Real estate brokers may appoint agents within office
to represent separate parties.
ENTITLED, An Act to
permit a real estate broker to appoint agents within an office to represent
separate parties to a real estate transaction.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
be amended by adding thereto a NEW SECTION to read as
A real estate brokerage entering into an agency agreement may, through the responsible broker,
appoint to the client those licensees affiliated with the brokerage who will act as appointed agents
of that client to the exclusion of all other licensees affiliated with the brokerage. The appointment
shall be in writing. A responsible broker is not a limited agent solely because the broker makes an
appointment pursuant to this section. However, any licensee who personally represents both the
seller and buyer or both the landlord and tenant in a particular transaction is a limited agent and
shall comply with the provisions governing limited agents.
When an agent is appointed pursuant to this section, each client, the real estate brokerage, and
any appointed licensee is considered to possess only actual knowledge and information. There is
no imputation of knowledge or information by operation of law among or between the client, the
real estate brokerage, and the appointed agent.
The commission shall promulgate rules pursuant to chapter 1-26 to establish appointed agent
procedures regarding disclosure and confidentiality.
Signed February 23, 2005