Under South Dakota license law, which type of agency relationship exists when a broker represents only the seller in a real estate transaction?
Correct Answer
C) Seller agency
Seller agency, also called listing agency, exists when a broker and their licensees represent only the seller's interests in a transaction. Under SDCL 36-21A, a seller's agent owes fiduciary duties exclusively to the seller, including loyalty, confidentiality, and full disclosure of material facts affecting the seller's position.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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