erice Lybrand joins us to discuss this never-ending nightmare statute. 

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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The South Carolina REALTORS Association has revised the contract to address compensation in the contract. Today, I examine those changes but more importantly I look at the "why" behind the changes.  Once we understand the "why" it makes the changes more acceptable and likely to be implemented. I also look at the new Form 555 Home Warranty form.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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Whether you know it or not, you are using AI every day in your real estate practice. 

So today I will examine the increasing role of AI in real estate but also examine the legal and ethical implications that comes with its use. Everyone should be embracing this technology like we did with the internet in the 90s and social media in the 2010s. 

But we also need to understand that the SC Real Estate Commission has already issued a guidance letter about legal problems that can arise through the use of AI.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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The 'Pig Butchering' real estate scams to the Form 610, this podcast has it all. 

Today I educate you about the new real estate scam targeting agents as well as discuss why you should use a Form 610 on every transaction.  And as a bonus, I will discuss if we are turning into a buyer's market and what they could mean for your business this summer.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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Shifting gears this week. I wanted a more upbeat episode after discussing legal matters for so many weeks.

This week my guest is Rick Torrison who discusses the importance of mindset in the real estate industry. He explores the risks associated with being a real estate agent, the impact of limiting beliefs, and how to overcome them. Rick emphasizes the need for self-evaluation, challenging norms, and making positive declarations to achieve success. The conversation highlights the significance of understanding one's beliefs and how they shape actions and outcomes in both personal and professional life.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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Real estate agents are constantly under attack. One of the most common risks agents face is when something breaks in the house post-closing. Too many lawyers and buyers think the listing agent knew every possible defect that could have existed in the house. 

Currently, there are three major defenses that can be used when agents are sued. Today, I will highlight two significant court cases, McLaughlin vs. Williams and Isaac vs. Kopchinski, as well as the existing statutory protections that further shield agents from liability. 

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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In this episode I discuss the legality and ethics of including real estate commissions in contracts. I will clarify misconceptions surrounding commission payments, emphasizing that it is not illegal or unethical to include them in contracts. I also highlight the changes brought about by the Sitzer settlement, which affects how buyer agents are compensated. The conversation will underscore the fiduciary duty agents have to their clients and the importance of clear communication regarding compensation in real estate transactions.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.

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South Carolina REALTORs Association has issued new compensation forms with not one but two Form 120s and updated agency agreements in Form 130, 135 and 136. Today I examine those changes and what they mean for you.  Also, a new study by the Federal Reserve shines light on whether or not commissions have gone up or down since implementation of the Sitzer settlement.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.