Agency
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:
AShare this information with the seller to help negotiate a lower price
BKeep this information confidential as it was shared in confidence✓ Correct
CDisclose it to the seller as a material fact about the transaction
DReport it to the SDREC
Explanation
Information about the buyer's personal motivation and financial circumstances that was shared in confidence should be kept confidential by the buyer's agent. A seller's agent would not have this obligation to the buyer.
Related South Dakota Agency Questions
- In South Dakota, an agent who continues to act on behalf of a principal after the agency has been terminated is:
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- A South Dakota broker representing both the buyer and seller in the same transaction without proper disclosure is:
- In South Dakota, the termination of an agency relationship between a seller and listing broker can occur by:
- 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?
- A buyer's agent discovers that the seller's home has undisclosed foundation damage. The buyer's agent should:
- In South Dakota, 'actual authority' of a real estate agent refers to authority that is:
- 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?
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