South Dakota Administrative Code

Rule 20:69:06:05 Listings to be in writing. 20:69:06:05. Listings to be in writing. Any contract listing a property for sale with an auctioneer must be in writing. Each written listing agreement shall show the legal description of the property; the compensation to be received by …

Rule 20:69:06:06 Auction advertisements. 20:69:06:06. Auction advertisements. An auctioneer who advertises shall comply with the following requirements: (1) Auction advertisements must disclose the names and types of licenses held by all licensees involved in the transaction; (2)…

Rule 20:69:06:07 Auction sale procedure. 20:69:06:07. Auction sale procedure. A real estate auction may not begin until the announced and advertised time and date, and may only occur at the announced and advertised place of the sale. All efforts of selling shall cease at the end …

Rule 20:69:06:07.01 Auction with reserve sale procedure. 20:69:06:07.01. Auction with reserve sale procedure. In an auction with reserve, the auctioneer may withdraw the real estate being offered for sale at any time until announcing completion of the sale. If the seller or an au…

Rule 20:69:06:07.02 Absolute auction sale procedure. 20:69:06:07.02. Absolute auction sale procedure. In an absolute auction, the seller or anyone acting upon behalf of the seller may not bid at the absolute auction or otherwise participate in the bidding process. The real estate…

Rule 20:69:06:07.03 Secured party or lien holder not prohibited from bidding at an absolute auction -- Conditions. 20:69:06:07.03. Secured party or lien holder not prohibited from bidding at an absolute auction -- Conditions. Compliance with § 20:69:06:07.02 does not prohibit a s…

Rule 20:69:06:07.04 Internet auction sale procedure. 20:69:06:07.04. Internet auction sale procedure. In an Internet auction sale, the auctioneer must validate a buyer's capability to participate in the sale by obtaining the buyer's name, address, e-mail address, phone number, an…

Rule 20:69:06:08 Auctioneer to maintain records. 20:69:06:08. Auctioneer to maintain records. An auctioneer must maintain copies of all agreements, listing contracts, handbills, advertisements, and other pertinent records, including closing statements if the auctioneer represente…

20:69:06:09. Certain acts prohibited. Prohibited acts by an auctioneer include the following: (1) Knowingly receiving or using a rafter bid, puffing of a bid, or any type of bid rigging such as utilizing the services of a shill; (2) Knowingly permitting an unlicensed individual t…

Rule 20:69:06:10 Rules applicable to real estate brokers, broker associates, and salesperson. 20:69:06:10. Rules applicable to real estate brokers, broker associates, and salespersons A real estate broker, broker associate, or salesperson acting as an auctioneer must follow the p…

Rule 20:69:07:01 Notice of intent to sell domestic condominium. 20:69:07:01. Notice of intent to sell domestic condominium. When a domestic condominium project is offered for sale in this state, the developer shall notify the commission in writing of the intention to sell the off…

Rule 20:69:07:02 Rejection of filing. 20:69:07:02. Rejection of filing. The commission may reject a filing that does not have the notice of intent to sell, does not have a questionnaire properly completed by the developer, or does not include the fee required in SDCL 43-15A-11 an…

Rule 20:69:07:03 Properly filed defined. 20:69:07:03. Properly filed defined. A notice of intent to sell is not properly filed until the commission has notified the developers in writing that all necessary requirements have been met. Source: 3 SDR 34, effective November 3, 1976; …

Rule 20:69:07:04 Inspection fee. 20:69:07:04. Inspection fee. An estimated inspection fee in the amount of $100 for each $300,000 value of the project must be included with the notice of intent. Source: 3 SDR 34, effective November 3, 1976; 12 SDR 102, effective December 22, 1985…

Rule 20:69:07:05 Rejection for insufficient funds check. 20:69:07:05. Rejection for insufficient funds check. The commission shall reject any notice of intent to sell if it is accompanied by an insufficient funds check for either the registration fee or inspection fee or both. So…

