South Dakota Real Estate Exam
1,498+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the South Dakota real estate salesperson exam.
Finance
144 questions- Which type of mortgage loan is guaranteed by the Department of Veterans Affairs?
- In a fully amortized loan, the monthly payment:
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A loan-to-value ratio (LTV) of 80% means that the borrower is financing:
- Which of the following best describes a balloon mortgage?
- South Dakota uses which foreclosure method as its primary process?
- In a South Dakota deed of trust, who holds legal title to the property during the loan period?
- What is the South Dakota redemption period after a mortgage foreclosure sale?
- South Dakota charges which of the following state-level taxes on real estate transfers?
- In South Dakota, what does 'loan-to-value ratio' (LTV) measure?
- Which loan type is commonly used for rural property purchases in South Dakota and is backed by the U.S. Department of Agriculture?
- A South Dakota borrower obtains a 30-year fixed-rate mortgage at 7% interest. The monthly payment per $1,000 borrowed is approximately $6.65. On a $200,000 loan, what is the approximate monthly payment (principal and interest)?
- Which of the following best describes a 'conforming loan' in South Dakota?
- The Truth in Lending Act (TILA) requires lenders to disclose which key cost figure to South Dakota borrowers?
- Private Mortgage Insurance (PMI) is typically required in South Dakota when the buyer's down payment is:
- In South Dakota, which type of mortgage clause allows the lender to accelerate (call due) the entire loan balance upon sale of the property?
- A South Dakota buyer uses an FHA loan. The minimum down payment required is:
- VA loans for eligible South Dakota veterans offer which significant advantage?
- The secondary mortgage market in South Dakota allows lenders to:
- What does 'amortization' mean in the context of a South Dakota real estate loan?
- Discount points on a South Dakota mortgage loan represent:
- A contract for deed (land contract) in South Dakota means the buyer:
- South Dakota's usury laws set limits on:
- RESPA (Real Estate Settlement Procedures Act) applies to South Dakota transactions involving:
- An adjustable-rate mortgage (ARM) in South Dakota has an interest rate that:
- What is the main advantage of a fixed-rate mortgage for a South Dakota homebuyer?
- In South Dakota, a 'balloon mortgage' requires the borrower to:
- South Dakota has no state income tax. This affects real estate investment because:
- A South Dakota lender requires a debt-to-income (DTI) ratio of no more than 43%. A borrower has monthly gross income of $5,000 and total monthly debt payments of $1,800. Their DTI is:
- An interest-only mortgage in South Dakota means the borrower:
- The Real Estate Settlement Procedures Act (RESPA) prohibits which practice?
- A South Dakota property has a potential gross income of $60,000, vacancy and credit losses of $3,000, and operating expenses of $22,000. What is the net operating income (NOI)?
- Which of the following events would trigger a due-on-sale clause in a South Dakota mortgage?
- A South Dakota lender offers a 'teaser rate' ARM at 2.5% for the first year, then adjusting annually. A borrower should be concerned about:
- Under the Truth in Lending Act (TILA), a borrower has the right to rescind (cancel) which type of loan within 3 business days?
- South Dakota trust companies are subject to which unique regulatory environment?
- In South Dakota, a wraparound mortgage is a financing arrangement where:
- A South Dakota lender requires title insurance as a condition of making a mortgage loan. This type of policy is called a:
- In South Dakota, mortgage insurance premium (MIP) is associated with which loan type?
- A South Dakota buyer who purchases agricultural land through a Farm Credit System lender is using which type of financing institution?
- The South Dakota Housing Development Authority (SDHDA) provides:
- What does 'PITI' stand for in a South Dakota mortgage payment?
- In South Dakota, a home equity line of credit (HELOC) is a type of:
- A South Dakota lender gives a 'good faith estimate' (now called the Loan Estimate under TRID). This document must be provided to the borrower within:
- A South Dakota buyer using a VA loan must pay a VA funding fee. This fee can be:
- In South Dakota, which entity purchases conforming mortgages in the secondary market to provide liquidity to lenders?
- Ginnie Mae (GNMA) pools which type of loans for sale to investors?
- A South Dakota mortgage lender's 'portfolio loan' is one that:
- A South Dakota property with a $300,000 mortgage has a debt coverage ratio (DCR) of 1.25. The annual debt service is $24,000. What is the NOI?
- South Dakota's Community Reinvestment Act (CRA) requirements encourage banks to:
- A negative amortization loan in South Dakota occurs when:
- In South Dakota, a 'bridge loan' is a type of:
- South Dakota has no state income tax. This means that mortgage interest deductions are:
- A South Dakota commercial property's 'debt service coverage ratio' (DSCR) of less than 1.0 means:
- A South Dakota buyer pays 1.5% origination fee on a $240,000 loan. How much is the origination fee?
- In South Dakota, which government program provides loan guarantees for agricultural land purchases to help beginning farmers?
- The Dodd-Frank Wall Street Reform Act created which consumer protection agency related to mortgage lending?
- A South Dakota 'qualified mortgage' (QM) under Dodd-Frank regulations must NOT have:
- In South Dakota, a hard money loan is characterized by:
- In South Dakota, the 'equal credit opportunity' requirement means lenders must:
- In South Dakota, interest is typically calculated on mortgage loans using which method?
- A South Dakota buyer is using a seller carryback (purchase money mortgage). This means:
- A South Dakota commercial lender requires a 'personal guarantee' on a business real estate loan. This means:
- In South Dakota, 'escrow impounds' for property taxes and insurance in a mortgage payment mean:
- A South Dakota investor uses a 1031 exchange. This allows them to:
- In South Dakota, what is 'subordination' in mortgage lending?
- In South Dakota, a 'chattel mortgage' or security interest in personal property (like fixtures or equipment) is governed by:
- In South Dakota, a homeowner with at least 20% equity who refinances to remove PMI should first request:
- The Home Ownership and Equity Protection Act (HOEPA) in South Dakota applies to:
- In South Dakota, a blanket mortgage covers:
- In South Dakota, which financial institution is specifically chartered to make mortgage loans for housing?
- In South Dakota, a lender's 'release clause' in a blanket mortgage allows the borrower to:
- South Dakota's mortgage market is influenced by the Federal Reserve's monetary policy. When the Fed raises the federal funds rate, South Dakota mortgage rates generally:
- In South Dakota, which of the following would be considered 'predatory lending'?
- In South Dakota, a 'jumbo loan' exceeds which threshold?
- In South Dakota, 'loan origination' refers to the process by which:
- In South Dakota, a 'commitment letter' from a lender means:
- In South Dakota, 'impound accounts' (also called escrow accounts) required by lenders for property taxes and insurance benefit the lender by:
- In South Dakota, which of the following best describes a 'purchase money mortgage' (PMM)?
- In South Dakota, what does 'amortization schedule' show a borrower?
- A South Dakota buyer with a credit score of 580 can use which loan program with the minimum 3.5% down payment?
- In South Dakota, the 'Ability-to-Repay' (ATR) rule under Dodd-Frank requires lenders to:
- In South Dakota, when a lender requires 'private mortgage insurance,' the PMI premium:
- South Dakota's agricultural economy means many properties qualify for 'farm credit' financing. Which institution is the largest agricultural lender in the U.S.?
- In South Dakota, which of the following is a key benefit of assumable mortgages when interest rates are rising?
- In South Dakota, a 'loan modification' differs from a 'refinance' in that a loan modification:
- In South Dakota, 'forbearance' on a mortgage means the lender:
- In South Dakota, which of the following is the primary function of a 'mortgage servicer'?
- In South Dakota, a 'prepayment penalty' in a mortgage loan:
- In South Dakota, the 'note' in a mortgage transaction is the:
- In South Dakota, 'hypothecation' in mortgage lending means:
- In South Dakota, which of the following borrower profiles would most likely qualify for a USDA Rural Development loan?
- In South Dakota, the 'effective interest rate' on a mortgage differs from the 'nominal rate' because it:
- In South Dakota, 'points' paid to a lender can be classified as either 'discount points' or 'origination points.' Discount points differ in that they:
- In South Dakota, which of the following is a potential tax benefit of homeownership?
- The South Dakota Housing Development Authority (SDHDA) FirstHome program is designed primarily for:
- In South Dakota, what is the primary purpose of a title insurance policy obtained at closing?
- In South Dakota, a deed of trust differs from a mortgage in that:
- Which federal law requires lenders to provide a Loan Estimate to mortgage applicants within 3 business days of application?
- In South Dakota mortgage lending, the debt-to-income (DTI) ratio measures:
- In South Dakota, an FHA loan requires the borrower to pay:
- In South Dakota real estate transactions, an 'adjustable-rate mortgage' (ARM) typically features:
- The annual percentage rate (APR) disclosed in South Dakota mortgage transactions differs from the interest rate in that APR:
- In South Dakota, a 'short sale' in real estate occurs when:
- In South Dakota, the 'loan-to-value ratio' (LTV) of a mortgage is calculated as:
- In South Dakota, 'points' paid on a mortgage loan are:
- In South Dakota, a VA loan guaranteed by the Department of Veterans Affairs benefits eligible veterans by:
- In South Dakota, a 'reverse mortgage' allows eligible senior homeowners to:
- In South Dakota, 'private mortgage insurance' (PMI) on a conventional loan is typically required when:
- In South Dakota, which federal agency regulates national banks and federally chartered savings associations that make mortgage loans?
- In South Dakota, the 'secondary mortgage market' primarily involves:
- In South Dakota, a 'home equity line of credit' (HELOC) allows a homeowner to:
- In South Dakota, the primary purpose of the Real Estate Settlement Procedures Act (RESPA) is to:
- In South Dakota, 'amortization' of a mortgage loan means:
- In South Dakota, 'negative amortization' occurs in a mortgage when:
- In South Dakota, which of the following is a 'conforming loan'?
- In South Dakota, the 'Equal Credit Opportunity Act' (ECOA) prohibits lenders from discriminating in credit decisions based on:
- In South Dakota, the 'Truth in Lending Act' (TILA/Regulation Z) requires lenders to:
- In South Dakota, the 'Community Reinvestment Act' (CRA) requires federally regulated financial institutions to:
- In South Dakota, a 'balloon payment mortgage' features:
- In South Dakota, a mortgage 'assumption' allows:
- In South Dakota, the 'Home Mortgage Disclosure Act' (HMDA) requires covered financial institutions to:
- In South Dakota, 'seller financing' or 'owner financing' means that:
- In South Dakota, a 'USDA Rural Development loan' is available for properties:
- In South Dakota, 'escrow impounds' collected as part of monthly mortgage payments are used by lenders to:
- In South Dakota, a property that will not appraise for the purchase price presents an issue because:
- In South Dakota, 'forbearance' in mortgage lending refers to:
- In South Dakota, 'predatory lending' practices may include all of the following EXCEPT:
- In South Dakota, a 'wrap-around mortgage' (or 'all-inclusive trust deed') is typically used in:
- In South Dakota, a 'bridge loan' in real estate is used to:
- In South Dakota, which of the following is a key difference between a 'fixed-rate mortgage' and an 'adjustable-rate mortgage' (ARM)?
- In South Dakota, 'construction-to-permanent financing' allows a borrower to:
- In South Dakota, a 'purchase money mortgage' is one in which:
- In South Dakota, a 'hard money loan' in real estate is characterized by:
- In South Dakota, a 'subordination clause' in a mortgage allows the mortgage to:
- In South Dakota, 'loan origination fees' charged by a lender at closing are:
- In South Dakota, which of the following is the primary risk to a lender in issuing a mortgage?
- In South Dakota, a 'conforming' loan limit (as set by FHFA annually) refers to:
- In South Dakota, the 'Homeowners Protection Act' (PMI Cancellation Act) gives borrowers with conventional loans the right to request PMI cancellation when:
- In South Dakota, a 'non-recourse loan' means the borrower:
- In South Dakota, which type of mortgage allows the borrower to draw on approved funds as construction progresses?
- In South Dakota, 'seller concessions' in a real estate transaction are:
- In South Dakota, which statement about the SDHDA (South Dakota Housing Development Authority) mortgage programs is correct?
- In South Dakota, the 'ability to repay' (ATR) rule under Dodd-Frank requires mortgage lenders to:
Property Ownership
143 questions- Which form of co-ownership includes the right of survivorship?
- Fee simple absolute ownership is best described as:
- A life estate grants the life tenant the right to:
- Real property is distinguished from personal property primarily by:
- An easement appurtenant:
- South Dakota recognizes which form of concurrent ownership that includes the right of survivorship?
- In South Dakota, a married couple who takes title as 'tenants in common' would:
- South Dakota's homestead exemption protects a homeowner's primary residence from:
- A fee simple absolute estate in South Dakota provides the owner with:
- In South Dakota, tribal lands on Lakota Sioux reservations are generally:
- An easement appurtenant in South Dakota benefits:
- South Dakota recognizes adverse possession. Which condition is NOT required to establish a claim?
- A life estate in South Dakota grants the life tenant the right to:
- Which type of deed provides the most protection for a buyer in South Dakota?
- In South Dakota, a 'quitclaim deed' transfers:
- South Dakota agricultural land is most commonly described using which legal description system?
- In the rectangular survey system, a township is divided into how many sections?
- In South Dakota, the NW 1/4 of Section 5 contains how many acres?
- Mineral rights in South Dakota can be:
- A cooperative (co-op) housing arrangement in South Dakota differs from a condominium because:
- Riparian rights in South Dakota relate to:
- A lis pendens recorded against a South Dakota property provides notice that:
- In South Dakota, CC&Rs (covenants, conditions, and restrictions) are enforced by:
- An encroachment on a South Dakota property refers to:
- Which of the following is an involuntary lien against South Dakota property?
- In South Dakota, a deed must be delivered and accepted to be effective. 'Delivery' means:
- A South Dakota deed that contains the phrase 'to have and to hold' is known as the:
- In South Dakota, what must be included in a deed to make it legally valid?
- The Torrens system of title registration differs from the recording system used in most of South Dakota in that the Torrens system:
- Fee simple defeasible in South Dakota is an ownership interest that:
- Which type of tenancy in South Dakota arises when a tenant holds over after their lease expires without the landlord's consent?
- A fixture in South Dakota real estate is personal property that:
- In South Dakota, trade fixtures installed by a business tenant are:
- A prescriptive easement in South Dakota is acquired through:
- In South Dakota, a 'remainder interest' in real property refers to:
- In South Dakota, if a property owner dies without a will (intestate), the property passes under:
- A South Dakota property held in a revocable living trust avoids probate because:
- When South Dakota property is transferred by a will, the legal process to transfer title is called:
- In South Dakota, a 'statutory warranty deed' and a 'general warranty deed' are:
- The doctrine of 'after-acquired title' (estoppel by deed) in South Dakota means:
- A South Dakota property owner can limit the use of their land by conveying a 'deed restriction' or 'restrictive covenant.' These restrictions are:
- In South Dakota, an 'easement by necessity' arises when:
- Subsurface rights in South Dakota include the right to:
- An appurtenant easement in South Dakota 'runs with the land,' meaning:
- In South Dakota, a condominium owner's monthly HOA fees typically cover:
- South Dakota agricultural land is often described using the Public Land Survey System (PLSS). Which is the largest unit in the PLSS?
- In South Dakota, what is the minimum distance between a section line road and neighboring property known as?
- The doctrine of estoppel as applied to real estate in South Dakota prevents a party from:
- Air rights in South Dakota real estate allow the property owner to:
- In South Dakota, can a property owner have different parties own the surface rights and mineral rights to the same parcel?
- A South Dakota 'time-share' interest gives the purchaser:
- In South Dakota, a 'leasehold estate' gives the tenant:
- Which of the following creates an involuntary lien on a South Dakota property?
- In South Dakota, which type of deed is typically used to transfer property after a foreclosure sale?
- In South Dakota, what is an 'abstract attorney's opinion' used for?
- In South Dakota, a 'survey exception' in a title insurance policy means the policy:
- The Public Land Survey System (PLSS) used in South Dakota is based on which reference lines?
- In South Dakota's rectangular survey, Range refers to columns of townships running:
- In South Dakota, Section 6 of a township is located in which corner?
- In South Dakota, a 'tenancy by the entirety' is:
- A South Dakota property owner who conveys a property but retains the right to live there for their lifetime is creating which type of estate?
- In South Dakota, 'eminent domain' is the government's power to take property. The process by which the government exercises this power is called:
- In South Dakota, 'escheat' refers to:
- A South Dakota property owner's 'bundle of rights' includes all of the following EXCEPT:
- In South Dakota, what does 'seisin' mean in a warranty deed?
