reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:08.03 - 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 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-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:08.04 - 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 §
									20:69:04:08.03.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:09 - Educational facilities

Current through Register Vol. 51, page 10, July 15, 2024
An approved course of instruction must have the classrooms
				  and other facilities and personnel necessary to implement the program as
				  determined by the real estate commission.
General Authority:
SDCL
					 36-21A-89(4)
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:09.01 - Instructional techniques

Current through Register Vol. 51, page 10, July 15, 2024
Classroom courses must be presented to students through
				  interactive instructional techniques. Interactive instruction includes
				  providing a student the opportunity for immediate exchange with an instructor
				  in a classroom setting and immediate assessment and remediation through
				  computer assisted or other audio or audiovisual interactive instruction. An
				  instructor may not provide instruction primarily by having students read text
				  material, listen to audio tapes, watch video tapes or films, or study questions
				  similar to those on the state licensing examinations.
General Authority:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:10 - Approval of classroom instruction, distance education, or independent study course

Current through Register Vol. 51, page 10, July 15, 2024
Prior to the contemplated date of opening, the commission
				  shall notify the applicant in writing of its decision to grant or deny
				  approval. No applicant may accept students without the commission's
				  approval.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:10.01 - Auditing

Current through Register Vol. 51, page 10, July 15, 2024
The commission may audit courses.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:11 - Withdrawal of approval for course or instructor

Current through Register Vol. 51, page 10, July 15, 2024
If the commission at any time determines that a person or
				  course approved pursuant to chapter 20:69:04 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 school's 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 licensee's approval as an instructor.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
Procedure to follow in licensing matters, SDCL
					 1-26-16 to
					 1-26-19.1.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:11.01 - Denial of approval for 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 determines that either is not in compliance with SDCL chapter
				  36-21 A and this article. Any 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(4).
Law Implemented:
SDCL
					 36-21A-89(4).
Procedure for a contested case, SDCL chapter
					 1-26.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:12 - Withdrawal of approval for inactivity

Current through Register Vol. 51, page 10, July 15, 2024
The commission may withdraw its approval for any course that
				  has not been offered for at least one year.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:13 - Credit for previously unapproved courses

Current through Register Vol. 51, page 10, July 15, 2024
A person completing any course which has not received prior
				  commission approval shall submit a complete list of the courses taken, the
				  number of hours of study for each course, and the qualifications of the
				  instructors and shall answer any additional questions which the commission may
				  have. After review of the information, the commission may approve the course
				  and give the applicant credit for meeting all or a portion of the educational
				  requirements imposed by SDCL chapter 36-21 A.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:14 - 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-30.1,
					 36-21A-31,
					 36-21A-34.
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:15 - 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-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:16 - Examination

Current through Register Vol. 51, page 10, July 15, 2024
A final examination must be given in each course. A copy of
				  the final examination and the answers must be filed with the
				  commission.
General Authority:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:17 - Reexamination

Current through Register Vol. 51, page 10, July 15, 2024
A candidate for a license who fails the final examination of
				  a prelicensing course may retake the examination without retaking the
				  education.
General Authority:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(2).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:18 - Schedule

Current through Register Vol. 51, page 10, July 15, 2024
A schedule of all courses offered, including the date, time,
				  and place where they will be offered, must be furnished to the commission
				  before the courses begin.
General Authority:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:19 - Prelicensing 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 prelicensing course under
				  the following conditions. The certificate shall 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 provider or instructor. 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-89(4).
Law Implemented:
SDCL
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:20 - Course provider reporting requirements

Current through Register Vol. 51, page 10, July 15, 2024
The course provider shall submit a list of participants to
				  the commission within ten days after completion of a course. The course
				  provider shall provide a course evaluation form to each licensee for completion
				  and submit the completed course evaluations to the commission within ten days
				  after completion of a course.
General Authority:
SDCL
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:21 - Preregistration allowed - Notice of cancellation required

Current through Register Vol. 51, page 10, July 15, 2024
A course provider offering approved prelicensing education
				  courses may require preregistration with a registration cutoff date. The
				  requirement must be advertised prior to each course. A 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(4).
Law Implemented:
SDCL
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:22 - Application for approval of distance education or independent study course

Current through Register Vol. 51, page 10, July 15, 2024
A course provider desiring to give approved independent study
				  or distance education courses to prospective real estate licensees shall apply
				  on a form provided by the commission. The application must be filed with the
				  commission at least 30 days before the course is offered.
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-30.1,
					 36-21A-31,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:23 - Additional requirements for distance education course offerings

