Agency
When does an agency relationship with a seller typically terminate in South Dakota?
AWhen the listing is entered into the MLS
BAt closing when title transfers✓ Correct
CWhen the seller receives the net proceeds check
D30 days after the property closes
Explanation
An agency relationship with a seller generally terminates at closing when the transaction is complete and title transfers to the buyer.
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- Ratification of an agency relationship in South Dakota means:Agency
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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