- In South Dakota, a 'community land trust' (CLT) is a model for affordable housing where:
- In South Dakota, which type of property can be purchased using only a bill of sale rather than a deed?
- In South Dakota, a 'planned community' or 'common interest community' includes:
- In South Dakota, the 'doctrine of merger' in real estate means:
- In South Dakota, which of the following is a 'freehold estate'?
- In South Dakota, 'devisee' refers to a person who:
- In South Dakota, an 'inter vivos trust' is a trust that:
- Which of the following BEST describes a 'marketable title' in South Dakota?
- In South Dakota, 'appurtenance' in real estate refers to:
- In South Dakota, if a joint tenant dies, their interest passes to:
- In South Dakota, when a property is held in a trust, the trustee's authority is defined by:
- In South Dakota, a condominium 'declaration' is a document that:
- In South Dakota, land that a railroad no longer uses for rail purposes may revert to adjacent landowners under which legal principle?
- South Dakota's Rapid City area has experienced strong population growth. As urban areas expand, which type of zoning change typically benefits adjacent landowners?
- In South Dakota, 'fractional ownership' of a vacation property (1/4, 1/8, etc.) differs from a timeshare because fractional ownership typically:
- In South Dakota, a 'purchase and sale agreement' signed by an agent on behalf of an undisclosed principal is:
- In South Dakota, a 'partition action' is a legal proceeding that allows co-owners of property to:
- In South Dakota, the 'doctrine of cy-pres' applies to:
- In South Dakota, what is the legal effect of a property owner granting an easement 'appurtenant' to a neighbor?
- South Dakota has unique 'dynasty trust' laws that allow trusts to last for how long?
- In South Dakota, which government power allows municipalities to regulate land use through zoning?
- In South Dakota, 'personal property' that becomes attached to real estate becomes a 'fixture.' The BEST test to determine if an item has become a fixture considers:
- In South Dakota, an easement can be terminated by all of the following EXCEPT:
- In South Dakota, which of the following is a 'general lien' (attaches to all property of the debtor in the county)?
- In South Dakota, a 'building permit' must typically be obtained before:
- In South Dakota, 'accretion' refers to the gradual addition of land to a property through:
- In South Dakota, 'avulsion' differs from 'accretion' in that avulsion refers to:
- In South Dakota, a 'dedication' of land for public use occurs when:
- In South Dakota, a manufactured home that is permanently affixed to a foundation and titled as real property is treated for legal purposes as:
- In South Dakota, the 'doctrine of prior appropriation' for water rights means that during a drought, which user's rights are curtailed first?
- In South Dakota, when real property is held in joint tenancy and one co-owner dies, the deceased's interest:
- In South Dakota, a 'life estate' created in a deed gives the life tenant:
- In South Dakota, the legal concept of 'adverse possession' allows a person to potentially acquire title to land if they:
- In South Dakota, property held as 'community property' is:
- In South Dakota, a 'tenancy in common' differs from joint tenancy in that:
- In South Dakota, a 'lis pendens' recorded against a property provides notice that:
- In South Dakota, which type of deed provides the greatest protection to the grantee?
- In South Dakota, which type of property ownership is unique to married couples and provides protection from individual creditors of either spouse?
- In South Dakota, an 'easement appurtenant' benefits:
- In South Dakota, the term 'fee simple absolute' describes:
- In South Dakota, which of the following would be classified as 'personal property' rather than 'real property'?
- In South Dakota, 'riparian rights' relate to a property owner's rights regarding:
- In South Dakota, 'appurtenant easements' that benefit a property are transferred when the property is sold because they:
- In South Dakota, 'escheat' means that property goes to the state when:
- In South Dakota, 'air rights' refer to a property owner's rights to:
- In South Dakota, a 'deed restriction' (restrictive covenant) that prohibits certain uses of property is:
- In South Dakota, 'subsurface rights' (mineral rights) can be:
- In South Dakota, the recording of a deed in the county register of deeds provides protection to the grantee through the concept of:
- Under South Dakota law, a 'trust' used to hold real property involves which parties?
- In South Dakota, 'constructive notice' of a property interest occurs when:
- In South Dakota, 'police power' as it relates to property ownership means:
- In South Dakota, a 'license' in real estate (as opposed to an easement) gives the licensee:
- In South Dakota, what is meant by 'bundle of rights' in real estate ownership?
- In South Dakota, a 'partition action' is a legal proceeding by which:
- In South Dakota, the government's power of 'taxation' as it relates to real property allows the government to:
- In South Dakota, the 'right of first refusal' given to an existing tenant or other party means:
- In South Dakota, which of the following statements about 'mineral rights' is correct?
- In South Dakota, 'encroachment' occurs when:
- In South Dakota, 'restrictive covenants' in a deed or subdivision plat:
- In South Dakota, 'riparian rights' under South Dakota water law may include the right to:
- In South Dakota, 'property rights' associated with real property ownership include all of the following EXCEPT:
- In South Dakota, 'fixtures' become part of real property when they meet certain tests. Which of the following is most likely NOT a fixture?
- In South Dakota, which statement about 'condominium ownership' is correct?
- In South Dakota, 'quiet title action' is a legal proceeding used to:
- In South Dakota, 'cooperative housing' (co-op) ownership differs from condominium ownership in that:
- In South Dakota, which of the following would survive the foreclosure of a first mortgage and remain as an encumbrance on the property after the foreclosure sale?
- In South Dakota, 'property taxes' are classified as what type of lien on real property?
- In South Dakota, which of the following is an example of an 'easement by necessity'?
- In South Dakota, 'abandonment' of personal property left behind by a departing tenant:
- In South Dakota, which of the following is an example of a 'specific lien'?
- In South Dakota, 'freehold estates' include all of the following EXCEPT:
- In South Dakota, which of the following is TRUE about a 'life estate pur autre vie'?
- In South Dakota, the legal concept of 'after-acquired title' means that:
- In South Dakota, the 'Torrens system' of land registration (if adopted) provides:
- In South Dakota, which of the following interests in real property is NOT an ownership (freehold) interest?
- In South Dakota, a 'condominium conversion' means:
- In South Dakota, a 'community land trust' (CLT) is a model of homeownership where:
- In South Dakota, which of the following correctly describes the effect of a 'fee simple determinable' estate?
Property Valuation
138 questions- In the sales comparison approach to value, an appraiser makes adjustments to comparable sales for differences between the comparable and the subject property. If a comparable sale has a feature the subject property lacks, the appraiser should:
- The cost approach to value is most useful for appraising:
- Functional obsolescence in real estate refers to:
- Capitalization rate (cap rate) is calculated as:
- The South Dakota sales comparison approach to value is MOST reliable when:
- Which appraisal approach is most commonly used to value South Dakota agricultural land?
- Functional obsolescence in a South Dakota property refers to:
- External (economic) obsolescence in a South Dakota property could be caused by:
- In South Dakota, the income approach to value divides net operating income by the capitalization rate to estimate:
- A South Dakota appraisal using the gross rent multiplier (GRM) divides the sale price by:
- Which principle of value states that the value of a property is affected by the values of surrounding properties in South Dakota?
- Assessed value for property tax purposes in South Dakota is typically:
- A South Dakota appraiser makes a negative adjustment to a comparable sale when the comparable:
- The principle of substitution in South Dakota real estate states that:
- Highest and best use in South Dakota is defined as the use that is:
- A South Dakota home appraiser is estimating the value of a new construction home. Which approach would typically be most applicable?
- In South Dakota, a property's value is said to increase due to the principle of anticipation when:
- An appraisal report for a South Dakota property prepared for a federally related transaction must be performed by:
- Depreciation in real estate appraisal refers to:
- A comparable sale in a South Dakota appraisal had a two-car garage; the subject property has a one-car garage. The appraiser would:
- In South Dakota, 'market value' is best defined as:
- The principle of progression in South Dakota real estate states that:
- Which type of depreciation is generally considered curable in a South Dakota appraisal?
- A South Dakota appraiser is asked to determine the value of a 500-unit apartment complex in Sioux Falls. Which approach is most appropriate?
- In South Dakota, 'effective age' of a building differs from 'actual age' because effective age reflects:
- An appraiser values a South Dakota ranch property at $1,200 per acre. The property is 2,400 acres. What is the estimated total value?
- Which statement about land value in South Dakota is TRUE?
- An appraiser using the income approach determines a South Dakota property's value at $400,000 with a cap rate of 7.5%. What is the NOI?
- Plottage value in South Dakota refers to the increased value that results from:
- In South Dakota, the income capitalization approach converts income into value by:
- A South Dakota property's market value is estimated at $250,000 using the sales comparison approach and $280,000 using the cost approach. The appraiser reconciles the value at $255,000. This process is called:
- Regression analysis in South Dakota real estate appraisal is a statistical method used to:
- A South Dakota commercial property's NOI is $72,000 and comparable cap rates are 8%. The estimated value is:
- In South Dakota, what is the primary difference between an appraisal and a competitive market analysis (CMA)?
- The term 'going-concern value' for a South Dakota business property includes:
- A South Dakota ranch property sells for $1.8 million. It consists of 1,500 acres of rangeland and a house/outbuildings complex. How would a commercial ranch appraiser most likely approach this valuation?
- South Dakota property taxes are based on 'assessed value.' When the county assessor increases assessed values, property owners who disagree may:
- In South Dakota real estate, 'economic life' of a building refers to:
- A South Dakota commercial appraisal using discounted cash flow (DCF) analysis considers:
- Which principle explains why a South Dakota property owner who adds an in-ground swimming pool may not recover the full cost in the sales price?
- A South Dakota appraiser notes that comparable sales occurred 8 months ago. The appraiser should:
- The principle of balance in South Dakota real estate appraisal states that:
- A South Dakota appraisal is performed for a federally related transaction. The appraiser must comply with:
- In the South Dakota income approach, 'vacancy and collection loss' is subtracted from potential gross income to arrive at:
- In South Dakota, 'assemblage' refers to which real estate concept?
- A South Dakota appraiser is using the cost approach and finds the total replacement cost new is $400,000, with $80,000 in total depreciation. The land value is $60,000. What is the estimated value?
- An appraiser in South Dakota adjusts comparable sale prices for differences between comparables and the subject property. A comparable that is inferior to the subject in location would receive a:
- In South Dakota, the 'sales comparison approach' is most appropriate for which type of property?
- A South Dakota appraiser includes a 'certification' in an appraisal report. This certification states that:
- A 'drive-by' appraisal of a South Dakota property is technically known as a:
- Reproduction cost vs. replacement cost in South Dakota appraisal: which is defined as building an exact replica using original materials and techniques?
- The 'appraisal process' in South Dakota follows a standard sequence. Which step comes FIRST?
- In South Dakota, a comparative market analysis (CMA) prepared by a real estate agent for pricing a listing considers:
- In South Dakota, which of the following is a characteristic of 'market value' as used in real estate appraisal?
- In South Dakota, the 'sales comparison approach' requires comparable sales to be:
- An appraiser in South Dakota compares a 3/2 subject home to a 4/2 comparable. The extra bedroom in the comparable is worth $10,000 in the market. The appraiser makes:
- South Dakota properties near the Badlands National Park or Black Hills may command premium values due to:
- A South Dakota appraiser makes adjustments in the sales comparison approach by:
- In South Dakota, which factor does NOT affect a property's market value?
- In South Dakota, which type of depreciation is generally considered incurable because the cost to fix it exceeds the resulting value increase?
- In South Dakota, which principle holds that the value of a property depends partly on the expected future income it will produce?
- The 'income multiplier approach' in South Dakota is a simplified valuation tool. An annual gross income multiplier (AGIM) divides the sale price by:
- In South Dakota, 'paired sales analysis' in appraisal is used to:
- In South Dakota, a 'drive-by appraisal' differs from a full appraisal primarily because:
- A South Dakota property's 'gross potential income' assumes:
- A South Dakota residential appraiser must complete how many hours of approved education to maintain their certified residential appraiser license?
- In South Dakota, what does 'site value' mean in an appraisal?
- In South Dakota, the term 'insurable value' refers to:
- In South Dakota, a 'before and after' appraisal is typically used in:
- When a South Dakota property's improvements represent 80% of the total value, the land-to-improvement ratio is:
- In South Dakota, 'net adjustments' in the sales comparison approach refer to:
- A South Dakota property appraiser finds that a comparable sold for $250,000 with seller concessions of $8,000. What is the adjusted sale price for comparison purposes?
- Which of the following BEST describes 'scarcity' as a factor affecting property value in South Dakota?
- In South Dakota, the 'hedonic pricing model' in real estate refers to:
- In South Dakota, 'physical life' of a building differs from 'economic life' because physical life:
- In South Dakota, which type of property would MOST LIKELY be appraised using the cost approach as the primary method?
- A South Dakota appraisal 'form report' (Fannie Mae Form 1004 for residential properties) is typically used for:
- In South Dakota, a 'desk review' appraisal means the reviewing appraiser:
- In South Dakota, a 'field review' appraisal involves:
- In South Dakota, an 'automated valuation model' (AVM) is best described as:
- In South Dakota, which of the following would cause the cap rate for an investment property to INCREASE?
- In South Dakota, an appraiser who provides an appraisal that they know is false or misleading may face:
- In South Dakota, a 'mass appraisal' is typically performed by:
- In South Dakota, 'neighborhood analysis' in an appraisal considers:
- A South Dakota appraisal report finds a comparable sale with seller concessions of $12,000. The sale price was $280,000. For comparison purposes, the adjusted sale price used in the appraisal is:
- In South Dakota, the 'discounted cash flow' (DCF) method in commercial real estate calculates:
- In South Dakota, 'capitalization rate' and 'discount rate' are related but different. The cap rate is used for:
- In South Dakota, 'overall rate' (OAR) in income property appraisal is:
- In South Dakota, which of the following is the most reliable comparable sale for a residential appraisal?
- In South Dakota, an appraiser estimates the 'cost to cure' a deferred maintenance item at $5,000. If the repair adds $8,000 in value, the appraiser would classify this as:
- In South Dakota, a 'summary appraisal report' differs from a 'restricted appraisal report' in that a summary report:
- In South Dakota, an appraiser's 'scope of work' determination considers:
- In South Dakota, which factor would most likely cause a DECREASE in cap rates (resulting in higher property values at the same NOI)?
- An appraiser in South Dakota is estimating the value of a property using the sales comparison approach. The subject property has a two-car garage; a comparable sold for $285,000 and has a one-car garage. If a garage space is worth $8,000, the adjusted price of the comparable is:
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- An appraiser uses the income capitalization approach to value a South Dakota commercial property. The net operating income is $75,000 and the capitalization rate is 8%. What is the indicated value?
- In the cost approach to value, 'functional obsolescence' in a South Dakota property refers to:
- When using the sales comparison approach, an appraiser in South Dakota makes adjustments to comparable sales for differences from the subject property. Which statement about adjustments is correct?
- The 'principle of substitution' in real estate valuation means:
- In a South Dakota appraisal, 'economic obsolescence' (external obsolescence) is caused by:
- In South Dakota, which of the following properties would typically be appraised using the cost approach as the primary method?
- In a South Dakota residential appraisal, if a comparable property sold for $280,000 and the comparable has a finished basement but the subject does not, and a finished basement is worth $15,000, what adjustment is made?
- In South Dakota, 'gross living area' (GLA) in residential appraisal typically includes:
- An appraiser in South Dakota is valuing a property using the income approach. If the property's effective gross income is $60,000 and operating expenses are $25,000, what is the NOI?
- In the income approach to value, the 'capitalization rate' in South Dakota commercial real estate primarily reflects:
- In South Dakota, an appraiser's 'reconciliation' at the end of the appraisal report means:
- In South Dakota, the 'effective age' of a building used in appraisal refers to:
- In South Dakota, which statement about assessed value for property tax purposes is correct?
- In South Dakota, the highest and best use of a property is defined as the use that is:
- In South Dakota, which type of depreciation in the cost approach is considered 'incurable'?
- In South Dakota, which characteristic of value is described as the ability of a property to satisfy human needs and desires?
- In South Dakota, when an appraiser uses the 'gross rent multiplier' (GRM) method for a single-family rental, they divide:
- In South Dakota, the 'income approach' to appraisal is most applicable to:
- In South Dakota, 'market rent' versus 'contract rent' is important to appraisers because:
- In South Dakota, which of the following is NOT a characteristic of a good comparable sale used in the sales comparison approach?