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the requirements of §
									20:69:04:21, 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 or
				software failure or against inadvertent loss by the student.
General Authority:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:24 - 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-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:25 - 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-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:26 - 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 if 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-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
Law Implemented:
SDCL
					 36-21A-30.1,
					 36-21A-31,
					 36-21A-34,
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:28 - 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 SDCL
					 36-21A-89(4)
Law Implemented:
SDCL SDCL
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:04 - Prelicensing education › Section 20:69:04:29 - Material change

Current through Register Vol. 51, page 10, July 15, 2024
A course provider of an approved real estate course shall
				  immediately notify the commission of any material change 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(4).
Law Implemented:
SDCL
					 36-21A-89(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:01

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89(5).
Law Implemented:
SDCL
					 1-26-29,
					 36-21A-68,
					 36-21A-86,
					 36-21A-93.
Declaratory Ruling:
(Repealed by Resolution 06-30-05 -01, dated July 27,
					 2005)
In a typical real estate transaction, a licensee is the agent of
					 the seller. A listing agreement, signed by the seller and a broker, specifies
					 the rate of commission to be paid to the licensee or licensees who sell the
					 property. Although the rate of commission specified in the listing agreement
					 obligates the seller to pay the rate of commission specified in that contract,
					 nothing in the real estate licensing statutes precludes a licensee from
					 reducing that commission. Similarly, if a licensee has a properly executed
					 agreement as a buyer's agent and receives compensation from that buyer, the
					 statutes do not preclude a reduction in that compensation. However, the
					 statutes prohibit any rebate of a commission to a client buyer or client
					 seller.
Payment of compensation in the form of a rebate or kickback
					 to a buyer by a seller's agent or to a seller by a buyer's agent is not
					 permitted under existing statutes. However, if a monetary consideration is
					 included as an incentive to enter into a transaction, that incentive becomes
					 part of the terms and conditions of the transaction. An agent must then have
					 the knowledge and consent of the principal, and those terms of the transaction
					 must be included in the offer to purchase. South Dakota Real Estate Commission
					 Declaratory Ruling 93-1.
The responsible broker, as defined by SDCL
					 36-21A-1(8), or
					 the qualifying broker as defined by SDCL
					 36-21A-38, is responsible for the
					 activities of salesmen and broker associates, as specified in SDCL
					 36-21A-79, and must endorse each
					 listing agreement, as required by SDCL
					 36-21A-73, by signing the
					 otherwise completed contract. South Dakota Real Estate Commission Declaratory
					 Ruling 94-1.
(
Repealed by Resolution 06-30-05 -02, dated July 27,
					 2005
) This ruling provides an interpretation of SDCL
					 36-21A-71 subdivisions (9), (12),
					 and (22) - Acts constituting unprofessional conduct and the use of various
					 inducements offered to either the buyer or seller. The Real Estate Commission's
					 decision concluded that commissions may be reduced and if other valuable
					 consideration is included as a benefit then the consideration needs to be
					 disclosed as part of the transaction with the licensee's principal's knowledge
					 and consent. South Dakota Real Estate Commission Declaratory Ruling 03-01,
					 dated April 7, 2003.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:01.01

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-18,
					 36-21A-19,
					 36-21A-68,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:02

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-29,
					 36-21A-19,
					 36-21A-86,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:03

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-29,
					 36-21A-86,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:04

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89(5).
Law Implemented:
SDCL
					 1-26-24,
					 1-26-29,
					 36-21A-68,
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:05

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-29,
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:06

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-29,
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:07

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:08

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-17,
					 1-26-29,
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:09

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-26,
					 1-26-29,
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:10

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-19.1,
					 1-26-29,
					 36-21A-86.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:05 › Section 20:69:05:11

