Agency
In South Dakota, when an agent has a personal interest in a transaction (e.g., the buyer is their family member), they must:
AWithdraw from the transaction entirely
BDisclose the relationship to the principal and obtain consent to proceed✓ Correct
COnly proceed if they are acting as a buyer's agent
DFile a disclosure with the SDREC before the transaction closes
Explanation
An agent with a personal interest in a transaction must disclose the conflict to their principal and obtain informed consent before proceeding. Full disclosure allows the principal to make an informed decision.
Related South Dakota Agency Questions
- In South Dakota, a buyer's agent who encourages a buyer to offer more than necessary for a property because the agent wants to earn a higher commission is:
- In South Dakota, the termination of an agency relationship between a seller and listing broker can occur by:
- In South Dakota, an agent who is asked to hold earnest money but deposits it in their personal account is violating which duty?
- In South Dakota, when must an agency disclosure be provided to a potential client?
- In South Dakota, when does a buyer's agent's authority typically terminate?
- When a listing broker assigns two different agents within the same office to separately represent a buyer and a seller, this is known as:
- In South Dakota, the relationship between a real estate broker and their client is best described as:
- A South Dakota agent who recommends a home inspector they have a financial relationship with must:
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