Property Management
In South Dakota, a property manager who embezzles money from client trust accounts faces:
AOnly civil liability to the property owner
BLicense revocation, civil liability, and potential criminal prosecution for theft or fraud✓ Correct
COnly a fine from the Real Estate Commission
DOnly mandatory repayment of the embezzled funds
Explanation
Embezzling client trust funds constitutes both a license law violation (grounds for revocation) and a criminal act (theft/fraud). The property manager faces license revocation by the SDREC, civil liability to the property owner, and criminal prosecution.
Related South Dakota Property Management Questions
- A periodic tenancy in South Dakota automatically renews for additional periods unless:
- In South Dakota, a 'percentage lease' in commercial real estate requires the tenant to pay:
- A South Dakota property manager who discovers a tenant has unauthorized pets in the unit should:
- Under South Dakota law, what notice must a landlord give to terminate a month-to-month residential tenancy?
- A South Dakota residential property manager must understand that 'habitability' of a rental unit requires:
- In South Dakota, if a tenant abandons a rental property, the landlord should:
- In South Dakota, a property manager who manages both the property and acts as a tenant's agent is in a:
- In South Dakota, a property management agreement is a contract between the property owner and the property manager that specifies:
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →