reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:03 - Transaction value

Current through Register Vol. 51, page 10, July 15, 2024
For the purposes of this article, the transaction value is
				  defined as follows:
(1) For loans or
				other extensions of credit, the amount of the loan or extension of
				credit;
(2) For sales, leases,
				purchases, and investments in or exchanges of real estate, the market value of
				the real estate interest involved; and
(3) For the pooling of loans or interests in
				real estate for resale or purchase, the amount of the loan or market value of
				the real estate calculated for each such loan or interest in real
				estate.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-3.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:04 - Appraisal not required

Current through Register Vol. 51, page 10, July 15, 2024
To determine whether or not an appraisal is needed under
				  this article in connection with a federally related transaction, a financial
				  institution shall comply with the interagency appraisal and evaluation
				  guidelines as incorporated in §
									20:14:14:02 and the threshold
				  levels set by the federal financial institutions regulatory agencies, as
				  applicable. Threshold levels are specified in §
									20:14:04:05.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:05 - Threshold levels

Current through Register Vol. 51, page 10, July 15, 2024
Each federal financial institution's regulatory agency may
				  establish a threshold level at or below which a certified or licensed appraiser
				  is not required to perform appraisals in connection with federally related
				  transactions. The threshold level established by each federal financial
				  institutions regulatory agency is available in the applicable below referenced
				  Federal Register:
(1) National Credit
				Union Administration, 12 C.F.R. § 722, 85 Fed. Reg. 23909 (April 30,
				2020);
(2) OCC, 12 C.F.R. §
				34, 84 Fed. Reg. 53579 (October 8, 2019);
(3) FDIC, 12 C.F.R. § 323, 84 Fed. Reg.
				53579 (October 8, 2019);
(4) Fed,
				12 C.F.R. § 225, 84 Fed Reg. 53579 (October 8, 2019).
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:06 - Appraisal by state-certified general appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A state-certified general appraiser may appraise any type of
				  property without regard to transaction value or complexity. A state-certified
				  general appraiser is bound by the competency rule of the uniform standards and
				  §
									20:14:09:02.
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:06.01 - Appraisal by state-certified residential appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A state-certified residential appraiser may perform any
				  noncomplex nonresidential property appraisal with a transaction value of less
				  than $400,000 and any one- to four-family residential property appraisal
				  without regard to transaction value or complexity. This includes the appraisal
				  of vacant or unimproved land that is utilized for one-to four-family purposes
				  or for which the highest and best use is one-to four-family purposes. This does
				  not include the appraisal of subdivisions for which a development
				  analysis/appraisal is necessary. A state-certified residential appraiser is
				  bound by the competency rule of the uniform standards and §
									20:14:09:02.
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:07 - Appraisal by state-licensed appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A state-licensed appraiser may perform any noncomplex
				  nonresidential property appraisal or complex one- to four-family residential
				  property appraisal with a transaction value of less than $400,000 and any
				  noncomplex one- to four-family residential property appraisal with a
				  transaction value of less than $1,000,000. This includes the appraisal of
				  vacant or unimproved land that is utilized for one-to four-family purposes or
				  for which the highest and best use is one-to four-family purposes. This does
				  not include the appraisal of subdivisions for which a development
				  analysis/appraisal is necessary. A state-licensed appraiser is bound by the
				  competency rule of the uniform standards and §
									20:14:09:02.
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:08 - Presumption that one- to four-family residential properties are not complex

Current through Register Vol. 51, page 10, July 15, 2024
A regulated institution shall presume that an appraisal of a
				  one- to-four-family residential property is not complex unless the institution
				  has readily available information that the appraisal will be
				  complex.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-3.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:09 - Final determination of complexity

