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					S     OUTH
      Real Estate VIEW
                                                           DAKOT
                                                             Published by the SDREC            A
VOLUME 54                              August/September 2009                                   NUMBER 4




                                  Short Sales and Agency
                                        6 hours Required*
               * (this course is not approved for continuing education hours for appraisers)
                             Presented by Lynn Madison, DREI
                                 Lynn Madison Seminars

    Wednesday, September 9 – Pierre Ramkota RiverCentre – 920 W. Sioux Ave.
 Thurs., Sept. 10 – Rapid City Rushmore Plaza Civic Center – 444 N. Mt. Rushmore Rd.
              Friday, September 11 – Spearfish Holiday Inn – I-90 Exit 14
           Monday, September 28 – Aberdeen Ramkota – 1400 8th Ave. NW
          Tuesday, September 29 – Watertown Ramkota – 1901 9th Ave. SW
  Wednesday, September 30 – Sioux Falls Holiday Inn City Centre – 100 W. 8th St.
           Thursday, October 1 – Sioux Falls Ramkota – 3200 W. Maple St.
   Please make note of the event LOCATIONS for this caravan. The SIOUX FALLS caravan
                          courses are at TWO DIFFERENT SITES!

              Registration begins at 8:15 a.m. Course is scheduled from 9 a.m to 4 p.m.
        Pre-registration is required to guarantee admission and is STRONGLY ENCOURAGED.
                      Deadline to pre-register is 5 days before event date.
                   Use the registration form on the back page of this newsletter.

                Registration Fee: $50.00 (including cookies during morning break)
               The Commission will retain $20 of any refunded registration fee.

     The SDREC has a strict attendance policy and expects participants to attend the entire session.
        For special needs or access assistance, call the Commissions office at (605) 773-3600.

