Title 36, PROFESSIONS AND OCCUPATIONS

The commission may make exception from continuing education requirements for licensees not engaged in public practice, or for reasons of health, military service or other good cause. However, if such licensee returns to public practice, he shall meet such continuing education req…

A licensee who fails to meet the renewal requirements of § 36-21A-61 may file a late registration application and pay a late registration fee in an amount not to exceed twenty dollars for each month or fraction of a month that has passed since November thirtieth. The fee shall be…

Any person licensed under this chapter, entering the United States armed forces and whose registration under § 36-21A-61 lapses during his service, may be reinstated to his license, without examination, upon his separation from the armed forces other than by dishonorable discharg…

A license issued under this chapter may be revoked by the commission upon proof of unprofessional conduct on the part of the licensee. For the purposes of this chapter, the term unprofessional conduct does not impair the right of a licensee to set minimum fees chargeable for his …

If the commission suspends or revokes the license of a responsible broker, the responsible broker shall return the licenses of any associate licensee to the commission at the time the order suspending or revoking the broker's license becomes final. Source: SL 2002, ch 182 , § 1.

For the purposes of this chapter, moral turpitude is any act done contrary to honesty and good morals. It is also an act of baseness, vileness or depravity in the private and social duties which man owes to his fellowman or to society in general. Source: SL 1992, ch 273 , § 7. 36…

If the commission suspends, revokes, or takes any other action against a responsible broker, the action may apply to the responsible broker's firm and the firm license may be revoked, suspended, or otherwise disciplined. Each licensee shall terminate the licensee's relationship w…

Unprofessional conduct includes the following: (1) Violating any provisions of this chapter or any rule promulgated by the commission; (2) Making a material false statement in the licensee's application for a license or in any information furnished to the commission; (3) Making a…

A licensee who advertises shall comply with the following: (1) Each advertisement shall clearly state the name of the firm with which an individual licensee is associated; (2) Each advertisement of a real estate team shall clearly state the name of the brokerage company the team …

A licensee shall preserve for four years all listings, offers to purchase, closing statements and other records relating to any real estate transaction. Source: SL 1992, ch 273 , § 74.

The listing broker shall furnish a closing statement to the seller. The selling broker shall furnish a closing statement to the buyer. Source: SL 1992, ch 273 , § 75; SL 1998, ch 237 , § 1.

Any earnest money paid in a cooperative or cobrokerage transaction shall be held in a broker's trust account unless otherwise agreed to by the buyer and seller. Source: SL 1992, ch 273 , § 76; SL 2012, ch 195 , § 1.

If for any reason the seller fails, refuses, neglects or is unable to consummate the transaction as provided in the purchase contract, and through no fault or neglect of the purchaser, the real estate transaction cannot be completed, the broker has no right to any portion of the …

On taking a listing, a licensee shall substantiate that the information taken in the listing agreement is accurate. As far as latent defects are concerned, it is not a violation of this section if the licensee disclosed to the buyer that the listing information or parts of the li…

A responsible broker is responsible for the real estate activities conducted by affiliated licensees, whether as employees or independent contractors. Source: SL 1992, ch 273 , § 79; SL 2013, ch 177 , § 29.

A responsible broker shall remit immediately to the responsible broker's principal all money received by the responsible broker belonging to the principal unless, by the terms of a written employment contract, the responsible broker is authorized to retain possession of the money…

If an accepted offer and agreement to purchase does not close, a broker may not disburse any funds held in trust, relative to such real estate transaction, except pursuant to a written instruction of all parties to the transaction or pursuant to a court order. Source: SL 1992, ch…

The broker shall at the time of making the deposit make a deposit slip clearly stating the name of the principal for whom it is deposited. In addition, the broker shall maintain in his office an individual ledger sheet for his principal showing the amount deposited in trust and a…

A responsible broker who remits immediately to the principal all money received by the responsible broker belonging to the principal without using a trust account shall maintain for at least four years the records that completely disclose all financial dealings between the princi…

No responsible broker is entitled to any part of the money paid to the responsible broker in any transaction as part of the responsible broker's compensation until the transaction has been consummated or terminated. The commission may promulgate rules, pursuant to chapter 1-26 , …

No license may be revoked except in compliance with chapter 1-26 . An appeal from the decision of the commission may be taken as provided by chapter 1-26 . Source: SL 1992, ch 273 , § 86.

Unless punishable under Title 22, a person violating any of the provisions of this chapter is guilty of a Class 1 misdemeanor. Source: SL 1992, ch 273 , § 87.