Current through Register Vol. 51, page 10, July 15, 2024
The regulated institution shall make the final determination
				  as to the complexity of the appraisal. If during the course of the appraisal a
				  state-licensed appraiser identifies factors that would cause the property, form
				  of ownership, the property characteristics or market conditions to be atypical,
				  then either the regulated institution may ask the state-licensed appraiser to
				  complete the appraisal and have a state-certified general appraiser or
				  state-certified residential appraiser approve and cosign the appraisal or the
				  institution may engage a state-certified general appraiser or state-certified
				  residential appraiser to complete the appraisal.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:10 - Appraisal by either a state-certified general, state-certified residential, or state-licensed appraiser

Current through Register Vol. 51, page 10, July 15, 2024
Appraisals for federally related transactions not requiring
				  the services of a state-certified general appraiser may be performed by either
				  a state-certified general, state-certified residential, or state-licensed
				  appraiser.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
Appraisal by state-certified general appraiser, §
											20:14:04:06.
Appraisal by state-certified residential appraiser, §
											20:14:04:06.01.
Appraisal by state-licensed appraiser, §
											20:14:04:07.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:12 - Assistance by registered trainee appraiser in preparation of appraisal reports

Current through Register Vol. 51, page 10, July 15, 2024
A registered trainee appraiser may assist in the preparation
				  of an appraisal report in connection with a federally related transaction which
				  requires the use of a state-certified residential or state-certified general
				  appraiser as prescribed in this chapter if the registered trainee appraiser is
				  directly supervised by a state-certified residential or state-certified general
				  appraiser and the final appraisal document is approved and signed by a
				  state-certified residential or state-certified general
				  appraiser.
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:12.01 - Registration of supervisory appraiser by registered trainee appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A registered trainee appraiser shall report the name of each
				  supervisory appraiser to the secretary on registration forms provided by the
				  secretary. A registered trainee appraiser may have more than one supervisory
				  appraiser. Registration of a supervisory appraiser is effective the day the
				  registration form is received by the secretary. Appraisal experience credit for
				  an assignment requiring a supervisory appraiser will be granted if the
				  supervisory appraiser is registered with the secretary at the time of the
				  assignment. The registered trainee appraiser shall report, in writing, to the
				  secretary any change of supervisory appraiser. The change shall be effective
				  upon receipt by the secretary.
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:12.02 - Responsibility of a registered trainee appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A registered trainee appraiser is responsible for:
(1) Jointly maintaining an appraisal log with
				each supervisory appraiser on a form provided by the secretary that includes
				each appraisal performed by the registered trainee appraiser to ensure it is
				accurate. Separate appraisal logs must be maintained for each supervisory
				appraiser; and
(2) Successfully
				completing an education program developed by the department regarding the role
				of the supervisory appraiser and the registered trainee appraiser. Successful
				completion of the education program includes passing the course
				examination.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(6)(7)(15).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:13 - Supervisory appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A supervisory appraiser shall be a state-certified
				  residential or state-certified general appraiser who has satisfied the
				  requirements in §
									20:14:04:14.
General Authority:
SDCL
					 36-21B-3(8).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:14 - Requirements of a supervisory appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A state-certified residential or state-certified general
				  appraiser desiring to supervise a registered trainee appraiser shall meet the
				  following supervisory appraiser requirements:
(1) Be certified by the department, in good
				standing in this state or any other jurisdiction in which the appraiser is
				certified. A supervisory appraiser is considered to be in good standing if the
				appraiser has not been subject to any disciplinary action within any
				jurisdiction that affects legal eligibility to engage in appraisal practice for
				three years after the successful completion or termination of any sanctions
				imposed;
(2) Have the knowledge and
				experience in the types of appraisal assignments that the supervisory appraiser
				is supervising pursuant to the competency rule of the uniform standards and
				§
									20:14:09:02;
(3) Have a minimum of three years appraisal
				experience as a state-certified residential or state-certified general
				appraiser and hold a South Dakota state-certified residential or
				state-certified general appraiser credential; and
(4) Successfully complete an education
				program developed by the department regarding the role of the supervisory
				appraiser and the registered trainee appraiser before supervision begins.
				Successful completion of the education program includes passing the course
				examination.
A supervisory appraiser may supervise no more than three
				  registered trainee appraisers at any one time except when the supervisory
				  appraiser, having met all of the supervisory certified appraiser
				  qualifications, provides experience training for registered trainee appraisers
				  in accordance with a progress monitored appraiser experience training program
				  developed and administered by the department.
General Authority:
SDCL
					 36-21B-3(1)(6)(12)(16).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(1)(6)(12)(16).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:15 - Application for supervisory appraiser approval

