semplr.

Exams · Certifications · Licensing

Real Estate Salesperson Exam — National Portion

Recovery fund (SD): practice questions

Our Real Estate (National) bank has 6 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

Start the free mock exam

Question 1 · South Dakota

Which licensees are NOT required to carry errors and omissions insurance in South Dakota?

  1. Licensed property managers handling rentals only
  2. Team members
  3. New broker associates
  4. Those holding inactive licenses
Show the answer

D. Those holding inactive licenses — SDCL 36-21A-119.

Question 2 · South Dakota

The recovery fund pays a claim against a licensee. What happens to the license?

  1. Automatically suspended until the fund is repaid with interest
  2. Revoked permanently with no possibility of reinstatement
  3. Placed on probation for two years with quarterly reports
  4. Unaffected if the licensee files for bankruptcy relief
Show the answer

A. Automatically suspended until the fund is repaid with interest — SDCL 36-21A-114.

Question 3 · South Dakota

What balance must the commission maintain in the South Dakota real estate recovery fund?

  1. $50,000
  2. $100,000
  3. $75,000
  4. $1,000,000
Show the answer

B. $100,000 — SDCL 36-21A-101.

Question 4 · South Dakota

What is the most the recovery fund will pay on account of one licensee's acts?

  1. $25,000
  2. $100,000
  3. $5,000
  4. $15,000
Show the answer

D. $15,000 — SDCL 36-21A-104; 36-21A-112.

Question 5 · South Dakota

Within what time must an aggrieved person apply for payment from the recovery fund?

  1. Six months after the license is suspended
  2. One year after the judgment becomes final
  3. Ninety days after the transaction closed
  4. Two years after the fraud was first discovered
Show the answer

B. One year after the judgment becomes final — SDCL 36-21A-105(9).

More Real Estate (National) topics