South Dakota Broker Associate Exam — All Questions
2 questions
Which body licenses and regulates real estate licensees in South Dakota?
- a.The South Dakota Association of Realtors
- b.The South Dakota Real Estate Commission within the Department of Labor and Regulation✓
- c.The South Dakota Secretary of State
- d.The South Dakota Banking Division
Real estate licensing in South Dakota is governed by SDCL Chapter 36-21A and administered by the South Dakota Real Estate Commission within the Department of Labor and Regulation. The Commission issues, renews, and disciplines licenses and adopts rules. A trade association such as the South Dakota Association of Realtors is a private membership group with no licensing authority.
The South Dakota Real Estate Commission may discipline a licensee by:
- a.Filing the licensee's income taxes
- b.Setting the licensee's commission rates
- c.Imposing fines and suspending or revoking the license for violations such as misrepresentation or mishandling trust money✓
- d.Guaranteeing the licensee's sales
The Commission investigates alleged violations and may impose discipline, including fines, suspension, or revocation, for conduct such as misrepresentation, mishandling trust money, or failing to provide a required disclosure. The Commission's authority is regulatory and focused on consumer protection; it does not set commissions or guarantee a licensee's business.