Agency
In South Dakota, when must an agency disclosure be provided to a potential client?
AAt the time of closing
BOnly when a written listing agreement is signed
CAt the first substantive contact with the potential client✓ Correct
DWithin 3 business days of first showing a property
Explanation
South Dakota law requires that agency disclosure be made at the first substantive contact with a potential client so they understand who the licensee represents.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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