Contracts
In South Dakota, a 'buyer representation agreement' creates:
AOnly an obligation for the agent to find the buyer a property
BA binding contract establishing the buyer as the agent's client with fiduciary duties owed, and defining compensation✓ Correct
CA non-binding understanding between the buyer and agent
DAn obligation for the buyer to purchase any property shown by the agent
Explanation
A buyer representation agreement (buyer agency agreement) creates a binding agency relationship between the buyer and the broker, establishing the buyer as the broker's client with fiduciary duties owed. It defines the scope of representation, duration, geographic area, property type, and compensation terms.
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