Current through Register Vol. 51, page 10, July 15, 2024
Any person who desires to supervise a registered trainee
				  appraiser under this article must apply in writing for approval as a
				  supervisory appraiser on a form provided by the secretary. The nonrefundable
				  application fee prescribed in §
									20:14:10:01 must accompany the
				  application form. The application, at a minimum, shall contain the
				  following:
(1) Name;
(2) Driver's license number;
(3) Social security number;
(4) Home and business addresses;
(5) Home and business telephone
				numbers;
(6) Business name where
				employed;
(7) Area of geographic
				competency;
(8) Certification of
				competency in one or more of the following specific appraisal assignments:
(a) Residential:
(i) One-to four family;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:16 - Supervisory appraiser approval renewal

Current through Register Vol. 51, page 10, July 15, 2024
To renew any current supervisory appraiser approval the
				  holder of the approval must file an application on a form provided by the
				  secretary and pay the renewal fee prescribed in §
									20:14:10:02. The fee shall be paid
				  to the secretary not more than 90 days and not less than 45 days before the
				  expiration date of the supervisory appraiser approval.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(4)(9),
					 36-21B-4(2).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:16.01 - Supervisory appraiser late renewal

Current through Register Vol. 51, page 10, July 15, 2024
If renewal of the supervisory appraiser approval is not
				  accomplished within the period prescribed in §
									20:14:04:16, the applicant may
				  renew within six months following its expiration by paying the renewal fee
				  prescribed in §
									20:14:10:02 plus the applicable
				  late renewal fee prescribed in §
									20:14:10:04. The secretary may
				  refuse to renew the supervisory appraiser approval if the applicant continues
				  supervisory appraiser activities, as defined in this article, in this state
				  following the expiration of the approval.
General Authority:
SDCL
					 36-21B-3(9).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(4)(9),
					 36-21B-4(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:04 - Transactions requiring qualified appraisers › Section 20:14:04:17 - Responsibilities of the supervisory appraiser

Current through Register Vol. 51, page 10, July 15, 2024
The supervisory appraiser for a registered trainee appraiser
				  is responsible for:
(1) Training,
				guidance, and direct supervision of the registered trainee appraiser;
(2) Mentoring of the registered trainee
				appraiser;
(3) Personally
				inspecting:
(a) A minimum of 25 residential
				subject properties with the registered trainee appraiser if the registered
				trainee appraiser is seeking the state-licensed or state-certified residential
				appraiser credential. If the registered trainee appraiser seeking the
				state-licensed or state-certified residential appraiser credential includes the
				appraisal of nonresidential properties, the supervisory appraiser shall
				personally inspect all nonresidential subject properties up to 15 properties
				with the registered trainee appraiser; or
(b) A minimum of 15 nonresidential subject
				properties with the registered trainee appraiser if the registered trainee
				appraiser is seeking the state-certified general appraiser credential. If the
				registered trainee appraiser seeking the state-certified general appraiser
				credential includes the appraisal of residential properties the supervisory
				appraiser shall personally inspect all residential subject properties up to 25
				properties with the registered trainee appraiser.
If the minimum personal inspections by the supervisory
				  appraiser have been met and the registered trainee appraiser does not
				  demonstrate competence in the appraisal work as required in §
											20:14:09:02, the supervisory
				  appraiser shall continue the personal inspections until competence is
				  demonstrated.
If a registered trainee appraiser has more than one
				  supervisory appraiser, all of the personal inspections of each of the
				  supervisory appraisers may be totaled to meet the minimum personal inspections
				  required by this subdivision;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:01 - Qualifications

