South Dakota Codified Laws
Chapter 21A - Real Estate Licensing
Section 36-21A-76 - Cobrokerage transaction--Money held in broker's trust account.

South Dakota Codified Laws

Title 36 - Professions and Occupations

Chapter 21A - Real Estate Licensing

Section 36-21A-1 - Definitions.

Section 36-21A-2 - Advertisement and advertising defined.

Section 36-21A-3 - Appraisal or evaluation defined.

Section 36-21A-5 - Association defined.

Section 36-21A-6 - Real estate broker and broker defined.

Section 36-21A-7 - Moral turpitude defined.

Section 36-21A-9 - Inactive license defined.

Section 36-21A-10 - Property manager defined.

Section 36-21A-11 - Real estate and realty defined.

Section 36-21A-12 - Real estate salesperson defined.

Section 36-21A-12.1 - Residential rental agent defined--Promulgation of rules for licensing requirements.

Section 36-21A-12.2 - Broker price opinion and comparative market analysis defined.

Section 36-21A-13 - Real estate commission created--Composition.

Section 36-21A-14 - Terms of commission members--Vacancies.

Section 36-21A-15 - Quorum of commission.

Section 36-21A-16 - Commission continued within Department of Labor and Regulation--Records and reports.

Section 36-21A-17 - Seal of commission.

Section 36-21A-18 - Executive director--Duties.

Section 36-21A-19 - Employment of personnel.

Section 36-21A-20 - Office of executive director--Records and property maintained.

Section 36-21A-21 - Meetings of commission.

Section 36-21A-22 - Filing or notice to the commission--Date of filing or notice.

Section 36-21A-23 - Compensation and expenses of commission members.

Section 36-21A-24 - Real estate courses and institutes conducted by commission.

Section 36-21A-25 - Assistance provided to libraries, licensees, institutes and foundations.

Section 36-21A-26 - List of licensees and other information to be available.

Section 36-21A-27 - Licensees not qualified for exceptions.

Section 36-21A-28 - Active license required for certain acts.

Section 36-21A-29 - Persons and entities exempt from licensure.

Section 36-21A-30 - Reputation, age, competence, and citizenship required for license--Prior rejection or revocation of license.

Section 36-21A-30.1 - Education requirement for broker associate license applicants.

Section 36-21A-30.2 - Education requirements for initial licensure as broker associate.

Section 36-21A-31 - Responsible broker's license--Experience and education required.

Section 36-21A-32 - Waiver of experience requirement on responsible broker applicant's refusal to associate--Relocation or acceptance of unfair contract not required.

Section 36-21A-33 - Denial of application--Reasons.

Section 36-21A-34.1 - Requirements for upgrade to broker associate license.

Section 36-21A-35 - Application for license--Contents--Oath or affirmation.

Section 36-21A-36 - Written examination--Time and place--Contents.

Section 36-21A-36.1 - Application for license--Time limit.

Section 36-21A-37 - License required for real estate firm.

Section 36-21A-38 - Responsible broker to represent corporation, limited liability company, partnership or association and sign application--Termination of affiliation--Fee.

Section 36-21A-39 - Dissolution of corporation, partnership, limited liability company, or association--Notification.

Section 36-21A-41 - Qualification by examination required.

Section 36-21A-43 - Examination reciprocity with other states.

Section 36-21A-44 - Issuance of license to successful applicant--Association with broker--Authority to conduct business.

Section 36-21A-46.1 - Responsible broker, salesperson, or broker associate permitted to form certain business entities--Conditions.

Section 36-21A-47 - Restricted broker's license--Issuance--Termination and prosecution--Promulgation of rules.

Section 36-21A-48 - Exemption from property manager's license for operators of state and federal housing units.

Section 36-21A-49 - Application fee for individual licensure.

Section 36-21A-50 - Conditions for issuing of license or reinstatement after revocation or suspension.

Section 36-21A-52 - Registration of place of business--Change of location.

Section 36-21A-53 - Branch office name.

