<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 36-21A-147 - Office policies--Relationships--Written disclosure. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2060743Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2060743SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2060743CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2060743Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2060743DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2060743Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2060743Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2060743000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2060743SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2060743SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2060743Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=36-21A-147"><span class="s2060743SENU">36-21A-147</span></a><span xml:space="preserve" class="s2060743SENU">. </span><span class="s2060743CL">Office policies--Relationships--Written disclosure.</span></p><p dir="ltr" class="s2060743Normal-000000"><span class="s2060743DefaultParagraphFont">Every responsible broker shall develop and maintain a written office policy that specifically sets forth agency and brokerage relationships that the broker may establish. At the first substantive contact with a seller or buyer who has not entered into a written agreement with a broker, the licensee shall:</span></p><p dir="ltr" class="s2060743Normal-000001"><span class="s2060743DefaultParagraphFont">(1)    Disclose in writing to that person the types of agency and brokerage relationships the broker is offering to that person; and</span></p><p dir="ltr" class="s2060743Normal-000001"><span class="s2060743DefaultParagraphFont">(2)    Provide that person with a written copy of a disclosure on a form prescribed by the commission.</span></p><p dir="ltr" class="s2060743Normal-000002"><span class="s2060743DefaultParagraphFont">The written disclosure shall contain a signature block for the client or customer to acknowledge receipt of the disclosure. The customer's acknowledgment of disclosure does not constitute a contract with the licensee. If the customer fails or refuses to sign the disclosure, the licensee shall note that fact on a copy of the disclosure and retain the copy.</span></p><p dir="ltr" class="s2060743Normal-000002"><span class="s2060743DefaultParagraphFont">After a seller and buyer have entered into a written agency or brokerage agreement with a broker, no other licensee is required to make the disclosures required by this section.</span></p><p dir="ltr" class="s2060743Normal-000002"><span xml:space="preserve" class="s2060743DefaultParagraphFont">The commission may prescribe the disclosure form by rules promulgated pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26"><span class="s2060743DefaultParagraphFont">1-26</span></a><span class="s2060743DefaultParagraphFont">.</span></p><p dir="ltr" class="s2060743Normal"><span xml:space="preserve" class="s2060743000003"> </span></p><p dir="ltr" class="s2060743Normal"><span class="s2060743SCL">Source:</span><span xml:space="preserve" class="s2060743SCL-000004"> SL 1998, ch 229, § 24.</span></p></div></body></html>