               Registration Form can be found on the BACK of this newsletter.
                                       Inside This Issue
   From the Director                                   Fall Caravan Speaker, Lynn Madison
   Regulatory News from Around the Country             Continuing Education Corner
   Disciplinary Actions                                Appraiser’s Update
                                                                            SOUTH DAKOTA Real Estate VIEW 1
                                                       At the Commission’s request, Applied
                                                  Measurement Professionals (AMP) who
                                                                                                    Continuing Education
                                                  administers the South Dakota real estate                 Corner
                         From the                 licensing exam will soon be implementing           By Karen Callahan, Education Director
                                                  a change in the way the multiple-choice
                         Director’s               exam is scored. Currently, the score from              Getting back to basics. This seems to
                           Desk                   the state portion of the multiple-choice          be a theme when it comes to the real
                                                  licensing exam is combined with the scores        estate education program in South Dakota
                                                  from the national portion. In reviewing all       lately.
                                                  the scores, it was discovered that some                As a result of the legislative change
     It’s hard to believe that summer is          individuals had failing scores on the state
almost over and it will soon be time for the                                                        to increase the prelicensing course from
                                                  portion, but with combined scores, they           100 to 116 hours, our prelicensing course
Commission’s Fall Caravan. Be sure to             had an overall passing score.          The
mark your calendar to take advantage of                                                             providers have been hard at work
                                                  Commission feels it is imperative for all         expanding on the material covered in their
this valuable education session presented         South Dakota licensees to be proficient in
by the popular educator Lynn Madison. Of                                                            classrooms. They have had to go back to
                                                  the real estate laws of this State.               the basics of re-writing outlines,
special interest will be her session on short     Therefore, it has recently entered into a
sales. The Caravan registration form is                                                             coursework and exams. It’s a tedious but
                                                  contract with AP to separate the score of         important task and their efforts are
appears in this issue and is also available at    the South Dakota portion from those of the
the Commission’s website.                                                                           appreciated.
                                                  national portion. This transition will take            The need to reinforce the basics
     At a recent conference that I attended,      place sometime this fall.
jurisdictional updates were given by the                                                            prompted       the    implementation      of
                                                       Schools will be in session soon, so          postlicensing education requirements for
attendees.        Most jurisdictions are          please drive safely through school zones.
concerned about budget restraints,                                                                  brand new broker associates licensed after
especially hiring and travel restrictions.                                                          July 1st.    By placing the emphasis on
Another major concern is dealing with                                DjN                            fundamentals, new agents will receive the
unlicensed individuals who engage in the                                                            education they need the most early in their
practice of real estate.            Very few                                                        real estate careers. The SDREC office
jurisdictions have regulatory authority over            Child Support                               has been and continues to re-evaluate
this type of activity, but there are some and                                                       existing continuing education courses to
those numbers appear to be increasing.
                                                        Payments and                                determine which ones also qualify as
                                                                                                    postlicensing courses.
License counts always reflect the market,              License Renewal                                   Our featured speaker for the fall
so most jurisdictions reported a decrease in
licensees. South Dakota numbers are                   A reminder for licensees with past            caravan, Lynn Madison, will cover two
down about 5%.                                    due child support obligations                     different topics. Short sales are
     I’ve been receiving calls regarding                                                            unfortunately becoming a familiar
licensees who refer buyer clients to only              Under SDCL 25-7A-56, … “No state             occurrence. Lynn’s presentation will offer
one home inspector, even though there             agency or board may issue or renew the            some good information to help licensees
may be several available in the area of the       professional, sporting, or recreational           guide their clients through this process.
subject property. In cases like this, the         license, registration, certification, or permit   The other featured topic is agency. This is
licensee is subjected to a much higher risk.      of any applicant after receiving notice from      not a new topic, but an extremely
Should the home inspector fail to report a        the Department of Social Services that the        important     one.     In   fact,    agency
defect and the licensee’s client pursues          applicant has support arrearages in the sum       relationships are probably one of the
legal action, a judge could find the licensee     of one thousand dollars or more, unless the       biggest reasons continuing education
vicariously liable. The legal principle of        applicant     first     makes      satisfactory   requirements exist! It is certainly the root
vicarious liability applies to holding one        arrangements with the Department of               cause of many inquiries by the public to
person liable for the actions of another          Social Services for payment of any                the SDREC office. The caravan will offer
when engaged in some form of joint or             accumulated arrearages….”                         both new and veteran licensees alike an
collective activity. It’s best to let the buyer        The SDREC office receives an                 opportunity to go back to basics.
client select the home inspector. However,        updated report on a monthly basis of              Licensees with questions on agency –
a licensee should protect the buyer client        individuals on the child support                  here’s your chance to get some answers!
by advising the client to select a home           enforcement arrearages list. If a real estate          And finally, what could be more
inspector who is properly insured. The            licensee is on this list at the time of           basic than a little License Renewal 101?
client should also be advised to read the         his/her license renewal, the SDREC                For those of you who will be renewing
“Stop Before Buying” section of the               CANNOT process the license renewal                your license this year, it is important to
Consumer Guide which addresses the                until the Dept. of Social Services notifies       know where you’re at with your
importance of home inspections.                   the SDREC office that satisfactory                education. If you still need hours, don’t
                                                  payment arrangements have been made.              wait until the last minute!

