S.D. Admin. R. 20:14:05:07.01

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

Section 20:14:05:07.01 - Educational requirements for state-certified residential appraiser - Appraiser education

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.

S.D. Admin. R. 20:14:05:07.01

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; 35 SDR 175, effective 1/1/2009; 38 SDR 116, effective 1/10/2012; 44 SDR 27, effective 8/14/2017; 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.