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 1-26-25,
					 1-26-29,
					 36-21A-68,
					 36-21A-86.
Petition for review, §
											20:69:02:08.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:01.01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Absentee bid," a procedure that allows a
				bidder to participate in the bidding without being physically
				present;
(2) "Absolute auction," an
				auction in which the property is sold to the highest qualified bidder with no
				limiting conditions or amount. An absolute auction is also known as an auction
				without reserve;
(3) "Auction with
				reserve," an auction in which the seller or seller's representative retains the
				right to establish a minimum price, to accept or decline any and all bids or to
				withdraw the property at any time prior to the announcement of the completion
				of the sale by the auctioneer. An auction with reserve is also known as a
				reserve auction or as an auction subject to confirmation;
(4) "Bid," a prospective buyer's indication
				or offer of a price the prospective buyer is willing to pay to purchase
				property at auction;
(5) "Buyer's
				premium," an advertised percentage of the high bid or flat fee added to the
				high bid to determine the total contract price to be paid by the
				buyer;
(6) "Internet auction," an
				auction in which a prospective buyer bids using electronic media. The term also
				includes an auction in which the auctioneer conducts the auction using
				electronic media;
(7) "Minimum bid
				auction," an auction in which the auctioneer accepts bids at or above a
				disclosed price. A minimum bid auction is separate and distinct from an
				absolute auction or an auction with reserve;
(8) "Rafter bid," or "puffing of a bid," a
				fictitious bid used to increase the final sales price;
(9) "Reserve," the minimum price that a
				seller is willing to accept for a property to be sold at auction;
(10) "Shill," a person who pretends to have
				no association with the auctioneer or seller and gives the impression of being
				an enthusiastic bidder by puffing of a bid.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:02 - Auctioneers - License required

Current through Register Vol. 51, page 10, July 15, 2024
A restricted broker's license, referred to in this chapter as
				  an auctioneer's license, is required for any person not licensed as a real
				  estate broker who is acting as a real estate auctioneer. A real estate
				  salesperson or broker associate acting under the auspices and supervision of a
				  licensed real estate broker may sell real estate at auction without an
				  auctioneer's license. A real estate broker may obtain an auctioneer's license
				  without examination.
General Authority:
SDCL
					 36-21A-47,
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-12.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:03 - Qualifications of applicants

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a real estate auctioneer's license, in
				  addition to the other requirements in SDCL chapter 36-21 A, shall furnish
				  evidence of completion of 116 classroom hours within the two years before the
				  date of application in a course on the principles and practices of real
				  estate.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-89(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:04 - Duties of auctioneer

Current through Register Vol. 51, page 10, July 15, 2024
An auctioneer may list, advertise, show, and sell real
				  property or business opportunities at auction only. An auctioneer may also
				  close a real estate auction sale.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-6,
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:05 - Listings to be in writing

Current through Register Vol. 51, page 10, July 15, 2024
Any contract listing a property for sale with an auctioneer
				  must be in writing. Each written listing agreement shall show the legal
				  description of the property; the compensation to be received by the auctioneer;
				  the requirement that the date of the auction will be determined by written
				  mutual agreement between seller and auctioneer; the type of auction procedure;
				  any encumbrances and reserves; and the signatures of all parties. At the time
				  of securing the listing, the auctioneer who obtains it shall give the person or
				  persons signing the listing a true copy of it. An auction listing does not need
				  to include a listing price. An auction listing terminates at the culmination of
				  the bidding if the auctioneer will not be representing the seller through the
				  closing of the transaction or if the seller doesn't receive an acceptable bid.
				  If the auctioneer prepares the purchase agreement, the auction listing extends
				  to and includes the date of closing under the purchase agreement unless the
				  buyer and seller terminate the purchase agreement prior to closing of the
				  transaction.
General Authority:
SDCL
					 36-21A-89(7),
					 36-21A-130.
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-71,
					 36-21A-130.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:06 - Auction advertisements

Current through Register Vol. 51, page 10, July 15, 2024
An auctioneer who advertises shall comply with the following
				  requirements:
(1) Auction
				advertisements must disclose the names and types of licenses held by all
				licensees involved in the transaction;
(2) If an auction advertisement includes real
				estate and personal property and the personal property is to be sold by an
				auctioneer not licensed under this chapter or SDCL chapter 36-21 A, then the
				auction advertisement may not be displayed in such a manner to give the
				impression that the real estate is being sold by the unlicensed
				auctioneer;
(3) No auction may be
				advertised as absolute nor may any advertising contain the term, absolute
				auction, or the term, absolute, or any term with similar meaning, nor may any
				licensee offer to sell any property at absolute auction unless:
(a) Except for current tax obligations or
				easements, there are no unrecorded liens or encumbrances on the property in
				favor of any other person, firm, or corporation;
(b) Each holder of a lien or encumbrance, by
				execution of the auction contract or other written agreement provided to the
				auctioneer, agrees to the absolute auction without regard to the amount of the
				highest bid or to the identity of the highest bidder; or
(c) A person, firm, trust, or estate, by
				execution of the auction listing contract or other written agreement provided
				to the auctioneer guarantees the complete discharge and satisfaction of all
				liens and encumbrances, as applicable, immediately after the absolute auction
				or at the closing without regard to the amount of the highest bid or to the
				identity of the highest bidder;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:07 - Auction sale procedure

