Agency
In South Dakota, a 'designated agency' arrangement means:
AThe broker designates which properties each agent can list
BThe broker designates different agents within the same brokerage to represent the buyer and seller separately in the same transaction✓ Correct
CThe state designates agents to work in specific geographic areas
DThe broker designates an agent as a transaction coordinator
Explanation
Designated agency allows a brokerage representing both buyer and seller in the same transaction to designate one agent exclusively for the buyer and a different agent exclusively for the seller, allowing each to maintain full fiduciary duties to their respective clients.
Related South Dakota Agency Questions
- In South Dakota, which of the following best describes an 'implied agency' relationship?
- When a listing broker assigns two different agents within the same office to separately represent a buyer and a seller, this is known as:
- In South Dakota, the real estate agent's fiduciary duty of 'disclosure' requires the agent to inform their client of:
- A South Dakota licensee working as a transaction broker owes which of the following to both parties?
- A South Dakota real estate agent acting as a facilitator (transaction broker) owes which duty to both parties?
- In South Dakota, a seller's agent who recommends that a seller lower their asking price based on current market data is:
- In South Dakota, which of the following is a material fact that a listing agent must disclose to buyers?
- When does an agency relationship with a seller typically terminate in South Dakota?
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