Which South Dakota licensing rule applies when an applicant wants an active South Dakota real estate license issued?
Correct Answer
C) Every active licensee must carry errors and omissions insurance and provide proof if not enrolling in the group policy
The SDREC nonresident application states that every active licensee is required to carry E&O insurance. Source basis: SDREC Nonresident Real Estate Broker Application Rev. 02/2026, checked 2026-04-30: application after the state exam must be filed within 60 days; missing documents return the application; approved license remains inactive until a responsible broker requests association; active licensees need E&O insurance.
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Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
More Practice Of Real Estate Questions
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