(b) satisfactory evidence of at least three years' experience within the past five years in business activities closely related to real estate property management transactions.

SECTION 40-57-110. In addition to the proof of honesty, integrity, truthfulness, and good reputation of an applicant for a license, either real estate broker, counsellor, salesman, property manager, or auctioneer, the applicant shall submit to a written examination to be prepared and conducted by the commission or an institution designated by the commission.

SECTION 40-57-115. (A) The commission, through its regulations and guidelines, shall establish standards relative to the establishment and conducting of all education courses required by this chapter and the review, approval, or regulation of schools, organizations, associations, institutions, or instructors offering these courses including, but not limited to, sponsorship by accredited colleges, universities, and private business entities and organizations; establishment, approval, and review of curriculum; instructors; hours of attendance; classroom facilities; enrollment and cancellation policies; texts; examinations; certificates of completion; and other operating procedures.

(B) The commission, by regulation, shall establish reasonable fees relative to the review, approval, or regulation of schools, organizations, associations, institutions, or instructors offering the education courses required by this chapter.

(C) The commission may deny, reprimand, fine, suspend, or revoke the approval of an instructor or school, organization, association, institution, or other educational provider if, after a hearing, the commission finds that the applicant, instructor, or educational provider has violated or failed to satisfy the provisions of this chapter or the regulations and guidelines established under this chapter.

SECTION 40-57-120. The commission shall issue licenses for three classifications: one for each real estate broker; one for each real estate salesman; and one for each property manager. The commission shall issue designated licenses within each classification as necessary and as established by regulation. No person may be licensed in more than one classification at any one time.

(B) The commission may enter into reciprocal agreements with real estate regulatory authorities of other states which provide for waivers of education requirements or examinations if the commission considers the education and examination requirements of another state to be substantially equivalent to the requirements of this chapter and its regulations.

(C) A nonresident real estate salesman license may not be granted to an applicant unless that applicant is affiliated with a resident or nonresident broker licensed by the commission. If a nonresident licensee terminates the affiliation with a broker licensed by the commission, the license of the nonresident is canceled unless he places the license on inactive status or affiliates with another broker licensed by the commission.

(E)

(1) A resident licensee who becomes a nonresident, within sixty days, must notify the commission in writing of the change in residency and comply with nonresident requirements or place his license on inactive status to avoid cancellation of his license.

(2) A nonresident licensee who becomes a resident of South Carolina, within sixty days, must notify the commission in writing of the change in residency and comply with the requirements of this chapter or place his license on inactive status to avoid cancellation of his license.

(3) Failure to notify the commission of the change in residency and compliance with the requirements of this section is a violation of the license law subject to the penalties as provided by Section 40-57-170.

(F) All nonresident applicants and licensees must comply with all requirements of commission regulations and of this chapter. The commission may adopt regulations necessary for the regulation of nonresident licensees.

SECTION 40-57-145. A nonresident holding a license on the effective date of this act is not required to meet the prelicense education and examination requirements of Sections 40-57-100 and 40-57-110 of the 1976 Code in order to continue to hold a license after that date unless he allows the license to lapse or applies for a license that requires passing a different qualifying examination.

SECTION 40-57-150. The Real Estate Commission is authorized to establish license and application fees by regulation. None of the license fees provided for is in lieu of any business license fees or taxes imposed by a municipality. In addition to the fees authorized by this section, the Commission is authorized to contract with a state-funded institution of higher learning to conduct examinations for the Commission and the institution is authorized to charge and collect examination fees, not to exceed the reasonable cost to conduct examinations, which must be retained by the institution to defray the cost of conducting those examinations.

The funds collected from the fee authorized in the above paragraph must be deposited in a special fund by the State Treasurer to be used exclusively for the purposes provided in the above paragraph. Withdrawals from the fund must be made upon the written request of the South Carolina Real Estate Commission.

SECTION 40-57-155. (A) As a condition of license renewal, a broker or sales agent must satisfactorily complete eight hours of approved course instruction biennially as prescribed by the commission by a course provider approved by the commission. The eight hours must include a minimum of two hours of instruction on changes in federal and state law affecting licensees. A licensee having successfully completed a thirty-hour course for qualification as a broker is not required to participate in the continuing education program for that particular year. A licensee who decides to become inactive is not required to participate in the continuing education program but must complete the eight-hour requirement before returning to active status.

(B) A licensee may receive continuing education credit for courses taken under a continuing legal education program, provided such courses relate directly to real estate law in South Carolina and have been preapproved by the commission as meeting the criteria for continuing real estate education. Credit for such courses is subject to approval by the commission.

(C) The commission shall administer the continuing education program and shall approve and regulate courses, instructors, and course providers to implement the purposes of this section. In administering the program, the commission may promulgate regulations to require licensees to provide proof of compliance with the continuing education requirements as a condition of license renewal. The commission may contract with an outside provider for the record keeping services required by this section.