Rule 20:69:07:06 Deposit and expenditure of fees. 20:69:07:06. Deposit and expenditure of fees. The commission shall deposit the fees that it collects in the enforcement of SDCL 43-15A in the general fund of the commission and shall expend them to defray the costs of registration…

Rule 20:69:07:07 Public offering statement to accompany questionnaire. 20:69:07:07. Public offering statement to accompany questionnaire. A public offering statement (POS) shall accompany and be part of the questionnaire and must be in a form prescribed by the commission. Source:…

Rule 20:69:07:08 Conversion condominiums. 20:69:07:08. Conversion condominiums. The POS for conversion condominiums must conform in all aspects to the requirements of § 20:69:07:07 except that additional information as required by the commission must be incorporated. Source: 3 SD…

Rule 20:69:07:09 Other information. 20:69:07:09. Other information. In order to facilitate its powers of inspection, the commission may require the submission of additional information. The failure to submit such additional information is grounds for the commission to reject the …

Rule 20:69:07:10 Waiver. 20:69:07:10. Waiver. The commission may waive any of the requirements of this chapter for good cause shown and may accept, at its discretion, registration forms used in another state. Source: 3 SDR 34, effective November 3, 1976; 12 SDR 102, effective Dec…

Rule 20:69:08:01 Definitions. 20:69:08:01. Definitions. The term, lender, means a bank or trust company, savings bank, savings and loan association, insurance company, federal land bank, licensed mortgage broker or mortgage lender, or state or federal agency or its employees or a…

Rule 20:69:08:02 Repealed. 20:69:08:02. Persons to whom license law applicable.Repealed. Source: 4 SDR 71, effective April 30, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 100, effective January 10, 1989; transferred from § 20:56:17:03, 20 SDR 18, effective August…

Rule 20:69:08:03 Repealed. 20:69:08:03. Persons and organizations exempt from licensing.Repealed. Source: 5 SDR 21, effective September 21, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:17:03.01, 20 SDR 18, effective August 16, 1993; repealed, 26 …

Rule 20:69:08:04 Repealed. 20:69:08:04. Mortgage brokers affiliated with a firm exempt from trust account requirements.Repealed. Source: 4 SDR 71, effective April 30, 1978; 10 SDR 54, effective December 5, 1983; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 2…

Rule 20:69:08:05 Repealed. 20:69:08:05. Trust account requirements.Repealed. Source: 4 SDR 71, effective April 30, 1978; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:17:32, 20 SDR 18, effective August 16, 1993; …

Rule 20:69:08:06 Repealed. 20:69:08:06. Office requirements.Repealed. Source: 4 SDR 71, effective April 30, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 100, effective January 10, 1989; transferred from § 20:56:17:33, 20 SDR 18, effective August 16, 1993; repealed…

Rule 20:69:08:07 Repealed. 20:69:08:07. Auditing.Repealed. Source: 4 SDR 71, effective April 30, 1978; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 100, effective January 10, 1989; transferred from § 20:56:17:34, 20 SDR 18, effec…

Rule 20:69:08:08 No advance fee. 20:69:08:08. No advance fee. A real estate broker acting as a mortgage broker may not accept compensation in advance from a potential borrower for the procurement of a loan. Source: 4 SDR 71, effective April 30, 1978; 12 SDR 151, 12 SDR 155, effec…

Rule 20:69:08:09 Written contract required. 20:69:08:09. Written contract required. Before a real estate broker performs any services for a potential borrower, the broker and the borrower must enter into a written contract specifying the duties and conditions under which the brok…

Rule 20:69:08:10 Full disclosure required. 20:69:08:10. Full disclosure required. In all dealings between a borrower and a real estate broker, the broker shall fully and fairly inform the prospective borrower of all liabilities, costs, and other financial obligations that can or …

Rule 20:69:08:11 Contents of mortgage loan disclosure statement. 20:69:08:11. Contents of mortgage loan disclosure statement. When a real estate broker arranges a loan for a borrower, the following mortgage loan disclosure statement shall be prepared by the broker and the borrowe…

