agency

First Substantive Contact Disclosure (South Dakota)

South Dakota limits licensees to four relationships: single agent, limited agent, subagent, or transaction broker. At the first substantive contact with an unrepresented buyer or seller, the licensee must disclose in writing the relationships the broker offers and give a copy on the Commission's form, which has an acknowledgment line that is not a contract. Substantive contact means going beyond informative acts, such as discussing the consumer's specific financial qualifications or motives. Answering property questions, hosting an open house, or showing one property one time are informative acts.