A state-licensed appraiser may perform any noncomplex nonresidential property appraisal with a transaction at or below the applicable threshold level established pursuant to § 20:14:04:05 or complex one- to four-family residential property appraisal with a transaction value of less than $400,000 and any noncomplex one- to four-family residential property appraisal with a transaction value of less than $1,000,000. This includes the appraisal of vacant or unimproved land that is utilized for one-to four-family purposes or for which the highest and best use is one-to four-family purposes. This does not include the appraisal of subdivisions for which a development analysis/appraisal is necessary. A state-licensed appraiser is bound by the competency rule of the uniform standards and § 20:14:09:02.

Source: 18 SDR 36, effective August 25, 1991; 23 SDR 113, effective January 12, 1997; 24 SDR 91, effective January 8, 1998; 28 SDR 109, effective February 7, 2002; 32 SDR 109, effective December 27, 2005; 38 SDR 116, effective January 10, 2012 ; 47 SDR 71, effective December 14, 2020 .

General Authority: SDCL 36-21B-3(8).

Law Implemented: SDCL 36-21B-1 , 36-21B-3(8).

Prior versions effective: 2012-01-10.