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«South Dakota Real Estate Commission 221 West Capitol Suite 101 Pierre, South Dakota 57501 Tel: 605.773.3600 Fax: 605.773.4356 sdrec.sd.gov South ...»

-- [ Page 1 ] --

South Dakota Real Estate Commission

221 West Capitol Suite 101

Pierre, South Dakota 57501

Tel: 605.773.3600

Fax: 605.773.4356

sdrec.sd.gov

South Dakota Real Estate

License Laws & Administrative Rules

SDCL 36-21A, SDCL 43-15A, SDCL 43-15B,

SDCL 43-4-37 to 57, SDCL 43-32,

And ARSD 20:69 as of July 1, 2015

COPYRIGHT © 1967-2015 BY THE STATE OF SOUTH DAKOTA, REPRINTED BY

PERMISSION.

The laws contained in this pamphlet are reprinted with the permission of the Code Commission.

You are advised that the legislature amends these laws from time to time and that the laws contained here may be superseded by acts of the legislature. The current session laws and the codified laws of the State supersede any law that is in conflict with a law published in this pamphlet.

TABLE OF CONTENTS

SOUTH DAKOTA REAL ESTATE COMMISSION

Page Chapter 36-21A Real Estate Licensing 1 – 35 Chapter 43-15A Condominiums 36 – 40 Chapter 43-15B Time-Share Estates 41 – 42 Chapter 43-32 Lease of Real Property 43 – 48 Chapter 21-16 Forcible Entry and Detainer 49 - 50 Chapter 43-4 Transfer of Property 51 – 65 Article 20:69 Administrative Rules 67 – 153 20:69:01 Definitions 67 – 67 20:69:02 General Rules 68 – 70 20:69:03 Licensing and Licenses 71 – 77 20:69:04 Prelicensing Education 78 – 88 20:69:05 Disciplinary Proceedings 89 – 92 20:69:06 Real Estate Auctioneer Licenses 93 – 97 20:69:07 Condominiums 98 – 100 20:69:08 Mortgage Brokers 101 – 103 20:69:10 Standards of Professional Appraisal Practice 104 – 105 20:69:11 Postlicensing and Continuing Education 106 – 119 20:69:12 Time-Share Estates 120 – 133 20:69:13 Time-Share Agents 134 – 139 20:69:14 Property Managers 140 – 143 20:69:14.01 Residential Rental Agents 144 – 145 20:69:15 Errors and Omissions Insurance 146 – 149 20:69:16 Disclosure 1

–  –  –

Section 36-21A-1 Definition of terms.

36-21A-2 Advertisement and advertising defined.

36-21A-3 Appraisal defined.

36-21A-4 Repealed.

36-21A-5 "Association" defined.

36-21A-6 Real estate broker and broker defined.

36-21A-7 "Moral turpitude" defined.

36-21A-8 Repealed.

36-21A-9 Inactive license defined.

36-21A-10 "Property manager" defined.

36-21A-11 "Real estate" and "realty" defined.

36-21A-12 Real estate salesperson defined.

36-21A-12.1 "Residential rental agent" defined--Promulgation of rules for licensing requirements.

36-21A-12.2 Broker price opinion and comparative market analysis defined.

36-21A-13 Real estate commission created--Composition.

36-21A-14 Terms of commission members--Vacancies.

36-21A-15 Quorum of commission.

36-21A-16 Commission continued within Department of Labor and Regulation--Records and reports.

36-21A-17 Seal of commission.

36-21A-18 Executive director--Duties.

36-21A-19 Salary of executive director--Employment of other personnel--Expenditures.

36-21A-20 Office of executive director--Records and property maintained.

36-21A-21 Meetings of commission.

36-21A-22 Filing or notice to the commission--Date of filing or notice.

36-21A-23 Compensation and expenses of commission members.

36-21A-24 Real estate courses and institutes conducted by commission.

36-21A-25 Assistance provided to libraries, licensees, institutes and foundations.

36-21A-26 List of licensees and other information to be available.

36-21A-27 Licensees not qualified for exceptions.

36-21A-28 Active license required for certain acts.

36-21A-29 Persons and entities exempt from licensure.

36-21A-30 Reputation, age, competence, and citizenship required for license--Prior rejection or revocation of license.

36-21A-30.1 Education requirement for broker associate license applicants.

36-21A-30.2 Education requirements for initial licensure as broker associate.

36-21A-31 Experience and education required of applicant for responsible broker's license.

36-21A-32 Waiver of experience requirement on responsible broker applicant's refusal to associate--Relocation or acceptance of unfair contract not required.