(D) Temporary fees must be charged by and paid to the commission until permanent fees are established by regulation as follows:

(1) an annual filing fee of fifteen dollars;

(2) a fee of fifteen dollars for providing certification to another state of a licensee meeting the South Carolina continuing education requirement;

(3) a fee of one hundred dollars for each course approved;

(6) a fee of fifty dollars for each instructor approval renewal.

(E) The commission shall promulgate regulations prescribing the overall parameters of the continuing education program.

(F) This section also applies to nonresident licensees. Where applicable, a nonresident licensee who has successfully satisfied the continuing education requirements of his resident state and certifies this information to the continuing education administrator or service is considered to have satisfied the requirements of this section. A nonresident who lives in a state which does not require continuing education must satisfy the South Carolina continuing education requirements.

(G) All information received by an outside contract service provider in the course and scope of his duties is confidential and proprietary and may not be used or disclosed beyond the requirements of the duties imposed upon them by law.

(H) A licensee upon reaching the age of sixty-five, with a minimum of twenty-five years of licensure, is exempt from the requirements of this section.

SECTION 40-57-160. It is the duty of the commission to issue a license to engage in the business of real estate broker, counsellor, salesman, property manager, or auctioneer to all applicants who are duly qualified under, and who comply with, all requirements of this chapter and all regulations of the commission. The license must be in that form and size as the commission prescribes and must not be transferable. The licenses expire annually.

SECTION 40-57-170. (A) The commission may upon its own motion or a verified complaint together with evidence, documentary or otherwise, presented in connection therewith, making out a prima facie case, investigate the actions of any real estate broker, counsellor, salesman, auctioneer, property manager, or any person who has unlawfully assumed to act in either capacity within this State and has the power to suspend, revoke, and cancel any license issued under the provisions of this chapter and assess fines at any time where the licensee has by material misrepresentation obtained a license, or where the licensee is found by the commission to be guilty of any of the following acts:

(1) making any substantial misrepresentation;

(4) any conduct in a real estate transaction which demonstrates bad faith, dishonesty, untrustworthiness, or incompetency in a manner as to endanger the interest of the public;

(5) acting for more than one party in a transaction without the knowledge of all parties for whom he acts;

(6) acting in the dual capacity of broker and undisclosed principal in any transaction;

(7) representing or attempting to represent, if a salesman, a real estate broker other than his employer without the express knowledge and consent of his employer;

(8) guaranteeing or authorizing or permitting any person to guarantee future profits which may result from the resale of real property;

(9) making of dual sets of contracts, written or otherwise, which would falsify the transaction by stating a sales price higher than the actual sales price in an effort to obtain a larger loan from any lender or lending institution or for the purpose of misinforming any governmental agency;

(10) being convicted in any court of competent jurisdiction of this State, any other state, or any federal court of forgery, embezzlement, breach of trust, larceny, obtaining money or property under false pretense, extortion, fraud, conspiracy to defraud, or any other offense involving moral turpitude, or pleading guilty or nolo contendere to any such offense;

(11) failing, within a reasonable time, to account for or to remit any monies coming into his possession which belong to others;

(12) paying a commission or compensation to any person for performing the services of a real estate broker, salesman, or property manager who has not first secured his license under the South Carolina Real Estate Licensing Act. A South Carolina licensed broker may pay a part of his commission on a cooperative basis to a licensed broker of another state if the nonresident broker does not conduct in this State any of the negotiations for which a fee, compensation, or commission is paid;

(14) violating any provision of law relating to a buyer's freedom of choice in choosing an attorney, insurance agent, or title insurance agent to handle his real estate transaction;

(15) failing, if a broker or property manager, to deposit all security deposits, damage deposits, advance fees, and rental proceeds received by the broker or property manager within forty-eight hours of receipt, excluding Saturdays, Sundays, and bank holidays, in a separate escrow or real estate trust account so designated. All these funds except rental proceeds shall remain until the lease or rental transaction expires or is terminated, at which time a full accounting must be made by the broker or property manager. Rental proceeds must be disbursed within a reasonable time after deposit and clearance of the deposit by the bank. Records relative to the receipt, deposit, maintenance, and withdrawal of the funds must be properly maintained and made available to a representative of the South Carolina Real Estate Commission upon request;

(16) failing, if a licensee, to report to the commission in writing by certified mail, return receipt requested, within ten days after receipt by the licensee of those convictions set forth in item (10) of this subsection;

(17) a real estate licensee shall disclose on a form approved by the commission for which party he is acting and may not receive compensation from more than one party except with the full knowledge and consent of all parties;

(18) violating any regulation promulgated by the commission.

(B)

(1) The commission may make any public or private investigation which it considers necessary to determine whether any person has violated this chapter or any order or regulation hereunder, or to aid in the enforcement of this chapter or in the prescribing of regulations and forms thereunder.

(2)The commission may require or permit any person to file a statement in writing, under oath or otherwise as the commission determines, as to all facts and circumstances concerning the matter to be investigated.

