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          20:14:01:01.  Definitions. Terms used in this article mean:

 

          (1)  "Appraisal," the act or process of developing an opinion of the value of real estate for another and for compensation;

 

          (2)  "Appraisal Foundation," the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois;

 

          (3)  "Appraiser Qualifications Board," the independent board of the Appraisal Foundation which sets the qualification standards for appraisers;

 

          (4)  "Appraisal Standards Board," the independent board of the Appraisal Foundation which sets the appraisal standards for appraisers;

 

          (5)  "Appraisal Subcommittee," the Appraisal Subcommittee of the Federal Financial Institutions Examination Council;

 

          (6)  "Appraiser," for the purposes of this article, a person who has been issued by the Department of Labor and Regulation a state-certified general, state-certified residential, state-licensed, or state-registered appraiser credential to perform appraisals;

 

          (7)  "Credential," the certificate, license, or registration issued to a successful applicant for state-certified general appraiser, state-certified residential appraiser, state-licensed appraiser, or state-registered appraiser, as applicable;

 

          (8)  "Class hour," 50 minutes out of each 60-minute segment;

 

          (9)  "Complex one- to four-family residential property appraisal," an appraisal in which the property to be appraised, the form of ownership, or market conditions are atypical;

 

          (10)  "Department," the Department of Labor and Regulation;

 

          (11)  "Distance education," any education process based on the geographical separation of student and instructor;

 

          (12)  "Fed," the Board of Governors of the Federal Reserve System;

 

          (13)  "Federal financial institutions regulatory agencies," any of the following as applicable: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration;

 

          (14)  "FDIC," the Federal Deposit Insurance Corporation;

 

          (15)  "Financial institutions," institutions regulated by the FDIC, OCC, Fed, and National Credit Union Administration;

 

          (16)  "FIRREA," the Financial Institution Reform Recovery and Enforcement Act of 1989, Pub. L. No. 101-73, 103 Stat. 183 (1989), 12 U.S.C. § 3310, et seq;

 

          (17)  "OCC," the Office of the Comptroller of the Currency, Treasury Department;

 

          (18)  "Real estate," as defined in SDCL 36-21A-11;

 

          (19)  "Secretary," the secretary of the Department of Labor and Regulation;

 

          (20)  "State-certified general appraiser," an individual who has satisfied the requirements for the highest level of certification as a real estate appraiser as prescribed in this article;

 

          (21)  "State-certified residential appraiser," an individual who has satisfied the requirements for the highest level of residential certification as a real estate appraiser as prescribed in this article;

 

          (22)  "State-licensed appraiser," an individual who has satisfied the requirements for mid-level licensure as a real estate appraiser as prescribed in this article;

 

          (23)  "State-registered appraiser," an individual who has satisfied the requirements for entry-level registration as a real estate appraiser as prescribed in this article;

 

          (24)  "Tract development," a project of five units or more that is constructed or is to be constructed as a single development;

 

          (25)  "Uniform standards," Uniform Standards of Professional Appraisal Practice, as incorporated in § 20:14:06:01;

 

          (26)  "Written examination," an exam written on paper, or administered electronically on a computer workstation or other device.

 

          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; 30 SDR 58, effective November 5, 2003; 32 SDR 109, effective December 27, 2005; 38 SDR 116, effective January 10, 2012; 38 SDR 214, effective June 21, 2012; 44 SDR 27, effective August 14, 2017.

          General Authority: SDCL 36-21B-3(2).

          Law Implemented: SDCL 1-47-14, 36-21B-1, 36-21B-3(2).

 


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