Current through Register Vol. 51, page 10, July 15, 2024
To qualify as a registered trainee, state-licensed,
				  state-certified residential, or state-certified general appraiser, an applicant
				  must meet the applicable examination, education, and experience requirements
				  prescribed in this article. After being certified, licensed, or registered, an
				  individual must meet the continuing education requirement in §
									20:14:13:01.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(5)(6)(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:01.01 - Qualifications for certified or licensed appraisers that move to the state

Current through Register Vol. 51, page 10, July 15, 2024
If a state-certified general, state-certified residential,
				  or state-licensed appraiser moves to the state and holds a valid credential, in
				  good standing issued by the appraiser's home state or any other jurisdiction,
				  the secretary may issue an equivalent credential to the appraiser if the
				  appraiser complies with the following requirements:
(1) Submits an application on a form provided
				by the secretary;
(2) Certifies
				that the applicant is licensed or certified to appraise real estate in the
				applicant's home state or any other jurisdiction;
(3) Certifies that disciplinary proceedings
				are not pending against the applicant in the applicant's home state or any
				other jurisdiction;
(4) Provides a
				signed affidavit; and
(5) Pays the
				application fee prescribed in §
									20:14:10:01.
General Authority:
SDCL
					 36-21B-3(1)(4).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(1)(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:01.02

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21B-3(1)(6).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(1)(6).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:02 - Examination

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a state-licensed, state-certified
				  residential, or state-certified general appraiser credential must have
				  completed the education and experience requirements prescribed in this chapter
				  prior to approval to sit for an Appraiser Qualifications Board Approved
				  Appraiser National Uniform Examination.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(5).
State-certified general appraiser education, §§
											20:14:05:08 and
					 20:14:05:08.01.
State-certified general appraiser experience, §
											20:14:05:04.
State-certified residential appraiser education,
					 §§
											20:14:05:07.01 and
					 20:14:05:07.02.
State-certified residential appraiser experience, §
											20:14:05:03.01.
State-licensed appraiser education, §
											20:14:05:07.
State-licensed appraiser experience, §
											20:14:05:03.
Registered trainee appraiser education, §
											20:14:05:06.01.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:02.00 - Examination approval - Time limit

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a state-certified general, state-certified
				  residential, or state-licensed appraiser credential approved to take the
				  National Uniform Appraiser Examination shall successfully complete the
				  examination within 24 months from the date of approval. If the applicant does
				  not successfully complete the examination within the time limit under this
				  section, the applicant may apply pursuant to §
									20:14:03:01 and pay the
				  application fee prescribed in §
									20:14:10:01. The examination is
				  valid for a period of 24 months from the date of successful
				  completion.
General Authority:
SDCL
					 36-21B-3(5).
Law Implemented:
SDCL
					 36-21B-3(5).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:02.01 - Experience requirements for registered trainee appraiser

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for registered trainee appraiser credential is
				  not required to have any appraisal experience. After being issued a credential
				  by the department a registered trainee appraiser may accumulate experience when
				  the appraiser begins work on any appraisal that includes experience hours that
				  will qualify as acceptable appraisal experience in accordance with §
									20:14:05:05.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:03 - Experience requirements for state-licensed appraiser

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for state-licensed appraiser credential shall
				  have a minimum of 6 months and 1,000 hours of appraisal
				  experience.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:03.01 - Experience requirements for state-certified residential appraiser

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for state-certified residential appraiser
				  credential shall have a minimum of 12 months and 1,500 hours of appraisal
				  experience of which at least 750 hours are in residential appraisal work. The
				  applicant shall submit for review at least two small income-producing property
				  appraisal reports. Each report shall include all three approaches to value.
				  "Residential" is defined as one- to four-family residential
				  units.
General Authority:
SDCL
					 36-21B-3(7).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:04 - Experience requirements for state-certified general appraiser

