20:14:05:07.01Educational requirements for state-certified residential appraiser -- Appraiser education.

The following educational requirements apply to state-certified residential appraisers: (1) An applicant for examination as a state-certified residential appraiser credential shall have completed two hundred creditable class hours of approved qualifying education which includes successful completion of each course examination. Acceptable education is as follows: (a) Basic appraisal principles -- thirty hours; (b) Basic appraisal procedures -- thirty hours; (c) A fifteen-hour qualifying course that covers the uniform standards; (d) Residential market analysis and highest and best use -- fifteen hours; (e) Residential appraiser site valuation and cost approach -- fifteen hours; (f) Residential sales comparison and income approaches -- thirty hours; (g) Residential report writing and case studies -- fifteen hours; (h) Statistics, modeling, and finance -- fifteen hours; (i) Advanced residential applications and case studies -- fifteen hours; and (j) Appraisal subject matter electives -- twenty hours. (2) A registered trainee appraiser satisfies the appraiser educational requirements for the state-certified residential appraiser credential by completing the following additional educational hours: (a) Residential market analysis and highest and best use -- fifteen hours; (b) Residential appraiser site valuation and cost approach -- fifteen hours; (c) Residential sales comparison and income approaches -- thirty hours; (d) Residential report writing and case studies -- fifteen hours; (e) Statistics, modeling, and finance -- fifteen hours; (f) Advanced residential applications and case studies -- fifteen hours; and (g) Appraisal subject matter electives -- twenty hours. (3) A state-licensed appraiser satisfies the appraiser educational requirements for the state-certified residential appraiser credential by completing the following additional educational hours: (a) Statistics, modeling, and finance -- fifteen hours; (b) Advanced residential applications and case studies -- fifteen hours; and (c) Appraisal subject matter electives -- twenty hours.

Source: 23 SDR 113, effective January 12, 1997; 24 SDR 91, effective January 8, 1998; 32 SDR 109, adopted December 7, 2005, effective January 1, 2008; 35 SDR 175, effective January 1, 2009; 38 SDR 116, effective January 10, 2012; 44 SDR 27, effective August 14, 2017; 49 SDR 48, effective November 22, 2022; 49 SDR 48, effective October 1, 2023.