South Dakota Real Estate Broker Associate Exam — All Questions

A South Dakota team leader who adds or removes a licensed team member must give the updated list to the responsible broker within:

• a.Twenty-four hours
• b.Seventy-two hours✓
• c.Ten days
• d.Thirty days

A team leader must provide a current list of all licensed team members, and any changes to it, to the responsible broker within 72 hours of making the change, and the responsible broker keeps a current record available to Commission staff on request. Cite: ARSD 20:69:18:01.

In a South Dakota advertisement, a real estate team:

• a.Must obtain written Commission approval before advertising
• b.May not be identified by a team name in any advertisement
• c.May advertise under its own name without naming the brokerage
• d.Must name the brokerage and may not appear independent of it✓

Each advertisement of a real estate team must clearly state the name of the brokerage company the team is affiliated with, must clearly identify any nonlicensed individuals shown, and may not contain language leading the public to believe the team offers brokerage services independent of the broker. Cite: SDCL 36-21A-72.

The seller of most South Dakota residential real property must furnish the completed property condition disclosure statement:

• a.Before the buyer makes a written offer✓
• b.Within three days after the offer is accepted
• c.At the closing, with the settlement statement
• d.Only if the buyer asks for it in writing

The seller must furnish a completed copy of the disclosure statement to the buyer before the buyer makes a written offer, and must furnish a written amendment if a change of material fact arises before closing or possession. Cite: SDCL 43-4-38.

A South Dakota buyer receives the property condition disclosure statement after already making a written offer. The buyer may terminate the offer within:

• a.Five days if delivered in person, or fourteen days if mailed
• b.Three days if delivered in person, or six days if mailed✓
• c.Three days however the statement was actually delivered
• d.Ten days however the statement was actually delivered

If the disclosure statement or a material amendment reaches the buyer after the buyer has made a written offer, the buyer may terminate by delivering written notice of termination within three days after personal delivery, or within six days after delivery by deposit in the mail. Cite: SDCL 43-4-39.

The South Dakota property condition disclosure requirement does not apply to a transfer:

• a.Of a home the seller personally lived in for twenty years
• b.Of newly constructed property that has never been occupied✓
• c.In which the buyer expressly waives the inspection contingency
• d.Of a home sold without any real estate licensee involved

The exempt transfers include court-ordered transfers, foreclosure-related transfers, fiduciary transfers, transfers between co-owners, transfers to a spouse, child, parent, sibling, grandchild or grandparent, and transfers of newly constructed residential real property that has never been occupied. Cite: SDCL 43-4-43.