- In South Dakota, 'reproduction cost' versus 'replacement cost' in the cost approach means:
- In South Dakota, the 'principle of progression' in real estate valuation means:
- In South Dakota, which of the following is a typical characteristic of a 'buyer's market'?
- In South Dakota, which type of depreciation is considered 'curable'?
- In South Dakota, which of the following best describes the 'principle of anticipation' in real estate valuation?
- In South Dakota, the 'principle of regression' in real estate valuation states that:
- In South Dakota, 'straight-line depreciation' for income tax purposes on a commercial real property assumes:
- In South Dakota, which statement about the 'sales comparison approach' is correct?
- In South Dakota, when an appraiser analyzes the 'subject property's' location, which factor typically has the greatest impact on residential property value?
- In South Dakota appraisal practice, the term 'as-is value' means:
- In South Dakota, which type of property would be most difficult to appraise using the sales comparison approach?
- In South Dakota, a 'seller's market' for real estate is typically characterized by:
- In South Dakota, 'external obsolescence' in an appraisal is characterized as:
- In South Dakota, which of the following best describes 'market value' as used in real estate appraisal?
- In South Dakota, which situation would most clearly indicate a need for an independent appraisal rather than a broker's CMA?
- In South Dakota, which of the following is NOT one of the four unities required for a valid joint tenancy?
- In South Dakota, which of the following does NOT affect the value of real property?
- In South Dakota, an 'arm's length transaction' in real estate means:
- In South Dakota, the 'gross income multiplier' (GIM) method of valuing commercial property differs from the 'gross rent multiplier' (GRM) in that:
- In South Dakota, 'economic life' of an improvement versus 'physical life' means:
- In South Dakota, when using the income approach for a commercial property, the appraiser derives a cap rate by:
- In South Dakota, which of the following would cause a DECREASE in a property's market value, all else being equal?
- In South Dakota, the appraiser's final opinion of value in a residential appraisal typically gives the most weight to:
Contracts
137 questions- Which element is NOT required for a valid real estate contract in South Dakota?
- Under the Statute of Frauds, real estate contracts in South Dakota must be:
- A buyer submits an offer. Before the seller accepts, the buyer changes their mind and withdraws the offer. This is an example of:
- A seller accepts a buyer's offer but changes the closing date. This creates:
- An option contract in real estate gives the optionee the:
- When a real estate contract is said to be 'executed,' it means:
- For a real estate purchase contract in South Dakota to be enforceable, which element is NOT required?
- A counteroffer in South Dakota real estate has which legal effect?
- The South Dakota Seller's Property Condition Disclosure (SPCD) is required for:
- Under South Dakota law, when must the Seller's Property Condition Disclosure be delivered to the buyer?
- If a contingency in a South Dakota purchase agreement is not satisfied, what typically happens?
- A South Dakota purchase agreement is signed on Monday. The buyer has a 3-day inspection contingency. When does the inspection period expire?
- Earnest money deposited in a South Dakota real estate transaction is:
- Which of the following would make a real estate contract voidable in South Dakota?
- In South Dakota, what is 'liquidated damages' in the context of a real estate contract?
- A South Dakota listing agreement that gives the broker the right to collect a commission even if the seller finds the buyer themselves is a(n):
- An option contract in South Dakota gives the optionee the:
- A right of first refusal in a South Dakota purchase agreement means:
- In South Dakota, the Statute of Frauds requires which type of real estate agreement to be in writing?
- Which of the following is true about earnest money in a South Dakota real estate contract?
- A South Dakota purchase agreement has a 'time is of the essence' clause. This means:
- In South Dakota, which party typically holds the earnest money during the transaction?
- A South Dakota real estate purchase contract includes a 'kick-out clause.' This allows the:
- Under the South Dakota Seller's Property Condition Disclosure, which statement about the seller's obligations is TRUE?
- A South Dakota buyer makes an offer on a property. Before the seller responds, the buyer sends a written revocation. The contract:
- An assignment clause in a South Dakota purchase agreement allows the buyer to:
- Mutual rescission of a South Dakota real estate contract means:
- In South Dakota, an express contract is one that is:
- In South Dakota, a bilateral contract is one in which:
- A unilateral contract in South Dakota real estate is best illustrated by:
- A South Dakota contract that is 'void' differs from one that is 'voidable' in that a void contract:
- Novation in a South Dakota real estate transaction means:
- A South Dakota real estate purchase agreement states that the seller will leave all window treatments. The window treatments are legally classified as:
- A South Dakota contract is said to be 'executed' when:
- In South Dakota, parol evidence rule means:
- A South Dakota purchase agreement requires the seller to provide clean title at closing. If the title search reveals an unresolved mechanic's lien, the seller must:
- In South Dakota, specific performance is a legal remedy in real estate that requires:
- An acceleration clause in a South Dakota promissory note allows the lender to:
- Under South Dakota contract law, 'consideration' in a real estate contract can consist of:
- In South Dakota, a listing agreement that does not specify an expiration date is:
- A South Dakota buyer's financing contingency specifies that the buyer must apply for a loan within 5 days and obtain approval within 30 days. If the buyer fails to apply within 5 days:
- In South Dakota real estate, a 'backup offer' is:
- A South Dakota purchase agreement states the buyer will purchase the property 'as-is.' This means:
- In South Dakota, which of the following constitutes a material breach of a purchase agreement by the seller?
- A South Dakota home sale contract includes a personal property addendum. The addendum:
- Under South Dakota law, a fraudulent misrepresentation in a real estate contract may allow the injured party to:
- In South Dakota, a 'short sale' purchase occurs when:
- In South Dakota, a real estate contract that violates public policy (such as a contract to discriminate in a real estate transaction) is:
- In South Dakota, a contract for the sale of real estate is typically executed on which of the following forms?
- In South Dakota, which of the following BEST describes an 'addendum' to a real estate contract?
- In South Dakota, an 'earnest money promissory note' (instead of cash) is:
- In South Dakota, a 'release of contract' is different from 'cancellation' because a release:
- A South Dakota purchase agreement includes a 'home sale contingency.' This means the buyer:
- In South Dakota, a 'letter of intent' (LOI) for a commercial property is typically:
- In South Dakota, what happens to a listing agreement when the listed property is sold by the seller directly (without the broker's involvement) under an 'exclusive agency' listing?
- A South Dakota listing agreement requires the seller to allow the broker to place a lockbox on the property. This clause is:
- South Dakota's Uniform Electronic Transactions Act (UETA) provides that electronic signatures in real estate contracts:
- In South Dakota, an agent who writes a contract provision that they know is illegal is potentially:
- In South Dakota, the 'closing date' in a purchase agreement is:
- A South Dakota purchase agreement for a commercial property fails to include a legal description of the property. This contract is most likely:
- In South Dakota, a real estate agent acting as a buyer's representative should review the purchase agreement with their client to ensure:
- Which of the following is an example of a contingency that would protect the SELLER in a South Dakota purchase agreement?
- In South Dakota, an 'appraisal contingency' in a purchase agreement protects the buyer by:
- In South Dakota, a 'home inspection contingency' typically gives the buyer the right to:
- In South Dakota, a broker is generally entitled to a commission when the listing agreement specifies commission is earned upon:
- In South Dakota, when a seller's agent uses a standard real estate purchase agreement form, they are:
- Under South Dakota contract law, a 'unilateral mistake' in a real estate contract (only one party was mistaken about a key fact) typically:
- In South Dakota, which of the following would be considered 'adequate consideration' in a real estate option contract?
- In South Dakota, which of the following best describes a 'breach of contract'?
- In South Dakota, a 'right of rescission' differs from a 'right of cancellation' in that rescission:
- In South Dakota, a real estate listing agreement is a contract between the seller and:
- In South Dakota, which of the following is true about a 'liquidated damages clause' in a real estate contract?
- In South Dakota real estate, when a seller 'accepts' a buyer's offer, the acceptance must be:
- In South Dakota, a 'contingent offer' means the buyer's obligation is:
- In South Dakota, which party typically drafts the initial purchase offer in a residential transaction?
- In South Dakota, a seller who wishes to accept a buyer's offer but change one term (price, closing date, etc.) must:
- In South Dakota, 'impossibility of performance' as a contract defense means:
- In South Dakota, a 'merger clause' (also called an 'integration clause') in a real estate contract means:
- In South Dakota, a real estate option contract gives the optionee the right to purchase a property, but the optionor (property owner) is:
- In South Dakota, a 'lease-option' agreement allows a tenant to:
- In South Dakota, a 'lease-purchase' differs from a 'lease-option' because a lease-purchase:
- In South Dakota, a 'notice of default' in a contract for deed (land contract) is served when:
- In South Dakota, which of the following BEST describes 'substantial performance' in a real estate contract?
- In South Dakota, a 'force majeure' clause in a real estate contract addresses:
- In South Dakota, a purchase agreement that is 'subject to' the buyer selling their current home differs from one that is 'contingent on' the sale in that 'subject to' typically:
- In South Dakota, when a lender orders an appraisal and it comes in lower than the purchase price, the buyer typically has these options EXCEPT:
- In South Dakota, a purchase agreement that includes a 'survival clause' means that specified representations:
- In South Dakota, an 'amendment' to an executed real estate contract requires:
- In South Dakota, an offer to purchase real estate is legally binding on the seller when:
- Which of the following clauses in a South Dakota real estate purchase contract allows the buyer to terminate if they cannot obtain financing?
- In South Dakota real estate practice, a counteroffer by the seller:
- In South Dakota, the Statute of Frauds requires that contracts for the sale of real property be:
- In South Dakota, if a buyer backs out of a contract without a valid contingency, the seller may retain the earnest money as:
- In a South Dakota real estate transaction, 'time is of the essence' language in the contract means:
- In South Dakota, which of the following would make a real estate contract voidable rather than void?
- In South Dakota, 'novation' in a real estate contract context means:
- In South Dakota real estate, 'specific performance' as a contract remedy means:
- In South Dakota, an 'as-is' clause in a real estate contract means:
- In South Dakota, a real estate purchase contract with an 'inspection contingency' generally gives the buyer the right to:
- In South Dakota, a buyer who makes an offer on a property and then revokes it before the seller accepts has:
- In South Dakota, the 'integration clause' (merger clause) in a real estate contract:
- In South Dakota real estate, an 'addendum' to a purchase contract is:
- In South Dakota, a real estate contract that is 'rescinded' means:
- In South Dakota real estate transactions, 'closing' or 'settlement' refers to:
- In South Dakota, a 'lease option' agreement gives the tenant/optionee the right to:
- In South Dakota, which clause in a purchase contract specifically describes the property being sold?
- In South Dakota, a 'purchase agreement' (sales contract) for real estate typically becomes binding when:
- In South Dakota, what is the legal effect of a 'contingency' in a real estate purchase contract?
- In South Dakota real estate transactions, the 'earnest money' deposit serves primarily as:
- In South Dakota, an 'option contract' in real estate gives the optionee (buyer):
- In South Dakota, a contract that is 'unenforceable' differs from a 'void' contract in that:
- In South Dakota, a buyer who needs more time to close a real estate transaction should request:
- In South Dakota, the 'consideration' in a real estate purchase contract typically consists of:
- In South Dakota, an offer to purchase real estate 'lapses' (expires without acceptance) when:
- In South Dakota, a contract for the sale of real estate that contains a 'subject to sale' contingency means:
- In South Dakota, a 'land contract' (contract for deed) is a financing arrangement where:
- In South Dakota, when a purchase contract is contingent on the buyer obtaining financing and the buyer is unable to do so, the buyer:
- In South Dakota, when a seller accepts a buyer's offer 'with modifications,' this constitutes a:
- In South Dakota, a 'buyer representation agreement' creates:
- In South Dakota, a real estate contract that contains an 'appraisal contingency' allows the buyer to:
- In South Dakota, a 'backup offer' in a real estate transaction means:
- In South Dakota, an 'amendment' to a real estate purchase contract requires:
- In South Dakota, a real estate purchase contract is considered 'executed' when:
- In South Dakota, a 'home sale contingency' protects buyers who need to:
- In South Dakota, a real estate listing agreement is a contract between the seller and the:
- In South Dakota, a seller who lists a property 'as-is' cannot escape liability for:
- In South Dakota, the 'habendum clause' in a deed (the 'to have and to hold' clause) defines:
- In South Dakota, a contract that includes a 'due-on-sale' clause means:
- In South Dakota, which of the following statements about a 'bilateral contract' in real estate is correct?
- In South Dakota, a 'power of attorney' used to execute a real estate purchase on behalf of a principal must be:
- In South Dakota, which of the following would constitute 'fraud' in a real estate transaction?
- In South Dakota, a real estate contract that requires one party to perform an illegal act is:
- In South Dakota, which statement about 'earnest money' is TRUE?
- In South Dakota, a purchase contract that provides for the sale of real property and includes a provision for installment payments directly from buyer to seller without a traditional mortgage lender is known as a:
- In South Dakota, a real estate contract is discharged (terminated) by all of the following EXCEPT:
- In South Dakota, the 'parol evidence rule' in contract law means that:
- In South Dakota, which of the following correctly describes the status of a real estate contract signed under physical coercion (duress)?
Fair Housing
137 questions- The federal Fair Housing Act prohibits discrimination based on which protected classes?
- Steering is a Fair Housing violation that involves:
- Under the Fair Housing Act, which of the following is a permitted exception for familial status?
- Blockbusting is best described as:
- The federal Fair Housing Act prohibits discrimination based on all of the following EXCEPT:
- South Dakota's state fair housing law provides additional protections beyond federal law for which class?
- Steering in real estate refers to:
- Blockbusting is the illegal practice of:
- Under the Fair Housing Act, which of the following is a reasonable accommodation for a person with a disability?
- A South Dakota landlord refuses to rent to a family with children. This may violate:
- Which of the following is an example of redlining?
- A complaint under the federal Fair Housing Act must generally be filed within:
- Which exemption under the Fair Housing Act allows an owner-occupant of a single-family home to discriminate?
- A South Dakota property manager who shows apartments in one building to white applicants but tells minority applicants those units are unavailable is engaging in:
- A South Dakota real estate agent who uses different qualifying standards for mortgage applications based on the applicant's race is guilty of:
- An HOA in a South Dakota community prohibits residents from displaying religious symbols. Under the Fair Housing Act, this restriction may:
- South Dakota's Human Rights Division handles complaints related to:
- Under the Americans with Disabilities Act (ADA), new commercial construction in South Dakota must:
- A South Dakota landlord charges a higher security deposit to a tenant because of their national origin. This is:
- Under the Fair Housing Act, 'familial status' protection applies to families with children:
- An exemption to the Fair Housing Act applies to 55+ senior housing communities in South Dakota if they meet which requirement?
- A South Dakota property manager who refuses to accept Section 8 (Housing Choice Voucher) applicants may be violating:
- A South Dakota real estate licensee who discriminates in a real estate transaction may face consequences from which entities?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on all of the following EXCEPT:
- A South Dakota property owner with 10 single-family rental homes advertises 'No Section 8 tenants.' Under South Dakota state law:
- Disparate impact in fair housing means:
- A South Dakota property manager places an ad saying 'Ideal for young professionals, no families.' This advertisement may violate:
- The Fair Housing Act applies to which of the following residential transactions?
- A South Dakota mortgage lender charges higher interest rates to qualified minority applicants than to similarly qualified white applicants. This is an example of:
- Under the Fair Housing Act, a person who makes a reasonable accommodation request for a disability is asking the housing provider to:
- A South Dakota property manager tells a prospective tenant of Middle Eastern descent that a unit has been rented when it actually remains available. This act is:
- Conciliation in a HUD Fair Housing complaint refers to:
- An older South Dakota apartment complex was built before the Fair Housing Act's 1988 amendments. The building is NOT required to:
- Under the Fair Housing Act, what is the maximum penalty for a first-time violation of fair housing law as determined by an ALJ (Administrative Law Judge)?
- Under the Fair Housing Act, refusing to provide real estate brokerage services based on a person's religion is:
- A South Dakota landlord's 'no modifications' policy for tenants with disabilities may be:
- A South Dakota landlord who advertises 'English speakers only' for a rental unit is likely violating:
- In South Dakota, who has the burden of proof in a fair housing complaint filed with HUD?
- A South Dakota REALTOR® who charges higher commission rates to sellers in predominantly minority neighborhoods is engaging in:
- The Fair Housing Act's disability protections cover which types of disability?
