South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:01 - General provisions › Section 20:14:01:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
As used in this article:
(1) "Appraisal," the act or process of
				developing an opinion of value of real estate for another and for
				compensation;
(2) "Appraisal
				Foundation," the Appraisal Foundation established on November 30, 1987, as a
				not-for-profit corporation under the laws of Illinois;
(3) "Appraiser Qualifications Board," the
				independent board of the Appraisal Foundation which sets the qualification
				standards for appraisers;
(4)
				"Appraisal Standards Board," the independent board of the Appraisal Foundation
				which sets the appraisal standards for appraisers;
(5) "Appraisal Subcommittee," the Appraisal
				Subcommittee of the Federal Financial Institutions Examination
				Council;
(6) "Appraiser," a person
				who has been issued by the department a state-certified general,
				state-certified residential, state-licensed, or registered trainee appraiser
				credential to perform appraisals;
(7) "Bio-metric proctoring," continually
				verifying the identity of the student through processes, such as facial
				recognition, consistency in keystroke cadence, or the observation of activity
				in the testing location;
(8)
				"Credential," the certificate, license, or registration issued to a successful
				applicant for state-certified general appraiser, state-certified residential
				appraiser, state-licensed appraiser, or registered trainee appraiser, as
				applicable;
(9) "Class hour," 50
				minutes out of each 60-minute segment;
(10) "Complex nonresidential property," the
				nonresidential property to be appraised, the form of ownership, or market
				conditions are atypical;
(11)
				"Complex one- to four-family residential property," the residential property to
				be appraised, the form of ownership, or market conditions are atypical, as
				described in §
									20:14:04:09;
(12) "Department," the Department of Labor
				and Regulation;
(13) "Distance
				education," any education process based on the geographical separation of
				student and instructor;
(14)
				"Evaluation," a valuation of real estate prepared for a federally insured
				depository institution for a transaction that, pursuant to regulations
				promulgated by one or more federal financial institution regulatory agencies,
				qualifies for the appraisal threshold exemption, business loan exemption, or
				subsequent transaction exemption;
(15) "Fed," the Board of Governors of the
				Federal Reserve System;
(16)
				"Federal financial institutions regulatory agencies," any of the following, as
				applicable: the Board of Governors of the Federal Reserve System, the Federal
				Deposit Insurance Corporation, the Office of the Comptroller of the Currency,
				or the National Credit Union Administration;
(17) "FDIC," the Federal Deposit Insurance
				Corporation;
(18) "Financial
				institutions," institutions regulated by the FDIC, OCC, Fed, and National
				Credit Union Administration;
(19)
				"FIRREA," the Financial Institutions Reform, Recovery, and Enforcement Act of
				1989, as amended, Pub. L.
				No. 101-73 (August 9, 1989), 103 Stat. 183,
				12 U.S.C. §§
										3311,
				3310 through
				3351 as amended to July 21,
				2010;
(20) "Guidelines," the
				Interagency Appraisal and Evaluation Guidelines that were issued by the federal
				financial institutions regulatory agencies and the Office of Thrift Supervision
				on December 2, 2010;
(21) "OCC,"
				the Office of the Comptroller of the Currency, Treasury Department;
(22) "Real estate," as defined in SDCL
				36-21A-11;
(23) "Registered trainee appraiser" an
				individual who has satisfied the requirements for the trainee level
				registration as a real estate appraiser as prescribed in this
				article;
(24) "Secretary," the
				secretary of the department;
(25)
				"State-certified general appraiser," an individual who has satisfied the
				requirements for the highest level of certification as a real estate appraiser
				as prescribed in this article;
(26)
				"State-certified residential appraiser," an individual who has satisfied the
				requirements for the highest level of residential certification as a real
				estate appraiser as prescribed in this article;
(27) "State-licensed appraiser," an
				individual who has satisfied the requirements for midlevel licensure as a real
				estate appraiser as prescribed in this article;
(28) "Tract development," a project of five
				units or more that is constructed or is to be constructed as a single
				development;
(29) "Uniform
				standards," Uniform Standards of Professional Appraisal Practice, as
				incorporated in §
									20:14:06:01; and
(30) "Written examination," an exam written
				on paper, or administered electronically on a computer workstation or other
				device.
General Authority:
SDCL
					 36-21B-3(2).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(2).
Interagency Appraisal and Evaluation
					 Guidelines
, adopted December 2, 2010, Office of the Comptroller of the
					 Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the
					 Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision
					 (OTS), and the National Credit Union Administration (NCUA). Copies may be
					 obtained free of charge from
https://www.fdic.gov/news/financial-institution-letters/2010/fil10082a.pdf
.