Agency
An agent's authority to bind their principal in South Dakota real estate transactions comes from:
AThe MLS listing agreement
BAn agency agreement (listing agreement or buyer agency agreement)✓ Correct
CThe state real estate commission
DThe closing attorney's approval
Explanation
An agent's authority to act on behalf of their principal arises from an agency agreement — a listing agreement for seller representation or a buyer agency agreement for buyer representation. The scope of the agent's authority is defined by the terms of this agreement.
Related South Dakota Agency Questions
- 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, a seller's agent must disclose which of the following to a prospective buyer?
- In South Dakota, a real estate agent's authority as an agent is defined by the:
- In South Dakota, the agency relationship between a broker and salesperson is best described as:
- In South Dakota, 'designated agency' means:
- In South Dakota, which of the following is an example of an agent's IMPLIED duty?
- South Dakota requires that agency relationships be disclosed:
- In South Dakota, a buyer who is concerned about an agent's loyalties in a real estate transaction can best protect themselves by:
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