Staying Legal Under the New Real Estate Law.

by | Jul 14, 2016 | Legal Tips

As we discussed in last week’s legal tip, the state legislature has passed a new real estate statute that will be effective January 2017.  Under the new law the continuing education requirements have been increased.  In order to renew your license  in 2017 you need to be aware of these new requirements.

Starting 2017 in order to renew your license South Carolina Code §40-57-340 requires a broker or salesperson to biennially complete ten hours of continuing education in courses approved by the commission. The ten hours must include a minimum of four hours of instruction in “mandated topics” for a broker or salesperson.  As part of the fourteen hour requirement, the BIC must also complete a four hour course on “advanced real estate topics.”

Currently to renew the license a broker or salesperson is required to complete eight hours biennially with two hours being based on current federal and state law. While the additional two hours will make completion of MCE/CE in one day difficult, the ten hour requirement appears to be a good compromise to the sixteen biennially hours that was originally sought.

The new law also requires advanced real estate topics for brokers-in-charge. The previous statute did not differentiate between BICs and salespersons under MCE requirements. It will be interesting to see if the Real Estate Commission offers separate MCE classes for BICs or whether they will design the MCE class to also cover the BIC requirement.  Since the requirement that the core class cover federal and state law has been eliminated, the “mandated topics” provision should result in a wider range of topics under MCE.

Another interesting change is the list of exemptions from education. Brokers or salespersons with twenty-five years of experience may apply to be granted an experience-based partial continuing education waiver. But the exempt licensee must still complete the mandatory four hour core course biennially to maintain their license. Previously a broker or salesperson who reached 65 years of age and 25 years of experience was exempt from all MCE/CE.  Now the age requirement is gone but all licensees regardless of experience must complete the four hour Core Class. The statute does hold that if a licensee has previously been granted a full continuing education waiver by the commission then the licensee remains exempt from the continuing education requirements.

Historical Fact: The town of Irmo was chartered on Christmas Eve 1890. The town was chartered as a result of the opening of the Columbia, Newberry and Laurens Railroad. The name Irmo comes from combining the last names of Captain C.J. Iredell and Henry Moseley  who were two instrumental figures in founding the town. Leeza Gibbons, Dustin Johnson and Olympic Gold Medalist swimmer, Courtney Shealy, are all from Irmo.

Photo by jinkazamah

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