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a state-certified general appraiser
				  credential shall have a minimum of 18 months and 3,000 hours of appraisal
				  experience of which at least 1,500 hours are in nonresidential appraisal work.
				  The applicant shall submit for review a minimum of two nonresidential appraisal
				  reports. Both of the reports shall include all three approaches to value.
				  "Residential" is defined as one- to four-family residential
				  units.
General Authority:
SDCL
					 36-21B-3(7)(17).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:05 - Acceptable experience

Current through Register Vol. 51, page 10, July 15, 2024
The following are acceptable as appraisal experience:
(1) Appraisal;
(2) Appraisal review;
(3) Appraisal consulting; and
(4) Mass appraisal.
For a real estate lending officer or a real estate broker the
				  actual performance of a real estate appraisal and a professional review of a
				  real estate appraisal, are acceptable as appraisal experience.
An appraisal does not require a client to be accepted as an
				  appraisal experience. A person gaining experience may perform an appraisal on
				  property where the resulting appraisal report does not have a client who will
				  use the report for any type of business purpose.
General Authority:
SDCL
					 36-21B-3(7)(17).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(7)(17)
Note:
An appraisal without a client is
					 comparable to a demonstration report where the goal is to demonstrate
					 competency.
Registration of supervisory appraiser by registered
					 trainee appraiser, §
											20:14:04:12.01.
Responsibilities of supervisory appraiser, §
											20:14:04:17.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:05.01 - Experience - Review of appraisals by secretary

Current through Register Vol. 51, page 10, July 15, 2024
The secretary may review appraisals completed by an
				  applicant. The secretary may select the appraisals from an appraisal log
				  submitted by the applicant on forms provided by the department. Separate
				  appraisal logs shall be maintained for each supervisory appraiser, if
				  applicable. The secretary shall determine if the completed appraisals conform
				  to §
									20:14:06:01 and the competence
				  provision in §
									20:14:09:02.
General Authority:
SDCL
					 36-21B-3(3)(7)(17)(18).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(3)(17).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:05.02 - Experience - Documentation requirements

Current through Register Vol. 51, page 10, July 15, 2024
Appraisal reports submitted as documentation of experience
				  must comply with the generally accepted uniform standards of professional
				  appraisal practice as incorporated in §
									20:14:06:01 for the type of real
				  estate as of the time the work was completed.
General Authority:
SDCL
					 36-21B-3(3)(7)(17).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(3)(17).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:05.03 - Experience - Time spent on the appraisal process

Current through Register Vol. 51, page 10, July 15, 2024
The experience requirements must be satisfied by the time
				  spent on the appraisal process. The appraisal process consists of analyzing
				  factors that affect value; defining the problem; gathering and analyzing data;
				  applying the appropriate analysis and methodology; and arriving at an opinion
				  and correctly reporting the opinion in compliance with the uniform
				  standards.
General Authority:
SDCL
					 36-21B-3(3)(7).
Law Implemented:
SDCL
					 36-21B-3(1)(3)(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:05.04 - Experience - Time limit

Current through Register Vol. 51, page 10, July 15, 2024
No experience obtained before February 1, 1989, may be used
				  to meet the experience requirements of this chapter.
General Authority:
SDCL
					 36-21B-3(7).
Law Implemented:
SDCL
					 36-21B-3(1)(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:05.05 - Experience - Review of appraisals by secretary midway to upgrade