                                                                                                      SOUTH DAKOTA Real Estate VIEW 2
                                                   Lynn has served on the NAR Cultural      Andersen, Shane C – Brookings
                            Fall              Diversity/EOH and Risk Management             Bjornson, Jesse L – Watertown
                         Caravan              Committers, and currently serves on           Dougherty, Shon P – Sioux Falls
                                              NAR's Professional Standards Committee.       Higman, Lily S – N. Sioux City, IA
                         Featured                  At the state level, Lynn's involvement   James, Kathleen K – Madison
                         Speaker:             has included:                                 Kringen, Rachael R – Sioux Falls
                                                   Chair of the Political Fund Raising      Kruger, Dean A – Inwood, IA
                           Lynn               Committee                                     Lund, Marty L – Harrisburg
                                                   Chair of the Illinois Professional       Mehlhoff, Jonathan – Rapid City
                         Madison              Standards Committee                           Osborn, Brent S – Redfield
                                                   Chair of Illinois' GRI Committee,        Osborn, Michelle M – Redifeld
                             Lynn is the           Chair of Illinois' Convention            Parks, Benjamin A – Sioux Falls
owner of Lynn Madison Seminars, Inc., a       Committee                                     Souvignier, Ted E – Canton
full-service training and development              Illinois License Law Rewrite Task        Viereck, Kelli L – Sioux Falls
company devoted to the advancement of         Force                                         White, Suzanne M – Rapid City
professionalism in real estate.                    License Law Scope and Structure
                                              Working Group                                 Reg. Home Inspector
     Lynn has been a speaker at the NAR                                                     Fritsch, Jr., Francis A – Moorcroft, WY
convention for over a decade and has               Equal Opportunity Working Group
spoken to REALTORS® in Louisiana,             Education Committee
                                                   Strategic Planning Committee             Res. Rental Agent
where she has been teaching agency and                                                      Fergen, Lyn R – Brookings
GRI courses since 1997, as well as                 Locally, Lynn serves as a Director of
                                              the Main Street Organization of               Torgerson, Daleen - Spearfish
conducting seminars in Michigan,
Wisconsin, North and South Dakota,            REALTORS and has served her local             Salesperson
Georgia, Texas, Arkansas, Oklahoma,           association as a member of Education,         Gabriel, Lowell G – Alden, MN
Florida - the list goes on. Lynn also         Strategic      Planning,      EOH,      and   Hiserote, Chanthala – S. Sioux City, NE
conducts the new member orientation           Professional Standards committees. She        Olson, Matthew R – Hawley, MN
programs for many of the Realtor              is currently their RPAC Fundraising Co-       Stokes, Adam P – Coralville, IA
Associations in northern Illinois on an on-   Chair and has recently spent over sixteen
going basis.                                  months on the Multi-Board Sales Contract
                                              Re-write Group.
     Lynn has been active in developing
and delivering not only Illinois'                  Lynn is ITI certified, a member of the      License and E&O
continuing education programs since           Real Estate Educators Association. She is
                                              an NAR Educator of the Year award
                                                                                              Renewal Reminders
1992, she is also a certified CE instructor
in over 40 other states. She conducts over    winner and has received Educator of the              Errors & Omissions Insurance
250 sessions annually. Lynn was honored       Year honors from the Illinois Educators'        Annual Premium Notices and License
to be chosen by NAR to do the pilot           Association. She was honored with the           renewal forms will be mailed out in
program of the new One America: At            Realtor of the Year award from her local        early October. E&O premiums for
Home with Diversity program and not           association as well as numerous                 licensees on the group policy are due
only conducts the program but also does       Distinguished Service and Key awards            ANNUALLY, regardless of when the
the train-the-trainer for new Diversity       from both her state and local associations.     license and are due in the SDREC
instructors.                                                                                  office no later than November 30.
     As a Senior Instructor for REBAC's              New Licensees                            License renewal forms will be sent out
ABR program, Lynn not only conducts                                                           ONLY for those licensees who are due
the program nationwide, she is involved         The South Dakota Real Estate                  to renew at the end of 2009.
in its development and instructor             Commission would like to welcome the                 The notices will be mailed directly
certification program. In 2004 she was        following new licensees.                        to licensees at their office addresses.
inducted into the REBAC Hall of Fame.                                                         Inactive licensees will receive the
Her involvement in WCR has given her          Auctioneer                                      renewal notices at their home
the opportunity to be in on the ground        Souvignier, Ted E - Canton                      addresses. As a reminder, the renewals
floor of their dynamic new Performance                                                        must be received by the SDREC office
                                              Broker
Management Network program and the                                                            by November 30 or a late fee will be
                                              Gass, Jared – Arlington
development and presentation of their                                                         assessed – this is NOT a postmark
                                              Geditz, Kiana – Colorado Springs, CO
Negotiating, Harnessing the Power and                                                         deadline
                                              Kinzey, Cynthia L – Sergeant Bluff, IA
other programs. Lynn has co-authored the                                                           If your education is not completed,
                                              Vlaminck, Jerald P – Delano, MN
Short Sales and Foreclosure program for                                                       NOW is the time to take some courses!
REBAC as well.                                Broker Associate
                                              Amdahl, Alana C – Sioux Falls

