South Dakota Codified Laws 36-21A-147. Office policies–Relationships–Written disclosure
Every responsible broker shall develop and maintain a written office policy that specifically sets forth agency and brokerage relationships that the broker may establish. At the first substantive contact with a seller or buyer who has not entered into a written agreement with a broker, the licensee shall:
(1) Disclose in writing to that person the types of agency and brokerage relationships the broker is offering to that person; and
Terms Used In South Dakota Codified Laws 36-21A-147
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) Provide that person with a written copy of a disclosure on a form prescribed by the commission.
The written disclosure shall contain a signature block for the client or customer to acknowledge receipt of the disclosure. The customer’s acknowledgment of disclosure does not constitute a contract with the licensee. If the customer fails or refuses to sign the disclosure, the licensee shall note that fact on a copy of the disclosure and retain the copy.
After a seller and buyer have entered into a written agency or brokerage agreement with a broker, no other licensee is required to make the disclosures required by this section.
The commission may prescribe the disclosure form by rules promulgated pursuant to chapter 1-26.
Source: SL 1998, ch 229, § 24.