reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:08 - Mortgage brokers › Section 20:69:08:08 - No advance fee

Current through Register Vol. 51, page 10, July 15, 2024
A real estate broker acting as a mortgage broker may not
				  accept compensation in advance from a potential borrower for the procurement of
				  a loan.
General Authority:
SDCL
					 36-21A-89(8).
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47,
					 36-21A-84.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:08 - Mortgage brokers › Section 20:69:08:09 - Written contract required

Current through Register Vol. 51, page 10, July 15, 2024
Before a real estate broker performs any services for a
				  potential borrower, the broker and the borrower must enter into a written
				  contract specifying the duties and conditions under which the broker is to
				  perform services. The contract must fully disclose estimated compensations and
				  expenses and must have a definite expiration date.
General Authority:
SDCL
					 36-21A-89(8).
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:08 - Mortgage brokers › Section 20:69:08:10 - Full disclosure required

Current through Register Vol. 51, page 10, July 15, 2024
In all dealings between a borrower and a real estate broker,
				  the broker shall fully and fairly inform the prospective borrower of all
				  liabilities, costs, and other financial obligations that can or will be
				  incurred by the borrower if the borrower uses the services of the
				  broker.
General Authority:
SDCL
					 36-21A-89(8).
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:08 - Mortgage brokers › Section 20:69:08:11 - Contents of mortgage loan disclosure statement

Current through Register Vol. 51, page 10, July 15, 2024
When a real estate broker arranges a loan for a borrower, the
				  following mortgage loan disclosure statement shall be prepared by the broker
				  and the borrower:
(1) Summary of loan
				terms:
(a) Principal amount of loan;
(b) Estimated deductions from principal
				amount:
(i) Costs and expenses;
(ii)Brokerage commission;
(iii) Liens and other amounts to be paid on
				authorization of borrower;
(c) Estimated cash payable to
				borrower;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:08 - Mortgage brokers › Section 20:69:08:12 - Restrictions on chargeable costs and expenses

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the initial written contract, the real estate
				  broker shall give to the potential borrower an estimate of the amount of
				  chargeable costs and expenses that will be collected by the broker in case no
				  loan is found for the borrower. An estimated total cost to the borrower under
				  these conditions shall be stated to the borrower and may not exceed the amount
				  customarily charged for the same or comparable service in the community where
				  the service was rendered. All of these costs and expenses, if actually expended
				  and chargeable to the borrower, must have been actually and reasonably expended
				  for the potential borrower's benefit.
General Authority:
SDCL
					 36-21A-89(8).
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:10 - Standards of professional appraisal practice › Section 20:69:10:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
The following terms apply to this chapter:
(1) "Analysis," the act or process of
				providing information, recommendations, or conclusions on diversified problems
				in real estate other than estimating value, for another and for
				compensation;
(2) "Appraisal," the
				act or process of estimating value of real estate for another and for
				compensation;
(3) "Cash flow
				analysis," an analysis of the anticipated movement of cash in or out of real
				estate;
(4) "Feasibility analysis,"
				an analysis of the cost-benefit relationship of an economic endeavor;
(5) "Investment analysis," an analysis that
				reflects the relationship between acquisition price and anticipated future
				benefits of a real estate investment;
(6) "Market analysis," an analysis of real
				estate market conditions for a specific type of property;
(7) "Report," any communication, written or
				oral, of an appraisal, review, or analysis; and
(8) "Review," the act or process of
				critically studying a report prepared by another, for another, and for
				compensation.
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:10 - Standards of professional appraisal practice › Section 20:69:10:02 - Departure provisions

