36-21A-1. Definitions. Terms used in this chapter mean: (1)”Agency,” any relationship by which one person acts for or on behalf of a client subject to the client’s reasonable direction and control; (2)”Agency agreement,” a written agreement between a broker and a client that creates a fiduciary relationship between the broker and client. The payment or […]
36-21A-10. Property manager defined. For the purposes of this chapter, a property manager is any person who for a fee, commission or other valuable consideration or with the intent or expectation of receiving a fee, commission or consideration negotiates or attempts to negotiate the rental, exchange or leasing or any real estate or of the […]
36-21A-100. Contracts violating subdivision sale provisions void and unenforceable–Recovery of money paid plus interest. Failure to comply with the provisions of §§36-21A-93 to 36-21A-98, inclusive, make any contract entered into in this state void and unenforceable. Money paid under that contract to the certificate holder, together with interest at the Category A rate of interest […]
36-21A-101. Establishment of real estate recovery fund–Purpose. The commission shall establish and maintain a real estate recovery fund, which shall be used to provide a source for payment of unsatisfied judgments obtained by persons aggrieved by the acts of a person licensed under this chapter. The commission shall maintain one hundred thousand dollars in the […]
36-21A-102. Minimum balance in recovery fund–Separate fee payable to restore minimum balance. If at the end of any calendar year the amount remaining in the real estate recovery fund is less than one hundred thousand dollars, every person registering pursuant to this chapter shall pay, in addition to the biennial registration fee, a separate fee […]
36-21A-103. Notice to commission of claims against recovery fund–Intervention by commission. A person commencing an action that may result in the filing of a claim against the real estate recovery fund shall serve a copy of the summons and complaint upon the commission within ten days of service upon the defendant. The commission may intervene […]
36-21A-104. Application by unsatisfied judgment creditor for payment of loss from recovery fund–Maximum payment–Service on commission and judgment debtor–Hearing on application for payment–Continuances. If any person obtains a final judgment in any court of competent jurisdiction against a person licensed under this chapter, on grounds of fraudulent, deceptive or dishonest practices, or conversion of trust […]
36-21A-105. Facts to be shown at hearing by applicant for payment from recovery fund. At the hearing the applicant shall show the following: (1)He is not a spouse of the judgment debtor, or the personal representative of such spouse; (2)If he is licensed under this chapter, he was not acting as a principal or agent […]
36-21A-106. False statement in proceedings against recovery fund as perjury. Any person who knowingly files with the commission any notice, statement or other document required under §§36-21A-101 to 36-21A-115, inclusive, which is false or untrue or contains any material misstatement of fact is guilty of perjury. Source: SL 1992, ch 273, §106.
36-21A-107. Burden of proof as to fraud or conversion–Presumption when original action was contested by debtor. If an applicant’s judgment is by default, stipulation or consent, or if the action against the licensee was defended by a trustee in bankruptcy, the applicant has the burden of proving his cause of action for fraudulent, deceptive or […]
36-21A-108. Defense by commission of action against recovery fund–Motion for dismissal–Compromise. The commission may defend any action on behalf of the fund and shall have recourse to all appropriate means of defense and review including examination of witnesses. The commission may move the court at any time to dismiss the application if it appears there […]
36-21A-109. Defense by judgment debtor in action against recovery fund. The judgment debtor may defend any such action on his own behalf and shall have recourse to all appropriate means of defense and review including examination of witnesses. Source: SL 1992, ch 273, §109.
36-21A-11. Real estate and realty defined. For the purposes of this chapter, real estate or realty is any interest or estate in real property or the property’s improvements or fixtures whether corporeal, incorporeal, freehold or nonfreehold, and whether the real property is situated in this state or elsewhere, and includes leaseholds, condominiums, air rights and […]
36-21A-110. Payment from recovery fund ordered only on valid cause of action–Prior judgment only prima facie evidence. If the court proceeds upon an application, it shall order payment out of the real estate recovery fund only upon a determination that the applicant has a valid cause of action, and has complied with the provisions of […]
36-21A-111. Order for payment from recovery fund. If the court finds after the hearing that the claim should be levied against the portion of the fund allocated for the purpose of recovery of unsatisfied judgments, the court shall enter an order directed to the commission requiring payment from the fund in the amount payable upon […]
36-21A-112. Maximum liability of fund for acts of one licensee. The liability of the fund for the acts of a licensee, when acting as such and occurring before the date of the court order entered pursuant to §§36-21A-101 to 36-21A-115, inclusive, is terminated whenever such order authorizes payments from the fund for judgments or unsatisfied […]
36-21A-113. Deferred payment of authorized claim–Interest. If, at any time, the money deposited in the fund is insufficient to satisfy any duly authorized claim or portion thereof, the commission shall, when sufficient money has been deposited in the real estate recovery fund, satisfy those unpaid claims or portions thereof, in the order that the claims […]
36-21A-114. Suspension of license when payment from fund authorized–Repayment to fund required for reinstatement. If the commission pays from the fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the license shall automatically be suspended upon the effective date of an order by the court authorizing payment […]
36-21A-115. Subrogation of fund to rights under judgment paid–Assignment. If, upon the order of the court, the commission has paid from the fund any sum to the judgment creditor, the commission shall be subrogated to all of the rights of the judgment creditor to the extent of the amount so paid. The judgment creditor shall […]
36-21A-116. Other disciplinary powers unimpaired–Effect of repayment to fund. Nothing contained in §§36-21A-101 to 36-21A-115, inclusive, limits the authority of the commission to take disciplinary action against any licensee under other provisions of this chapter. The repayment in full of all obligations to the fund by a licensee does not nullify or modify the effect […]
