South Dakota Codified Laws 36-21A-136. Duties and obligations of licensee representing buyer or tenant
Any licensee representing a buyer or tenant has the following duties and obligations:
(1) To perform the terms of any written agreement made with the client;
Terms Used In South Dakota Codified Laws 36-21A-136
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes property, real and personal. 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) To exercise reasonable skill and care for the client;
(3) To promote the interest of the client with the utmost good faith, loyalty, and fidelity, including:
(a) Seeking a price and terms which are acceptable to the client. However, the licensee is not obligated to seek other properties while the client is a party to a contract to purchase property or to a lease or letter of intent to lease;
(b) Presenting all written offers to and from the client in a timely manner regardless of whether the client is already a party to a contract to purchase property or is already a party to a contract or a letter of intent to lease;
(c) Disclosing to the client adverse material facts known by the licensee; and
(d) Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
(4) To account in a timely manner for all money and property received; and
(5) To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations.
Source: SL 1998, ch 229, § 13.