S.D. Admin. R. 20:14:05:08

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:14:05:08 - Educational requirements for state-certified general appraiser - Appraiser education

An applicant for examination as state-certified general appraiser credential must have completed 300 creditable class hours of approved qualifying education, which includes successful completion of each course examination. Acceptable education is the Appraiser Qualifications Board-required core curriculum as follows:

(1) Basic appraisal principles -- 30 hours;

(2) Basic appraisal procedures -- 30 hours;

(3) Fifteen--hour qualifying course that covers the uniform standards as adopted in § 20:14:06:01;

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

(5) Statistics, modeling, and finance -- 15 hours;

(6) General appraiser sales comparison approach -- 30 hours;

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

(8) General appraiser income approach -- 60 hours;

(9) General appraiser report writing and case studies -- 30 hours;

(10) Appraisal subject matter electives -- 30 hours.

An applicant shall demonstrate that the applicant's education includes the core courses listed in these criteria, with particular emphasis on nonresidential properties, which are properties other than one- to four-family residential properties.

A registered trainee appraiser may satisfy the appraiser educational requirements for the state-certified general appraiser credential by completing the following additional educational hours:

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

(2) Statistics, modeling, and finance -- 15 hours;

(3) General appraiser sales comparison approach -- 30 hours;

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

(5) General appraiser income approach -- 60 hours;

(6) General appraiser report writing and case studies -- 30 hours; and

(7) Appraisal subject matter electives -- 30 hours.

A state-licensed appraiser may satisfy the appraiser educational requirements for the state-certified general appraiser credential by completing the following additional educational hours;

(1) General appraiser market analysis and highest and best use -- 15 hours;

(2) Statistics, modeling, and finance -- 15 hours;

(3) General appraiser sales comparison approach -- 15 hours;

(4) General appraiser site valuation and cost approach -- 15 hours;

(5) General appraiser income approach -- 45 hours;

(6) General appraiser report writing and case studies -- 15 hours; and

(7) Appraisal subject matter electives -- 30 hours.

A state-certified residential appraiser may satisfy the appraiser education requirements for the state-certified general appraiser credential by completing the following additional educational hours:

(1) General appraiser market analysis and highest and best use -- 15 hours;

(2) General appraiser sales comparison approach -- 15 hours;

(3) General appraiser site valuation and cost approach -- 15 hours;

(4) General appraiser income approach -- 45 hours; and

(5) General appraiser report writing and case studies -- 10 hours.

S.D. Admin. R. 20:14:05:08

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

General Authority: SDCL 36-21B-3(3)(6).

Law Implemented: SDCL 36-21B-1, 36-21B-3(3)(6).

Requirement for qualifying education credit, § 20:14:13:03.01. Application for course approval, § 20:14:13:07.