S.D. Admin. R. 20:14:05:07

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:14:05:07 - Educational requirements for state-licensed appraiser - Appraiser education

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.

(2) A registered trainee appraiser may satisfy the educational requirements for the state-licensed appraiser classification by completing the following additional educational hours specified in paragraphs (2)(a) through (2)(d):

(a) Residential market analysis and highest and best use -- 15 hours;

(b) Residential appraiser site valuation and cost approach -- 15 hours;

(c) Residential sales comparison and income approaches -- 30 hours; and

(d) Residential report writing and case studies -- 15 hours.

(3) A registered trainee appraiser may satisfy the educational requirements for the state-licensed appraiser classification by completing the following additional educational hours specified in paragraphs (3)(a) through (3)(e) if the registered trainee appraiser is seeking the state-certified general appraiser credential and the experience includes nonresidential appraisal work:

(a) General market analysis and highest and best use -- 30 hours;

(b) General sales comparison approach -- 30 hours;

(c) General income approach -- 60 hours;

(d) General site valuation and cost approach -- 30 hours; and

(e) General report writing and case studies -- 30 hours.

S.D. Admin. R. 20:14:05:07

18 SDR 36, effective 8/25/1991; 19 SDR 12, effective 8/3/1992; 20 SDR 9, effective 8/1/1993; 21 SDR 49, effective 9/18/1994; 22 SDR 91, effective 1/1/1996; 23 SDR 113, effective 1/12/1997; 24 SDR 91, effective 1/8/1998; 32 SDR 109, adopted December 7, 2005, effective 1/1/2008; 33 SDR 2, adopted June 29, 2006, effective 1/1/2008; 35 SDR 175, effective 1/1/2009; 38 SDR 116, effective 1/10/2012; 38 SDR 214, effective 6/21/2012; 44 SDR 27, effective 8/14/2017; 47 SDR 071, effective 12/14/2020; 49 SDR 048, effective 11/22/2022

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.