Affiliated Business Arrangement Disclosure Statement - South Carolina

Affiliated Business Arrangement Disclosure Statement is a legal document that was released by the South Carolina Department of Consumer Affairs - a government authority operating within South Carolina.

FAQ

Q: What is an Affiliated Business Arrangement Disclosure Statement?
A: An Affiliated Business Arrangement Disclosure Statement is a document that discloses any financial interest or affiliation between real estate service providers.

Q: Why is an Affiliated Business Arrangement Disclosure Statement required in South Carolina?
A: South Carolina law requires real estate service providers to disclose any affiliated business arrangements to the consumer.

Q: Who needs to provide an Affiliated Business Arrangement Disclosure Statement?
A: Real estate service providers, such as real estate agents, brokers, lenders, and title companies, need to provide the disclosure statement.

Q: What information should be included in an Affiliated Business Arrangement Disclosure Statement?
A: The disclosure statement should include the names of the affiliated businesses, the nature of their affiliation, and any financial interest that exists.

Q: What are the consequences of not providing an Affiliated Business Arrangement Disclosure Statement?
A: Failure to provide the disclosure statement can result in penalties and disciplinary action by the South Carolina Real Estate Commission.