Real Estate VIEW
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
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
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
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
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
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: firstname.lastname@example.org
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
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-
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)
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.