36-21A-33 Denial of application.

36-21A-34 Repealed.

36-21A-34.1 Requirements for upgrade to broker associate license.

36-21A-34.2 Repealed.

36-21A-35 Application for license--Contents--Oath or affirmation.

36-21A-36 Written examination--Time and place--Contents.

36-21A-36.1 Application for license--Time limit.

36-21A-37 License required for real estate firm.

REAL ESTATE LICENSING

36-21A-38 Responsible broker to represent corporation, limited liability company, partnership or association and sign application--Termination of affiliation--Fee.

36-21A-39 Dissolution of corporation, partnership, limited liability company, or association-Return of license.

36-21A-40 Repealed.

36-21A-41 Qualification by examination required.

36-21A-42 Repealed.

36-21A-43 Examination reciprocity with other states.

36-21A-44 Issuance of license to successful applicant--Association with broker--Authority to conduct business.

36-21A-45 Repealed.





36-21A-46 Repealed.

36-21A-46.1 Responsible broker, salesperson, or broker associate permitted to form certain business entities--Conditions.

36-21A-47 Restricted broker's license--Termination and prosecution if licensee exceeds authority.

36-21A-48 Exemption from property manager's license for operators of state and federal housing units.

36-21A-49 Application fee for individual licensure.

36-21A-50 Conditions for issuing of license or reinstatement after revocation or suspension.

36-21A-51 Repealed.

36-21A-52 Registration of place of business--Change of location.

36-21A-53 Branch office name.

36-21A-54 Reciprocal privileges extended to nonresident licensees--Licensees from states not granting full reciprocity.

36-21A-55 Transaction of business subjects nonresidents to personal jurisdiction--Service of process--Delivery of copy of process or pleading to executive director.

36-21A-56 Written notice of change of association--Statement of registration--Salesman placed on inactive status.

36-21A-57 Repealed.

36-21A-58 Renewal of license by salesperson or broker associate not associated with responsible broker--Restrictions on inactive salesperson or broker associate.

36-21A-59 Repealed.

36-21A-60 Additional fees.

36-21A-61 Biennial registration--Cancellation upon failure to register.

36-21A-62 Biennial proof by licensees of continuing education--Persons exempt.

36-21A-63 Approved courses for continuing education--List maintained--Standards.

36-21A-64 License inactive until proof of continuing education provided.

36-21A-65 Exceptions to continuing education requirements.

36-21A-66 Late renewal application--Fee.

36-21A-67 Licensees entering United States armed forces--Application for reinstatement--Timing and requirements--Waiver of continuing education.

36-21A-68 Grounds for revocation of license--Criminal prosecution--Setting minimum fees not impaired--Suspension, reprimand, and monetary penalties.

36-21A-69 Repealed.

36-21A-69.1 Responsible broker to surrender associate licenses.

36-21A-70 Revocation or suspension of firm license following discipline of responsible broker.

36-21A-71 Acts constituting unprofessional conduct.

36-21A-72 Restrictions on licensee advertising.

36-21A-73 Repealed.

36-21A-74 Preservation of records.

36-21A-75 Closing statements to be furnished by brokers.

36-21A-76 Cobrokerage transaction--Money held in broker's trust account.

REAL ESTATE LICENSING

36-21A-77 Purchaser deposits in unconsummated transactions.

36-21A-78 Substantiation of information in listing agreement--Latent defects.

36-21A-79 Broker's responsibility for activities of affiliated licensees.

36-21A-80 Handling of money received by broker for principal.

36-21A-81 Disbursement pursuant to written agreement of trust funds where purchase agreement does not close.

36-21A-82 Deposit slip and ledger sheet for special trust account--Records maintained--Notice to commission as to financial institution and name of account.

36-21A-83 Records kept by broker remitting immediately to principal.

36-21A-84 Completed transaction required for compensation of broker--Promulgation of rules for exceptions.

36-21A-85 Repealed.

36-21A-86 Procedure on revocation of license--Appeal.

36-21A-87 Violation of chapter as misdemeanor.

36-21A-88 Action for compensation of unlicensed persons prohibited.

36-21A-89 Promulgation of rules for administration and enforcement of this chapter.

36-21A-89.1 Repealed.

36-21A-90 Promulgation of rules establishing uniform standards of professional appraisal practice.

36-21A-91 Actions for injunction--Attorney fees and costs.

36-21A-92 Repealed.

36-21A-93 Application for subdivision certificate--Fee--Contents--Additional information.

36-21A-94 Proof by subdivider of ability to provide promised public improvements--Security.

