Agency
In South Dakota, the agency relationship between a broker and salesperson is best described as:
AA partnership where profits are shared equally
BA principal-agent relationship where the salesperson acts as a sub-agent of the broker✓ Correct
CAn employer-employee relationship that overrides real estate law
DAn independent contractor relationship with no supervisory requirements
Explanation
In South Dakota, a salesperson operates under the broker's license as a sub-agent of the broker. The broker is the principal, and the salesperson acts as the broker's agent in conducting real estate activities. The broker remains responsible for the salesperson's licensed activities.
Related South Dakota Agency Questions
- In South Dakota, an agent who helps a buyer negotiate a purchase and also refers the buyer to a specific mortgage lender without disclosing that they will receive a referral fee has violated their duty of:
- In South Dakota, which of the following best describes the broker's liability for the acts of affiliated salespersons?
- In South Dakota, if a buyer's agent has a personal interest in a property the buyer is considering (such as the property belonging to a family member), the agent must:
- In South Dakota, a listing agent has a duty to present all written offers to the seller. If the seller is unavailable and an offer has a short deadline, the agent should:
- In South Dakota, a real estate agent who represents neither the buyer nor the seller but assists both parties complete a transaction is sometimes called a:
- In South Dakota, when a buyer's agent discovers after contract signing that the seller has concealed a material defect, the buyer's agent should:
- In South Dakota, which statement about a buyer's agent's obligation to disclose is correct?
- In South Dakota, when an agent has a personal interest in a transaction (e.g., the buyer is their family member), they must:
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