Current through Register Vol. 51, page 10, July 15, 2024
When a registered trainee appraiser has achieved at least
				  fifty percent of the experience hours required to upgrade to the
				  state-licensed, state-certified residential, or state-certified general
				  appraiser credential, the registered trainee appraiser may request from the
				  secretary an appraisal review of an appraisal completed by the registered
				  trainee appraiser. The registered trainee appraiser may submit a maximum of two
				  appraisals for review pursuant to this section.
The appraisal review shall be for compliance with:
(1) The uniform standards, as adopted
				pursuant to §
									20:14:06:01;
(2) The additional assignment conditions, as
				required pursuant to §
									20:14:06:01.01; and
(3) The competency requirement pursuant to
				§
									20:14:09:02.
The department shall provide a copy of the appraisal review
				  report to the registered trainee appraiser and the supervisory
				  appraiser.
If the appraisal review reveals that the appraisal is not in
				  compliance, the secretary may prescribe remedial education. The secretary may
				  not take disciplinary action against the registered trainee appraiser or the
				  supervisory appraiser for non-compliant appraisal work found pursuant to this
				  section.
If the appraisal review reveals that the appraisal is in
				  compliance, the registered trainee appraiser shall be granted credit for the
				  compliant appraisal report when the registered trainee appraiser applies to
				  upgrade to a higher appraiser credential.
General Authority:
SDCL
					 36-21B-3(3)(7)(17)(18).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(1)(3)(7)(17)(18).
State-certified general appraiser experience, §
											20:14:05:04,
State-certified residential appraiser experience, §
											20:14:05:03.01,
State-licensed appraiser experience, §
											20:14:05:03.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:06 - Experience - Verification

Current through Register Vol. 51, page 10, July 15, 2024
An applicant shall, upon request of the secretary, verify
				  appraisal experience credit claimed by submitting documentation in the form of
				  reports, certifications, or file memoranda, or, if such reports and memoranda
				  are unavailable for good cause, other evidence, approved by the secretary, to
				  support the applicant's experience claimed.
General Authority:
SDCL
					 36-21B-3(7).
Law Implemented:
SDCL
					 36-21B-3(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:06.01 - Educational requirements for registered trainee appraiser

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a registered trainee appraiser credential
				  shall have completed 75 creditable class hours of approved qualifying education
				  completed within the five-year period prior to the date of the application,
				  which includes successful completion of each course examination. Acceptable
				  education is the Appraiser Qualifications Board required core curriculum as
				  follows:
(1) Basic appraisal
				principles -- 30 hours;
(2) Basic
				appraisal procedures -- 30 hours; and
(3) Fifteen hour qualifying course that
				covers the uniform standards as adopted in §
									20:14:06:01.
General Authority:
SDCL
					 36-21B-3(3)(6).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(3)(6).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:06.02 - Education program for registered trainee appraiser

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a registered trainee appraiser credential
				  shall complete an education program pursuant to §
									20:14:04:12.02 prior to issuance
				  of the credential. The education program classroom hours are not eligible
				  towards the qualifying or continuing education requirements.
General Authority:
SDCL
					 36-21B-3(1)(6).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(1)(6).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:07 - Educational requirements for state-licensed appraiser - Appraiser education

Current through Register Vol. 51, page 10, July 15, 2024
The following educational requirements apply to
				  state-licensed appraisers:
(1) An
				applicant for examination as a state-licensed appraiser credential shall
				complete the 150 creditable class hours of approved qualifying education
				specified in paragraphs (1)(a) through (1)(g), which includes successful
				completion of each course examination. Acceptable education is the Appraiser
				Qualifications Board's required core curriculum as follows:
(a) Basic appraisal principles -- 30
				hours;
(b) Basic appraisal
				procedures -- 30 hours;
(c) 15-hour
				qualifying course that covers the uniform standards as adopted in §
										20:14:06:01;
(d) Residential market analysis and highest
				and best use -- 15 hours;
(e)
				Residential appraiser site valuation and cost approach -- 15 hours;
(f) Residential sales comparison and income
				approaches -- 30 hours; and
(g)
				Residential report writing and case studies -- 15 hours.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:07.01 - Educational requirements for state-certified residential appraiser - Appraiser education

