ARSD 20:14:01:01. Definitions

Terms used in this article mean: (1) "Appraisal," the act or process of developing an opinion of 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," a person who has been issued by the department a state-certified general, state-certified residential, state-licensed, or registered trainee appraiser credential to perform appraisals; (7) "Bio-metric proctoring," continually verifying the identity of the student through processes, such as facial recognition, consistency in keystroke cadence, or the observation of activity in the testing location; (8) "Credential," the certificate, license, or registration issued to a successful applicant for state-certified general appraiser, state-certified residential appraiser, state-licensed appraiser, or registered trainee appraiser, as applicable; (9) "Class hour," fifty minutes out of each sixty-minute segment; (10) "Complex nonresidential property," the nonresidential property to be appraised, the form of ownership, or market conditions are atypical, as described in § 20:14:04:09; (11) "Complex one- to four-family residential property," the residential property to be appraised, the form of ownership of the property, or market conditions of the property are atypical, as described in § 20:14:04:09; (12) "Department," the Department of Labor and Regulation; (13) "Distance education," any education process based on the geographical separation of student and instructor; (14) "Evaluation," a valuation of real estate prepared for a federally insured depository institution for a transaction that, pursuant to regulations promulgated by one or more federal financial institution regulatory agencies, qualifies for the appraisal threshold exemption, business loan exemption, or subsequent transaction exemption; (15) "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, or the National Credit Union Administration; (16) "FDIC," the Federal Deposit Insurance Corporation; (17) "Financial institutions," institutions regulated by the FDIC, OCC, the Board of Governors of the Federal Reserve System, and National Credit Union Administration; (18) "FIRREA," the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, Pub. L. No. 101-73 (August 9, 1989), 103 Stat. 183, 12 U.S.C. §§ 3311, 3310 through 3351 as amended to July 21, 2010; (19) "Guidelines," the Interagency Appraisal and Evaluation Guidelines that were issued by the federal financial institutions regulatory agencies and the Office of Thrift Supervision on December 2, 2010; (20) "OCC," the Office of the Comptroller of the Currency, Treasury Department; (21) "Real estate," as defined in SDCL 36-21A-11; (22) "Registered trainee appraiser," an individual who has satisfied the requirements for the trainee level registration as a real estate appraiser, as prescribed in this article; (23) "Secretary," the secretary of the department; (24) "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; (25) "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; (26) "State-licensed appraiser," an individual who has satisfied the requirements for mid-level licensure as a real estate appraiser as prescribed in this article; (27) "Tract development," a project of five units or more that is constructed or is to be constructed as a single development; (28) "Uniform standards," Uniform Standards of Professional Appraisal Practice, as incorporated in § 20:14:06:01; and (29) "Written examination," an exam written on paper, or administered electronically on a computer workstation or other device.