Section 36-21A-1 - Definition of terms.

36-21A-1. Definition of terms. Terms 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 which 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 outcry 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 or a buyer/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/landlord and the buyer/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, having the license on an active status with the commission;
(18) "Single agent," any licensee who represents only one party to a transaction;
(19) "Substantial interest," and "substantial amount," in the case of a corporation, limited liability company, partnership or association, is at least as large an interest in the corporation, limited liability company partnership or association as that of any other shareholder, partner or principal.
(20) "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;
(21) "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 can be created or implied by word or action alone, but only by written agreement clarifying the brokerage relationship.
Source: SL 1992, ch 273, § 1; SL 1994, ch 351, § 80; SL 1998, ch 229, § 1.