Section 36-21A-54 - Reciprocal privileges extended to nonresident licensees--Licensees from states not granting full reciprocity.

Section 36-21A-55 - Transaction of business subjects nonresidents to personal jurisdiction--Service of process--Delivery of copy of process or pleading to executive director.

Section 36-21A-56 - Written notice of change of association--Statement of registration--Salesman placed on inactive status.

Section 36-21A-58 - Renewal of license by salesperson or broker associate not associated with responsible broker--Restrictions on inactive salesperson or broker associate.

Section 36-21A-60 - Additional fees.

Section 36-21A-61 - Biennial registration--Cancellation upon failure to register.

Section 36-21A-62 - Biennial proof by licensees of continuing education--Persons exempt.

Section 36-21A-63 - Approved courses for continuing education--List maintained--Standards.

Section 36-21A-64 - License inactive until proof of continuing education provided.

Section 36-21A-65 - Exceptions to continuing education requirements.

Section 36-21A-66 - Late renewal application--Fee.

Section 36-21A-67 - Licensees entering United States armed forces--Application for reinstatement--Timing and requirements--Waiver of continuing education.

Section 36-21A-68 - Grounds for revocation of license--Criminal prosecution--Setting minimum fees not impaired--Suspension, reprimand, and monetary penalties.

Section 36-21A-69.1 - Responsible broker to surrender associate licenses.

Section 36-21A-70 - Revocation or suspension of firm license following discipline of responsible broker.

Section 36-21A-71 - Acts constituting unprofessional conduct.

Section 36-21A-72 - Restrictions on licensee advertising.

Section 36-21A-74 - Preservation of records.

Section 36-21A-75 - Closing statements to be furnished by brokers.

Section 36-21A-76 - Cobrokerage transaction--Money held in broker's trust account.

Section 36-21A-77 - Purchaser deposits in unconsummated transactions.

Section 36-21A-78 - Substantiation of information in listing agreement--Latent defects.

Section 36-21A-79 - Broker's responsibility for activities of affiliated licensees.

Section 36-21A-80 - Handling of money received by broker for principal.

Section 36-21A-81 - Disbursement pursuant to written agreement of trust funds where purchase agreement does not close.

Section 36-21A-82 - Deposit slip and ledger sheet for special trust account--Records maintained--Notice to commission as to financial institution and name of account.

Section 36-21A-83 - Records kept by broker remitting immediately to principal.

Section 36-21A-84 - Completed transaction required for compensation of broker--Promulgation of rules for exceptions.

Section 36-21A-86 - Procedure on revocation of license--Appeal.

Section 36-21A-87 - Violation of chapter as misdemeanor.

Section 36-21A-88 - Action for compensation of unlicensed persons prohibited.

Section 36-21A-89 - Administration and enforcement of chapter--Promulgation of rules.

Section 36-21A-90 - Promulgation of rules establishing uniform standards of professional appraisal practice.

Section 36-21A-91 - Actions for injunction--Attorney fees and costs.

Section 36-21A-93 - Application for subdivision certificate--Fee--Contents--Additional information.

Section 36-21A-94 - Proof by subdivider of ability to provide promised public improvements--Security.

Section 36-21A-95 - Investigation of application and inspection of out-of-state real estate--Expenses borne by applicant.

Section 36-21A-96 - Designation of executive director of commission as agent for service of process.

Section 36-21A-97 - Issuance of certificate--Annual fee--Cancellation or renewal of certificate--Investigation.

Section 36-21A-98 - Recording of instrument conveying interest in subdivision.

Section 36-21A-99 - Cease and desist orders to prevent subdivision sales provisions violations.

Section 36-21A-100 - Contracts violating subdivision sale provisions void and unenforceable--Recovery of money paid plus interest.

Section 36-21A-101 - Establishment of real estate recovery fund--Purpose.

Section 36-21A-102 - Minimum balance in recovery fund--Separate fee payable to restore minimum balance.

Section 36-21A-103 - Notice to commission of claims against recovery fund--Intervention by commission.

