Section 36-21A-1 - DefinitionsTerms used in this chapter mean:
(1) "Agency," any relationship by which one person acts for or on behalf of a client subject to the client's reasonable direction and control;(2) "Agency agreement," a written agreement between a broker and a client that creates a fiduciary relationship between the broker and client. The payment or promise of payment of compensation to a responsible broker does not determine whether an agency relationship has been created between any responsible broker or licensees associated with the responsible broker and a client;(3) "Auction," any public sale of real estate as defined in § 36-21A-11 or business property as defined in subdivision 36-21A-6 (3) at public offering to the highest bidder;(4) "Auctioneer," any person licensed under this chapter who auctions, offers, attempts, or agrees to auction real estate or business opportunities;(5) "Broker associate," any broker acting in association with or under the auspices of a responsible broker;(6) "Client," any person, including a seller, landlord, buyer, or tenant, who has entered into an agency relationship with a real estate licensee;(7) "Commission," the South Dakota Real Estate Commission;(8) "Consumer," any person seeking or receiving services from a real estate broker;(9) "Customer," any party to a real estate transaction who does not have an agency relationship with a licensee;(10) "Designated broker," any broker licensee designated by a responsible broker to act for the company in the conduct of real estate brokerage;(11) "In-company transaction," any transaction in which both the seller or landlord and the buyer or tenant receive real estate services from the same broker or from licensees associated with the same broker;(12) "Licensee," any person holding a license issued pursuant to this chapter;(13) "Limited agent," any licensee who has a written agency relationship with both the seller and the buyer in the same in-company transaction;(14) "Person," any individual, corporation, limited liability company, partnership, limited partnership, association, joint venture, or any other entity, foreign or domestic;(15) "Purchaser," any person who acquires or attempts to acquire or succeeds to an interest in real property;(16) "Responsible broker," any person holding a broker's license issued pursuant to this chapter who is responsible for the real estate activities conducted by those licensees acting in association with or under the auspices of the responsible broker;(17) "Served actively," if referring to a real estate salesman or broker associate, having the license on an active status with the commission;(18) "Single agent," any licensee who represents only one party to a transaction;(19) "Subdivider," a person who causes land to be subdivided into a subdivision for that person or others, or who undertakes to develop a subdivision. The term does not include a public agency or officer authorized by law to create subdivisions;(20) "Subdivision," or "subdivided land," any real estate offered for sale and that has been registered under the Interstate Land Sales Full Disclosure Act, 82 Stat. 590 and following, 15 U.S.C. § 1701 and following, as the Act existed on January 1, 1980, or real estate located out of this state that is divided or proposed to be divided into fifty or more lots, parcels, or units;(21) "Team," any two or more licensed persons who work under the supervision of the same responsible broker, work together on real estate transactions to provide real estate brokerage services, who are designated as a team by the responsible broker, and have a team leader designated by the responsible broker;(22) "Team leader," any person licensed by the commission and designated by the person's responsible broker as the leader for the person's team. A team leader is responsible for supervising the real estate activities of the person's team performed under this chapter, subject to the overall supervision of the responsible broker of the team leader and team members;(23) "Transaction broker," a broker who assists one or more parties with a real estate transaction without being an agent or advocate for the interests of any party to the transaction. The term includes the licensees associated with the broker; and(24) "Transaction broker agreement," a written agreement in which the broker does not represent either the seller or the buyer in a fiduciary capacity. No brokerage relationship may be created or implied by word or action alone, but only by written agreement clarifying the brokerage relationship.SL 1992, ch 273, § 1; SL 1994, ch 351, § 80; SL 1998, ch 229, §1; SL 2011, ch 180, §1; SL 2013, ch 177, §1; SL 2019, ch 171, §1; SL 2020, ch 162, § 1; SL 2023, ch 138, §1.Amended by S.L. 2023, ch. 138,s. 1, eff. 7/1/2023.Amended by S.L. 2020, ch. 162,s. 1, eff. 7/1/2020.Amended by S.L. 2019, ch. 171,s. 1, eff. 7/1/2019.