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FAQ: What is “errors and omissions” insurance in SC?

What is “errors and omissions” insurance in SC?

Errors and omissions insurance is the same as professional liability insurance. Like all insurance, it is meant to reduce risk. In this case, its purpose is to protect you against potential lawsuits claiming that you made an error while providing professional real estate services.

This type of insurance can be valuable for covering court costs or paying settlements, should legal action be taken against you. Without E&O insurance, a lawsuit could potentially become very expensive, very fast, and even lead to financial ruin. Even if you are found not to be at fault, you will need to pay legal fees on your own.

Errors and omissions insurance is not required for real estate salespersons in South Carolina, but you still may want to consider buying a policy to mitigate risk.

Related Questions

If I pass the exam and meet all requirements will I get my SC license?

You are not guaranteed to be issued a license even if you complete the necessary steps and meet the basic requirements. The South Carolina Real Estate Commission will also consider your character and criminal background before it makes a determination on issuing you a license.

What documents are required for my SC real estate license application?

You will have already supplied some of the necessary documentation for getting a South Carolina real estate license when you submit your application for exam eligibility. After you have passed the state exam for licensure, PSI will provide you with an initial salesperson application form.

What is “errors and omissions” insurance in SC?

Errors and omissions insurance is the same as professional liability insurance. Like all insurance, it is meant to reduce risk. In this case, its purpose is to protect you against potential lawsuits claiming that you made an error while providing professional real estate services.

What do I do once I have successfully passed the SC state exam?

Once you have passed both the state and national portions of the licensing exam, you will need to take the remaining steps necessary so that your license can be issued. If you haven’t done so already, you will need to get your fingerprints taken before your license application can be approved.

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