- South Dakota's Native American population residing on tribal lands may face unique housing challenges because:
- A real estate listing in South Dakota describes a property as being in a 'Christian neighborhood.' This is:
- Under the Fair Housing Act, HUD may award the following to a prevailing complainant in an administrative proceeding:
- The SDREC requires South Dakota real estate licensees to display the Equal Housing Opportunity logo or slogan in:
- In South Dakota, which federal law requires lenders to report loan data by race, gender, and income to detect discriminatory lending patterns?
- A South Dakota property manager who treats all applicants equally but uses a credit score cutoff that disproportionately excludes minorities may be liable under:
- A South Dakota housing developer who refuses to build accessible features in new construction covered by the Fair Housing Act may face:
- South Dakota has relatively large Native American populations in the western part of the state. Discrimination based on Native American tribal membership in housing falls under which protected class?
- A South Dakota real estate agent who advertises a property in only English-language media in a community with a significant Spanish-speaking population may be engaging in:
- The concept of 'testers' in fair housing enforcement involves:
- Which of the following is an example of illegal 'familial status' discrimination in South Dakota?
- Under the Fair Housing Act, a landlord's refusal to allow a tenant to keep an emotional support animal (ESA) in a no-pets building is likely:
- A first-time fair housing violation in a South Dakota HUD proceeding can result in a civil penalty of up to approximately:
- In South Dakota, a real estate agent who only shows white buyers properties in predominantly white neighborhoods is committing:
- The Americans with Disabilities Act (ADA) Title III requires 'readily achievable' barrier removal in existing commercial buildings. 'Readily achievable' means:
- In South Dakota, a rental property owner who posts a 'For Rent' sign but refuses to show the unit to a Native American applicant has violated which protected class?
- A South Dakota landlord with a sincerely held religious belief objects to renting to unmarried couples. Under fair housing law:
- A South Dakota buyer asks their agent to show homes in 'white neighborhoods only.' The agent should:
- In South Dakota, a real estate agent who volunteers race or ethnicity information about a neighborhood when showing properties is potentially:
- The 'Mrs. Murphy exemption' to the Fair Housing Act applies to owner-occupants of buildings with how many units?
- Under the Fair Housing Act, 'sex' as a protected class has been interpreted by courts and HUD to include:
- A South Dakota real estate agent makes significantly more effort to sell a property in a wealthy (predominantly white) area vs. an equivalent property in a minority neighborhood. This is:
- In South Dakota, HUD receives fair housing complaints and has how many days to complete its initial investigation?
- In South Dakota, a homeowner who belongs to a religious organization may give preference to members of that same religion when selling their home if:
- In South Dakota, the Fair Housing Act's prohibition on disability discrimination covers which of the following?
- In South Dakota, a mortgage lender who denies a loan application based on the racial composition of the neighborhood where the property is located is engaging in:
- Under the Fair Housing Act, 'accessible features' required in newly constructed multifamily buildings (4+ units, built after March 13, 1991) include:
- In South Dakota, a real estate agent who only presents listings in certain neighborhoods based on a client's race is guilty of:
- A South Dakota apartment complex with a rule requiring prospective tenants to earn 3x the rent in income applies this rule to all applicants equally. A disproportionate number of minority applicants fail this requirement. This situation involves potential:
- Under South Dakota and federal law, which of the following statements about sexual harassment by a landlord is TRUE?
- In South Dakota, which protected class was added to the Fair Housing Act in 1988?
- A South Dakota HOA's governing documents contain a covenant prohibiting sale to persons of certain races. Such a covenant is:
- In South Dakota, a real estate professional must post the Equal Housing Opportunity poster prominently in their office. This poster:
- In South Dakota, which organization primarily enforces fair housing law at the local level?
- In South Dakota, which of the following is considered a protected class under BOTH federal and state fair housing law?
- A South Dakota landlord who verbally agrees to rent an apartment to a Hispanic applicant, then calls back saying it was rented to someone else (when it wasn't), has potentially committed:
- In South Dakota, the Civil Rights Act of 1866 (42 U.S.C. § 1982) differs from the Fair Housing Act because it:
- In South Dakota, an agent who tells a client 'I can't show you homes in that neighborhood because of the demographics' is guilty of:
- In South Dakota, a housing provider who discriminates based on familial status could face a private lawsuit filed in federal court within:
- In South Dakota, 'pet-friendly' landlord advertising that allows pets is generally:
- In South Dakota, a real estate professional's obligation to know and comply with fair housing law falls under which REALTOR® Code of Ethics article?
- In South Dakota, which of the following is an example of 'quid pro quo' sexual harassment in housing?
- In South Dakota, which type of exemption from the Fair Housing Act applies to religious organizations operating housing?
- In South Dakota, a housing provider who implements a 'credit score minimum' policy that disproportionately affects minority applicants must be able to demonstrate:
- In South Dakota, which best describes 'constructive eviction' in the context of fair housing?
- Under HUD's implementation of the Fair Housing Act, which of the following is a protected class that was added through agency interpretation rather than legislation?
- In South Dakota, a landlord who selectively enforces lease rules against tenants of a specific religion is guilty of:
- In South Dakota, the 'interactive process' required by fair housing in disability accommodations means:
- In South Dakota, which statement about HOA deed restrictions and fair housing is TRUE?
- In South Dakota, which scenario would most likely NOT constitute a fair housing violation?
- In South Dakota, which of the following describes 'benign steering'?
- In South Dakota, a real estate professional who witnesses another agent engaging in fair housing violations should:
- In South Dakota, which protected class is specifically mentioned in the Americans with Disabilities Act (ADA) but NOT the Fair Housing Act?
- In South Dakota, what does 'undue hardship' mean in the context of fair housing reasonable accommodation requests?
- Under South Dakota's Human Relations Act and federal Fair Housing Act, which of the following is a protected class?
- A South Dakota property manager refuses to rent to a family because they have young children. This is a violation of the Fair Housing Act because families with children are protected under which class?
- Under the Americans with Disabilities Act (ADA) and Fair Housing Act, a landlord in South Dakota must allow a tenant with a disability to:
- In South Dakota, a real estate agent who steers buyers of a particular national origin toward or away from specific neighborhoods is committing:
- Under fair housing law, 'blockbusting' is the illegal practice of:
- In South Dakota, which statement about the Fair Housing Act's coverage of disability is correct?
- In South Dakota, an owner of a four-unit building who lives in one unit is generally exempt from which provision of the Fair Housing Act?
- A South Dakota landlord advertising a rental property may legally state:
- Under the Fair Housing Act, a real estate professional who provides different information or services to buyers based on their race is guilty of:
- Under the Fair Housing Act, a landlord who requires a higher security deposit from a tenant of a particular religion compared to other tenants is:
- In South Dakota, a property manager who refuses to rent to someone because they receive housing assistance (Section 8 voucher) may be violating:
- In South Dakota, a real estate agent who shows minority buyers only homes in minority-dominated neighborhoods while showing similar white buyers homes in all neighborhoods is engaging in:
- In South Dakota, which of the following describes the 'affirmative marketing' requirements under fair housing law?
- Under the Fair Housing Act, a person who believes they have been discriminated against must file a complaint with HUD within:
- In South Dakota, a property manager who requires a higher credit score from applicants with disabilities compared to other applicants is engaged in:
- In South Dakota, a landlord who refuses to make reasonable accommodations for a tenant with a disability may be violating the Fair Housing Act. A 'reasonable accommodation' example would be:
- In South Dakota, 'redlining' refers to the illegal practice of:
- Under the federal Fair Housing Act, which of the following is permitted?
- In South Dakota, which of the following constitutes a fair housing violation?
- In South Dakota, a property manager who asks an applicant about their national origin during the application process is:
- In South Dakota, the 'familial status' protection under the Fair Housing Act covers:
- Under the Fair Housing Act, if a real estate agent makes housing decisions based on stereotypical assumptions about a buyer's racial preferences (even without overt racist intent), this is:
- In South Dakota, a real estate broker who has a policy of showing listings only in certain neighborhoods to certain demographic groups is liable for:
- In South Dakota, what is the primary purpose of the Fair Housing Act's advertising provisions?
- In South Dakota, a property manager who asks a prospective tenant if they have children during the application process is:
- In South Dakota, a landlord may legally reject a rental application for which of the following reasons?
- In South Dakota, a real estate agent may legally decline to work with a prospective client only when:
- In South Dakota, the term 'protected class' in fair housing law refers to:
- In South Dakota, which of the following is an example of 'disparate impact' discrimination in housing?
- In South Dakota, which of the following actions is permitted under the Fair Housing Act?
- In South Dakota, the Americans with Disabilities Act (ADA) applies to which type of housing?
- In South Dakota, a real estate agent who receives a complaint that a listing client has been discriminating against buyers should:
- In South Dakota, the National Association of Realtors Code of Ethics requires Realtor members to:
- In South Dakota, a real estate agent who tells prospective buyers that a neighborhood is 'changing' as a way to influence their housing choices based on the racial composition of the area is engaging in:
- In South Dakota, which of the following would be considered a reasonable accommodation for a tenant with a mobility disability?
- In South Dakota, a landlord advertising a 'quiet building' may unintentionally be:
- In South Dakota, the fair housing concept of 'testers' used by fair housing organizations involves:
- In South Dakota, which of the following is TRUE about the Fair Housing Act's application to rental advertising?
- In South Dakota, the 'Section 8 Housing Choice Voucher Program' is administered by:
- In South Dakota, which of the following is TRUE about the 'handicap' (disability) protections under the Fair Housing Act?
- In South Dakota, HUD investigates fair housing complaints and may order all of the following remedies EXCEPT:
- In South Dakota, which of the following best describes 'disparate treatment' in fair housing law?
- In South Dakota, the maximum civil penalty for a first-time fair housing violation under the Fair Housing Act is:
Real Estate Math
137 questions- A property sells for $285,000. The total commission rate is 6%. The listing agent and selling agent split the commission equally. How much does each agent's brokerage receive?
- A buyer purchases a home for $320,000 and makes a 10% down payment. What is the loan amount?
- A lot measures 150 feet wide by 200 feet deep. What is the area of the lot in acres? (1 acre = 43,560 sq ft)
- A property has a net operating income (NOI) of $24,000 per year. If the capitalization rate is 8%, what is the estimated value of the property?
- A South Dakota property sells for $275,000. The buyer puts 20% down. What is the loan amount?
- A broker charges a 6% commission on the sale of a $350,000 property. The listing broker splits the commission 50/50 with the buyer's broker. How much does each broker receive?
- A South Dakota rental property generates $1,800/month rent. Operating expenses are $800/month. What is the annual NOI?
- A property in Sioux Falls is assessed at $180,000. The tax rate is $15 per $1,000 of assessed value. What are the annual property taxes?
- A rectangular agricultural parcel in South Dakota measures 1/2 mile by 1/4 mile. How many acres does it contain? (1 section = 640 acres)
- A South Dakota home buyer's gross monthly income is $6,000. Using a 28% front-end ratio, what is the maximum monthly PITI payment the lender will allow?
- A South Dakota property was purchased for $200,000 and sold for $240,000. What is the percentage of appreciation?
- A South Dakota broker earned a commission of $14,400 on a sale. If the commission rate was 6%, what was the sale price?
- A South Dakota investor pays $150,000 for a rental property and receives $1,500/month in rent. What is the annual gross rent multiplier (GRM)?
- Closing is set for July 15. Annual property taxes of $3,600 have been prepaid by the seller for the full year. What is the buyer's tax proration credit to the seller?
- A South Dakota property earns a monthly rent of $900. The GRM for the area is 110. What is the estimated market value?
- A South Dakota salesperson earns 2.5% of the total 5% commission on a $280,000 sale. How much does the salesperson earn?
- A rectangular South Dakota commercial building is 60 feet wide and 120 feet deep. What is the square footage?
- If a South Dakota property's assessed value is $150,000 and the assessment ratio is 85% of market value, what is the estimated market value?
- A South Dakota home seller nets $185,000 after paying a 6% commission. What was the sale price?
- A South Dakota investor purchased a property for $300,000 with an 80% LTV mortgage. What was the down payment?
- A South Dakota property management company charges 8% of monthly rent. The property rents for $1,500/month. What is the annual management fee?
- A South Dakota property sold for $425,000. The buyer made a 15% down payment. What was the loan amount?
- A section of land in South Dakota contains 640 acres. A farmer buys the S 1/2 of the NE 1/4. How many acres did he purchase?
- A South Dakota buyer takes out a $180,000 mortgage at 6.5% annual interest. What is the first month's interest payment?
- A South Dakota property was appraised at $320,000. The property is assessed at 85% of appraised value. What is the assessed value?
- A South Dakota broker receives $18,750 as their share of the commission. If the total commission was $25,000 split 75/25 in the broker's favor, what was the sale price at a 5% total commission?
- A South Dakota rental property has an annual effective gross income of $48,000 and a vacancy rate of 5%. What is the potential gross income?
- A South Dakota home sells for $415,000. The listing agent receives 3% and the buyer's agent receives 3%. How much does the listing broker's office receive?
- A lender offers a 30-year fixed mortgage at 7.5% with 2 discount points on a $240,000 loan. What is the dollar cost of the points?
- A South Dakota property is rented for $1,200/month. The property management fee is 9% of collected rents. Annual property taxes are $2,400 and insurance is $1,200. What are the total annual expenses (including management)?
- A South Dakota property costs $180,000 to replace if destroyed. Land value is $30,000. Depreciation on the building is 20%. What is the value using the cost approach?
- A South Dakota buyer can qualify for a maximum monthly payment of $1,500. If the loan factor is $7.00 per $1,000, what is the maximum loan amount?
- A South Dakota listing agreement provides for a 5.5% commission on the first $200,000 and 4% on any amount above $200,000. The property sells for $350,000. What is the total commission?
- A South Dakota investor buys a property for $500,000 with a $100,000 down payment. At a 7% annual interest rate, what is the first year's interest on a interest-only loan?
- A South Dakota property's NOI is $45,000 and the cap rate is 9%. What is the property's estimated value?
- A South Dakota broker charges a 6% commission and receives a total commission of $22,500. What was the sale price?
- A South Dakota home is assessed at $195,000. The mill rate is 20 mills. What are the annual property taxes?
- A South Dakota rectangular commercial lot is 200 feet wide by 300 feet deep. What is the lot area in square feet?
- A South Dakota investor sells an investment property for $550,000 after holding it for 5 years. He purchased it for $400,000. His capital gain is:
- A South Dakota property's potential gross income is $84,000/year with a 6% vacancy rate. What is the effective gross income?
- A South Dakota salesperson earns 60% of their broker's 3% share on a $260,000 sale. How much does the salesperson earn?
- A buyer in South Dakota wants to purchase a $300,000 home with a 10% down payment. What is the loan-to-value ratio?
- A South Dakota property has an NOI of $30,000 and sold at a 6% cap rate. What was the sale price?
- A South Dakota commercial property has annual gross rents of $120,000 and the GRM is 9. What is the estimated value?
- A South Dakota property earns $2,200/month gross rent. Operating expenses are $12,000/year. What is the annual NOI?
- A South Dakota seller wants to net $200,000 after paying a 5% commission and $3,000 in closing costs. What must the property sell for?
- A South Dakota property has a cap rate of 8.5% and an NOI of $34,000. What is the estimated value?
- A South Dakota property's assessed value is $230,000 at a 100% assessment ratio. The tax rate is $18 per $1,000. What are the annual property taxes?
- A buyer in South Dakota puts down 25% on a $380,000 property. What is the loan amount?
- A South Dakota investor receives $3,500/month rent and has an annual NOI of $28,500. What are the annual operating expenses?
- A South Dakota commercial building cost $1,200,000 to construct. It has a 40-year economic life and straight-line depreciation. What is the annual depreciation amount?
- A South Dakota section of land (640 acres) sells for $2,560,000. What is the price per acre?
- A South Dakota agent earns $9,000 commission on a sale. If this represents 3% of the sale price, what was the sale price?
- A South Dakota property's monthly gross rent is $2,000 and the GRM is 125. What is the estimated property value?
- A South Dakota buyer makes a $10,000 earnest money deposit on a $350,000 purchase. What percentage is the earnest money?
- A South Dakota commercial building has 10 units each renting for $1,100/month. Vacancy is 10%. What is the annual effective gross income?