Current through Register Vol. 51, page 10, July 15, 2024
A real estate auction may not begin until the announced and
				  advertised time and date, and may only occur at the announced and advertised
				  place of the sale. All efforts of selling shall cease at the end of the sale or
				  at the time of the announcement of no sale. If property being sold by auction
				  is put up in tracts, each tract is the subject of a separate sale. Any sale is
				  with reserve unless the real estate being sold is explicitly put up without
				  reserve. A bidder may retract a bid until the auctioneer's announcement of
				  completion of the auction, but a bidder's retraction does not revive any
				  previous bid.
Each sale at auction is complete when the auctioneer
				  announces its completion by the fall of the hammer or in any other customary
				  manner.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-72,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:07.01 - Auction with reserve sale procedure

Current through Register Vol. 51, page 10, July 15, 2024
In an auction with reserve, the auctioneer may withdraw the
				  real estate being offered for sale at any time until announcing completion of
				  the sale. If the seller or an authorized representative of the seller will be
				  allowed to bid at an auction, the auctioneer must give notice for such bidding
				  prior to receiving any bids.
A minimum acceptable price may be disclosed with seller's
				  written permission.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-72,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:07.02 - Absolute auction sale procedure

Current through Register Vol. 51, page 10, July 15, 2024
In an absolute auction, the seller or anyone acting upon
				  behalf of the seller may not bid at the absolute auction or otherwise
				  participate in the bidding process. The real estate being offered for sale at
				  an absolute auction may not be withdrawn after an auctioneer calls for bids
				  unless no bid is made within a reasonable time.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-72,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:07.03 - Secured party or lien holder not prohibited from bidding at an absolute auction - Conditions

Current through Register Vol. 51, page 10, July 15, 2024
Compliance with §
									20:69:06:07.02 does not prohibit a
				  secured party or other lien holder who is not the seller from bidding at an
				  absolute auction sale, as long as such bidding does not constitute the direct
				  or indirect establishment, or an agreement to the establishment, of a reserve
				  price on the property by the seller or by the auctioneer or by anyone aiding,
				  assisting, or acting upon behalf of, the seller or the
				  auctioneer.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-72,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:07.04 - Internet auction sale procedure

Current through Register Vol. 51, page 10, July 15, 2024
In an Internet auction sale, the auctioneer must validate a
				  buyer's capability to participate in the sale by obtaining the buyer's name,
				  address, e-mail address, phone number, and ability to legally enter into a
				  contract. In addition, the auctioneer shall obtain an agreement to the terms of
				  the auction procedure from any buyer wishing to participate in the
				  sale.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-72,
					 36-21A-89.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:08 - Auctioneer to maintain records

Current through Register Vol. 51, page 10, July 15, 2024
An auctioneer must maintain copies of all agreements, listing
				  contracts, handbills, advertisements, and other pertinent records, including
				  closing statements if the auctioneer represented the seller through the closing
				  of the transaction and any auction recordings whether audio, video, or
				  audiovisual if the auction was recorded, for a period of four years. The
				  records are subject to audit by the commission.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-6,
					 36-21A-47,
					 36-21A-83.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:09 - Certain acts prohibited

Current through Register Vol. 51, page 10, July 15, 2024
Prohibited acts include the following:
(1) Knowingly receiving or using a rafter
				bid, puffing of a bid, or any type of bid rigging such as utilizing the
				services of a shill;
(2) Knowingly
				permitting an unlicensed individual to call or take bids in an auction sale;
				or
(3) Knowingly misleading or
				creating a false impression among the seller, buyer, or bidders in the
				advertising, conduct, and closing of an auction.
General Authority:
SDCL
					 36-21A-89(5).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-6,
					 36-21A-27,
					 36-21A-47,
					 36-21A-68,
					 36-21A-71,
					 36-21A-72.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:06 - Real estate auctioneer licenses › Section 20:69:06:10 - Rules applicable to real estate brokers, broker associates, and salespersons