Current through Register Vol. 51, page 10, July 15, 2024
An appraiser may enter into an agreement to perform an
				  assignment that calls for something less than, or different from, the work that
				  would otherwise be required by the specific guidelines if, before entering into
				  such an agreement the appraiser has determined that the assignment to be
				  performed is not so limited in scope that the resulting appraisal, review, or
				  analysis would tend to mislead or confuse the client, the users of the report,
				  or the public and the appraiser has advised the client that the assignment
				  calls for something less than, or different from, the work required by the
				  specific guidelines and therefore the report will include a qualification that
				  reflects the limited or differing scope of the appraisal, review, or
				  analysis.
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:10 - Standards of professional appraisal practice › Section 20:69:10:03 - Standards for developing an appraisal

Current through Register Vol. 51, page 10, July 15, 2024
In developing an appraisal, a broker or broker associate
				  under a broker's supervision must be aware of, understand, and correctly employ
				  the recognized methods and techniques as required by §
									20:14:06:01.
General Authority:
SDCL
					 36-21A-90.
Law Implemented:
SDCL
					 36-21A-90.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01 - Continuing education defined

Current through Register Vol. 51, page 10, July 15, 2024
As used in this chapter, continuing education means
				  accredited educational experience derived from a licensee's participation in
				  approved lectures, seminars, or courses on real estate law, or in other related
				  areas in real estate that have been approved by the commission, to maintain and
				  improve the professional skills and upgrade the standard of all real estate
				  licensees.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01.01 - Distance education defined

Current through Register Vol. 51, page 10, July 15, 2024
As used in this chapter, a distance education course is one
				  in which instruction takes place in other than a traditional classroom setting,
				  the instructor and student are in physically separate locations, and
				  instructional methods include interactive video-based instruction, computer
				  conferencing, interactive audio, interactive computer software, and
				  internet-based instruction.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01.02 - Independent study defined

Current through Register Vol. 51, page 10, July 15, 2024
As used in this chapter, an independent study is a course in
				  which no interaction with an instructor is planned or implied as part of the
				  learning process.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01.03 - Interactive defined

Current through Register Vol. 51, page 10, July 15, 2024
As used in this chapter, interactive means the course
				  structure and technologies promote active student involvement with the course
				  content, including the ability to access or bypass optional content, submit
				  questions or answer test items and receive direct feedback, and communicate
				  with other students and the instructor on an immediate or reasonably delayed
				  basis. Interactive instruction specifically excludes courses that only provide
				  passive delivery of instructional content.
General Authority:
SDCL
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01.04 - Standards for distance education

Current through Register Vol. 51, page 10, July 15, 2024
A distance education course must provide mastery of the
				  material. The course must:
(1) Divide
				the material into major learning units, each of which is further divided into
				modules of instruction;
(2) Specify
				learning objectives for each learning unit or module of instruction. Learning
				objectives must be comprehensive enough to ensure that if all the objectives
				are met, the entire content of the course will be mastered;
(3) Specify an objective, quantitative
				criterion for mastery used for each learning objective and provide a structured
				learning method designed to enable students to attain each objective;
(4) Provide a means of diagnostic assessment
				of each student's performance on an ongoing basis during each module of
				instruction, including appropriate remediation where required; and
(5) Require that the student demonstrate
				adequate comprehension of all material covered by the learning objectives for
				the module or unit before completing that module or unit.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01.05 - Required continuing education subject areas

Current through Register Vol. 51, page 10, July 15, 2024
Required continuing education subject areas may only be in
				  the following subject areas:
(1) Real
				estate ethics;
(2) Legislative
				issues that influence real estate practice including both pending and recent
				legislation;
(3) The administration
				of licensing provisions of real estate law and the administrative
				rules;
(4) Real estate brokerage,
				including agency, contracts, trust accounting, fiduciary duties, and risk
				management;
(5) Fair
				housing;
(6) Environmental
				issues;
(7) Antitrust;
(8) The Americans with Disabilities Act;
				and
(9) Property Management
a. Financial management;
b. Landlord/Tenant procedures and operations;
				and
c. Fiduciary duties.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:01.06 - Elective continuing education subject areas

