Which of the following actions would be a violation of an agent's duty of loyalty in South Dakota?
Correct Answer
B) Purchasing the listed property without disclosing agent status
An agent purchasing the listed property without disclosing their status as a licensee is a serious violation of the duty of loyalty and disclosure. Self-dealing without full transparency is prohibited under South Dakota real estate law.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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