Before a real estate broker performs any services for a potential borrower, the broker and the borrower must enter into a written contract specifying the duties and conditions under which the broker is to perform services. The contract must fully disclose estimated compensations and expenses and must have a definite expiration date.

Source: 4 SDR 71, effective April 30, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 100, effective January 10, 1989; transferred from § 20:56:17:37, 20 SDR 18, effective August 16, 1993; 26 SDR 41, effective September 29, 1999.

General Authority: SDCL 36-21A-89(8).

Law Implemented: SDCL 36-21A-30 , 36-21A-47.