- A South Dakota property owner receives $1,500 rent per month. Their annual expenses are $8,400. At an 8% cap rate, what is the property's estimated value?
- A South Dakota ranch of 800 acres sells at $2,000/acre. What was the total sale price?
- A property in Sioux Falls has an annual NOI of $56,000 and sells at a 7% cap rate. What is the sale price?
- A South Dakota salesperson's annual income from commissions is $72,000. They receive 55% of the commission on each transaction. The average sale price is $250,000 with a 5.5% commission. How many transactions did they complete?
- In South Dakota, a 40-acre parcel (1/16 section) priced at $320,000. What is the price per acre?
- A South Dakota property management company charges $1,200/month management fee plus $500 for leasing a unit. A new lease was signed this month. What is the total fee this month?
- A South Dakota buyer borrows $260,000 at 6% interest, 30 years. The monthly payment factor is $6.00 per $1,000. What is the monthly P&I payment?
- A South Dakota commercial lot is 150 feet wide and 200 feet deep. The seller wants $12 per square foot. What is the asking price?
- A South Dakota property is listed at $425,000 and receives an offer at 96% of list price. What is the offer amount?
- A South Dakota rental property has a monthly rent of $1,800 and a GRM of 130. What is the property's estimated value?
- A South Dakota ranch is described as the N 1/2 of the SW 1/4 of Section 14. How many acres does it contain?
- A South Dakota broker's office policy pays salespersons 65% of the office's half of the commission. On a $500,000 sale at 6% total commission, what does the salesperson receive?
- A South Dakota property taxes of $3,600/year have been paid in full. Closing is June 1. What is the buyer's portion of the taxes (assuming taxes paid in advance)?
- A South Dakota investment property has a purchase price of $400,000 and an annual NOI of $36,000. What is the cap rate?
- In South Dakota, a building costs $600,000 new and has an economic life of 50 years. After 15 years, what is the depreciated value using straight-line depreciation (land not included)?
- A South Dakota buyer's monthly gross income is $8,500. Using a 36% back-end DTI ratio, what is the maximum total monthly debt payment allowed?
- A South Dakota commercial lease has a base rent of $5,000/month plus 5% of gross sales over $100,000/month. If monthly sales are $150,000, what is the total monthly rent?
- A South Dakota property's annual rent is $24,000. The property management fee is 10%. What is the annual management fee?
- A South Dakota property sells for $460,000. The seller pays a 5.5% commission. How much is the commission?
- A South Dakota property is purchased for $275,000. Two years later it sells for $310,000. What is the annual appreciation rate?
- In South Dakota, a $250,000 property has a 70% LTV loan. The buyer's down payment is:
- A South Dakota rental property has 4 units each renting for $900/month. Annual expenses are $18,000. What is the annual NOI?
- A South Dakota salesperson earns 3% of the sale price as their commission on a $390,000 property. How much does the salesperson earn?
- A South Dakota commercial property has a GRM of 8.5 and annual gross income of $96,000. What is the estimated value?
- A South Dakota property is assessed at $210,000. The assessment ratio is 80% of market value. What is the market value?
- In South Dakota, an annual property tax bill of $4,200 is paid in arrears. Closing is September 30. How much does the seller owe in prorated taxes?
- A South Dakota investment property with a purchase price of $600,000 and an NOI of $54,000 has what cap rate?
- A South Dakota home buyer qualifies for a maximum monthly PITI payment of $2,000. Monthly taxes and insurance total $500. What is the maximum monthly P&I payment the buyer can afford?
- A South Dakota property sells for $520,000 and the listing broker and buyer's broker each receive 2.5% of the sale price. What is each broker's gross commission?
- A South Dakota property has a list price of $350,000. After 60 days, the seller accepts an offer for 94% of list price. What is the sale price?
- A South Dakota commercial property generates $7,500/month in rent. Annual expenses are $36,000. What is the annual NOI?
- A South Dakota buyer's offer is $345,000 for a property appraised at $330,000. The lender will loan 80% of the appraised value. How much will the buyer need in cash at closing (down payment + gap)?
- A South Dakota property has 8 units renting at $750/month. Vacancy is 8%. What is the annual effective gross income?
- A South Dakota investor buys a property for $450,000 and sells it 4 years later for $540,000. What is the total percentage gain?
- In South Dakota, the SW 1/4 of the SW 1/4 of Section 20 contains how many acres?
- A South Dakota seller nets $280,000 after paying a 6% commission. What was the sale price?
- A South Dakota home sells for $310,000. The buyer puts 20% down and obtains a 30-year loan at $6.60 per $1,000. What is the monthly P&I payment?
- A South Dakota commercial building costs $850,000. The land is valued at $150,000. Using straight-line depreciation over 39 years, what is the annual depreciation deduction?
- A property in South Dakota sells for $340,000. The listing broker charges a 6% commission split equally between the listing and selling sides. The listing agent receives 60% of the listing side. How much does the listing agent earn?
- A South Dakota investor buys a rental duplex for $180,000. The annual gross rental income is $24,000. What is the gross rent multiplier (GRM)?
- A South Dakota home is assessed at 85% of its market value of $250,000. If the mill rate is 18 mills, what is the annual property tax?
- A South Dakota buyer obtains a $200,000 mortgage at 5% interest. What is the monthly interest for the first month?
- A South Dakota broker receives a 6% commission on a $425,000 sale. If the listing broker retains 50% and the selling broker retains 50%, and the listing salesperson gets 55% of the listing broker's split, how much does the listing salesperson earn?
- A South Dakota commercial property has an annual NOI of $90,000. If a buyer requires a 9% return on investment (cap rate), what should the buyer pay for the property?
- A South Dakota property was purchased 5 years ago for $200,000. It has appreciated at an average annual rate of 4%. What is the current value?
- A South Dakota investor purchases a rental property for $150,000 with a $30,000 down payment. Annual net income is $18,000. What is the cash-on-cash return?
- A South Dakota home sells for $315,000. The seller pays a 6% commission and $2,800 in closing costs. What are the seller's total transaction costs?
- A South Dakota property generates monthly rents of $2,200. Annual operating expenses are $8,400. What is the annual net operating income (NOI)?
- A South Dakota property owner's annual property tax is $3,960. The property's assessed value is $180,000. What is the mill rate?
- A South Dakota buyer makes a down payment of 20% on a $275,000 home. What is the loan amount?
- A South Dakota commercial lease is quoted at $12 per square foot per year for 2,500 square feet. What is the monthly rent?
- A South Dakota investor wants a 10% cap rate on a property with an NOI of $45,000. What is the maximum price the investor should pay?
- A South Dakota property has a capitalization rate of 7.5% and a value of $800,000. What is the annual NOI?
- A South Dakota property increases in value from $175,000 to $210,000. What is the percentage increase in value?
- A South Dakota property has an assessed value of $195,000 and a mill rate of 15 mills. What is the annual property tax?
- A South Dakota property had an NOI of $52,000 and sold at a cap rate of 8%. What was the sale price?
- A South Dakota broker receives a 7% commission on a commercial sale. If the gross commission is $31,500, what was the sale price?
- A South Dakota salesperson earned a total of $48,000 in commissions last year. If the salesperson receives 60% of the gross commission, what were the total gross commissions generated?
- A South Dakota seller nets $187,500 after paying a 6.5% commission. What was the original sale price?
- A South Dakota property has a monthly effective gross income of $7,500 and annual operating expenses of $36,000. What is the annual NOI?
- A South Dakota property's value is $320,000. If the lender requires a maximum 80% LTV, what is the maximum loan amount?
- A South Dakota home is listed at $295,000 and sells for 97% of the listing price. What is the actual sale price?
- A South Dakota buyer obtains a $250,000 mortgage at 4.5% for 30 years. The monthly payment factor is $5.07 per $1,000 borrowed. What is the monthly P&I payment?
- A South Dakota apartment building has 10 units renting for $750/month each. The vacancy rate is 5%. What is the effective gross income?
- A South Dakota commercial property sells for $1,200,000. The NOI is $96,000. What is the capitalization rate?
- A South Dakota investor purchases a property for $400,000. If the property appreciates 3% annually for 4 years, what is the value at the end of 4 years?
- A South Dakota homeowner takes out a 15-year mortgage for $180,000 at 4%. If the monthly payment factor is $7.40 per $1,000 borrowed, what is the monthly payment?
- A South Dakota property has a list price of $375,000 and receives an offer of $355,000. What is the offer as a percentage of the list price?
- A South Dakota tenant pays $1,800/month rent. The lease is for 2 years. What is the total contract value of the lease?
- A South Dakota buyer's loan application shows monthly income of $7,500 and monthly debts (excluding the proposed mortgage) of $600. If the lender's maximum back-end DTI is 43%, what is the maximum monthly mortgage payment allowed?
- A South Dakota agent lists a property at $399,000 and it sells for $387,500. The commission rate is 5.5%. What is the total commission?
- A South Dakota property has a purchase price of $265,000 with a 15% down payment. The mortgage requires 0.5% PMI annually on the original loan balance. What is the monthly PMI payment for the first year?
- A South Dakota investor wants an 8.5% return on a $650,000 investment in a commercial property. What minimum annual NOI is required?
- A South Dakota buyer takes a $185,000 mortgage at 5.25% for 30 years. Monthly payment factor: $5.52 per $1,000. If the first month's payment includes $808.13 interest, how much principal is repaid in the first month?
- A South Dakota property has a monthly gross income of $4,500 and a 5% vacancy allowance. Annual operating expenses are $22,000. At a 7% cap rate, what is the value?
- In South Dakota, a seller lists their home at $289,000 and accepts an offer 4.5% below list price. What did the property sell for?
- A South Dakota investor buys a rental house for $175,000 and makes a $35,000 down payment. Monthly rent is $1,400 and monthly expenses are $450. What is the annual cash-on-cash return?
- A South Dakota property is purchased for $420,000 with a 25% down payment. What is the loan-to-value ratio?
- A South Dakota listing agent earns a 3% co-op commission on a $345,000 sale. The agent's broker receives 40% of this amount and the agent receives 60%. What does the agent earn?
- A South Dakota commercial property generates potential gross income of $120,000, has a 4% vacancy loss, and operating expenses of $42,000. At a 7.5% cap rate, what is the value?
- A South Dakota buyer qualifies for a maximum front-end DTI of 28% with a gross monthly income of $6,500. What is the maximum allowable housing payment (PITI)?
Escrow & Title
136 questions- A title search is conducted primarily to:
- An owner's title insurance policy protects:
- In a real estate closing, proration is used to:
- General warranty deed provides the greatest protection to the buyer because the grantor:
- In South Dakota, a title search examines public records to:
- Title insurance in South Dakota protects the policyholder from:
- In South Dakota, an owner's title insurance policy protects:
- Which of the following would be found in the public record and shown on a title search in South Dakota?
- At a South Dakota closing, the HUD-1 or Closing Disclosure is used to:
- In South Dakota, prorations at closing are typically calculated based on:
- A South Dakota property's annual taxes of $2,400 have not been paid. Closing is on April 1. What is the seller's tax proration (amount owed at closing)?
- Which type of lien has the HIGHEST priority in South Dakota in most circumstances?
- Recording a deed in South Dakota provides which primary benefit?
- A mechanic's lien in South Dakota is filed by:
- In South Dakota, the register of deeds office is responsible for:
- A 'chain of title' in South Dakota refers to:
- Title insurance in South Dakota is typically purchased:
- Which of the following is typically a buyer's closing cost in South Dakota?
- An abstract of title in South Dakota is:
- Under South Dakota's race-notice recording statute, a subsequent purchaser is protected if they:
- A cloud on title in South Dakota refers to:
- A quiet title action in South Dakota is a court proceeding to:
- At a South Dakota closing, a buyer's lender requires a lender's title insurance policy. Who typically pays for this policy?
- A special assessment lien in South Dakota arises when:
- In South Dakota, which document transfers ownership of real property from seller to buyer?
- The purpose of a closing escrow in South Dakota is to:
- A South Dakota property is sold subject to an existing mortgage. This means the buyer:
- A sheriff's deed in South Dakota is issued in connection with:
- In South Dakota, when both a mortgage and a judgment lien exist on a property, which has priority if the mortgage was recorded first?
- A South Dakota title company discovers an easement that was not disclosed to the buyer. If the title insurance policy covers easements, the buyer:
- Which statement about a warranty deed in South Dakota is TRUE?
- In South Dakota, which of the following would NOT be found in a title search?
- After a South Dakota transaction closes, which party is responsible for recording the deed?
- A standard ALTA owner's title insurance policy in South Dakota covers all of the following EXCEPT:
- In South Dakota, a closing statement shows the seller's net proceeds. To calculate net proceeds, which of the following is ADDED to the seller's side?
- When a South Dakota property is 'double insured' (buyer and lender each have title insurance), both policies cover:
- A South Dakota property sells for $340,000 with a $204,000 existing mortgage that the buyer assumes. The seller receives what at closing (assuming no other charges)?
- A South Dakota title company issues a commitment for title insurance before closing. This commitment:
- In South Dakota, which type of deed is most often used in residential real estate sales?
- A South Dakota lender's title insurance policy remains in effect for:
- South Dakota's 'race-notice' recording statute protects a subsequent purchaser who:
- In South Dakota, a property tax lien typically attaches:
- A South Dakota seller agrees to pay off their mortgage at closing from sale proceeds. At closing, the escrow agent will:
- An ALTA survey in South Dakota provides more detailed information than a standard boundary survey because it also shows:
- In South Dakota, the order of lien priority is MOST often determined by:
- In South Dakota, an ALTA extended coverage owner's title insurance policy covers which additional risks compared to a standard policy?
- A South Dakota seller paid for a survey 5 years ago. A buyer's lender requires a new survey. Who typically pays for the new survey?
- A South Dakota property is foreclosed on for $150,000 in delinquent property taxes. There are also three mortgage liens. After the tax lien is satisfied, the remaining sale proceeds are distributed to:
- A buyer in South Dakota who takes title with knowledge of an existing unrecorded lease is:
- A South Dakota lender takes an assignment of rents clause in their commercial mortgage. This clause provides that if the borrower defaults:
- In South Dakota, how does a mechanic's lien priority typically relate to when work commenced versus when the lien was filed?
- A South Dakota title insurance exception for 'rights of parties in possession' means the policy does not cover:
- In South Dakota, a preliminary title report or title commitment is issued by a title company to:
- In South Dakota, a deed of trust foreclosure (non-judicial) typically concludes with the property being sold at a:
- In South Dakota, 'constructive notice' is provided by:
- An abstract of title in South Dakota typically covers the property's history from:
- In South Dakota, a 'certificate of title' issued under the Torrens system is:
- In South Dakota, a 'home warranty plan' purchased at closing protects the buyer against:
- In South Dakota, who is responsible for paying for title insurance in a transaction?
- In South Dakota, 'indemnification' in a real estate context refers to:
- In South Dakota, an IRS federal tax lien is recorded against a property owner. Where would a buyer find this information?
- In South Dakota, which statement about a 'buyer's walk-through' before closing is TRUE?
- In South Dakota, 'prorations' at closing ensure that:
- In South Dakota, a title insurance policy with an endorsement for 'mechanics lien protection' protects the insured from:
- In South Dakota, when is title typically considered to transfer from seller to buyer?
- In South Dakota, the register of deeds charges a recording fee based on:
- A 'satisfaction of mortgage' (release of mortgage) in South Dakota is recorded when:
- In South Dakota, a 'deed restriction' created by a developer to maintain neighborhood character runs with the land, which means:
- In South Dakota, a 'deed in lieu of foreclosure' is an arrangement where:
- In South Dakota, a 'subordination agreement' between lienholders affects:
- In South Dakota, a property owner who fails to pay their HOA assessments may face:
- In South Dakota, 'actual notice' differs from 'constructive notice' in that actual notice means:
- In South Dakota, a title insurance policy exclusion for 'matters known to the insured but not disclosed to the company' means:
- In South Dakota, the amount paid for lender's title insurance is typically based on:
- In South Dakota, a 'deed of reconveyance' is issued when:
- In South Dakota, a 'transfer on death deed' (TOD deed or beneficiary deed) allows a property owner to:
- In South Dakota, which of the following encumbrances does NOT need to be removed to deliver 'clear title'?
- In South Dakota, a 'closing statement' (HUD-1 or Closing Disclosure) must be provided to the buyer no later than:
- In South Dakota, the order in which expenses are paid from sale proceeds at closing is typically:
- In South Dakota, title insurance is a 'one-time premium' policy. This means the policyholder:
- In South Dakota, which statement is TRUE about recording a deed?