Current through Register Vol. 51, page 10, July 15, 2024
Elective continuing education subject areas may only be in
				  the following subject areas:
(1) Real
				estate finance;
(2) Real estate
				market measurement and evaluation, including site, evaluations, market data,
				and feasibility studies;
(3) Real
				estate mathematics;
(4) Real
				property management;
(5) Real
				property exchange;
(6) Land
				development, use, planning, and zoning;
(7) Real estate securities and
				syndication;
(8) Real estate
				portfolio management;
(9)
				Accounting and taxation as applied to real property;
(10) Real estate business planning;
(11) Real estate appraisal;
(12) Real estate marketing
				procedures;
(13) Technology as
				applied to the practice of real estate;
(14) Home inspection;
(15) Real estate negotiation
(16) Real estate investment; and
(17) Real estate safety.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:02 - Continuing education required subject areas

Current through Register Vol. 51, page 10, July 15, 2024
Licensees shall complete 24 hours of continuing education in
				  subject areas prescribed in §
									20:69:11:01. At least twelve of
				  the 24 hours shall be in the required subject areas defined in §
									20:69:11:01.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:02.01 - Postlicensing education defined

Current through Register Vol. 51, page 10, July 15, 2024
As used in this chapter, postlicensing education means the
				  curriculum of continuing education that a broker associate is required to
				  complete within the first two active license cycles after initial licensure.
				  The subject areas are prescribed by the commission and build on the basic real
				  estate principle s and practices acquired during the prelicensing education
				  courses.
General Authority:
SDCL
					 36-21A-30.2.
Law Implemented:
SDCL
					 36-21A-30.2.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:02.02 - Postlicensing education course requirements - Time to complete

Current through Register Vol. 51, page 10, July 15, 2024
All sixty hours of postlicensing education must include
				  study in the required subject areas outlined in §
									20:69:11:02. Licensees who have
				  completed hours in the subject areas of negotiation, business planning,
				  technology, or marketing prior to July 1, 2015 shall have those hours count
				  toward the postlicensing requirement.
Upon completion of the postlicensing education requirements,
				  broker associates must comply with the continuing education requirements
				  pursuant to SDCL
				  36-21A-62 and §
									20:69:11:02 for all subsequent
				  renewal cycles.
General Authority:
SDCL
					 36-21A-30.2.
Law Implemented:
SDCL
					 36-21A-30.2.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:03 - Classroom hour

Current through Register Vol. 51, page 10, July 15, 2024
A classroom hour is a period of at least 50 minutes of actual
				  classroom instruction out of each 60-minute segment. Additional study
				  assignments are not counted as hours of classroom
				  instruction.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:03.01 - Length of course

Current through Register Vol. 51, page 10, July 15, 2024
No more than eight hours of instruction may be offered in one
				  day.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:04 - Requirements for inactive licensee - Exceptions

Current through Register Vol. 51, page 10, July 15, 2024
An inactive licensee is not required to meet the continuing
				  education requirements. An inactive licensee who wishes to activate the
				  individual's license must complete 24 hours of continuing education within the
				  licensee's current licensing period or within two years preceding the
				  licensee's current licensing period. A licensee whose license is placed on
				  inactive status during either of the first two license cycles after initial
				  licensure must complete the postlicensing education required during that cycle
				  to activate the license. Courses taken to activate a license may not be used to
				  renew a license.
General Authority:
SDCL
					 36-21A-89(3).
Law Implemented:
SDCL
					 36-21A-65.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:04.01 - Requirements for nonresidents - Exceptions

Current through Register Vol. 51, page 10, July 15, 2024
A nonresident licensee licensed in this state is not
				  required to meet the continuing education requirements.
A nonresident licensee in inactive status and who seeks to
				  active the license must first provide a certificate of licensure from the
				  licensing agency of the state where the nonresident licensee maintains
				  residency, stating the nonresident's license is on active status and in good
				  standing and that no complaint is pending.
General Authority:
SDCL
					 36-21A-89(3).
Law Implemented:
SDCL
					 36-21A-65.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:05 - Exceptions and extensions

