Property Ownership
In South Dakota, a 'purchase and sale agreement' signed by an agent on behalf of an undisclosed principal is:
AVoid because the principal was not identified
BGenerally binding on the disclosed agent and binding on the undisclosed principal when disclosed✓ Correct
COnly valid for 30 days without principal disclosure
DAutomatically invalidated under SDREC rules
Explanation
Contracts made by agents for undisclosed principals can be binding on the principal when they are disclosed. The agent may also be personally liable until the principal is disclosed and ratifies the contract.
Related South Dakota Property Ownership Questions
- A South Dakota property owner who conveys a property but retains the right to live there for their lifetime is creating which type of estate?
- In South Dakota, which of the following is a 'general lien' (attaches to all property of the debtor in the county)?
- In South Dakota, which of the following is TRUE about a 'life estate pur autre vie'?
- In South Dakota, property held as 'community property' is:
- In South Dakota, which type of property ownership is unique to married couples and provides protection from individual creditors of either spouse?
- In South Dakota, which of the following would be classified as 'personal property' rather than 'real property'?
- South Dakota has unique 'dynasty trust' laws that allow trusts to last for how long?
- In South Dakota, a 'tenancy by the entirety' is:
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 →