- In South Dakota, a 'gap exception' in title insurance refers to:
- A South Dakota property's chain of title shows the property was transferred by quitclaim deed from an estate to a buyer 10 years ago. This could be a concern because:
- In South Dakota, which of the following types of liens is VOLUNTARY?
- In South Dakota, which statement about the 'preliminary title report' is MOST accurate?
- In South Dakota, a 'foreclosure by advertisement' (non-judicial foreclosure) is permitted under the deed of trust law when:
- In South Dakota, when a 'quitclaim deed' is given in lieu of foreclosure, the deed transfers to the lender:
- In South Dakota, which type of deed provides the buyer with a warranty that the grantor has not done anything to impair the title during the period they owned the property, but provides no warranty about prior owners?
- In South Dakota, a 'buyer's closing costs' typically include all of the following EXCEPT:
- In South Dakota, an 'escrow holdback' at closing is used when:
- In South Dakota, 'RESPA Section 8' specifically prohibits which of the following?
- In South Dakota, the 'closing disclosure' under TRID must be provided to the borrower by which party?
- In South Dakota, a 'survey showing encroachments' reported in a title insurance policy exclusion means the buyer:
- In South Dakota, which of the following is typically PRORATED between buyer and seller at closing?
- In a South Dakota real estate closing, the prorated property taxes appear as a credit on the buyer's settlement statement when:
- In South Dakota, 'earnest money' deposited with a broker in connection with a real estate transaction must be:
- In South Dakota, 'marketable title' in a real estate transaction means:
- A 'quitclaim deed' in South Dakota conveys:
- In South Dakota real estate transactions, a 'closing disclosure' (CD) must be provided to the buyer/borrower:
- In South Dakota, 'title search' performed before closing is designed to:
- In South Dakota, 'recording' a deed in the county register of deeds office provides:
- In South Dakota, 'actual notice' in property law means:
- In South Dakota, a 'warranty deed' transfers property with the grantor's covenant that they will defend the title against:
- In South Dakota, a 'mechanic's lien' can be filed against real property by:
- In South Dakota, the purpose of a 'preliminary title report' provided before closing is to:
- In South Dakota, a 'subordination agreement' in real estate means:
- In South Dakota, 'title by adverse possession' differs from title obtained by deed in that:
- In South Dakota, the 'chain of title' refers to:
- In South Dakota, an 'abstract of title' is:
- In South Dakota, a 'certificate of title' provided by an attorney after reviewing an abstract differs from title insurance in that:
- In South Dakota, a 'deed of reconveyance' is used to:
- In South Dakota, an 'owner's title insurance policy' protects:
- In South Dakota, which encumbrance does NOT affect the marketability or value of a property's title but does restrict its use?
- In South Dakota, 'proration of property taxes' at closing typically means:
- In South Dakota, 'FIRPTA' (Foreign Investment in Real Property Tax Act) may apply when:
- In South Dakota, 'title insurance' is distinguished from other insurance products because:
- In South Dakota, a 'satisfaction of mortgage' (mortgage release) should be recorded when:
- In South Dakota, which statement about 'escrow' in a real estate transaction is correct?
- In South Dakota, a 'title commitment' (also called a title binder) issued by a title company:
- In South Dakota, when property is conveyed by deed, the deed must contain all of the following EXCEPT:
- In South Dakota, a 'special assessment' lien on a property arises when:
- In South Dakota, a 'constructive trust' may be imposed by a court when:
- In South Dakota, 'title by descent' refers to property that passes:
- In South Dakota, 'judgment liens' on real property arise when:
- In South Dakota, 'joint and several liability' on a mortgage means:
- In South Dakota, which type of notice is given when a prospective buyer views a property and sees a person in possession (such as a tenant)?
- In South Dakota, 'concurrent ownership' of real property means:
- In South Dakota, which of the following encumbrances is VOLUNTARY?
- In South Dakota, the 'closing agent' or 'settlement agent' in a real estate transaction is responsible for:
- In South Dakota, the 'granting clause' in a deed is the provision that:
- In South Dakota, which of the following typically appears as a 'credit to buyer' on the closing settlement statement?
- In South Dakota, a 'lis pendens' (notice of pending suit) recorded on a property provides notice that:
- In South Dakota, when a buyer purchases a property subject to an existing mortgage, the buyer:
- In South Dakota, 'title by devise' occurs when property is transferred through a:
- In South Dakota, 'actual notice' differs from 'constructive notice' in that actual notice requires:
- In South Dakota, a 'deed of correction' (correction deed) is used when:
Environmental
119 questions- In South Dakota, the agency responsible for environmental regulation of real property is:
- A home built before 1978 in South Dakota requires disclosure of which potential hazard under federal law?
- Radon is a particular concern in South Dakota because:
- CERCLA (Superfund) in South Dakota holds which parties potentially liable for hazardous waste cleanup?
- An underground storage tank (UST) on a South Dakota property that has leaked petroleum products would most likely require:
- Asbestos in a South Dakota commercial building built before 1980 is regulated under:
- South Dakota water rights are governed by the doctrine of:
- Wetlands on a South Dakota property are regulated primarily under:
- A South Dakota property owner discovers mold throughout the basement. Under disclosure laws, the seller must:
- Which federal law requires real estate agents to provide buyers with an EPA pamphlet on lead paint hazards for homes built before 1978?
- The DENR in South Dakota oversees cleanup of contaminated sites through which program?
- A South Dakota farm property that has been used for agricultural purposes for decades may have environmental concerns related to:
- Phase I Environmental Site Assessment (ESA) of a South Dakota property involves:
- South Dakota's prior appropriation water rights system means that during a drought:
- Polychlorinated biphenyls (PCBs) found in electrical transformers on a South Dakota commercial property are regulated under:
- Naturally occurring asbestos has been found in certain South Dakota soils. The primary health risk from asbestos exposure is:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) allows the EPA to:
- A South Dakota real estate agent shows a property near an abandoned gas station. The agent suspects possible fuel contamination. The agent's best course of action is:
- South Dakota DENR regulates underground storage tanks (USTs) under state law that generally parallels which federal regulatory program?
- Wetland fill without a Section 404 permit in South Dakota may result in:
- A South Dakota property has a cistern used to collect rainwater. Environmental concerns associated with cisterns include:
- The National Environmental Policy Act (NEPA) requires federal agencies to prepare environmental impact statements (EIS) for:
- A South Dakota property has an old septic system that has failed and is discharging into a nearby creek. This situation implicates:
- South Dakota's Agricultural Waste Management Program is concerned with contamination from:
- Which of the following is a Phase II Environmental Site Assessment activity?
- The South Dakota Department of Agriculture and Natural Resources (DANR, formerly DENR) oversees which agricultural environmental issue?
- Brownfields in South Dakota are defined as:
- When a South Dakota seller knows their property has had a buried oil tank removed but soil contamination is suspected, they should:
- South Dakota has significant wind energy development. Wind energy leases on agricultural land:
- The Clean Air Act in South Dakota primarily affects real estate through:
- Radioactive contamination from uranium mining in the Black Hills region of South Dakota is regulated under:
- A South Dakota landowner discovers their property is in a Special Flood Hazard Area (SFHA). To develop the property, they may need to:
- An environmental indemnification clause in a South Dakota commercial real estate purchase agreement is designed to:
- Methamphetamine-contaminated properties in South Dakota require special cleanup because:
- South Dakota's 'Brownfields Voluntary Environmental Assessment Program' encourages property redevelopment by:
- A South Dakota city near a coal plant has elevated levels of sulfur dioxide in the air. The primary federal law that addresses this air quality issue is:
- South Dakota's prior appropriation water law means that a new agricultural operation wanting to divert water from a stream must:
- In South Dakota, a manufactured home park (mobile home park) requires environmental consideration for:
- In South Dakota, the 'innocent landowner defense' under CERCLA protects a buyer from liability for pre-existing contamination if:
- South Dakota's Gold Rush history in the Black Hills left behind numerous mine tailings. These tailings can contain:
- A South Dakota property has an above-ground oil storage tank (AST) that has leaked. The regulatory response under South Dakota law would typically involve:
- In South Dakota, a property's proximity to which type of facility would most likely require a Phase I Environmental Site Assessment?
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) created the Superfund. What does the Superfund fund?
- Naturally occurring radioactive material (NORM) in South Dakota soils and rock primarily poses a risk through:
- In South Dakota, 'environmental due diligence' in a commercial real estate transaction typically means:
- A South Dakota farmstead well has tested positive for coliform bacteria. The recommended course of action is:
- In South Dakota, homes built before 1978 must comply with which federal requirement when sold?
- South Dakota has many private drinking water wells, especially in rural areas. A real estate agent showing a rural property with a private well should advise the buyer to:
- South Dakota's Rapid City area experienced a major flood in 1972 (Black Hills Flood). Properties in flood-prone areas of Rapid City Creek drainage have ongoing concerns related to:
- In South Dakota, which federal agency maintains a registry of known contaminated sites (National Priorities List / Superfund sites)?
- A South Dakota farm property was used for decades to store and apply pesticides. Before purchasing this property, a commercial buyer should most likely conduct:
- In South Dakota, which federal act established the requirement for a lead paint disclosure in residential real estate transactions?
- South Dakota's climate includes harsh winters with extensive use of road salt and de-icing chemicals. These materials can cause environmental concern because:
- In South Dakota, when a seller discloses a known environmental condition (like a former leaking UST), the buyer's best protection is to:
- In South Dakota, the term 'recognized environmental condition' (REC) in a Phase I ESA report indicates:
- In South Dakota, an environmental 'no further action' (NFA) letter from DENR means:
- In South Dakota, which type of environmental insurance protects a property owner from unknown pre-existing contamination discovered after purchase?
- South Dakota has extensive oil field activity in the western part of the state. Abandoned oil and gas wells can pose which environmental risk?
- The Resource Conservation and Recovery Act (RCRA) regulates which of the following as it relates to South Dakota real estate?
- In South Dakota, a 'vapor intrusion' concern in real estate refers to:
- South Dakota's Belle Fourche and Cheyenne River basins have potential for oil and gas development. Hydraulic fracturing (fracking) near residential properties raises concerns about:
- In South Dakota, a 'covenant not to sue' issued by a state environmental agency after brownfield cleanup means:
- In South Dakota, a property formerly used as a laundry facility may have environmental concerns from:
- In South Dakota, environmental 'strict liability' under CERCLA means a party can be held responsible for cleanup costs:
- In South Dakota, which environmental disclosure is specifically required on the Seller's Property Condition Disclosure form for residential properties?
- In South Dakota, which of the following activities on a farm property might constitute a 'release' of hazardous substances requiring DENR notification?
- In South Dakota, a 'lender liability' concern in environmental law means that:
- In South Dakota, a property owner who finds an old buried cistern or septic tank on their property should:
- South Dakota has some of the highest radon levels in the United States. An EPA Action Level for radon is:
- In South Dakota, a 'soil gas survey' on a property is most useful for identifying:
- In South Dakota, a property adjacent to an agricultural feedlot may have environmental concerns including:
- In South Dakota, 'environmental covenants' recorded against property:
- In South Dakota, the term 'remediation' in environmental cleanup refers to:
- In South Dakota, a property in a 'superfund' cleanup zone might affect real estate value because:
- In South Dakota, which statement about asbestos in commercial buildings is TRUE?
- South Dakota's primary agency responsible for environmental regulation of real property, including brownfield cleanup, is:
- When a South Dakota real estate agent shows a property and notices what appears to be underground storage tank (UST) fill pipes in the yard, the agent should:
- In South Dakota, a 'Phase I Environmental Site Assessment' for a commercial property transaction is designed to:
- In South Dakota, a seller's disclosure about the presence of radon gas in a home is important because:
- In South Dakota, the CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) holds which parties potentially liable for contamination cleanup?
- Under South Dakota environmental regulations, a property owner who discovers an oil spill or hazardous substance release on their property must:
- In South Dakota, a 'voluntary cleanup program' (VCP) allows property owners to:
- In South Dakota, which of the following is TRUE regarding lead-based paint disclosure requirements in residential property sales?
- In South Dakota, the primary concern with 'polychlorinated biphenyls' (PCBs) in older commercial buildings is:
- In South Dakota, which federal law requires disclosure of known mold issues in commercial building leases?
- In South Dakota, a property seller who is aware that the property was previously used as a dry cleaning establishment should disclose this because:
- In South Dakota, the major environmental concern regarding agricultural properties is often:
- In South Dakota, 'electromagnetic fields' (EMFs) from high-voltage power lines near a property:
- In South Dakota, a 'brownfield' site is defined as real property where:
- In South Dakota, disclosure of known hazardous materials on a property is required because:
- In South Dakota, which of the following is TRUE about formaldehyde in residential properties?
- In South Dakota, carbon monoxide (CO) detectors in residential rental properties:
- In South Dakota, a property owner near a former military base should investigate whether the property might be affected by:
- In South Dakota, a property owner who installs a new septic system must comply with regulations set by:
- In South Dakota, a real estate professional who is aware of a significant mold problem in a listed property should:
- In South Dakota, the discovery of an abandoned mine shaft on or adjacent to a property is a concern because:
- In South Dakota, a real estate professional should be aware that agricultural land near concentrated animal feeding operations (CAFOs) may have reduced value due to:
- In South Dakota, which of the following is TRUE about the seller's duty to disclose the presence of a petroleum underground storage tank (UST)?
- In South Dakota, the presence of Chinese drywall (sulfur-emitting drywall imported from China around 2001-2009) in a home may cause:
- In South Dakota, the federal EPA's 'Safe Drinking Water Act' primarily affects real estate by:
- In South Dakota, what is the primary concern about 'vapor intrusion' from contaminated soil or groundwater into buildings?
- In South Dakota, 'electromagnetic fields' (EMF) from cell towers near a residential property should be:
- In South Dakota, the requirement for a 'Phase II Environmental Site Assessment' is typically triggered when:
- In South Dakota, a property owner who suspects their drinking water well is contaminated should:
- In South Dakota, the primary concern about 'hydraulic fracturing' (fracking) near real property is:
- In South Dakota, the primary environmental concern regarding 'hydraulic fracturing' (fracking) at the source level involves:
- In South Dakota, the 'innocent landowner defense' under CERCLA protects a property owner from Superfund liability when:
- In South Dakota, a property located in a 100-year floodplain as designated by FEMA will likely be required to have:
- In South Dakota, a property with an onsite wastewater treatment system (septic system) that does not meet current code requirements must be:
- In South Dakota, a 'well head protection area' (WHPA) designation around a public water supply well means:
- In South Dakota, a potential buyer of a property with an old oil furnace that has been replaced should be aware of the possible presence of:
- In South Dakota, the term 'recognized environmental condition' (REC) in a Phase I ESA means:
- In South Dakota, the federal 'Toxic Substances Control Act' (TSCA) is relevant to real estate because it:
- In South Dakota, a real estate agent who suspects the presence of a wetland on a property they are listing should:
- In South Dakota, a 'deed restriction' prohibiting development of wetlands as part of a conservation easement:
- In South Dakota, a real estate professional who represents a buyer purchasing an older commercial building should advise the buyer about the potential presence of:
- In South Dakota, which federal law requires sellers and landlords to disclose known lead-based paint hazards in pre-1978 residential housing?
- In South Dakota, the primary benefit of a 'green building' certification (such as LEED) for a commercial property is:
- In South Dakota, a real estate agent's duty regarding environmental hazards can be summarized as:
South Dakota License Law
111 questions- Which agency regulates real estate licenses in South Dakota?
- How many hours of pre-license education are required to obtain a South Dakota real estate salesperson license?
- The South Dakota real estate salesperson licensing exam consists of how many questions?
- What is the minimum passing score required on the South Dakota real estate licensing exam?
- In South Dakota, a real estate salesperson license must be held under:
- What is South Dakota's state income tax treatment?
- Which of the following activities requires a real estate license in South Dakota?
- How long does a South Dakota real estate license remain valid before renewal is required?
- In South Dakota, how many continuing education hours are required per renewal period?
- Which of the following is NOT exempt from South Dakota real estate licensing requirements?
- When a South Dakota licensee's license is placed on inactive status, they may:
- The South Dakota Real Estate Commission has the authority to:
- Under SDCL Chapter 36-21A, which of the following acts requires a real estate license in South Dakota?
- How often must a South Dakota real estate license be renewed?