                                                                                              SOUTH DAKOTA Real Estate VIEW 3
                                                   Nevada Passes BPO Bill                     who prepares or provides the broker’s
    Real Estate                                    A bill that establishes detailed           price    opinion      including,    without
Regulatory News from                          standards for the generation of brokers'        limitation, the possibility of a licensee
                                              price opinions (BPOs) has been passed by        representing the seller or purchaser;
  Around the U.S.                             the Nevada State Legislature and signed              • The license number, name and
  (used with permission from ARELLO)          into law. Under the terms of the bill, SB       signature of every licensee who prepares
                                              184, active Nevada real estate licensees in     or provides the broker’s price opinion;
     Washington         Adopts       Home     good standing will be permitted to prepare      and
Inspector Referral Rule                       and provide a BPO and collect a fee for              • If a licensee who prepares or
     A new rule promulgated by the            that service, but only if the BPO complies      provides the broker’s price opinion is a
Washington Real Estate Commission             with various content and disclosure             real estate salesman or a real estate
requires licensed designated real estate      requirements.                                   broker-salesman, the name of the real
brokers to establish a written office              The bill defines a broker’s price          estate broker with whom the licensee is
policy that includes a procedure for the      opinion as "a written analysis, opinion or      associated.
referral of home inspectors to buyer and      conclusion that a [real estate licensee]             S.B. 184 also mandates that all BPOs
sellers. The rule ensures consumer            prepares... relating to the estimated price     include a disclosure, in at least 14-point
choice in the selection of home               for a specified parcel." Real estate            bold type, stating that:
inspectors.                                   licensees will be permitted to prepare               "Notwithstanding any preprinted
     The     new      rule,    Washington     BPOs only for:                                  language to the contrary, this opinion is
Administrative Code section 308-124C-
                                                   • An existing or potential seller for
050, provides that:
                                              the purposes of listing and selling a parcel
     "Each licensed designated broker
will establish a written office policy that
                                              of real property;                                          South Dakota
                                                   • An existing or potential buyer of
includes a procedure for referring home
                                              a parcel of real property;
                                                                                                       Real Estate VIEW
inspectors to buyers or sellers. The                                                                   Official Publication of the
policy will address the consumer’s right           • A third party making decisions
                                              or performing due diligence related to the         South Dakota Real Estate Commission
to freely pick a home inspector of the                                                             221 West Capitol Ave., Suite 101
buyer’s or seller’s choice and prevent        potential listing, offering, sale, exchange,
                                              option, lease or acquisition price of a                 Pierre, South Dakota 57501
any collusion between the home
inspector and a real estate licensee. If a    parcel of real property; or                              Telephone: 605-773-3600
licensee refers a home inspector to a              • An        existing     or    potential            Facsimile: 605-773-4356
buyer or seller with whom they have or        lienholder, except that a broker’s price              Website: www.state.sd.us/sdrec
have had a relationship including, but not    opinion prepared for an existing or                  E-mail: drr.realestate@state.sd.us
limited to, a business or familial            potential lienholder may not be used in                 Editor-in-Chief: Dee Jones
relationship, then full disclosure of the     lieu of an appraisal for the purpose of                         Noordermeer
relations must be provided in writing         determining whether to approve a                          Editor: Karen Callahan
prior to the buyer or seller using the        mortgage loan.
services of the home inspector."                   Furthermore, the written BPO                 THE COMMISSION AND STAFF
                                              prepared by a real estate licensee must           Dennis Eisnach, Chair.................... Pierre
     The new rule arose from home
                                              comply       with      stringent     content      Paula Lewis, Vice-Chair ........Rapid City
inspector licensing and regulation
legislation that was enacted in the state     requirements. These include:                      Eileen Fischer, Member......... Fort Pierre
                                                   • A statement of the intended                Charlie Larkin, Member........ Watertown
in 2008. The new statutes vest home
                                              purpose of the broker’s price opinion;            Brian Jackson, Member ........ Sioux Falls
inspector regulatory authority with the
                                                   • A brief description of the real            Dee Jones Noordermeer,
Director of the Washington Department
                                              property and the interest in the real                Executive Director..................... Pierre
of Licensing and create a Home
                                              property for which the broker’s price             Karen Callahan, Education Dir...... Pierre
Inspector Advisory Licensing Board that
                                              opinion is being prepared;                        Norma Schilling, Licensing........... Pierre
establishes rules for adoption by the
                                                   • The basis used to determine the            Michelle Metzinger, Compliance.. Pierre
Director, establishes minimum licensing
                                              broker’s price opinion including, without         Angela Hagena,
qualifications, approves examination
                                              limitation, any applicable market data and        Compliance ........................... Sioux Falls
methods and recommends standards of
professional conduct, practice and ethics.    the computation of capitalization;                   Articles by outside experts express
     A provision of the home inspector             • Any assumptions or limiting                the author's particular viewpoints.
legislation required the Commission to        conditions used to determine the broker’s         These opinions are not necessarily
establish procedures through rulemaking       price opinion;                                    shared by the Commission, nor should
for real estate agents to follow when              • The date of issuance of the                they be mistaken for official policy.
providing potential home buyers with          broker’s price opinion;                           The articles are included because they
home inspector referrals.                          • A disclosure of any existing or            may be of interest to the readers.
     The new rule took effect in January.     contemplated interest of every licensee

