SD Real Estate study guide
SD Real Estate · Work through your exam, one topic at a time.
A South Dakota real estate license is issued through the South Dakota Real Estate Commission, one of the occupational and professional licensing boards operating under the direction of the South Dakota Department of Labor & Regulation. Candidates typically work toward a salesperson or broker credential, then renew through the Department's online licensing services. The SD Real Estate study guide has 8 sections and about 2,868 words.
01Agency Relationships and Fiduciary Duties
Agency is a fiduciary relationship created when a broker acts on behalf of a client with that client's consent and control. Clients receive fiduciary duties; customers (unrepresented parties in the transaction) receive honesty, fairness, and accurate information - never loyalty or confidentiality.
344 words, about 2 min02Contracts and Contract Law
A valid contract needs competent parties, mutual assent (offer plus acceptance), consideration, and a lawful purpose. Real estate contracts also fall under the statute of frauds: they must be in writing and signed by the party to be charged, usually the seller.
335 words, about 2 min03Property Ownership, Interests, and Estates
Freehold estates last indefinitely or for a life; leaseholds are less-than-freehold. Fee simple absolute is the largest bundle of rights.
376 words, about 2 min04Real Estate Finance and Financing
A promissory note is the borrower's promise to repay; the mortgage or deed of trust pledges the property as security (hypothecation). In a lien-theory state the borrower retains title and the lender holds a lien.
336 words, about 2 min05Property Valuation and Appraisal
Market value assumes a willing, informed buyer and seller, no undue pressure, and reasonable market exposure. Market price is what the property actually sold for; the two diverge in distressed or non-arm's-length sales.
353 words, about 2 min06Transfer of Title and Title Records
A valid deed requires a competent grantor, a named grantee, words of conveyance, a legal description, consideration, and the grantor's signature. Notarization is needed for recording, not for validity.
373 words, about 2 min07Practice of Real Estate, Disclosures, and Fair Housing
An exclusive right to sell earns a commission whoever procures the buyer; an exclusive agency carves out the seller's own buyer; an open listing is non-exclusive. Net listings are prohibited or strongly discouraged.
376 words, about 2 min08South Dakota Real Estate License Law and Commission Rules
South Dakota real estate licensing lives in SDCL chapter 36-21A, administered by the Real Estate Commission and implemented through its administrative rules. The licensing structure runs from the entry-level salesperson license, to broker associate (broker-qualified but practicing under another broker), to the responsible broker who supervises the office.
375 words, about 2 min