- How many continuing education hours must a South Dakota salesperson complete each license renewal period?
- The South Dakota Real Estate Commission is composed of how many members?
- A South Dakota real estate salesperson may receive compensation for a transaction from which of the following?
- What is the minimum age requirement to obtain a real estate salesperson license in South Dakota?
- Which of the following is NOT required to obtain a South Dakota real estate salesperson license?
- If a South Dakota real estate licensee wishes to place their license on inactive status, they must:
- Under South Dakota law, a broker's trust account must be maintained at:
- A South Dakota licensee who changes their employing broker must:
- Which of the following actions would subject a South Dakota real estate licensee to disciplinary action by the SDREC?
- A South Dakota real estate broker who operates a team must ensure that:
- Net listings are legal in South Dakota if:
- Reciprocity agreements allow South Dakota licensees to obtain licenses in other states. South Dakota has reciprocity with:
- A South Dakota licensee convicted of a felony must:
- The South Dakota Real Estate Commission may impose which of the following penalties for a license law violation?
- A South Dakota real estate licensee who advertises property must include which of the following in all advertising?
- Under South Dakota law, a broker who employs a salesperson must:
- A South Dakota real estate license applicant who has been convicted of a crime involving dishonesty or breach of trust may:
- What is the purpose of South Dakota's real estate licensing law?
- A South Dakota real estate broker who wishes to open a branch office must:
- Under South Dakota law, which type of listing agreement entitles the listing broker to commission ONLY if they personally find the buyer?
- An unlicensed assistant working in a South Dakota real estate brokerage may legally:
- A South Dakota real estate license is automatically suspended if the licensee:
- Commingling in South Dakota real estate refers to which prohibited practice?
- In South Dakota, 'earnest money disputes' between buyer and seller are resolved by:
- A South Dakota licensed broker who changes their mailing address must notify the SDREC within:
- A real estate team name in South Dakota advertising must:
- Which statement about South Dakota real estate license reciprocity is TRUE?
- A South Dakota real estate license can be revoked for which of the following?
- Under South Dakota law, which statement about commissions is TRUE?
- A South Dakota real estate salesperson may operate as an independent contractor for tax purposes. This means:
- Which South Dakota law provides the statutory basis for real estate licensing?
- Which activity does NOT require a real estate license in South Dakota?
- South Dakota requires real estate advertising to avoid which of the following?
- A South Dakota broker who accepts compensation from both the buyer and the seller without disclosure is:
- In South Dakota, a real estate license that has been revoked may be reinstated after:
- South Dakota's Real Estate Recovery Fund provides compensation to:
- In South Dakota, which type of real estate entity must hold a broker's license to operate?
- Under South Dakota license law, a licensee who finds out their client has committed fraud in a previous transaction should:
- Under South Dakota law, what must a licensee do when they receive earnest money?
- In South Dakota, a real estate broker may practice under a trade name if:
- Which of the following individuals is EXEMPT from South Dakota's real estate licensing requirements?
- A South Dakota real estate broker who pays an unlicensed person a commission or compensation for real estate brokerage activities has:
- In South Dakota, a licensed salesperson who takes listings and advertises them under their own name (not the broker's) is:
- In South Dakota, the SDREC may issue a 'consent order' to resolve a license law complaint. This means:
- In South Dakota, a listing agreement that is perpetual (no expiration date) is:
- A South Dakota real estate licensee who receives a gift from a vendor they referred a client to (without client disclosure) has:
- A South Dakota licensee who assists a buyer in completing a fraudulent mortgage application has committed:
- In South Dakota, a broker who allows their license to expire but continues to practice real estate is guilty of:
- Under SDCL 36-21A, what is the maximum period a South Dakota real estate license may be placed on inactive status?
- A real estate licensee in South Dakota who wishes to manage their own rental property for personal income:
- Which of the following actions would require a South Dakota real estate license?
- A South Dakota real estate broker who supervises salespersons is responsible for:
- Under South Dakota license law, a 'broker associate' or 'associate broker' is:
- When a South Dakota real estate licensee changes employing brokers, the licensee must:
- South Dakota requires real estate licensees to complete how many continuing education hours per biennial renewal period?
- A South Dakota real estate salesperson's license is issued to the salesperson but held by:
- Under South Dakota law, a real estate 'team' operating within a brokerage must:
- In South Dakota, a real estate licensee must provide the agency disclosure form to a prospective buyer or seller:
- A South Dakota real estate broker who advertises using a team name or trade name must:
- A South Dakota real estate licensee who engages in 'commingling' has:
- Under South Dakota law, a real estate broker who receives a written complaint against a salesperson employed by them is required to:
- Under SDCL Chapter 36-21A, the South Dakota Real Estate Commission is composed of:
- In South Dakota, a licensee who fails to renew their license by the expiration date but continues to practice real estate is:
- In South Dakota, what is the required experience for a salesperson to qualify for a broker license?
- Under South Dakota law, what is the penalty for performing real estate activities without a license?
- In South Dakota, the broker's duty to supervise affiliated salespersons includes ensuring that:
- In South Dakota, which of the following requires a real estate license?
- A South Dakota real estate agent who advertises their services as a 'Realtor®' must:
- In South Dakota, a real estate broker's trust account must be reconciled:
- In South Dakota, which of the following is a valid reason for the Real Estate Commission to revoke a license?
- When a South Dakota real estate broker dies or becomes incapacitated, what happens to affiliated salesperson licenses?
- Under South Dakota law, can a real estate salesperson be an independent contractor rather than an employee of the broker?
- In South Dakota, a real estate licensee who receives a commission from a party other than their employing broker must:
- In South Dakota, the 'recovery fund' administered by the Real Estate Commission is designed to:
- In South Dakota, a real estate licensee convicted of which of the following crimes would most likely result in license revocation?
- In South Dakota, a real estate licensee must retain transaction records for:
- In South Dakota, a real estate agent may advertise their services using the internet and social media. These advertisements must:
- In South Dakota, a real estate licensee who is also a licensed mortgage broker must:
- In South Dakota, the pre-licensing education requirement for a real estate salesperson license is:
- In South Dakota, a licensed real estate professional must disclose their license status when purchasing real estate for their own account if:
- Which of the following activities is specifically exempt from South Dakota real estate license requirements?
- In South Dakota, what happens if a salesperson's employing broker has their license revoked?
- In South Dakota, what is the minimum age requirement to obtain a real estate salesperson license?
- A South Dakota licensee who engages in 'unauthorized practice of law' is:
- In South Dakota, the broker's license law obligations regarding trust accounts include all of the following EXCEPT:
- In South Dakota, a real estate broker who accepts a listing must provide the seller with a copy of the listing agreement:
- In South Dakota, a real estate salesperson who wants to open their own brokerage must first:
- In South Dakota, what is the purpose of the state requiring real estate brokers to have a designated office location?
- In South Dakota, a real estate licensee who wants to work on tribal lands owned by one of South Dakota's Native American nations should be aware that:
- Under South Dakota law, the Real Estate Commission may place a licensee on probation in addition to or instead of suspension or revocation. Probation may require the licensee to:
- In South Dakota, a licensed broker who manages their own investment properties is:
- In South Dakota, if a real estate licensee is found guilty of misappropriating trust funds, the Real Estate Commission may:
- In South Dakota, which of the following is required for a real estate license application to be considered?
- In South Dakota, a licensee who serves as a buyer's agent must provide all of the following services EXCEPT:
- In South Dakota, which of the following describes the key difference between a 'broker' license and a 'salesperson' license?
- Under the South Dakota Real Estate License Law (SDCL Chapter 36-21A), the ultimate goal of the licensing and regulatory system for real estate professionals is to:
- The South Dakota Real Estate Commission (SDREC) requires salesperson applicants to complete how many hours of pre-license education?
Agency
103 questions- In South Dakota, when must an agency disclosure be provided to a potential client?
- A licensee who represents both buyer and seller in the same transaction is practicing:
- Which fiduciary duty requires an agent to place the client's interests above all others, including the agent's own?
- A buyer's agent discovers that the seller's home has undisclosed foundation damage. The buyer's agent should:
- Which type of agency relationship is created when an agent acts on behalf of a client without explicit agreement but through the parties' conduct?
- When a listing broker assigns two different agents within the same office to separately represent a buyer and a seller, this is known as:
- In South Dakota, the relationship between a real estate broker and their client is best described as:
- South Dakota requires that agency relationships be disclosed:
- A South Dakota broker representing both the buyer and seller in the same transaction without proper disclosure is:
- Which of the following is a fiduciary duty owed by a South Dakota seller's agent to their client?
- In South Dakota, 'designated agency' means:
- A buyer's agent in South Dakota owes which duty to the seller?
- When does an agency relationship with a seller typically terminate in South Dakota?
- A South Dakota licensee working as a transaction broker owes which of the following to both parties?
- An agent who reveals a buyer's maximum price to the seller without authorization has violated which fiduciary duty?
- In South Dakota, which document is used to formalize the agency relationship with a buyer?
- A South Dakota agent who recommends a home inspector they have a financial relationship with must:
- Puffing by a South Dakota real estate agent refers to:
- Under South Dakota law, a listing agent who knows the basement has a history of flooding but does not disclose this to the buyer has committed:
- Which REALTOR® Code of Ethics article requires REALTORS® to be honest with all parties in a transaction?
- A South Dakota seller's agent learns that the buyer is going through a divorce and is highly motivated to close quickly. The agent should:
- The duty of 'reasonable care and diligence' requires a South Dakota real estate agent to:
- A South Dakota buyer's agent who fails to present a lower purchase offer to the seller because the agent believed the seller would reject it has:
- Ratification of an agency relationship in South Dakota means:
- A South Dakota listing agent discovers a significant crack in the home's foundation after the property is listed. The agent should:
- In South Dakota, an agent who tells the seller that 'prices always go up, you can't go wrong' is engaging in:
- A South Dakota real estate agent acting as a facilitator (transaction broker) owes which duty to both parties?
- An agency coupled with an interest in South Dakota is unique because it:
- A South Dakota buyer's agent who discovers the seller's property has an illegal addition should:
- In South Dakota, 'apparent authority' in agency law means:
- In South Dakota, what is the primary difference between an agent and an independent contractor?
- A South Dakota real estate agent must present all offers to the seller unless:
- South Dakota's disclosure of agency form (agency disclosure) should be provided to consumers:
- In South Dakota, a seller's agent who recommends that a seller lower their asking price based on current market data is:
- When a South Dakota buyer's agent calls the listing agent for information about the seller's motivation to sell, the listing agent should:
- In South Dakota, the REALTOR® Code of Ethics prohibits accepting an undisclosed profit on expenses paid on behalf of the principal. This relates to which fiduciary duty?
- A South Dakota seller instructs their agent not to disclose that the basement floods every spring. The agent should:
- In South Dakota, 'subagency' allows a cooperating broker to act as:
- A South Dakota broker who is found to have negligently supervised a salesperson who committed fraud may be subject to:
- In South Dakota, an agent's 'duty of obedience' requires them to:
- In South Dakota, the fiduciary duty of 'loyalty' requires an agent to:
- In South Dakota, when an agent has a personal interest in a transaction (e.g., the buyer is their family member), they must:
- In South Dakota, 'actual authority' of a real estate agent refers to authority that is:
- In South Dakota, the difference between 'material facts' and 'confidential information' in agency is:
- When a South Dakota real estate transaction falls through due to a buyer's failure to obtain financing, the listing agent's obligation to the seller includes:
- In South Dakota, a buyer's agent who learns that the listing price is significantly above current market value should:
- In South Dakota, which of the following is a 'material adverse fact' that must be disclosed by an agent regardless of which party they represent?
- In South Dakota, which of the following actions would NOT violate a buyer's agent's fiduciary duty to their client?
- A South Dakota listing agent who is also a licensed contractor wants to purchase a property they are listing. They must:
- In South Dakota, when a buyer's agent assists their client in making an offer significantly above market value, the agent should:
- In South Dakota, which of the following is an example of an agent's IMPLIED duty?
- In South Dakota, an agent who helps a buyer negotiate a purchase and also refers the buyer to a specific mortgage lender without disclosing that they will receive a referral fee has violated their duty of:
- In South Dakota, an agent who is asked to hold earnest money but deposits it in their personal account is violating which duty?
- In South Dakota, when does a buyer's agent's authority typically terminate?
- A South Dakota buyer's agent discovers that the seller's property has an undisclosed drainage problem. The buyer's agent should:
- A South Dakota real estate agent representing both buyer and seller in the same transaction must:
- In South Dakota, a seller's agent who learns that the seller is in financial distress and must sell quickly should:
- A South Dakota real estate agent who acts as a transaction coordinator (facilitator) rather than an agent for either party:
- The fiduciary duty of 'reasonable care' in a South Dakota agency relationship requires the agent to:
- A South Dakota listing agent who receives an offer below the listed price must:
- An agent's authority to bind their principal in South Dakota real estate transactions comes from:
- In South Dakota, which of the following best describes an 'implied agency' relationship?
- In South Dakota, the duty of 'obedience' in an agency relationship requires the agent to:
- A South Dakota buyer's agent who helps the buyer negotiate the lowest possible price is exercising the fiduciary duty of:
- When a South Dakota real estate agent performs a Comparative Market Analysis (CMA) for a seller, this is:
- In South Dakota, which of the following is a material fact that a listing agent must disclose to buyers?
- In South Dakota, a real estate agent representing a seller is approached by an unrepresented buyer. The agent should:
- A South Dakota buyer's agent who has knowledge that the seller accepted a prior offer that fell through should:
- In South Dakota, a listing agent who learns the seller's property has an unpermitted addition must:
- In South Dakota, a real estate agent who represents neither the buyer nor the seller but assists both parties complete a transaction is sometimes called a:
- In South Dakota, a real estate agent who receives compensation from both the buyer and seller in the same transaction:
- In South Dakota, which statement about a buyer's agent's obligation to disclose is correct?
- In South Dakota, when a seller terminates a listing agreement before its expiration date without cause, the seller may be liable to the broker for:
- In South Dakota, a 'designated agency' arrangement means:
- In South Dakota, a seller's agent who discovers that the property's square footage is significantly less than what the seller represented to the agent should:
- In South Dakota, if a buyer's agent has a personal interest in a property the buyer is considering (such as the property belonging to a family member), the agent must:
- In South Dakota, the agency relationship between a broker and salesperson is best described as:
- In South Dakota, the termination of an agency relationship between a seller and listing broker can occur by:
- In South Dakota, a seller's agent who presents an offer to the seller and is instructed by the seller to inform the buyer the offer is unacceptable (without a formal counteroffer) should:
- In South Dakota, a buyer's agent who encourages a buyer to offer more than necessary for a property because the agent wants to earn a higher commission is:
- In South Dakota, an agent who continues to represent a seller after the listing has expired without a written renewal agreement is:
- In South Dakota, a listing agent has a duty to present all written offers to the seller. If the seller is unavailable and an offer has a short deadline, the agent should:
- In South Dakota, the seller instructs the listing agent to tell buyers that the property has no foundation issues, but the agent knows this to be false. The agent should:
- A South Dakota buyer's agent who receives a bonus from the seller for closing the transaction must:
- In South Dakota, after a listing agreement expires and the property has not sold, which of the following protects the listing broker's commission if the seller sells to someone the broker introduced during the listing period?
- In South Dakota, which of the following best describes the broker's liability for the acts of affiliated salespersons?
- In South Dakota, the term 'single agency' in real estate practice means:
- In South Dakota, a buyer's agent who shares the buyer's maximum budget with the listing agent without authorization is:
- In South Dakota, a real estate agent must present all offers to the seller regardless of form. However, the agent may decline to present a written offer that is:
- In South Dakota, a listing agent who receives multiple offers on a property should:
- In South Dakota, the agent's duty of 'accounting' to the principal means the agent must:
- In South Dakota, a buyer's agent who discovers a zoning change that will allow commercial development adjacent to the residential property the buyer is considering should:
- In South Dakota, a seller's agent must disclose which of the following to a prospective buyer?
