Video instructions and help with filling out and completing Form 843 Broker

Instructions and Help about Form 843 Broker

Hi Jennifer nicely here with pinnacle real estate Academy today I wanted to talk to you a little bit about the new license law reform act that is going to take place in January 2017 now there's been a lot of talk about the new license Law Reform Act and a lot of people questioning how different things are going to work and what was taken away and what was added and so today I just want to touch base with you on a couple of concepts about agency so there's one thing they removed from agency and there's one thing they've added to agency so what does this exactly mean for us as Realtors first of all I want to talk about what they removed they have dissolved the sub agency concept of our law which is absolutely fantastic because it's very difficult for students to understand house of agency works second of all no one uses it brokers in charge don't like it Eno insurance won't allow you to use it and there's not a broker in charge who wants to be responsible for another broker in charges agent so it never happened so dissolving sub-agency was absolutely fantastic now what they've added to our license law is called transaction brokerage and what transaction brokerage is is where you can now get paid for having a customer in the transaction so what this looks like is now when you go wholesome or someone around town and hope they buy something without sign in an agency agreement you can now actually get paid for driving them around and helping them find a home now if you have a buyer and you're driving them around town and you show them a home that is in the mls then you don't need to have anything signed as far as a compensation addendum saying that they have to pay you because through the mls the listing agents are required to pay the person who brings the buyer to the table now you would still want to get a transaction brokerage agreement signed which says that buyer customer understands and acknowledges and agrees that you are going to get paid now if you have a buyer and you're driving them around town and they find it for sale by owner and they want to buy that for sale by owner you can facilitate them making that offer you can facilitate the entire transaction of ordering inspections and set them up with a lender and set them up with an attorney and etc when you do this you again need to get a transaction brokerage agreement signed along with a compensation addendum signed now the compensation addendum has always been in existence but there's a lot of agents that don't use it so that it can be found right now in your zip forms and has been there for several years the transaction brokerage agreement is still being drafted so that should come out january first 2017 and you will be able to use it from that date on right now you can go to South Carolina Realtors gov and check out the draft documents that have already been started and worked on but not completely set in stone so midnight on December 31st 2016 all of those new documents will be released into our zip form systems and we will be required to start using them on january first so I hope you understand a little bit more about transaction brokerage and remember its transaction brokerage not transactional brokerage okay make sure you say that right so if you have any questions feel free to comment on the video below feel free to shoot us an email send us a message on facebook or give us a call we're always available here at pinnacle real estate academy to help you