Agency
In South Dakota, which of the following best describes an 'implied agency' relationship?
AAn agency created by a written contract
BAn agency created by the conduct and actions of the parties rather than an express agreement✓ Correct
CAn agency authorized only for a single transaction
DAn agency limited to commercial property transactions
Explanation
Implied agency is created by the conduct, behavior, or actions of the parties rather than through a written or verbal agreement. For example, if an agent begins working for a buyer without a formal buyer agency agreement, an implied agency may be created.
Related South Dakota Agency Questions
- When a South Dakota buyer's agent calls the listing agent for information about the seller's motivation to sell, the listing agent should:
- A South Dakota buyer's agent who helps the buyer negotiate the lowest possible price is exercising the fiduciary duty of:
- A South Dakota listing agent who is also a licensed contractor wants to purchase a property they are listing. They must:
- In South Dakota, which of the following is a 'material adverse fact' that must be disclosed by an agent regardless of which party they represent?
- Which of the following is a fiduciary duty owed by a South Dakota seller's agent to their client?
- 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, 'designated agency' means:
- 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:
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