                                                                                                SOUTH DAKOTA Real Estate VIEW 4
not an appraisal of the market value of                                                     complete the 15-hour Responsible
the property. If an appraisal is desired,
                                                    Disciplinary Action                     Broker Course and 6 hours of License
the services of a licensed or certified                                                     Law in addition to existing education
appraiser must be obtained."                         The following disciplinary actions     requirements; provide the commission
     The new legislation also addresses         have become effective since the last        with all the information needed to
situations in which a BPO may be                report in the newsletter. A Stipulation     complete its requested audit; reimburse
submitted electronically or on a form           and       Assurance     of     Voluntary    costs of $2,107.75 and pay a penalty of
supplied by the requesting party. Under         Compliance is a settlement agreement        $1,000; and have no violations of real
these circumstances, electronic signatures      between licensees and the Real Estate       estate law for one year.
are permitted under Nevada's existing           Commission and constitutes neither an            Ronald Bradeen, Custer, Broker.
Uniform Electronic Transactions Act. The        admission nor a denial of any violation.    Stipulation and Assurance of Voluntary
signature of the preparing broker and the            David Graham, Sioux Falls,             Compliance. Alleged violation of SDCL
required disclosure may be transmitted in       Broker. Findings of Fact, Conclusions       36-21A-71(9) for offering property for
a separate attachment if the electronic         of Law, and Order.                          sale without knowledge and consent of
format or form supplied by the requesting            Violation of SDCL 36-21A-28, 36-       the owner. Mr. Bradeen shall reimburse
party does not allow additional comments        21A-61, 36-21A-62, 36-21A-119 36-           the commission costs of $5,058.90, pay
to be written by the licensee. Also, the        21A-71 (1);(32). Mr. Graham has             penalty of $50, complete the 15-hour
electronic format or form supplied by the       committed unprofessional conduct by         responsible broker course within one
requesting party must reference the             violating provisions of license law and     year and have no like violations
existence of a separate attachment and          rules promulgated by the commission         consisting of the offering or advertising
include a statement that the broker’s price     and      by     acts   constituting    or   of real property without a prior written
opinion is not complete without the             demonstrating bad faith, incompetency       listing agreement.
attachment. Furthermore, electronically         or fraudulent dealings. Mr. Graham
submitted BPOs are subject to existing          acted as a licensee when he was not
Nevada recordkeeping requirements for           licensed from Dec. 31, 2008 through            Builder’s Energy
                                                January 7, 2009. Mr. Graham failed to
real estate licensees.
                                                complete his continuing education and        Efficiency Disclosure
     The new laws also reinforce a
broker's responsibility for all activities of   file his license renewal application and           Statement
a licensee who is associated with the           his errors and omissions enrollment by
broker and with the preparation of a            the deadline date.                               As reported in the last edition of the
broker’s price opinion.                              Suspension of license; Suspension      Real Estate VIEW, a new disclosure form
     In June 2008, the Nevada Real Estate       of license shall be held in abeyance for    for builders or sellers of new construction
Division approved the initiation of a           six months during which time Mr.            homes to identify energy efficiencies went
Broker Price Opinion Task Force to be           Graham shall reimburse the commission       into effect on July 1, 2009.
comprised of the Division's Administrator       costs of $1,942.70, pay a penalty of             The SDREC office has fielded
and other staff, real estate brokers,           $250 and shall have no violations of        several calls from licensees with questions
attorneys,      REALTOR®         association    real estate law.                            regarding this form.
representatives        and         appraiser          David Tingle, Sioux Falls,                 Much like the Seller’s Property
representatives. After the task force           Broker.                                     Condition Disclosure Statement, this form
completed its work, the Division issued              Findings of Fact, Conclusions of       is NOT a commission-prescribed form.
"Informational Bulletin #14" which              Law, and Order.                             The commission has no legal authority for
addresses appropriate BPO practices by               Violation of SDCL 36-21A-52, 36-       making changes to or establishing policy
real estate licensees and includes many of      21A-56, 36-21A-82 and 36-21A-71             for this form. Our role is to simply make
the elements contained in SB 184.               (1),(8), Mr. Tingle has committed           it available to the public.
     The new statutes took effect in            unprofessional conduct by violating              Builders in the state of South Dakota,
Nevada on July 1, 2009.                         provisions of license and rules             unlike many other professions, do not fall
                                                promulgated by the commission and by        under the regulatory authority of a state
                                                failing or refusing upon demand to          licensing board or commission. Disputes
                                                produce       records    concerning     a
                 In                             transaction under investigation by the
                                                                                            regarding the completion of this form or
                                                                                            the information provided on this form
                 Memoriam                       commission. Mr. Tingle failed to notify     would need to be resolved in a court of
                                                the commission of change of address         law.
   The SD Real Estate Commission                and association and refused to comply
   extends its sincerest sympathy to the        with      requests    for    information
   families and friends of the following        concerning an audit.
   licensee who recently passed away:                Revocation of License. Revocation
                                                shall be held in abeyance for one year
       Thomas E. Alberts, Avon, SD              during which time Mr. Tingle must

