South Carolina transaction brokers must account for trust funds, avoid wrongful ministerial acts, and disclose material defects.
South Carolina transaction brokers are required to account for any trust funds given to them. This means they must accurately document and handle any funds entrusted to them by clients for real estate transactions to ensure proper financial management and prevent any mishandling of funds.
Additionally, transaction brokers must avoid any ministerial acts that can be construed wrongly. This includes refraining from any actions that may lead to misinterpretation or misunderstanding, ensuring transparency and ethical conduct in their transactions.
Lastly, transaction brokers are required to accurately disclose their interests, such as material defects, in real estate transactions. This transparency helps protect all parties involved and ensures fair dealings in the real estate market.
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