36-21A-119. Errors and omissions insurance required of salesmen and brokers. The real estate commission shall adopt rules, pursuant to chapter 1-26, requiring as a condition of licensure that all real estate salesman and brokers, except those who hold inactive licenses, carry errors and omissions insurance covering all activities contemplated under this chapter. Source: SL 1993, […]
36-21A-12. Real estate salesperson defined. For the purposes of this chapter, a real estate salesperson is any person who for compensation or consideration is associated with a responsible broker, to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale, lease, rental, or exchange of real property, […]
36-21A-12.1. Residential rental agent defined–Promulgation of rules for licensing requirements. For the purposes of this chapter, a residential rental agent is any person who for compensation or consideration is associated with a real estate broker or property manager to negotiate or attempt to negotiate the rental or leasing of residential property, or collect rents or […]
36-21A-12.2. Broker price opinion and comparative market analysis defined. For the purposes of this chapter, the terms, broker price opinion and comparative market analysis, mean an estimate prepared by a licensed broker or salesperson that details the probable selling price or leasing price of a particular parcel of or interest in real property and provides […]
36-21A-120. Group insurance coverage authorized–Independent errors and omissions coverage. The Real Estate Commission may negotiate by bid with an insurance provider for a group policy under which coverage is available to all licensees with no right on the part of the insurer to cancel any licensee. Any licensee may obtain errors and omissions insurance independently […]
36-21A-121. Commission to determine conditions of errors and omissions coverage. The Real Estate Commission shall determine the terms and conditions of coverage required by §36-21A-119, including the minimum limits of coverage, the permissible deductible and the permissible exceptions. Source: SL 1993, ch 288, §3.
36-21A-122. Notice of terms and conditions of errors and omissions–Certificate of coverage. Each licensee shall be notified of the required terms and conditions of coverage at least thirty days before the biennial license renewal date. A certificate of coverage, showing compliance with the required terms and conditions of coverage, shall be filed annually with the […]
36-21A-124. Employment status–Independent contractor. For purposes of determining employment status, any broker, broker associate, and salesperson who is a natural person and licensed under this chapter is engaged in an independently established profession. Any such licensee is an independent contractor if: (1)The licensed broker with whom the licensee is affiliated does not specify by other […]
36-21A-125. Adverse material fact defined. For the purposes of this chapter, an adverse material fact is information that negatively affects the value of the property or a party’s ability to perform its obligations in a real estate transaction. Adverse material facts include: (1)Any environmental hazards affecting the property which are required by law to be […]
36-21A-126. Brokerage defined. For the purposes of this chapter, a brokerage is the business or occupation of a real estate broker. The term includes licensees associated with the broker who have been assigned management duties. Source: SL 1998, ch 229, §3.
36-21A-127. Confidential information defined. For the purposes of this chapter, confidential information is any information given to the licensee in confidence, or any information obtained by the licensee that the licensee knows a reasonable individual would want to keep confidential, unless disclosure of the information is authorized in writing by the client or disclosure of […]
36-21A-128. Informative acts that do not constitute representation. For the purposes of this chapter, initial acts that a licensee may perform for a consumer that are informative in nature and do not rise to the level of representation on behalf of a consumer include the following: (1)Responding to phone inquiries by consumers as to the […]
36-21A-129. Substantive contact defined. For the purposes of this chapter, substantive contact is any performance beyond initial acts described in §36-21A-128 and includes discussion of: (1)Any specific financial qualifications of the buyer; or (2)The selling or buying motives or objectives of the seller or buyer, in which the consumer may divulge any confidential personal or […]
36-21A-13. Real estate commission created–Composition. There is created a South Dakota Real Estate Commission. The commission consists of five members appointed by the Governor. The members may not all be of the same political party. Three members shall be active real estate brokers; two shall be members of the public. Source: SL 1992, ch 273, […]
36-21A-130. Agency agreements–Requirements. Any agency agreement in which a broker represents a seller or lessor shall be in writing and shall contain the proper legal description, the price and terms, the date of authorization, the expiration date, the type of agency relationship established, compensation to be paid, authorization to cooperate with or compensate other brokers, […]
36-21A-131. Licensee–Limited relationships. Any licensee performing services authorized by §§36-21A-119 to 36-21A-150, inclusive, is limited to the following relationships: (1)Single agent: (a)Seller/landlord agent; (b)Buyer/tenant agent; (2)Limited agent; (3)Subagent; and (4)Transaction broker. Source: SL 1998, ch 229, §8.
36-21A-132. Duties and obligations of licensee representing seller or landlord. Any licensee representing a seller or landlord has the following duties and obligations: (1)To perform the terms of the written agreement made with the client; (2)To exercise reasonable skill and care for the client; (3)To promote the interest of the client with the utmost good […]
36-21A-133. Disclosure of client information by seller’s or landlord’s agent. Without the express written authority of the seller or landlord, no licensee acting as a seller’s or landlord’s agent may disclose any confidential information about the client unless disclosure is required by statute or rule or failure to disclose the information would constitute misrepresentation. No […]
36-21A-134. Seller’s agent has no fiduciary duty to customer. No licensee acting as a seller’s or landlord’s agent owes any fiduciary duty or obligation to a customer. A licensee shall provide disclosure of all adverse material facts known by the licensee to any customer. No seller’s or landlord’s agent owes any duty to conduct an […]
36-21A-134.1. No duty to disclose sex offender information. No licensee representing a seller or landlord has a duty to investigate, volunteer, or disclose information regarding a registered sex offender residing on or near the property. Source: SL 2000, ch 196, §1.
