Agency
In South Dakota, a buyer who is concerned about an agent's loyalties in a real estate transaction can best protect themselves by:
AWorking only with the listing agent who knows the property best
BEntering into a buyer representation agreement with an agent who owes fiduciary duties exclusively to the buyer✓ Correct
CHiring a real estate attorney to be their agent
DUsing multiple real estate agents simultaneously
Explanation
The best protection for a buyer is to enter into a buyer representation (buyer agency) agreement with an agent who represents only the buyer and owes full fiduciary duties to the buyer alone. This creates clear, exclusive representation and clarifies whose interests the agent serves.
Related South Dakota Agency Questions
- In South Dakota, the relationship between a real estate broker and their client is best described as:
- 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, 'apparent authority' in agency law means:
- In South Dakota, which of the following is a material fact that a listing agent must disclose to buyers?
- In South Dakota, which document is used to formalize the agency relationship with a buyer?
- 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, 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:
- A South Dakota listing agent who is also a licensed contractor wants to purchase a property they are listing. They must:
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