BIC Tool Kit

Coastal Carolinas Association of REALTORS® Broker-In-Charge Tool Kit

“What You Need to Know to Get Started as a New Broker-in-Charge”

CCAR has compiled a checklist of items that should be of interest to new Brokers-In-Charge who are starting a new real estate organization. It is strongly suggested that you consult with your attorney and accountant to make sure that you do these things correctly for your situation and that you are in compliance with state and local laws.

Real Estate Commision Laws/Policies www.llronline.com/POL/REC/index.asp?file=laws.htm Trust Account – Refer to the S.C. Real Estate Practices Act (license law). www.llronline.com/POL/REC/RECPDF/TrustAccountBook.PDF Type of business (Sole Proprietorship, Partnership, Corporation, LLC) ---Consult your attorney to help you decide what is best for you. www.scsos.com/Business_Filings Legal Topics provided by South Carolina Association of REALTORS® and National Association of REALTORS® www.screaltors.org/legal-topics/ www.realtor.org/law-and-ethics

Zoning Ordinances – If you want to operate your company from your residence, make sure that you are complying with local zoning ordinances. www.horrycounty.org/depts/econdev/PlanningZoning/index.asp www.georgetowncountysc.org/planning/default.html Business Licenses – Find out what licenses are required in the specific areas where you will be conducting business. ‘ Example:www.cityofmyrtlebeach.com/businessinfo.html Written company policy – Refer to the S.C. Real Estate Practices Act and consult your attorney. www.realtor.org/field-guides/field-guide-to-real-estate-office-policymanuals www.screaltors.org/?s=office+policy+manual Independent Contractor agreements and Form 1099 – Consult your attorney and accountant for compliance with the Safe Harbor Act (IRS Code #3508).

Insurances – Errors & Omissions, Liability & Workman’s Comp., Agent Automobile, Health & Dental.

Example: www.pearlins.com for Errors & Omission Company smoking policy– http://bit.ly/IYwdjT Book Recommendation from www.realtor.org The Complete Guide to Business Brokerage Item #141-140

Certified Real Estate Brokerage Manager / CRBsm The Certified Real Estate Brokerage Manager (CRBsm) is one of the most respected and relevant designations offered in real estate business management. The CRBsm designation is awarded to REALTORS® who have completed advanced educational and professional requirements. CRBsm Designees are better positioned to streamline operations, integrate new technology and apply new trends and business strategies. Join today and discover a new approach to enhancing knowledge and leveraging opportunity. CRB Courses are offered in a classroom setting or online in the Council’s e-Learning Center. Presented by Council of Real Estate Brokerage Managers. For more information, e-mail info@crb.com, call 800-621-8738, or visit www.CRB.com.

Other NAR Approved Designations www.realtor.org/designations-and-certifications Feds May Target Recruiting Brokerages with FTC Business Opportunity Rule http://bit.ly/GRlsiP