Current through Register Vol. 51, page 10, July 15, 2024
The commission may exempt a nonresident licensee from the
				  continuing education requirements if the licensee meets the requirements of
				  SDCL 36-21A-54 and §
									20:69:03:22.01.
General Authority:
SDCL
					 36-21A-89,
					 36-21A-54.
Law Implemented:
SDCL
					 36-21A-54.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:06 - Nonqualifying courses

Current through Register Vol. 51, page 10, July 15, 2024
The following courses do not qualify for postlicensing or
				  continuing education purposes:
(1)
				Courses in mechanical office and business skills, such as typing, keyboarding,
				speed-reading, memory improvement, language, and report writing;
(2) Sales promotion or other meetings held in
				conjunction with a licensees general business;
(3) A course certified by the use of a
				challenge examination. All students must complete the required number of
				classroom hours to receive certification;
(4) Meetings which are a normal part of the
				in-house staff or employee training;
(5) Orientation courses for licensees, such
				as those offered through local real estate boards;
(6) Development courses for
				instructors;
(7) Personal
				development or motivational courses; and
(8) Courses designed to promote the sale of a
				product or service.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:08 - Application for approval of classroom instruction - Fee required

Current through Register Vol. 51, page 10, July 15, 2024
An application for approval of classroom instruction shall be
				  on a form provided by the commission. The application must be filed with the
				  commission at least 20 days before a course is offered and must be accompanied
				  by an application fee pursuant to § 20:69:11:08.04. The application form
				  shall include the following information and enclosures:
(1) Name, address, and telephone number of
				the course provider;
(2) The title
				of the course;
(3) A complete
				description or copies of all materials to be distributed to the
				participants;
(4) The date and
				exact location of each presentation of the course;
(5) The duration and time of
				course;
(6) A comprehensive,
				detailed outline of the subject matter together with course objectives, the
				time sequence of each segment, faculty for each segment, and teaching technique
				used in each segment;
(7) The
				method of evaluation of the program;
(8) The procedure for measuring attendance;
				and
(9) A description of the
				faculty, including name, professional educational background, and practical or
				teaching experience. A complete resume shall be furnished.
General Authority:
SDCL
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:08.01 - Application for approval of distance education or independent study courses - Fee required

Current through Register Vol. 51, page 10, July 15, 2024
An application for approval of a distance education or
				  independent study course shall be on a form provided by the commission and must
				  be accompanied by an application fee pursuant to §
									20:69:11:08.04. The application
				  form shall include the following information and enclosures:
(1) Name, address, and telephone number of
				the course provider;
(2) Course
				title;
(3) The specific subject
				matter requirement met by the course;
(4) The names of any instructor who will be
				available to answer student questions, the means of contact, and the hours of
				availability;
(5) The overall
				structure, functioning, and administration of the proposed course;
(6) A complete list of all lessons, modules,
				and learning objectives for each;
(7) An explanation of the remediation process
				which is in effect to accomplish mastery of material when specific deficiencies
				are identified; and
(8) A
				description of the procedures used to ensure exam security.
General Authority:
SDCL
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:08.02 - Additional requirements for distance education courses

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the requirements of §
									20:69:11:08.01, an application for
				  approval of a distance education course must include the following:
(1) A complete description of any hardware,
				software, or other technology to be used by the provider and needed by the
				student to effectively engage in the delivery and completion of the course
				material and an assessment of the availability and adequacy of the equipment,
				software, or other technologies to the achievement of the course's
				instructional claims; and
(2) An
				explanation of how the course measures, documents, and records that the student
				has engaged in the required interactive exercises, achieved the required level
				of mastery, and spent the required amount of time completing the course and how
				the course provides protection against loss of student data due to hardware of
				software failure or against inadvertent loss by the student.
General Authority:
SDCL
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:08.03 - Student certification required

