-- Generally. Disclosures must be made on a form substantially the same as the real estate relationships disclosure form prescribed by the commission. The form shall contain the requirements imposed by SDCL 36-21A-147, the types of agency and brokerage relationships the broker offers, acknowledgment that the consumer has received the real estate consumer guide for the sale and purchase of residential real property, and acknowledgment of any consumer not being represented in the real estate transaction. However, a residential property manager acting as an agent for an owner may include an agency relationship disclosure in an application to lease or other document. The disclosure must be in italics or bold print and must include one of the following statements: "I, (name), a real estate licensee, am representing the owner in this transaction. All agents of (nameofcompany) represent the owner in this and any other transaction."

A real estate licensee acting as an auctioneer may comply with the disclosure requirements by including a statement on any printed advertisement and making an announcement at the beginning of the auction. The disclosure must state that the licensees are representing the seller or sellers.

Source: 16 SDR 36, effective August 29, 1989; transferred from § 20:56:04:12.02, 20 SDR 18, effective August 16, 1993; transferred from § 20:69:03:18, 21 SDR 125, effective January 23, 1995; 23 SDR 110, effective January 9, 1997; 25 SDR 90, effective December 28, 1998; 32 SDR 53, effective October 11, 2005.

General Authority: SDCL 36-21A-147.

Law Implemented: SDCL 36-21A-147.