20:14:06:01. Compliance with uniform standards. An appraiser performing any appraisal practice assignment shall complete the assignment in compliance with the Uniform Standards of Professional Appraisal Practice, 2020-2021 Edition. The appraiser shall also disclose in the appraisal practice assignment any steps taken that were necessary or appropriate to comply with the competency rule of the uniform standards.
Source: 18 SDR 36, effective August 25, 1991; 19 SDR 12, effective August 3, 1992; 20 SDR 9, effective August 1, 1993; 21 SDR 49, effective September 18, 1994; 22 SDR 91, effective January 1, 1996; 23 SDR 113, effective January 12, 1997; 24 SDR 91, effective January 8, 1998; 25 SDR 123, effective April 8, 1999; 26 SDR 120, effective March 27, 2000; 27 SDR 99, effective April 8, 2001; 28 SDR 109, effective February 7, 2002; 29 SDR 99, effective January 15, 2003; 30 SDR 115, effective February 2, 2004; 31 SDR 165, effective May 10, 2005; 33 SDR 2, effective July 19, 2006; 34 SDR 200, effective January 28, 2008; 36 SDR 112, effective January 11, 2010; 38 SDR 116, effective January 10, 2012; 40 SDR 121, effective January 7, 2014; 42 SDR 98, effective January 5, 2016; 44 SDR 99, effective December 11, 2017; 44 SDR 184, effective June 25, 2018; 46 SDR 75, effective December 4, 2019.
General Authority: SDCL 36-21B-3(3)(16).
Law Implemented: SDCL 36-21B-1, 36-21B-3(3).
Reference: Uniform Standards of Professional Appraisal Practice, 2020-2021 Edition, Appraisal Standards Board of the Appraisal Foundation. Copies may be obtained from the Appraisal Foundation website at www.appraisalfoundation.org or by calling 800-348-2831. Cost: $75 plus shipping and handling.
20:14:06:01.01. Assignment
conditions. An appraiser shall comply with assignment conditions applicable
to assignments prepared for specific purposes or property types issued by
government agencies, government sponsored enterprises, or other entities that
establish public policy. An appraiser shall ascertain whether any such
published assignment conditions in addition to the uniform standards apply to
the assignment being considered.
Source:
34 SDR 200, effective January 28, 2008; 38 SDR 116, effective January 10, 2012.
General
Authority: SDCL 36-21B-3(3).
Law
Implemented: SDCL 36-21B-1, 36-21B-3(3).
Examples:
An appraiser is required to comply with the assignment conditions issued by the
federal financial institutions regulatory agencies of the United States known
as appraisal guidelines and regulations when performing an assignment for the
agencies.
An appraiser is required to comply
with the assignment conditions issued by Fannie Mae known as the Fannie Mae
Selling Guide when accepting an assignment requiring the use of Fannie Mae
forms adopted March of 2005.
An appraiser is required to comply
with the assignment conditions issued by Employee Relocation Council known as
The Worldwide ERC® Relocation Appraisal Guide when accepting an
assignment requiring the use of The Worldwide ERC® Summary Appraisal
Report.
20:14:06:01.02. Reporting of appraisal management company registration number. An appraiser who performs an appraisal for an appraisal management company shall assure that the company is properly registered by the secretary pursuant to SDCL chapter 36-21D and include the company's registration number in the appraisal report.
Source: 38 SDR 116, effective January 10, 2012; 40 SDR 121, effective January 7, 2014.
General Authority: SDCL 36-21B-3(3).
Law Implemented: SDCL 36-21B-1, 36-21B-3(3).