Current through Register Vol. 51, page 10, July 15, 2024
Any school offering an approved distance education or
				  independent study course must obtain from each student a statement attesting
				  that all assignments and examinations completed are the work of the enrolled
				  student.
General Authority:
SDCL
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:08.04 - Classroom, distance education, and independent study course application fees - Postlicensing course as continuing education course subject to application fee

Current through Register Vol. 51, page 10, July 15, 2024
Course application fees include the following:
Continuing
Education
Renewal
Classroom
$ 75.00
$50.00
Distance Education
150.00
50.00
Independent Study
75.00
50.00
ARELLO Certified
50.00
50.00
Seminar
15.00/hour
n/a
A postlicensing course offered as a continuing education
				  course is subject to a continuing education course application fee as described
				  in this section.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-63,
					 36-21A-89(9).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:09 - Approval of out-of-state courses

Current through Register Vol. 51, page 10, July 15, 2024
If a South Dakota licensee enrolls in a continuing education
				  course approved by another state's real estate regulatory agency, that course
				  may be used to meet postlicensing or continuing education requirements in South
				  Dakota.
Proof of the other state's approval and course completion are
				  required before the credits are accepted by the commission.
Courses must meet content and length requirements consistent
				  with §
									20:69:11:01,
				  20:69:11:03.01, and
				  20:69:11:07.
Application for approval of the out-of-state course must be
				  made to the commission on a form provided by the commission within 60 days
				  after the date that the course was completed.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:10 - ARELLO certified courses approved for postlicensing or continuing education

Current through Register Vol. 51, page 10, July 15, 2024
The commission may approve courses certified by the
				  Association of Real Estate License Law Officials if appropriate documentation
				  that the ARELLO certification is in effect and that the course meets the
				  content requirements of §
									20:69:11:01 is provided. Approval
				  under this section shall cease if the ARELLO certification is
				  discontinued.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:11 - Certificate of approval

Current through Register Vol. 51, page 10, July 15, 2024
The commission shall grant a certificate of approval for each
				  course approved by the commission. The certificate remains valid for three
				  years. A certificate of approval for a seminar course shall be valid for the
				  duration of the seminar.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:11.01 - Course accreditation renewal

Current through Register Vol. 51, page 10, July 15, 2024
The course provider of a postlicensing or continuing
				  education course must apply for renewal of the course prior to the date of
				  expiration of the certificate of approval.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:11.02 - Course accreditation reinstatement

Current through Register Vol. 51, page 10, July 15, 2024
A course approval that has expired may be reinstated if a
				  renewal application is filed within six months of the date of expiration. A
				  course provider must file a new application for approval of a course that has
				  been expired for more than six months.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:12 - Material change

Current through Register Vol. 51, page 10, July 15, 2024
A course provider of each approved real estate course shall
				  immediately notify the commission of any material changes contained in the
				  application for approval or in the attached exhibits. A course provider may
				  seek approval of a course subsequent to a course offering by submitting all
				  information requested.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:13 - Denial of approval for a course or instructor

Current through Register Vol. 51, page 10, July 15, 2024
The commission may deny approval of a real estate course or
				  instructor if it is determined that either is not in compliance with SDCL
				  chapter 36-21 A and this article. A person aggrieved by denial of approval by
				  the commission may file a written request for a hearing pursuant to §
									20:69:02:07.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:13.01 - Withdrawal of approval for a course or instructor

Current through Register Vol. 51, page 10, July 15, 2024
If the commission at any time determines that a course or an
				  instructor approved pursuant to chapter 20:69:11 is not continuing to meet the
				  requirements of SDCL chapter 36-21 A and this chapter, it shall immediately
				  notify the course provider in writing detailing the deficiencies requiring
				  correction. The approval by the commission shall continue 90 days from the date
				  of the commission's written notice to the course provider, and if, at the
				  expiration of that period, the course provider has failed to correct to the
				  commission's satisfaction the deficiencies noted, the commission may withdraw
				  approval of the course or instructor.
If the commission disciplines an instructor who holds a real
				  estate license for acts committed as a licensee, the commission may also
				  withdraw that instructor's approval as an instructor.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:14 - Same or duplicate courses

