Only one of the two candidates is selected means exactly one of the events occurs. This probability can be written directly as:
\[P(\text{exactly one}) = P(S)+P(M)-2\,P(S)P(M)\]
Substituting \(P(S)=\frac{1}{7}\) and \(P(M)=\frac{1}{5}\):
\[P(\text{exactly one}) = \frac{1}{7}+\frac{1}{5}-2\left(\frac{1}{7}\right)\left(\frac{1}{5}\right) = \frac{5}{35}+\frac{7}{35}-\frac{2}{35} = \frac{10}{35} = \frac{2}{7}\]
The probability that only one of them is selected is \(\frac{2}{7}\).
Hence, the correct answer is Option B: \(\frac{2}{7}\).