36-21A-95 Investigation of application and inspection of out-of-state real estate--Expenses borne by applicant.

36-21A-96 Designation of executive director of commission as agent for service of process.

36-21A-97 Issuance of certificate--Annual fee--Cancellation or renewal of certificate--Investigation.

36-21A-98 Recording of instrument conveying interest in subdivision.

36-21A-99 Cease and desist orders to prevent subdivision sales provisions violations.

36-21A-100 Contracts violating subdivision sale provisions void and unenforceable--Recovery of money paid plus interest.

36-21A-101 Establishment of real estate recovery fund--Purpose.

36-21A-102 Minimum balance in recovery fund--Separate fee payable to restore minimum balance.

36-21A-103 Notice to commission of claims against recovery fund--Intervention by commission.

36-21A-104 Application by unsatisfied judgment creditor for payment of loss from recovery fund-Maximum payment--Service on commission and judgment debtor--Hearing on application for payment--Continuances.

36-21A-105 Facts to be shown at hearing by applicant for payment from recovery fund.

36-21A-106 False statement in proceedings against recovery fund as perjury.

36-21A-107 Burden of proof as to fraud or conversion--Presumption when original action was contested by debtor.

36-21A-108 Defense by commission of action against recovery fund--Motion for dismissal-Compromise.

36-21A-109 Defense by judgment debtor in action against recovery fund.

36-21A-110 Payment from recovery fund ordered only on valid cause of action--Prior judgment only prima facie evidence.

36-21A-111 Order for payment from recovery fund.

36-21A-112 Maximum liability of fund for acts of one licensee.

36-21A-113 Deferred payment of authorized claim--Interest.

36-21A-114 Suspension of license when payment from fund authorized--Repayment to fund required for reinstatement.

36-21A-115 Subrogation of fund to rights under judgment paid--Assignment.

36-21A-116 Other disciplinary powers unimpaired--Effect of repayment to fund.

REAL ESTATE LICENSING

36-21A-117, 36-21A-118. Transferred.

36-21A-119 Errors and omissions insurance required of salesmen and brokers.

36-21A-120 Group insurance coverage authorized--Independent errors and omissions coverage.

36-21A-121 Commission to determine conditions of errors and omissions coverage.

36-21A-122 Notice of terms and conditions of errors and omissions--Certificate of coverage.

36-21A-123 Repealed.

36-21A-124 Employment status--Independent contractor.

36-21A-125 "Adverse material fact" defined.

36-21A-126 "Brokerage" defined.

36-21A-127 "Confidential information" defined.

36-21A-128 Informative acts that do not constitute representation.

36-21A-129 "Substantive contact" defined.

36-21A-130 Agency agreements--Requirements.

36-21A-131 Licensee--Limited relationships.

36-21A-132 Duties and obligations of licensee representing seller or landlord.

36-21A-133 Disclosure of client information by seller's or landlord's agent.

36-21A-134 Seller's agent has no fiduciary duty to customer.

36-21A-134.1 No duty to disclose sex offender information.

36-21A-135 Seller's agent may show other properties.

36-21A-136 Duties and obligations of licensee representing buyer or tenant.

36-21A-137 Buyer's or tenant's agent not to disclose certain information without written authority-Exceptions.

36-21A-138 Buyer's agent has no fiduciary duty to customer.

36-21A-138.1 No duty to volunteer sex offender information--Actual knowledge must be disclosed upon inquiry.

36-21A-139 Buyer's agent may show property to competing clients.

36-21A-140 Licensee as limited agent--Written consent of all parties required--Duties and obligations.

36-21A-141 Certain information not to be disclosed by limited agent without written consent.

36-21A-141.1 Appointment of licensee to act as appointed agent of client to exclusion of other licensees--Limited agent--Information--Rules.

36-21A-142 Limited agent not to disclose certain information about one client to another without written authority--Exceptions.

36-21A-143 "Subagency" defined.

36-21A-144 Transaction broker--Duties and obligations.

36-21A-145 Transaction broker not responsible for--Independent inspections--Statements by seller--Finances.

36-21A-146 Certain information not to be disclosed by transaction broker without written consent.

36-21A-147 Office policies--Relationships--Written disclosure.

36-21A-148 Client, licensee not liable for misrepresentation made by the other--Exception.

36-21A-149 Duties under common law.

36-21A-150 Duties of broker or licensee after transaction finished.

36-21A-151 Applicants for licensure and registration and licensees under disciplinary investigation to submit to criminal background check.

36-21A-1. Definition of terms. Terms used in this chapter mean:

–  –  –



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