Current through Register Vol. 51, page 10, July 15, 2024
Credit for a course may be given only once to an individual
				  during a reporting period.
General Authority:
SDCL
					 36-21A-63.
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:15 and 20:69:11:16 - School fees.Repealed

Current through Register Vol. 51, page 10, July 15, 2024
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:17 - Facilities

Current through Register Vol. 51, page 10, July 15, 2024
Each course provider must have the classrooms, facilities,
				  equipment, and personnel necessary to implement the course.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:17.01 - Schedule

Current through Register Vol. 51, page 10, July 15, 2024
The course provider shall provide a schedule of all courses,
				  including the date, time, and place where they will be offered to the
				  commission before the courses begin.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63,
					 36-21A-89(9).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:18 - Auditing

Current through Register Vol. 51, page 10, July 15, 2024
The commission or its representatives may audit
				  courses.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-63
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:19 - Postlicensing or continuing education certificate of attendance

Current through Register Vol. 51, page 10, July 15, 2024
A course provider shall provide an individual certificate of
				  attendance to each licensee upon completion of the approved course or seminar.
				  The certificate must contain the licensee's name, the course title, the date,
				  the location of the course, the number of approved credit hours, and the
				  signature of the course sponsor or instructor. The licensee must retain the
				  attendance certificate until the next license renewal period has been
				  completed. No certificate of attendance may be issued to a licensee who is
				  absent for more than ten percent of the classroom hours.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-62,
					 36-21A-63,
					 36-21A-64.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:19.01 - Course provider reporting requirements - Course evaluation

Current through Register Vol. 51, page 10, July 15, 2024
The course provider must submit a list of participants to the
				  commission within ten days after completion of a course. The course provider
				  must provide a course evaluation form to each licensee for completion. The
				  course provider must submit the completed course evaluations to the commission
				  within ten days after completion of a course.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:20 - Preregistration allowed - Notice of cancellation required

Current through Register Vol. 51, page 10, July 15, 2024
A course provider offering approved continuing education
				  courses may require preregistration with a cutoff date for permission to
				  attend. The requirement must be advertised prior to each course. The course
				  provider must notify registrants if the course is cancelled. The notification
				  must be made at least 48 hours before the time of the beginning of the
				  course.
General Authority:
SDCL
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:21 - Limit on independent study courses

Current through Register Vol. 51, page 10, July 15, 2024
No more than six hours of independent study courses may be
				  used in any one period to fulfill continuing education
				  requirements.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62,
					 36-21A-63,
					 36-21A-65.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:22 - Instructors

Current through Register Vol. 51, page 10, July 15, 2024
No instructor may teach postlicensing or continuing education
				  courses unless approved, by name, by the commission. This section does not
				  apply to guest speakers as provided for in §
									20:69:11:24.
General Authority:
SDCL
					 36-21A-30.2,
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-30.2,
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:23 - Application for approval of instructors - Guest speakers exempt

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for instructor approval shall apply on a form
				  provided by the commission. A guest speaker is exempt from making application
				  if requesting approval pursuant to §
									20:69:11:24.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:24 - Utilization of guest speakers - Resumeto accompany course application

Current through Register Vol. 51, page 10, July 15, 2024
A course provider may utilize guest speakers with expertise
				  in a particular area in any approved course if an approved instructor is
				  present at the time of the presentation. A course provider may utilize a guest
				  speaker without an approved instructor being present with the prior written
				  approval of the commission.
An application for approval of a course utilizing guest
				  speakers must include a resume of each speaker.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:11 - Postlicensing and continuing education › Section 20:69:11:25 - Certificate of instructor approval - Approval certificates not issued to guest speakers