No action or suit may be instituted, nor recovery be had, in any court of this state by a person for compensation for an act done or service rendered, the doing or rendering of which is prohibited under the provisions of this chapter, to other than persons licensed under this cha…

The commission may promulgate rules pursuant to chapter 1-26 relating to the administration and enforcement of the provisions of this chapter in the following areas: (1) Procedures for conducting the commission's business; (2) Procedures and qualifications for application, minimu…

For the purposes of this chapter, an inactive license is any license that has been placed on inactive status for any of the following reasons: (1) At the request of the licensee; (2) Failure to designate a responsible broker; (3) Cessation of being associated with a responsible b…

The commission may promulgate rules pursuant to chapter 1-26 establishing uniform standards of professional appraisal practice. Source: SL 1992, ch 273 , § 90.

The commission may commence actions for injunction for unprofessional conduct or, as an alternate to criminal proceedings, for violation of this chapter, chapters 43-15A and 43-15B or rules promulgated pursuant thereto. The commencement of one proceeding by the commission constit…

Before subdivided land is offered for sale the subdivider shall apply in writing for a subdivision certificate to the commission on a form furnished by the commission and approved by the attorney general. The application shall be accompanied by a filing fee of one hundred dollars…

No application may be approved by the commission unless the subdivider offers satisfactory proof of his ability to provide promised public improvements including water, sewer, gas and streets. Satisfactory proof shall be in the form of performance bonds or other security. Source:…

The commission shall thoroughly investigate all matters relating to the application and may require a personal inspection of the real estate by a person or persons designated by it. All expenses incurred by the commission in investigating the real estate and its proposed sale in …

Before the approval of an application, the applicant shall file with the commission a designation in writing that appoints the executive director of the commission to act as the applicant's agent, upon whom all judicial and other process or legal notices directed to the applicant…

If the application is approved, the commission shall issue a certificate of registration to the applicant. After issuance of a certificate, an annual fee of fifty dollars plus ten dollars for each one hundred lots or fraction thereof computed on the number of lots in the original…

An instrument conveying an interest in the subdivided real estate shall be in recordable form and the subdivider or buyer may record such instrument in the county where the real estate is located and in the office where deeds are recorded. Source: SL 1992, ch 273 , § 98.

The executive director, with the consent of the commission, may issue a cease and desist order upon determination that the provisions of §§ 36-21A-93 to 36-21A-98 , inclusive, have been or are about to be violated. Source: SL 1992, ch 273 , § 99.

Any person who performs a real estate appraisal or advertises or holds himself or herself out to the general public as a real estate appraiser in this state shall be certified, licensed, or registered by the Department of Labor and Regulation unless exempt under another provision…

The secretary may assess to a licensee or applicant all or part of the actual expenses of a contested case proceeding resulting in the discipline or censure of the licensee, suspension or revocation of the licensee's license, or the denial of a license to the applicant. Source: S…

No real estate appraiser with an interest in a real estate transaction or the financing of any loan secured by real estate involving an appraisal assignment may improperly influence or attempt to improperly influence the development, reporting, result, or review of a real estate …

No person violates § 36-21B-11 solely by asking a real estate appraiser to consider additional, appropriate property information, or to provide further detail, substantiation, or explanation for the appraiser's value conclusion, or to correct errors in the appraisal report, or by…

A certified, licensed, or registered appraiser may provide an evaluation of real estate for a federally insured depository institution if the evaluation is permitted by law, regulation, or regulatory guidance. Any evaluation by an appraiser must be conducted in accordance with fe…

Terms used in this chapter mean: (1) "Appraisal," the act or process of developing an opinion of value of real estate for another and for compensation; (2) "Appraisal practice," any valuation service, including appraisal, appraisal review, or appraisal consulting, performed by a …

Each applicant for initial certification, licensure, or registration as a state-registered appraiser, state-licensed appraiser, state-certified residential appraiser, or state-certified general appraiser in this state shall submit to a state and federal criminal background invest…

The department shall deny issuance of a certificate to any applicant who: (1) Has had the ability to perform appraisals revoked in any governmental jurisdiction within the five year period immediately preceding the date of application; (2) Has been convicted of, or pled guilty or…

The secretary of the Department of Labor and Regulation may promulgate rules pursuant to chapter 1-26 relating to appraisers and appraisals in the following areas: (1) Certification, licensing, and registration of appraisers; (2) Definition of terms; (3) Uniform standards of prof…

The secretary of the Department of Labor and Regulation may promulgate rules pursuant to chapter 1-26 to establish fees for the certification, licensing, and registration of real estate appraisers as follows: (1) Application fees not to exceed five hundred dollars; (2) Renewal fe…

All moneys coming into the custody of the Department of Labor and Regulation including certificate fees, renewal fees, reciprocity fees, penalty fees, and any other payments, shall be deposited by the department to the state treasurer weekly, or as prescribed by the state treasur…

Any expenditure of money out of the South Dakota Real Estate Appraiser Fund shall be made only upon appropriation by the Legislature through either the general appropriations act or a special appropriations bill. Source: SL 1995, ch 223 , § 7A.