(4) Upon failure to obey a subpoena or to answer questions propounded by the investigating officer and upon reasonable notice to all persons affected thereby, the commission, through the Attorney General, may apply to an administrative law judge as provided under Article 5 of Chapter 23 of Title 1 for an order compelling compliance.

(C) The commission may:

(1)issue an order requiring a person to cease and desist from any unlawful practice and to take such affirmative action as in the judgment of the commission will carry out the purposes of this chapter if, after notice and hearing, the commission determines that a person has:

(a) violated any provisions of this chapter.

(b) directly or through any agent or employees knowingly engaged in any false, deceptive, or misleading practices in the sale or rental of real estate, including advertising and promotions.

(c) violated any lawful order or rule of the commission.

(2) make findings of fact in writing that the public interest will be irreparably harmed by delay in issuing an order and in such case may issue a temporary cease and desist order. Prior to issuing the temporary cease and desist order, the commission, whenever possible by telephone or otherwise, shall give notice of the proposal to issue a cease and desist order to the person. Every temporary cease and desist order shall include in its terms a provision that upon request a hearing will be held promptly to determine whether or not it becomes permanent.

SECTION 40-57-180. Before refusing, suspending, or revoking any license and before issuing any public or private reprimand or assessing any fines, the commission shall notify the applicant or licensee of the charges against him and must grant him an opportunity to be heard. The hearing must be held not less than thirty days nor more than ninety days after the applicant or licensee is notified of the charges against him. If charges are brought against a salesman, his broker must also be notified of the charges. Hearing of the charges must be at the time and place designated by the commission and must be conducted in accordance with the State Administrative Procedures Act. The hearing must be attended by at least five members of the Real Estate Commission, including the member from the congressional district in which the applicant or licensee resides.

SECTION 40-57-200. The commission shall render a decision on any complaint within sixty days from the final hearing on such complaint and shall give immediate notice in writing of such ruling or decision to the applicant or licensee affected thereby, and where the investigation or hearing shall have been instituted by complaint filed, to the party or parties by whom the complaint was made. If such ruling shall be to the prejudice of, or shall injuriously affect the licensee, the commission shall also state in such notice the date upon which the ruling or decision shall become effective, and such date shall be not less than thirty days after the date of the notice.

SECTION 40-57-210. The commission shall maintain a public docket or other record, in which the commission shall record, from time to time as made, the rulings or decisions upon all complaints filed with the commission, and all investigations instituted by the commission in the first instance, upon or in connection with which any such hearing shall have been had, or in which the licensee charged shall have made no defense.

SECTION 40-57-220. Every applicant or licensee aggrieved by a decision of the commission in refusing, suspending, or revoking any license or in issuing reprimands provided under the provisions of this chapter may appeal from the decision of the commission to an administrative law judge as provided under Article 5 of Chapter 23 of Title 1.

SECTION 40-57-230. After the revocation of any license, no new license shall be issued to the same licensee, within a period of one year from and after the date of such revocation, nor at any time thereafter except upon an affirmative vote of at least a majority of the members of the Commission.

SECTION 40-57-240. Any real estate broker, counsellor, salesman, auctioneer, or property manager who fails to renew or register his license annually and continues to engage in such business is guilty of a misdemeanor and, upon conviction, must be punished by a fine of not more than five hundred dollars or imprisonment of not more than six months, or both, in the discretion of the court.

SECTION 40-57-270. (A) The fact or suspicion that a property may be or is psychologically impacted, as a result of facts or suspicions that the death of an occupant of the real property has occurred or may have occurred upon the real property, or the manner of death where death has occurred, or that an occupant was inflicted with or died from Human Immuno-deficiency Virus or diagnosed with Acquired Immune Deficiency Syndrome, or any other disease which has been determined by medical evidence to be highly unlikely to be transmitted through the occupancy of a dwelling place is not a material fact that must be disclosed in a real estate transaction.

(B) No cause of action may arise against an owner of real estate or his agent for the failure to disclose to the transferee that the transferred property was psychologically impacted as described in subsection (A) of this section.

(C) This section does not relieve an owner or agent of an obligation to disclose the physical condition of the premises.

(D) Nothing in this section immunizes an owner or his agent from making an intentional misrepresentation in response to a direct inquiry from a transferee or a prospective transferee of real property, concerning psychological impacts or stigmas associated with real property.

SECTION 40-57-280. Notwithstanding any other provision of law:

(1) All monies received by a property manager as agent for his principal in a real estate transaction must be deposited within forty-eight hours of receipt, excluding Saturdays, Sundays, and bank holidays, in a separate escrow or real estate trust account so designated.

(2) All monies received by a broker as agent for his principal in a real estate transaction must be deposited in a separate escrow or real estate trust account so designated as follows:

(a) all cash monies or certified funds must be deposited within forty-eight hours of receipt, excluding Saturdays, Sundays, and bank holidays;

(b) all other monies must be deposited within forty-eight hours of receipt, excluding Saturdays, Sundays, and bank holidays.