Current through Register Vol. 51, page 10, July 15, 2024
A real estate broker, broker associate, or salesperson acting
				  as an auctioneer must follow the provisions of this chapter. Unless
				  inconsistent with this chapter, a person licensed as an auctioneer must follow
				  the provisions of chapter 20:69:03 and SDCL chapter 36-21 A.
General Authority:
SDCL
					 36-21A-89(7).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-6,
					 36-21A-27,
					 36-21A-30,
					 36-21A-47,
					 36-21A-68,
					 36-21A-71.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:01 - Notice of intent to sell domestic condominium

Current through Register Vol. 51, page 10, July 15, 2024
When a domestic condominium project is offered for sale in
				  this state, the developer shall notify the commission in writing of the
				  intention to sell the offering. The notice of intent must be on a form approved
				  by the commission.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-10.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:02 - Rejection of filing

Current through Register Vol. 51, page 10, July 15, 2024
The commission may reject a filing that does not have the
				  notice of intent to sell, does not have a questionnaire properly completed by
				  the developer, or does not include the fee required in SDCL
				  43-15A-11 and §
									20:69:07:04.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-11.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:03 - Properly filed defined

Current through Register Vol. 51, page 10, July 15, 2024
A notice of intent to sell is not properly filed until the
				  commission has notified the developers in writing that all necessary
				  requirements have been met.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-13.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:04 - Inspection fee

Current through Register Vol. 51, page 10, July 15, 2024
An estimated inspection fee in the amount of $100 for each
				  $300,000 value of the project must be included with the notice of
				  intent.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-14.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:05 - Rejection for insufficient funds check

Current through Register Vol. 51, page 10, July 15, 2024
The commission shall reject any notice of intent to sell if
				  it is accompanied by an insufficient funds check for either the registration
				  fee or inspection fee or both.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-11,
					 43-15A-14.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:06 - Deposit and expenditure of fees

Current through Register Vol. 51, page 10, July 15, 2024
The commission shall deposit the fees that it collects in the
				  enforcement of SDCL 43-15A in the general fund of the commission and shall
				  expend them to defray the costs of registration and inspection. The commission
				  representative inspecting the project is entitled to a fee not to exceed $75
				  per day and mileage in the amount of 35 cents per mile or actual reimbursement
				  for first class transportation expenses. If the amount expended by the
				  commission representative is greater than the estimated amount paid by the
				  developer pursuant to §
									20:69:07:04, the commission shall
				  bill the developers for the excess amount. The excess amount must be paid
				  immediately or the commission shall reject the notice of intention to
				  sell.
General Authority:
SDCL
					 43-15A-15.
Law Implemented:
SDCL
					 43-15A-14,
					 43-15A-15.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:07 - Public offering statement to accompany questionnaire

Current through Register Vol. 51, page 10, July 15, 2024
A public offering statement (POS) shall accompany and be part
				  of the questionnaire and must be in a form prescribed by the
				  commission.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-2 to
					 43-15A-7,
					 43-15A-11,
					 43-15A-18 to
					 43-15A-25.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:08 - Conversion condominiums

Current through Register Vol. 51, page 10, July 15, 2024
The POS for conversion condominiums must conform in all
				  aspects to the requirements of §
									20:69:07:07 except that additional
				  information as required by the commission must be
				  incorporated.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-2 to
					 43-15A-7,
					 43-15A-11,
					 43-15A-18 to
					 43-15A-25.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:09 - Other information

Current through Register Vol. 51, page 10, July 15, 2024
In order to facilitate its powers of inspection, the
				  commission may require the submission of additional information. The failure to
				  submit such additional information is grounds for the commission to reject the
				  application.
General Authority:
SDCL
					 43-15A-30.
Law Implemented:
SDCL
					 43-15A-11,
					 43-15A-13,
					 43-15A-16 to
					 43-15A-18,
					 43-15A-26.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:07 - Condominiums › Section 20:69:07:10 - Waiver

Current through Register Vol. 51, page 10, July 15, 2024
The commission may waive any of the requirements of this
				  chapter for good cause shown and may accept, at its discretion, registration
				  forms used in another state.
General Authority:
SDCL
					 43-15A-30
Law Implemented:
SDCL
					 43-15A-11.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:08 - Mortgage brokers › Section 20:69:08:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
The term, lender, means a bank or trust company, savings
				  bank, savings and loan association, insurance company, federal land bank,
				  licensed mortgage broker or mortgage lender, or state or federal agency or its
				  employees or any wholly owned subsidiary of any of the entities listed in this
				  section.
General Authority:
SDCL
					 36-21A-89(8).
Law Implemented:
SDCL
					 36-21A-1,
					 36-21A-47,
					 36-21A-89(8).