Agency
A South Dakota listing agent who is also a licensed contractor wants to purchase a property they are listing. They must:
AWithdraw from the listing immediately
BDisclose to the seller their status as both the listing agent and prospective buyer✓ Correct
COnly tell the broker — no written disclosure is required
DWait until the listing expires before making an offer
Explanation
When a listing agent has a personal interest in a transaction (wanting to buy the property they are listing), they must fully disclose this conflict in writing to the seller. This is both an ethical and legal obligation.
Related South Dakota Agency Questions
- 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, 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 buyer's agent discovers that the seller's property has an undisclosed drainage problem. The buyer's agent should:
- In South Dakota, the relationship between a real estate broker and their client is best described as:
- In South Dakota, the difference between 'material facts' and 'confidential information' in agency is:
- A South Dakota buyer's agent who discovers the seller's property has an illegal addition should:
- In South Dakota, which statement about a buyer's agent's obligation to disclose is correct?
- Ratification of an agency relationship in South Dakota means:
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