Section 36-21A-104 - Application by unsatisfied judgment creditor for payment of loss from recovery fund--Maximum payment--Service on commission and judgment debtor--Hearing on application for payment--Continuances.

Section 36-21A-105 - Facts to be shown at hearing by applicant for payment from recovery fund.

Section 36-21A-106 - False statement in proceedings against recovery fund as perjury.

Section 36-21A-107 - Burden of proof as to fraud or conversion--Presumption when original action was contested by debtor.

Section 36-21A-108 - Defense by commission of action against recovery fund--Motion for dismissal--Compromise.

Section 36-21A-109 - Defense by judgment debtor in action against recovery fund.

Section 36-21A-110 - Payment from recovery fund ordered only on valid cause of action--Prior judgment only prima facie evidence.

Section 36-21A-111 - Order for payment from recovery fund.

Section 36-21A-112 - Maximum liability of fund for acts of one licensee.

Section 36-21A-113 - Deferred payment of authorized claim--Interest.

Section 36-21A-114 - Suspension of license when payment from fund authorized--Repayment to fund required for reinstatement.

Section 36-21A-115 - Subrogation of fund to rights under judgment paid--Assignment.

Section 36-21A-116 - Other disciplinary powers unimpaired--Effect of repayment to fund.

Section 36-21A-119 - Errors and omissions insurance required of salesmen and brokers.

Section 36-21A-120 - Group insurance coverage authorized--Independent errors and omissions coverage.

Section 36-21A-121 - Commission to determine conditions of errors and omissions coverage.

Section 36-21A-122 - Notice of terms and conditions of errors and omissions--Certificate of coverage.

Section 36-21A-124 - Employment status--Independent contractor.

Section 36-21A-125 - Adverse material fact defined.

Section 36-21A-126 - Brokerage defined.

Section 36-21A-127 - Confidential information defined.

Section 36-21A-128 - Informative acts that do not constitute representation.

Section 36-21A-129 - Substantive contact defined.

Section 36-21A-130 - Agency agreements--Requirements.

Section 36-21A-131 - Licensee--Limited relationships.

Section 36-21A-132 - Duties and obligations of licensee representing seller or landlord.

Section 36-21A-133 - Disclosure of client information by seller's or landlord's agent.

Section 36-21A-134 - Seller's agent has no fiduciary duty to customer.

Section 36-21A-134.1 - No duty to disclose sex offender information.

Section 36-21A-135 - Seller's agent may show other properties.

Section 36-21A-136 - Duties and obligations of licensee representing buyer or tenant.

Section 36-21A-137 - Buyer's or tenant's agent not to disclose certain information without written authority--Exceptions.

Section 36-21A-138 - Buyer's agent has no fiduciary duty to customer.

Section 36-21A-138.1 - No duty to volunteer sex offender information--Actual knowledge must be disclosed upon inquiry.

Section 36-21A-139 - Buyer's agent may show property to competing clients.

Section 36-21A-140 - Licensee as limited agent--Written consent of all parties required--Duties and obligations.

Section 36-21A-141 - Certain information not to be disclosed by limited agent without written consent.

Section 36-21A-141.1 - Appointment of licensee to act as appointed agent of client to exclusion of other licensees--Limited agent--Information--Rules.

Section 36-21A-142 - Limited agent not to disclose certain information about one client to another without written authority--Exceptions.

Section 36-21A-143 - Subagency defined.

Section 36-21A-144 - Transaction broker--Duties and obligations.

Section 36-21A-145 - Transaction broker not responsible for--Independent inspections--Statements by seller--Finances.

Section 36-21A-146 - Certain information not to be disclosed by transaction broker without written consent.

Section 36-21A-147 - Office policies--Relationships--Written disclosure.

Section 36-21A-148 - Client, licensee not liable for misrepresentation made by the other--Exception.

Section 36-21A-149 - Duties under common law.

Section 36-21A-150 - Duties of broker or licensee after transaction finished.

Section 36-21A-151 - Applicants and licensees under disciplinary investigation--Criminal background check.