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for examination as a state-certified residential
				  appraiser credential shall have completed 200 creditable class hours of
				  approved qualifying education which includes successful completion of each
				  course examination. Acceptable education is the Appraiser Qualifications
				  Board-required core curriculum as follows:
(1) Basic appraisal principles -- 30
				hours;
(2) Basic appraisal
				procedures -- 30 hours;
(3)
				Fifteen-hour qualifying course that covers the uniform standards as adopted in
				§
									20:14:06:01;
(4) Residential market analysis and highest
				and best use -- 15 hours;
(5)
				Residential appraiser site valuation and cost approach -- 15 hours;
(6) Residential sales comparison and income
				approaches -- 30 hours;
(7)
				Residential report writing and case studies -- 15 hours;
(8) Statistics, modeling, and finance -- 15
				hours;
(9) Advanced residential
				applications and case studies -- 15 hours;
(10) Appraisal subject matter electives -- 20
				hours.
A registered trainee appraiser may satisfy the appraiser
				  educational requirements for the state-certified residential appraiser
				  credential by completing the following additional educational hours:
(1) Residential market analysis and highest
				and best use -- 15 hours;
(2)
				Residential appraiser site valuation and cost approach -- 15 hours;
(3) Residential sales comparison and income
				approaches -- 30 hours;
(4)
				Residential report writing and case studies -- 15 hours;
(5) Statistics, modeling, and finance -- 15
				hours;
(6) Advanced residential
				applications and case studies -- 15 hours; and
(7) Appraisal subject matter electives -- 20
				hours.
A state-licensed appraiser may satisfy the appraiser
				  educational requirements for the state-certified residential appraiser
				  credential by completing the following additional educational hours:
(1) Statistics, modeling, and finance -- 15
				hours;
(2) Advanced residential
				applications and case studies -- 15 hours; and
(3) Appraisal subject matter electives -- 20
				hours.
General Authority:
SDCL
					 36-21B-3(3)(6).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(3)(6).
Requirement for qualifying education credit, §
											20:14:13:03.01;
Application for course approval, §
											20:14:13:07.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:07.02 - Educational requirements for state-certified residential appraiser - General education

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for the state-certified residential appraiser
				  credential must satisfy one of the following general education options:
(1) Hold a bachelor's degree, or higher from
				an accredited college or university.
(2) Hold an associate degree from an
				accredited college or university in a field of study related to:
(a) Business administration:
(b) Accounting;
(c) Finance;
(d) Economics; or
(e) Real estate.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:07.03

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21B-3(3)(6).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(3)(6).
Requirement for qualifying education credit, §
											20:14:13:03.01.
Application for course approval, §
											20:14:13:07.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:07.04 - Alternative to general educational requirements of the state-certified residential appraiser credential for state-licensed appraiser

Current through Register Vol. 51, page 10, July 15, 2024
A state-licensed appraiser may, as an alternative to the
				  general education requirements as prescribed in §
									20:14:05:07.02, qualify for
				  upgrade to state-certified residential appraiser if all of the following
				  requirements have been satisfied:
(1)
				Has held a state-licensed appraiser credential for a minimum of five
				years;
(2) Has not been subject to
				any disciplinary action within any jurisdiction that affects legal eligibility
				to engage in appraisal practice within the five years preceding an application
				for state-certified residential appraiser;
(3) Has met all of the experience
				requirements for state-certified residential appraiser as prescribed in §
									20:14:05:03.01. and
(4) Has met all of the appraiser education
				requirements for state-certified residential appraiser as required in §
									20:14:05:07.01.
General Authority:
SDCL 36-216-3(7).
Law Implemented:
SDCL
					 36-21B-136-21B-3(1)(6)(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:08.01 - Educational requirements for state-certified general appraiser - General education

Current through Register Vol. 51, page 10, July 15, 2024
Applicants for the state-certified general appraiser
				  credential must hold a bachelor's degree or higher from an accredited college
				  or university.
The college or university must be a degree-granting
				  institution accredited by the Commission on Colleges, a regional or national
				  accreditation association, or by an accredited agency that is recognized by the
				  U.S. Secretary of Education.
General Authority:
SDCL
					 36-21B-3(3)(6).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(3)(6).
Requirement for qualifying education credit, §
											20:14:13:03.01.
Application for course approval, §
											20:14:13:07.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:08.02 - Education - Real estate degree

