South Dakota Administrative Code

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Rule 20:69:08:02 Repealed. 20:69:08:02.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Repealed.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Rule 20:69:08:03 Repealed. 20:69:08:03.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Repealed.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SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:17:03.01, 20 SDR 18, effective August 16, 1993; repealed, 26 …

Rule 20:69:08:04 Repealed. 20:69:08:04.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Repealed.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Rule 20:69:08:05 Repealed. 20:69:08:05.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Repealed.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, …

Rule 20:69:11:03.01 Length of course. 20:69:11:03.01. Length of course. No more than eight hours of instruction may be offered in one day. Source: 28 SDR 28, effective September 2, 2001. General Authority:SDCL 36-21A-89(9). Law Implemented:SDCL 36-21A-62.

20:69:11:04. Requirements for inactive licensee -- Exceptions. An inactive licensee is not required to meet the continuing education requirements. An inactive licensee who wishes to activate the individual's license shall complete 24 hours of continuing education within the licen…

20:69:11:04.01. Requirements for nonresidents -- Exceptions. A nonresident licensee licensed in this state is not required to meet the continuing education requirements. A nonresident licensee in inactive status in this state who seeks to make the license active shall first provi…

Rule 20:69:11:05 Exceptions and extensions. 20:69:11:05. Exceptions and extensions. The commission may exempt a nonresident licensee from the continuing education requirements if the licensee meets the requirements of SDCL 36-21A-54 and § 20:69:03:22.01. Source: 5 SDR 12, effecti…

Rule 20:69:11:06 Nonqualifying courses. 20:69:11:06. Nonqualifying courses. The following courses do not qualify for postlicensing or continuing education purposes: (1) Courses in mechanical office and business skills, such as typing, keyboarding, speed-reading, memory improvemen…

20:69:11:07. Criteria for post-licensing or continuing education course approval. The commission may approve any course, seminar, conference, or equivalent that is provided by the commission, or by a public or private school, organization, association, person, corporation, societ…

Rule 20:69:11:07.01 Criteria for distance education or independent study course approval. 20:69:11:07.01. Criteria for distance education or independent study course approval. The commission may approve any course that is provided by the commission, a public or private school, or…

Rule 20:69:11:08 Application for approval of classroom instruction -- Fee required. 20:69:11:08. Application for approval of classroom instruction -- Fee required. An application for approval of classroom instruction shall be on a form provided by the commission. The application …

Rule 20:69:11:08.01 Application for approval of distance education or independent study courses -- Fee required. 20:69:11:08.01. Application for approval of distance education or independent study courses -- Fee required. An application for approval of a distance education or ind…

Rule 20:69:11:08.02 Additional requirements for distance education courses. 20:69:11:08.02. Additional requirements for distance education courses. In addition to the requirements of § 20:69:11:08.01, an application for approval of a distance education course must include the fol…

Rule 20:69:11:08.03 Student certification required. 20:69:11:08.03. Student certification required. Any school offering an approved distance education or independent study course must obtain from each student a statement attesting that all assignments and examinations completed a…

Rule 20:69:11:08.04 Classroom, distance education, and independent study course application fees -- Postlicensing course as continuing education course subject to application fee. 20:69:11:08.04. Classroom, distance education, and independent study course application fees -- Post…

Rule 20:69:11:09 Approval of out-of-state courses. 20:69:11:09. Approval of out-of-state courses. If a South Dakota licensee enrolls in a continuing education course approved by another state's real estate regulatory agency, that course may be used to meet postlicensing or contin…

Rule 20:69:11:10 ARELLO certified courses approved for postlicensing or continuing education. 20:69:11:10. ARELLO certified courses approved for postlicensing or continuing education. The commission may approve courses certified by the Association of Real Estate License Law Offic…

Rule 20:69:11:11 Certificate of approval. 20:69:11:11. Certificate of approval. The commission shall grant a certificate of approval for each course approved by the commission. The certificate remains valid for three years. A certificate of approval for a seminar course shall be …

Rule 20:69:11:11.01 Course accreditation renewal. 20:69:11:11.01. Course accreditation renewal. The course provider of a postlicensing or continuing education course must apply for renewal of the course prior to the date of expiration of the certificate of approval. Source: 29 SD…

Rule 20:69:11:11.02 Course accreditation reinstatement. 20:69:11:11.02. Course accreditation reinstatement. A course approval that has expired may be reinstated if a renewal application is filed within six months of the date of expiration. A course provider must file a new applic…

Rule 20:69:11:12 Material change. 20:69:11:12. Material change. A course provider of each approved real estate course shall immediately notify the commission of any material changes contained in the application for approval or in the attached exhibits. A course provider may seek …

Rule 20:69:11:13 Denial of approval for a course or instructor. 20:69:11:13. Denial of approval for a course or instructor. The commission may deny approval of a real estate course or instructor if it is determined that either is not in compliance with SDCL chapter 36-21A and thi…