Salesperson Priya wants to understand the composition requirements for the South Dakota Real Estate Commission. She learns that of the five Commission members, at least a certain number must be licensed real estate brokers. Which of the following correctly describes the membership composition of the SDREC under SDCL 36-21A-4?
Correct Answer
D) Four members must be licensed real estate brokers, and one member must be a representative of the general public
Under SDCL 36-21A-4, the South Dakota Real Estate Commission consists of five members: four must be licensed real estate brokers actively engaged in the business, and one must be a member of the general public who is not a licensee. This structure ensures industry expertise while incorporating public representation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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