South Dakota Real Estate Broker Associate Exam — All Questions
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Under South Dakota rules, a licensee should disclose the brokerage relationship to a consumer:
- a.Only after a purchase agreement is signed
- b.At the closing
- c.Within 15 days after an accepted offer
- d.Before confidential information is shared, at the outset of the relationship✓
South Dakota requires licensees to disclose the brokerage relationship before confidential information is shared, generally at the outset of the working relationship. The disclosure identifies whether the licensee represents the seller, the buyer, or acts as a limited agent.
In South Dakota, when a brokerage represents both the buyer and the seller in the same transaction, the arrangement is generally treated as:
- a.Subagency that needs no consent
- b.Limited (dual) agency requiring the informed written consent of both parties✓
- c.Universal agency
- d.An automatic conflict that voids the sale
South Dakota treats representation of both the buyer and the seller by one brokerage as limited (dual) agency, which requires the informed written consent of both parties. The limited agent must treat both parties honestly and may not disclose one party's confidential information to the other.