- In South Dakota, a real estate licensee who provides services to a party without establishing a formal agency relationship (such as answering general questions) is best described as providing:
- In South Dakota, a real estate agent who creates a false sense of urgency to pressure a buyer into making a quick decision on a property is:
- In South Dakota, when a buyer's agent discovers after contract signing that the seller has concealed a material defect, the buyer's agent should:
- In South Dakota, a listing agent who learns from the seller that the property was previously used as a meth lab should:
- In South Dakota, the real estate agent's fiduciary duty of 'disclosure' requires the agent to inform their client of:
- In South Dakota, a real estate agent who recommends their own affiliated title company to a buyer must:
- In South Dakota, the agent's duty to the principal of 'loyalty' means the agent must place the client's interests:
- In South Dakota, an agent who continues to act on behalf of a principal after the agency has been terminated is:
- In South Dakota, a real estate agent's authority as an agent is defined by the:
- In South Dakota, a buyer who is concerned about an agent's loyalties in a real estate transaction can best protect themselves by:
Land Use & Zoning
98 questions- South Dakota municipalities adopt zoning ordinances under authority granted by:
- A South Dakota property owner wants to use their property in a way not permitted under current zoning. They should apply for a:
- In South Dakota, 'spot zoning' refers to:
- A property in Rapid City is zoned for single-family residential use. The owner has been operating a small auto repair shop for 20 years without complaint. This use is likely a:
- South Dakota's comprehensive plan (master plan) serves as:
- A plat map in South Dakota shows:
- Under South Dakota law, eminent domain allows the government to:
- A regulatory taking in South Dakota occurs when:
- The Sioux Falls metropolitan area has experienced significant growth. A developer proposing a new subdivision must typically:
- Building codes in South Dakota primarily regulate:
- An agricultural conservation easement on South Dakota farmland restricts:
- The Black Hills region of South Dakota has significant amounts of federal land. Federal land use in South Dakota is managed primarily by:
- Flood zone designation on a South Dakota property affects:
- A South Dakota municipality's zoning board of adjustment (board of appeals) has the authority to:
- Which statement about South Dakota's tourist areas (Mount Rushmore, the Badlands) and real estate is TRUE?
- Inclusionary zoning in South Dakota municipalities requires developers to:
- A South Dakota city's buffer zone ordinance requires a minimum distance between a hog confinement facility and residential areas. This is an example of:
- A South Dakota municipality's subdivision regulations typically require developers to dedicate land for:
- South Dakota's Agricultural Land Preservation Program is designed to:
- A 'mixed-use development' in South Dakota refers to:
- An inverse condemnation claim in South Dakota arises when:
- In South Dakota, a Planned Unit Development (PUD) allows:
- South Dakota's shoreland zoning (along lakes and rivers) is intended to:
- The Sioux Falls growth boundaries are established to:
- A 'use variance' in South Dakota allows a property owner to:
- South Dakota's Agricultural Improvement and Reinvestment Act enables farmers to:
- Which describes a 'conditional use permit' in South Dakota zoning?
- The Mount Rushmore area in South Dakota is designated as a National Memorial, which primarily means:
- A South Dakota property that is 'legally nonconforming' under current zoning:
- South Dakota's large tracts of federal and state public land affect the real estate market because:
- A South Dakota developer wants to build a commercial strip mall. The planning and zoning process would typically include:
- In South Dakota, deed restrictions placed by a developer on a subdivision are typically enforced by:
- Transferable development rights (TDRs) in South Dakota allow:
- South Dakota's Lakota Sioux tribal reservations cover significant land area. Real estate transactions involving trust land on reservations typically require:
- South Dakota's 'county zoning' applies to areas outside incorporated municipal boundaries. This means rural properties near Sioux Falls that are NOT inside the city limits are subject to:
- In South Dakota, 'downzoning' refers to:
- A South Dakota city 'general plan' or 'comprehensive plan' is legally described as:
- Which of the following is NOT a typical land use category in a South Dakota zoning ordinance?
- In South Dakota, which government entity has authority to rezone property from residential to commercial?
- The Americans with Disabilities Act (ADA) Accessibility Guidelines require that in new commercial construction in South Dakota, at least what percentage of parking spaces be accessible?
- 'Upzoning' in South Dakota typically refers to:
- In South Dakota, a Sturgis area property used as a vacation rental only during the annual Motorcycle Rally is subject to:
- In South Dakota, 'NIMBY' (Not In My Backyard) opposition to zoning changes refers to:
- A South Dakota property in the 100-year floodplain is being sold. The seller is required to:
- In South Dakota, 'interim zoning' (holding zone) is used when:
- In South Dakota, an 'area variance' differs from a 'use variance' in that an area variance allows:
- In South Dakota, a 'scenic corridor' overlay district along a highway like the Mount Rushmore Scenic Byway might restrict:
- In South Dakota, 'Sturgis Rally week' temporarily impacts real estate in the Sturgis/Black Hills area through:
- In South Dakota, agricultural zoning is designed primarily to:
- In South Dakota, a 'dark sky overlay' ordinance near an observatory (like the Badlands region) would most likely restrict:
- In South Dakota, 'impact fees' charged by a municipality to a new development are designed to:
- In South Dakota, a 'gravel pit' or quarry operation on a property would typically require which land use authorization?
- In South Dakota, a 'transfer of development rights' (TDR) program benefits conservation by:
- In South Dakota, which of the following best describes 'cluster development'?
- In South Dakota, a property owner seeking to use land in a manner not permitted by the existing zoning ordinance should apply for:
- A South Dakota developer wants to build a shopping center on land currently zoned residential. The developer must seek:
- A 'nonconforming use' in South Dakota zoning law refers to:
- South Dakota's 'right-to-farm' laws protect agricultural operations from:
- In South Dakota, 'eminent domain' is the government's power to:
- In South Dakota, a 'Planned Unit Development' (PUD) differs from standard zoning in that:
- In South Dakota, 'spot zoning' is generally considered:
- In South Dakota, a 'buffer zone' in land use planning is used to:
- In South Dakota, the 'comprehensive plan' (or master plan) of a municipality:
- In South Dakota, a 'special use permit' (conditional use permit) allows:
- In South Dakota, a 'subdivision' is generally defined as:
- In South Dakota, 'density bonuses' in zoning are typically offered to developers who:
- In South Dakota, 'wetlands' are regulated primarily because they:
- In South Dakota, 'transfer of development rights' (TDR) programs allow property owners to:
- In South Dakota, 'police power' in land use regulation refers to:
- In South Dakota, a property owner who believes a zoning board made an error in applying the zoning ordinance to their property can appeal to the:
- In South Dakota, a 'setback requirement' in a zoning ordinance specifies:
- In South Dakota, 'agricultural zoning' is primarily intended to:
- In South Dakota, 'mixed-use development' refers to:
- In South Dakota, 'impact fees' charged by municipalities for new development are intended to:
- In South Dakota, 'inclusionary zoning' policies are designed to:
- In South Dakota, a 'variance' from a zoning ordinance is typically granted when:
- In South Dakota, 'agricultural preservation districts' or similar designations are intended to:
- In South Dakota, 'urban growth boundaries' (UGBs) are used to:
- In South Dakota, a 'general plan amendment' to change a property's future land use designation is different from a 'rezoning' in that:
- In South Dakota, 'cluster development' in residential zoning allows developers to:
- In South Dakota, a 'moratorium' on development imposed by a municipality means:
- In South Dakota, 'annexation' by a municipality refers to:
- In South Dakota, 'historic preservation' designations on a property may restrict the owner's ability to:
- In South Dakota, a 'floating zone' in zoning law is one that:
- In South Dakota, 'planned development' or 'planned community' zoning typically requires:
- In South Dakota, 'covenant conditions and restrictions' (CC&Rs) in a homeowners association are enforced by:
- In South Dakota, 'lot coverage ratio' in a zoning ordinance restricts:
- In South Dakota, 'floor area ratio' (FAR) in commercial zoning refers to:
- In South Dakota, which government entity has primary authority over rural land use outside city limits?
- In South Dakota, 'Tier 1' and 'Tier 2' type land use classifications in some regional planning systems typically differentiate between:
- In South Dakota, a 'dedication' of land in subdivision development means:
- In South Dakota, which of the following constitutes a 'taking' requiring compensation under the Fifth Amendment?
- In South Dakota, the term 'easement in gross' refers to an easement that:
- In South Dakota, 'subdivision exactions' or 'dedications' required by a municipality as a condition of subdivision approval must be:
- In South Dakota, 'subdivision plat approval' by a local government requires the developer to submit:
- In South Dakota, a 'conservation easement' donated or sold to a land trust or government agency allows the landowner to:
- In South Dakota, a 'downzone' means the local government has changed a property's zoning classification to:
- In South Dakota, 'transferable development rights' (TDRs) differ from traditional zoning in that TDRs:
Property Management
95 questions- A South Dakota property manager who collects rent on behalf of property owners is performing which activity?
- A South Dakota property management agreement should include all of the following EXCEPT:
- In South Dakota, a residential lease for a term exceeding one year must be:
- South Dakota's residential landlord-tenant law governs the relationship between residential landlords and tenants. A landlord's failure to maintain habitable conditions may give tenants the right to:
- In South Dakota, how many days' notice must a landlord typically give before entering a tenant's unit for non-emergency repairs?
- The South Dakota Homeowners Association Act primarily governs:
- An HOA in a South Dakota subdivision has the authority to enforce CC&Rs primarily through:
- A South Dakota property manager receives a security deposit. This deposit must be:
- Under South Dakota law, what is the maximum security deposit a landlord may charge for an unfurnished residential unit?
- When a South Dakota residential tenancy ends, the landlord must return the security deposit within:
- A South Dakota commercial lease where the tenant pays a fixed base rent plus a percentage of their gross sales is called a:
- In a South Dakota net lease, the tenant typically pays:
- A gross lease in South Dakota means the landlord:
- An eviction in South Dakota requires the landlord to first provide the tenant with proper notice. For non-payment of rent, notice is typically:
- A South Dakota property manager who collects rent but fails to remit it to the property owner has committed:
- Which of the following describes a South Dakota ground lease?
- The Americans with Disabilities Act (ADA) requires commercial businesses in South Dakota to:
- A South Dakota residential tenant who discovers a unit has no heat in January may be able to:
- In South Dakota, a lease agreement for a term of one year or less may be:
- A periodic tenancy in South Dakota automatically renews for additional periods unless:
- Under the South Dakota Residential Landlord and Tenant Act, a landlord may NOT retaliate against a tenant for:
- In South Dakota, which organization certifies property managers with the Certified Property Manager (CPM) designation?
- A South Dakota commercial tenant has a lease with a right of first refusal to purchase the building. If the owner receives an offer to sell, the tenant must be:
- In South Dakota, 'constructive eviction' occurs when:
- South Dakota short-term rental (vacation rental) properties near tourist areas are subject to:
- A South Dakota property manager discovers code violations during a routine inspection. The manager should:
- Under South Dakota law, what notice must a landlord give to terminate a month-to-month residential tenancy?
- A South Dakota commercial lease that gives the tenant the exclusive right to operate a specific type of business in the shopping center is known as an:
- The management fee for South Dakota residential property management is typically calculated as:
- In South Dakota, the implied warranty of habitability in residential rentals requires landlords to maintain:
- A South Dakota property manager who signs leases on behalf of the property owner must have:
- In South Dakota, a property manager's fiduciary duties run primarily to:
- A South Dakota commercial tenant on a triple net (NNN) lease is responsible for paying:
- South Dakota's Uniform Residential Landlord-Tenant Act establishes minimum standards for:
- In South Dakota, a landlord who wants to terminate a year-to-year tenancy must give how much notice?
- In South Dakota, a 'commercial lease incentive' where the landlord provides tenant improvement allowances is designed to:
- Under South Dakota law, what is the maximum time a landlord may keep a security deposit after a tenant vacates before returning it (or providing an itemized statement)?
- A South Dakota property manager receives a tenant's notice to vacate. The manager should:
- In South Dakota, a commercial lease 'estoppel certificate' is used to:
- A South Dakota property manager's annual report to property owners should include:
- In South Dakota, a property manager who wants to hire a contractor for repairs exceeding the authorization limit in the management agreement must:
- In South Dakota, a commercial tenant's 'CAM charges' (common area maintenance) include:
- In South Dakota, which of the following represents the 'leasing fee' for a property manager versus the 'management fee'?
- A South Dakota property manager receives a maintenance request at 2 AM in January — the heat has failed. The manager should:
- In South Dakota, a 'rent concession' in commercial leasing typically refers to:
- In South Dakota, a property manager's failure to disclose a known material defect (like foundation problems) to a prospective tenant could result in:
- In South Dakota, a 'lease renewal commission' is typically earned when:
- In South Dakota, a property manager who discovers a fair housing violation by the property owner should:
- In South Dakota, 'occupancy rate' for a commercial property is calculated as:
- South Dakota's Rapid City has significant manufactured home (mobile home) parks. In these parks, residents who own their homes typically:
- In South Dakota, a property manager terminating a management agreement due to owner misconduct should:
- Under South Dakota landlord-tenant law, how much advance notice must a landlord generally give before entering a rental unit for non-emergency repairs?
- Under South Dakota law, a security deposit for a residential rental:
- In South Dakota, a landlord who fails to make essential repairs after proper notice from the tenant may face:
- A South Dakota property manager who collects rents and security deposits on behalf of a property owner must:
- A South Dakota property manager is responsible for maintaining proper accounting records for managed properties. These records must be kept for at least:
- In South Dakota, the eviction process for a residential tenant who fails to pay rent requires the landlord to:
- A South Dakota residential landlord who wants to increase the rent of a month-to-month tenant must provide how much advance notice?
- A South Dakota property manager who collects a management fee based on collected rents has what type of compensation arrangement?
- In South Dakota, what is 'constructive eviction'?
- In South Dakota, 'normal wear and tear' in a rental property refers to:
- A South Dakota property manager who wants to terminate a month-to-month tenancy without cause must give the tenant:
- A South Dakota property manager who discovers a tenant has unauthorized pets in the unit should:
- In South Dakota, a tenant who wants to sublease their apartment to another person must typically:
- A South Dakota residential property manager must understand that 'habitability' of a rental unit requires:
- In South Dakota, a property manager's primary obligation when managing trust funds is to:
- In South Dakota, if a tenant abandons a rental property, the landlord should:
- A South Dakota commercial lease that requires the tenant to pay a base rent plus a portion of the property's operating expenses (taxes, insurance, maintenance) is a:
- In South Dakota, a property management agreement is a contract between the property owner and the property manager that specifies:
- In South Dakota, a commercial property manager responsible for lease renewals should track 'lease expiration dates' primarily to:
- In South Dakota, a property manager who embezzles money from client trust accounts faces:
- In South Dakota, a property manager's duty to maintain financial records for managed properties helps to:
- In South Dakota, when a property manager signs a lease on behalf of the property owner, the manager should ensure they:
- In South Dakota, a tenant who exercises their right to break a lease early due to domestic violence may be protected under:
- In South Dakota, a landlord who retaliates against a tenant who complains to housing authorities about code violations by raising rent or threatening eviction:
- In South Dakota, which of the following is TRUE about a 'gross lease' for commercial property?
- In South Dakota, the 'triple net lease' (NNN) is characterized by the tenant paying:
- In South Dakota, which of the following is generally the landlord's responsibility in a residential rental?
- In South Dakota, a property manager who fails to make required repairs after receiving written notice from a tenant may face which consequence?
- In South Dakota, a 'percentage lease' in commercial real estate requires the tenant to pay:
- In South Dakota, a tenant who wants to terminate their lease early because of a job relocation should first:
- In South Dakota, a commercial property manager who oversees a retail shopping center should monitor which metric most closely to ensure the investment is performing?
- In South Dakota, a property manager responsible for a large apartment complex should have a written policy for:
- In South Dakota, an 'operating budget' prepared by a property manager for an investment property should include:
- In South Dakota, a property manager who wants to raise rent during a fixed-term lease may only do so if:
- In South Dakota, a property manager should conduct regular property inspections to:
- In South Dakota, a property manager should conduct a move-in inspection with the tenant primarily to:
- In South Dakota, a commercial tenant who subleases space without the required landlord consent has:
- In South Dakota, a 'lease renewal' differs from a 'lease extension' in that:
- In South Dakota, which of the following is NOT a typical responsibility of a residential property manager?
- In South Dakota, a property manager who manages both the property and acts as a tenant's agent is in a:
- In South Dakota, which of the following would be a legitimate reason for a landlord to enter a tenant's premises without notice?
- In South Dakota, a property manager who holds a real estate broker license and collects management fees for managing properties must:
- In South Dakota, the 'Americans with Disabilities Act' (ADA) accessibility requirements primarily apply to:
- In South Dakota, a property manager who prepares a 'capital improvement budget' for a managed property is planning for:
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