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: 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 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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