Agency
In South Dakota, the real estate agent's fiduciary duty of 'disclosure' requires the agent to inform their client of:
AOnly facts that the client directly asks about
BAll facts material to the transaction that could affect the client's decision, whether or not the client asks✓ Correct
COnly facts that could lower the sale price
DOnly disclosures required by the purchase contract
Explanation
The fiduciary duty of disclosure is proactive — the agent must disclose all known material facts affecting the transaction or the client's interests, regardless of whether the client asks. This includes property defects, market conditions, conflicting interests, and anything else that could affect the client's decision.
Related South Dakota Agency Questions
- When a South Dakota real estate transaction falls through due to a buyer's failure to obtain financing, the listing agent's obligation to the seller includes:
- When a listing broker assigns two different agents within the same office to separately represent a buyer and a seller, this is known as:
- When does an agency relationship with a seller typically terminate in South Dakota?
- In South Dakota, when must an agency disclosure be provided to a potential client?
- In South Dakota, the agent's duty of 'accounting' to the principal means the agent must:
- In South Dakota, a buyer's agent who learns that the listing price is significantly above current market value should:
- A South Dakota seller's agent learns that the buyer is going through a divorce and is highly motivated to close quickly. The agent should:
- A South Dakota seller instructs their agent not to disclose that the basement floods every spring. The agent should:
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 →