Current through Register Vol. 51, page 10, July 15, 2024
The commission shall grant a certificate of approval for each
				  instructor approved by the commission. Certificates of approval will not be
				  issued to guest speakers who make application pursuant to §
									20:69:11:24.
General Authority:
SDCL
					 36-21A-63,
					 36-21A-89(9).
Law Implemented:
SDCL
					 36-21A-62.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:02 - Registration of time-share estates

Current through Register Vol. 51, page 10, July 15, 2024
All applications for registration of time-share estates must
				  be on forms approved by the commission.
General Authority:
SDCL
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-4.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:03 - Registration fee

Current through Register Vol. 51, page 10, July 15, 2024
Applications for registration must be accompanied by a fee of
				  $25 for each time-share unit. The total fee may not exceed $1,000. The fee is
				  payable in advance and must be made to the commission.
General Authority:
SDCL
					 43-15B-4,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-4.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:04 - Inspection fee

Current through Register Vol. 51, page 10, July 15, 2024
The inspection fee required by SDCL
				  43-15B-5 including actual and
				  necessary expenses shall accompany the application.
General Authority:
SDCL
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-5,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:05 - Disclosure statement

Current through Register Vol. 51, page 10, July 15, 2024
An application for registration must include a disclosure
				  statement.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:06 - Encouragement to read the disclosure statement

Current through Register Vol. 51, page 10, July 15, 2024
The following must be printed on the bottom half of the face
				  page of the disclosure statement, in centered boldface capital letters:
THIS HANDBOOK IS PREPARED AND ISSUED BY THE DEVELOPER
				  OF (RESORT NAME) . THE DEVELOPER STRONGLY ENCOURAGES YOU TO REVIEW THIS
				  HANDBOOK WHEN CONSIDERING THE PURCHASE OF A
				  MEMBERSHIP.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:07 - Additional disclosure statement requirements

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the requirements prescribed in §
									20:69:12:06, disclosure statements
				  distributed to the public must meet the following requirements:
(1) Provide a brief description of the method
				by which the time-share plan or units is to be offered;
(2) Provide a description of the amount and
				types of units offered by the developer for the time-share plan; and
(3) A summary of the developer's escrow
				agreement.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:08 - Nonconforming disclosure statements

Current through Register Vol. 51, page 10, July 15, 2024
A disclosure statement not in conformance with the
				  requirements of §§
									20:69:12:06 and
				  20:69:12:07 is
				  void.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-2,
					 43-15B-3,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:09 - Offer, transfer, or disposal under a void statement

Current through Register Vol. 51, page 10, July 15, 2024
An offer, transfer, or disposal of a time-share unit or plan
				  made under a void disclosure statement is voidable at the option of the
				  purchaser.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-2,
					 43-15B-3,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:10 - Additional filings required

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the application, fees, and disclosure
				  statement, a developer shall file the following with the commission to register
				  a time-share project:
(1) A financial
				statement not more than 90 days old prepared according to generally accepted
				accounting principles and certified by the developer or by a certified public
				accountant. If an audited financial report is filed, it must be the most
				current report and may not be more than 15 months old. A false or fraudulent
				financial statement submitted by the developer may be grounds for cancellation,
				suspension, or revocation of registration;
(2) A policy of title insurance, a
				preliminary title report, abstract of title, or certificate of title not more
				than 90 days old at the time of filing of a time-share plan;
(3) A certified copy of the articles of
				incorporation and bylaws, if a corporation, or a partnership registration if a
				partnership or joint venture at the time of filing a time-share plan;
(4) A copy of a special escrow agreement as
				required in §
									20:69:12:30;
(5) The name and address of person in the
				state to receive service of process. Any change of name or address must be
				promptly reported to the commission.
The format for filing shall be prescribed by the
				  commission.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
Accounting principles, §
					 20:37:11:08.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:11 - Filing of option unacceptable

Current through Register Vol. 51, page 10, July 15, 2024
A developer who has only an option to purchase a property for
				  a time-share plan may not file with the commission.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-2,
					 43-15B-3,
					 43-15B-6,
					 43-15B-7.