                                                                                              SOUTH DAKOTA Real Estate VIEW 5
                                             APPRAISER UPDATE
  This section of the South Dakota Real Estate Review is the responsibility of the South Dakota Department of Revenue and Regulation
  Appraiser Certification Program. Articles are printed here to communicate pertinent information to those appraisers who receive this
  newsletter and are licensed under the Certification Program. Appraiser certification inquires can be directed to Sherry Bren, Program
  Administrator, 445 East Capitol, Pierre, SD 57501, 605-773-4608

                                      Appraiser Certification Program Mission–Purpose–Intent

       The Appraiser Certification Program was implemented July 1, 1990, pursuant to enactment of Title XI of the Financial Institutions
  Reform, Recovery and Enforcement Act (FIRREA) by Congress. The mission of the Program is to certify, license and register appraisers to
  perform real estate appraisals in the state of South Dakota pursuant to Title XI (FIRREA). The purpose of the Program is to examine
  candidates, issue certificates, investigate and administer disciplinary actions to persons in violation of the rules, statutes and uniform
  standards, and approve qualifying and continuing education courses. Title XI intends that States supervise all of the activities and practices
  of persons who are certified or licensed to perform real estate appraisals through effective regulation, supervision and discipline to assure
  their professional competence.

                                        Appraiser Certification Program Advisory Council

       Council members provide recommendations to the Secretary of the Department of Revenue and Regulation in the areas of program
  administration in order to sustain a program that is consistent with Title XI. The Council meets quarterly in public forum. See the Website
  for meeting information. www.state.sd.us/appraisers