Rule 20:69:08:12 Restrictions on chargeable costs and expenses. 20:69:08:12. Restrictions on chargeable costs and expenses. In addition to the initial written contract, the real estate broker shall give to the potential borrower an estimate of the amount of chargeable costs and e…

Rule 20:69:08:13 Repealed. 20:69:08:13. Real estate law applicable.Repealed. Source: 4 SDR 71, effective April 30, 1978; 5 SDR 21, effective September 21, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:17:41, 20 SDR 18, effective August 16, 1993; r…

Rule 20:69:10:01 Definitions. 20:69:10:01. Definitions. The following terms apply to this chapter: (1) "Analysis," the act or process of providing information, recommendations, or conclusions on diversified problems in real estate other than estimating value, for another and for …

Rule 20:69:10:02 Departure provisions. 20:69:10:02. Departure provisions. An appraiser may enter into an agreement to perform an assignment that calls for something less than, or different from, the work that would otherwise be required by the specific guidelines if, before enter…

Rule 20:69:10:03 Standards for developing an appraisal. 20:69:10:03. Standards for developing an appraisal. In developing an appraisal, a broker or broker associate under a broker's supervision must be aware of, understand, and correctly employ the recognized methods and techniqu…

Rule 20:69:11:01 Continuing education defined. 20:69:11:01. Continuing education defined. As used in this chapter, continuing education means accredited educational experience derived from a licensee's participation in approved lectures, seminars, or courses on real estate law, o…

Rule 20:69:11:01.01 Distance education defined. 20:69:11:01.01. Distance education defined. As used in this chapter, a distance education course is one in which instruction takes place in other than a traditional classroom setting, the instructor and student are in physically sep…

Rule 20:69:11:01.02 Independent study defined. 20:69:11:01.02. Independent study defined. As used in this chapter, an independent study is a course in which no interaction with an instructor is planned or implied as part of the learning process. Source: 25 SDR 90, effective Decem…

Rule 20:69:11:01.03 Interactive defined. 20:69:11:01.03. Interactive defined. As used in this chapter, interactive means the course structure and technologies promote active student involvement with the course content, including the ability to access or bypass optional content, s…

Rule 20:69:11:01.04 Standards for distance education. 20:69:11:01.04. Standards for distance education. A distance education course must provide mastery of the material. The course must: (1) Divide the material into major learning units, each of which is further divided into modu…

20:69:11:01.05. Required continuing education subject areas. Required continuing education subject areas may only be in the following subject areas: (1) Real estate ethics; (2) Legislative issues that influence real estate practice including both pending and recent legislation; (…

20:69:11:01.06. Elective continuing education subject areas. Elective continuing education subject areas may only be in the following subject areas: (1) Real estate finance; (2) Real estate market measurement and evaluation, including site, evaluations, market data, and feasibili…

Rule 20:69:11:02 Continuing education requirements. 20:69:11:02. Continuing education requirements. A licensee shall complete 24 hours of continuing education in the subject areas prescribed in §§ 20:69:11:01.05 and 20:69:11:01.06. At least 12 of the 24 hours must be in the requi…

Rule 20:69:11:02.01 Postlicensing education defined. 20:69:11:02.01. Postlicensing education defined. As used in this chapter, postlicensing education means the curriculum of continuing education that a broker associate is required to complete within the first two active license …

20:69:11:02.02. Postlicensing education course requirements -- Time to complete. All sixty hours of postlicensing education must include study in the required continuing education subject areas as described in § 20:69:11:01.05. Any hours a licensee has completed in the subject ar…

20:69:11:03. Classroom hour. A classroom hour is a period of at least 50 minutes of actual classroom instruction out of each 60-minute segment. Additional study assignments are not counted as hours of classroom instruction. Source: 5 SDR 12, effective August 21, 1978; 10 SDR 54, …