Agency
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:
AImmediately reducing the listing price
BPromptly notifying the seller of the failed transaction and discussing next steps✓ Correct
CReturning the earnest money to the buyer without seller consent
DFiling a complaint with the SDREC
Explanation
The agent's duty of disclosure requires promptly informing the seller of any material developments in the transaction, including a failed financing contingency, and discussing options for relisting or other remedies.
Related South Dakota Agency Questions
- When a South Dakota real estate agent performs a Comparative Market Analysis (CMA) for a seller, this is:
- When a listing broker assigns two different agents within the same office to separately represent a buyer and a seller, this is known as:
- Ratification of an agency relationship in South Dakota means:
- In South Dakota, which of the following actions would NOT violate a buyer's agent's fiduciary duty to their client?
- A South Dakota buyer's agent who helps the buyer negotiate the lowest possible price is exercising the fiduciary duty of:
- In South Dakota, a seller's agent who discovers that the property's square footage is significantly less than what the seller represented to the agent should:
- In South Dakota, when a seller terminates a listing agreement before its expiration date without cause, the seller may be liable to the broker for:
- 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?
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