South Dakota License Law
In South Dakota, the broker's duty to supervise affiliated salespersons includes ensuring that:
AAll salespersons are members of the National Association of Realtors
BSalespersons comply with license law, engage in proper agency relationships, and handle client funds appropriately✓ Correct
CSalespersons work only on properties listed by the brokerage
DAll salespersons maintain a separate place of business
Explanation
The supervising broker is responsible for ensuring that affiliated salespersons comply with South Dakota license law, properly disclose agency relationships, and handle client funds and transactions in accordance with applicable laws and regulations.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
State-Specific Concepts
License Law
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