                                                 Program, 445 East Capitol Avenue,
   Vacancy - Advisory                            Pierre, South Dakota 57501.
                                                                                                    New Licensees – July
        Council                                       The nomination should include the                    2009
                                                 appraiser’s name, address, appraiser title
     The Department of Revenue and               and the reason that you believe you or the            Gary E. Way, State-Certified General
Regulation is seeking nominations for a          person you have nominated should be               – Ponca, NE
State-Certified General Appraiser                appointed to the Advisory Council. Any                Peggy A. Kalt, State-Registered –
practicing in Western South Dakota to            person nominated for the position should          Aberdeen, SD
serve as a member of the Appraiser               possess substantial knowledge regarding               Deidra L. Lange, State-Registered –
Advisory Council.                                appraising, a reasonable understanding o          Center, ND
     The Advisory Council is responsible         Title XI, FIRREA and its impact on the
for advising the Department Secretary in         appraiser profession, and be highly
matters of program administration,               respected by other appraiser professionals.              Information
procedure, and policy in order to sustain a           Please submit nominations to the
program that is consistent with Title XI,        Department no later than October 15,                      Regarding
Financial Institutions Reform, Recovery          2009. If you have any questions, please
and Enforcement Act (FIRREA) of 1989             feel free to contact Sherry Bren at 773-
                                                                                                      Disciplinary Actions
administered      by     the      Appraisal      4608.                                                  Public      information      regarding
Subcommittee, the uniform standards and                                                            disciplinary action taken against an
qualifications criteria as set by the
appraisal Standards Board and the
                                                          2009 Renewal                             appraiser is available upon written request
                                                                                                   to the Department of Revenue and
Appraiser Qualifications Board of the                Notice!       The 2009 renewal                Regulation,     Appraiser      Certification
Appraisal Foundation.         The council        applications are due in the Appraiser             Program, 445 East Capitol Avenue,
members do not receive compensation for          Certification Program office by August            Pierre, SD 57501 or e-mail –
any expenses incurred to serve on the            17, 2009. Please submit your renewal              Sherry.Bren@state.sd.us. Include in the
council. Four meetings are held each year        application, renewal fees and verification        request for information the name of the
in Pierre. The term limit is four years.         of 28 hours of approved continuing                appraiser and the appraiser’s city and state
     If you are interested in nominating         education which includes the 7-hour               of residence. (Disciplinary action may
yourself or another appraiser for                National USPAP update course as soon as           include denial, suspension, censure,
appointment to the Advisory Council,             possible. (The 15-hour National USPAP             reprimand, or revocation of a certificate
please submit your nomination in writing         Course may not be submitted in lieu of            by the department. (ARSD 20:14:11:03))
to the Department of Revenue and                 the 7-hour National USPAP update
Regulation,     Appraiser      Certification     course.)

