There are many complex statutes and laws that apply to managing real estate in South Carolina. The punishments for violating these laws can range in severity from citations to jail time. These laws are not difficult to find, but application and usage can be tricky to a potential landlord without experience or mentoring. Property Managers in SC must complete a set curriculum and pass an exam to receive a license from the South Carolina Real Estate Commission to ensure that these statutes are known and followed.
Affinity Management, LLC has a vast network of contractors and skilled laborers that often offer discounted rates to our clients based on our loyalty. These connections allow us leverage to ensure that we are getting a good deal and quality service for our clients’ assets. We strive for efficiency and are continually developing programs to ensure we can spend more time on taking care of the properties we manage. These state requirements can be burdensome and time consuming for a landlord to learn and implement; taking away time from other important activities or leisure time.
We’ve put together a quick 10 question quiz that shows just some of the requisite knowledge that a landlord or property manager must know to maintain within the bounds of laws and statutes. Let us know how you did, we would love to hear your inputs/feedback.
- How long must financial documents and records be maintained?
- Acting like a PM without a licensee is a___{a}_____and can get you a $__{b}_ fine or imprisoned up to __{c}_____ months or both.
- The fair housing act protects what seven classes?
- Who is responsible for depositing monies into a trust account {a} and how long after receipt does that person have to make deposit {b}?
- What monies remain in the trust account?
- Who is entitled to the interest accrued on deposits in the trust account?
- What are the exemptions to Fair Housing?
- How can a dispute over an earnest money deposit be settled?
- What type of complaint does the Real Estate Commission not handle?
- Those not required to have a license to conduct real estate transactions: {hint: 4 categories}
~No Peeking~
Answers:
- How long must financial documents and records be maintained? 5 years
- Acting like a PM without a licensee is a _Misdemeanor_ and can get you a $_500__ fine or inprisoned not more than __6___ months or both.
- The fair housing act protects what seven classes? Race, Color, Religion, National Origin, Sex, Familial Status, and Handicap
- Who is responsible for depositing monies into a trust account and how long after receipt does that person have to make deposit? {a} Property Manager in Charge {b} 48 hours excluding bank holidays and weekends
- What monies remain in the trust account? All monies that do not belong to the company- owner profits, resident security deposits, advance rents etc.
- Who is entitled to the interest accrued on deposits in the trust account? Client/Customer unless the party’s rights are waived in writing using conspicuous language
- What are the exemptions to Fair Housing? Religious organizations that own property, Private club that owns property, Housing for older persons, Sale by owner if they have less than 3 single family houses
- How can a dispute over an earnest money deposit be settled? If parties can not agree, an interpleader action in court
- What type of complaint does the Real Estate Commission not handle? Commission Payout Disputes
- Those not required to have a license to conduct real estate transactions: Owner of the property, Attorney at law acting within duties, State and federal agencies, Court appointed receivers and trustees
Questions? Please contact our team today…Bree@AffinityMangement.NET or submit a note HERE.