Department of Labor and Revenue

Title - South Dakota Appraiser Certification Program

News Articles - May/June 2014

New Licensees - March / April / May 2014

Review of Cases - January 1, 2014 through May 19, 2014

Continuing Education Requirements

Deadline Approaching for Applicants Upgrading or New Claiming Experience Under Current Criteria

General Education Requirements Effective July 1, 2014

Important Information for Supervisory Appraisers and Candidates for State-Registered Appraiser Classification

Two Types of Appraisal Reports

New Licensees - March/April/ May 2014

Tiffany J. Barrs Kane, State-Certified Residential - Sioux City, IA
Stephen V. Gleason, State-Certified General - Casper, WY
Deborah A. Gillihan, State-Certified General - Casper, WY
Sara E. Olson, State-Certified General - Fort Collins, CO

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Review of Cases - January 1, 2014 through May 19, 2014

For the period January 1, 2014 through May 19, 2014, the Department has initiated four complaint investigations, four upgrades cases and two new applicants claiming experience cases.

Complaints - two closed, two pending.
Upgrades - two closed, two pending.
New With Experience - one closed, one pending.

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Continuing Education Requirements

7-Hour National USPAP Update Course

In order to renew a state-registered, state-licensed, state-certified residential or state-certified general certificate in 2015 the applicant for renewal must successfully complete the most current edition of the 7-hour National USPAP Update Course by June 30, 2014. [ARSD 20:14:13:01]

Duplication Not Allowed

An applicant for renewal may not receive credit for completion of the same continuing education offering within an appraiser's continuing education reporting period. [ARSD 20:14:13:01]

Continuing Education Not Required

Continuing education is not required if an appraiser's certificate was issued on or after March 30, 2015. This applies to new applicants only and not to applicants that have been issued an upgrade of a license or certificate. [ARSD 2014:13:01.01(1)]

Partial Continuing Education Requirement

An appraiser is only required to complete fourteen (14) hours of continuing education if the appraiser's certificate was issued on or after October 1, 2014 and prior to March 30, 2015. This applies to new applicants only and not to applicants that have been issued an upgrade of a license or certificate. [ARSD 20:14:13:02.02]

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Deadline Approaching for Applicants Upgrading or New Claiming Experience Under Current Criteria

All applications for state-licensed, state-certified residential and state-certified general meeting the current criteria must be postmarked on or before June 30, 2014. The fees and the completed application must be submitted verifying the required education and experience. The Appraisal Experience Log verifying the experience by assignment must be submitted with the application. The Department will request work product to review for compliance with the uniform standards. Once the review is completed, and there are no significant uniform standards violations cited, the application will be approved and the applicant will be allowed to sit for the examination. The examination must be successfully completed on or before December 31, 2014.

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General Education Requirements Effective July 1, 2014

An applicant for state-licensed appraiser shall have successfully completed 30 semester hours of college-level education from an accredited college, junior college, community college, or university. An applicant holding an Associate degree, or higher satisfies the 30-hour college-level education requirement. (The criteria does not identify specific college-level courses to be completed.)

Applicants for state-certified residential and state-certified general appraiser certificate must hold a Bachelor's degree, or higher from an accredited college or university.

Important Information for Supervisory Appraisers and Candidates for State-Registered Appraiser Classification

Supervisory appraisers must complete the Department's mandatory Training Course for Supervisory Appraisers and State-Registered Appraisers prior to beginning supervision of a state-registered appraiser.

Candidates for the State-Registered Appraiser classification must complete the Training Course prior to the issuance of a State-Registered Appraiser credential and before supervision begins.

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Two Types of Appraisal Reports
(Reprinted courtesy of the Kentucky Real Estate Appraisers Board)

By: Larry Disney, Executive Director

The 2014-2015 edition of USPAP identifies two written appraisal report types, 1) Appraisal Report, and 2) Restricted Appraisal Report.

Although many of the Kentucky licensed and certified appraisers have completed the 2014-2015 USPAP 7-hour Update Course, the questions presented to the board office, and the issues found in complaint files, lead the staff and board members to conclude that confusion still exists pertaining to the depth of information that is required when a pre-printed appraisal report form is used to convey the assignment results for both residential and general property appraisal reports.

Currently many of the pre-printed forms require a box be checked for purposes of satisfying the existence of certain information having been analyzed and developed. However, if the report is identified as an Appraisal Report, the contents must comply with Standards Rule 2-2(a)(i)-(xii), specifically the following, which requires the reported assignment results to not only be stated but also be summarized:

SR 2-2(a)(iii)

Summarized information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; [See Advisory Opinion 2, Inspection of Subject Property, and Advisory Opinion 23, Identifying the Relevant Characteristics of the Subject Property of a Real Property Appraisal Assignment.]

SR 2-2(a)(vii)

Summarize the scope of work used to develop the appraisal; [See Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work.

SR 2-2(a)(viii)

Summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained;

SR 2-2(a)(x)

When an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion;

The comments included with Standards Rule 2-2(a)(i)-(xii) are also a binding part of USPAP. In addition to the above requirements, some of the comments also include a requirement to summarize support for assignment results. Each appraiser is responsible for reading, understanding, and complying with all requirements of USPAP.

Anyone who has questions or require additional information is asked to contact the Kentucky Real Estate Appraisers Board Office.

[Questions: Contact Sherry Bren at 605.773.4608 or email: sherry.bren@state.sd.us]

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Marcia Hultman, Secretary
700 Governors Drive
Pierre, SD 57501-2291
Tel. 605.773.3101
Fax. 605.773.6184