                                                                                                      SOUTH DAKOTA Real Estate VIEW 6
                                               Appraisers Association of South Dakota       is not sufficiently similar to the subject
  Review of Cases –                            (PAASD). (Telephone: 605.716.9011            property. If I do this, will my action
   January 1, 2009                             or Website at www.paasd.com)                 comply with USPAP?
                                                    [Note: The Department of Revenue             Vol 11, No. 7, July 2009
through July 31, 2009                          and Regulation Training Course for                Access & Retrieval of Workfiles
                                               Supervising Appraisers and State-                 Question: I am an appraiser in a
    For the period 01/01/2009 through          Registered Appraisers is the only            large firm and assist several of the senior
07/31/2009, the Department has received        acceptable course to meet the education      appraisers in appraisal research, analysis
2 upgrade applications and initiated 11        program requirements for South Dakota        and report preparation. In a recent
complaint investigations.                      licensees (supervisors and state-            USPAP class, the instructor said that
    Upgrades – 2 issued.                       registered appraisers.]                      associates must have either copies of
    Complaints – 8 pending.                                                                 their workfiles, or an agreement with
                                                                                            their employer regarding access to the
                                                                                            workfiles, for appraisals on which they
  Upgrade – July 2009                                  USPAP Q & A                          provided significant assistance. Does
                                                                                            that agreement have to be in writing?
    Josh Luther, State-Certified General            Vol. 11, No. 6, June 2009                    Significant Professional Assistance
                                                    Colleting Fee on Behalf of an AMC            Question Part 1: I am a research
                                                    Question: I am completing an            assistant with an appraisal firm that has
          Anonymous                            appraisal assignment for which I was         three state certified or licensed real
          Complaints                           engaged by an appraisal management
                                               company (AMC) on behalf of a lender.
                                                                                            property appraisers. My responsibilities
                                                                                            include preparing an appraisal file on
     ARSD 20:14:11:01.01. Anonymous            The AMC has asked me to collect a fee        each new assignment, researching past
complaints. Initiation of an investigation     from the prospective borrower. I am to       sales of the subject, obtaining zoning
may be commenced upon receipt of an            retain my portion of the total fee as the    information, tax data, market information
anonymous complaint if it meets the            fee for my appraisal services, and           and sales research (including confirming
following criteria:                            forward the balance to the AMC. The          the sales) for the three associates. The
     (1) The allegations of violations of      AMC requires that there is to be no          licensed or certified appraisers usually
any provision of this article are              disclosure in the report of the total fee,   inspect the property and prepare the
considered credible and based upon             nor of the manner in which the fee is to     appraisal themselves. Currently, they do
factual     information        which      is   be split. Does USPAP permit this type        not recognize me in these reports, and I
independently verifiable; and                  of fee arrangement?                          am not permitted to sign them.
     (2) The complaint is accompanied               Assignment Conditions, Scope of              I also sometimes go with them on
by a copy of the appraisal report or other     Work Acceptability, and Geographic           the inspections and write portions of the
documents      which       contain   clearly   Competency                                   reports. In these cases they do recognize
identifiable errors or violations of the            Question: I am a residential            me, as required by USPAP.            I am
provisions of this article.                    appraiser performing work for several        concerned about receiving experience
                                               appraisal     management       companies.    credit for all my appraisal assistance
                                               Often, I am asked to perform an              from the state’s appraiser licensing board
  Training Course for                          appraisal assignment outside the areas I     or a professional association if I apply
                                               am most familiar with. The assignments
      Supervising                              come with a requirement that a
                                                                                            for a designation.            Should my
                                                                                            participation be referenced in all the
    Appraisers And                             completed report be submitted within 48      reports when I provide assistance, or
                                               hours or less. This time frame does not      only when I inspect the property and
   State-Registered                            permit me to adequately research the         write portions of the report?
      Appraisers                               subject property market.
                                               permissible for me to accept an
                                                                                  Is it          Question Part 2: How must
                                                                                            recognition of my significant appraisal
                                               assignment under these conditions?           assistance be included when there is no
     NEXT COURSE OFFERING:                          Request to Modify a Completed           written report, but significant assistance
                                               Appraisal Report                             was provided and documentation of my
Department of Revenue and Regulation                Question: I have completed an
        Anderson Building                                                                   work is in the workfile?
                                               appraisal assignment for a client. The            Answers to the above questions can
   Garden Level Conference Room                report was completed using the 2005
       Pierre, South Dakota                                                                 be                 found                at:
                                               version of the Uniform Residential           www.appraisalfoundation.org.
     August 20, 2009, 1:00 p.m.                Appraisal Report (URAR). The client               [For further information regarding
                                               has requested that I remove one of the       USPAP Q&As contact The Appraisal
    For     further information   and          comparable properties from the report
registration contact the Professional                                                       Foundation                              at:
                                               because, in the underwriter’s opinion, it    www.appraisalfoundation.org]
                                                                                              SOUTH DAKOTA Real Estate VIEW 7
                     4340 copies of this publication were printed by the South Dakota Real Estate Commission at a cost of .20 per copy.



             2009 Fall Caravan Registration Form–Short Sales & Agency
                                                One registration form per person!

Name________________________________________ License Number and Type_________________


_______________________________________________________________________________
(Mailing Address)                                 (City)                           (State)         (Zipcode)                              (Daytime Phone)


Email Address:

Please check which you would like to attend. Registrations left blank will be returned.

          Pierre Ramkota – Wed., Sept. 9                       Rapid City Civic Center –                                Spearfish Holiday Inn – Fri.,
                                                               Thurs., Sept. 10                                         Sept. 11

          Aberdeen Ramkota – Mon.,                             Watertown Ramkota – Tue.,                                Sioux Falls Holiday Inn City
          Sept. 28                                             Sept. 29                                                 Centre – Wed., Sept. 30

          Sioux Falls Ramkota –Thurs Oct. 1
              Registrations received by phone or fax will NOT be accepted. The registration fee of $50 must
                   accompany this form. The Commission will retain $20 of any refunded registration fee.
                Registrations should be mailed to SDREC, 221 W. Capitol Ave., Suite 101, Pierre, SD 57501.
                                        Registrations are due 5 days before the event date.

				
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