Current through Register Vol. 51, page 10, July 15, 2024
Credit toward qualifying education requirements may also be
				  obtained via the completion of a degree in real estate from an accredited
				  degree-granting college or university approved by the Association to Advance
				  Collegiate Schools of Business, or a regional or national accreditation agency
				  recognized by the U.S. Secretary of Education, provided that the college or
				  university has had its curriculum reviewed and approved by the Appraiser
				  Qualifications Board.
The Appraiser Qualifications Board may maintain a list of
				  approved college or university degree programs, including the required core
				  curriculum and appraisal subject matter elective hours satisfied by the award
				  of the degree. Candidates for an appraiser credential who are awarded degrees
				  from institutions are required to complete all additional education required
				  for the credential, in which the approved degree is judged to be deficient by
				  the Appraiser Qualifications Board.
General Authority:
SDCL
					 36-21B-3(6)(7).
Law Implemented:
SDCL
					 36-21B-3(6)(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:11 - Education - Time limit

Current through Register Vol. 51, page 10, July 15, 2024
There is no time limit for obtaining qualifying education
				  credit for state-certified general, state-certified residential, and
				  state-licensed appraiser credentials.
General Authority:
SDCL
					 36-21B-3(6)
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(6).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:12.01 - Substitution of education

Current through Register Vol. 51, page 10, July 15, 2024
Experience may not be substituted for
				  education.
General Authority:
SDCL
					 36-21B-3(7).
Law Implemented:
SDCL
					 36-21B-3(1)(7).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:19 - Upgrade of credential

Current through Register Vol. 51, page 10, July 15, 2024
To qualify to upgrade a credential, a registered trainee,
				  state-certified residential, or state-licensed appraiser must do the
				  following:
(1) Submit an application
				as prescribed in §
									20:14:03:01;
(2) Submit an appraisal log for review as
				prescribed in §
									20:14:05:05.01;
(3) Meet the minimum qualifications for
				certification or licensure in this chapter; and
(4) Pay the fees in §§
									20:14:10:01 and
				20:14:10:05.
General Authority:
SDCL
					 36-21B-3.
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(4)(7),
					 36-21B-4.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:20 - Upgrade from state-registered to state-licensed appraiser - Challenge to experience requirements - Denial of challenge.Repealed

Current through Register Vol. 51, page 10, July 15, 2024
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:14 - APPRAISERS › Chapter 20:14:05 - Qualifications for certification, licensure, and registration › Section 20:14:05:21 - Acceptable alternative appraisal experience

Current through Register Vol. 51, page 10, July 15, 2024
Experience obtained through an alternative method other than
				  the traditional supervisor and registered trainee appraiser model must satisfy
				  the experience requirements for state-licensed, state-certified residential,
				  and state-certified general appraiser credentials. Acceptable alternative
				  methods for appraisal experience are:
(1) Practicum courses that are approved by
				the Appraiser Qualifications Board Course Approval Program or another state
				appraiser regulatory agency;
(2)
				Practical Applications of Real Estate Appraisal (PAREA) programs approved by
				the Appraiser Qualifications Board Course Approval Program. Partial credit must
				not be granted for completing only a portion of a PAREA program. Experience
				credit must be granted upon verification of successful completion of an entire
				PAREA program for the state-licensed or state-certified residential appraiser
				credential, as applicable; and
(3)
				An experience training program administered in accordance with chapter
				20:14:15.
General Authority:
SDCL
					 36-21B-3(1)(21).
Law Implemented:
SDCL
					 36-21B-1,
					 36-21B-3(1)(21).
The Real Property Appraiser Qualification Criteria
					 and Interpretations of the Criteria,
effective January 1, 2022, The
					 Appraisal Foundation, Appraiser Qualifications Board. Copies may be obtained
					 from The Appraisal Foundation, free of charge at
https://appraisalfoundation.org/imis/TAF/Standards/Qualification_Criteria/Qualification_Criteria_
					 RP_/TAF/AQB_RPAQC.aspx?hkey=5ec61b8d-751b-4a97-90b1-9b3dae51beea
.