ENTITLED, An Act to revise provisions regarding broker price opinions, comparative market
analyses, and appraisals.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 36-21A be amended by adding thereto a NEW SECTION to read as
follows:
For the purposes of this chapter, the terms, broker price opinion and comparative market
analysis, mean an estimate prepared by a licensed broker or salesperson that details the probable
selling price or leasing price of a particular parcel of or interest in real property and provides a
varying level of detail about the property's condition, market and neighborhood, and information on
comparable properties, but does not include an automated valuation model. A broker price opinion
or a comparative market analysis is not an appraisal.
Section 2. That § 36-21A-6 be amended to read as follows:
36-21A-6. For the purposes of this chapter, a broker or a real estate broker is any person who
does any of the following:
(1) For another and for compensation or consideration or with the intention or expectation
of receiving compensation or consideration, directly or indirectly, lists, sells, exchanges,
buys, rents, manages, offers or attempts to negotiate a sale, option, exchange, purchase,
lease or rental of an interest in real property, or a mobile or manufactured home which has
been registered under the provisions of chapters 32-3 to 32-5B, inclusive, unless licensed
under chapter 32-7A to sell used mobile or manufactured homes, or advertises or holds
himself out as engaged in such activities;
(2) For another and for compensation or consideration or with the intention or expectation
of receiving compensation or consideration, directly or indirectly, negotiates or offers or
attempts to negotiate a loan, secured or to be secured by a mortgage or other encumbrance
on real property;
(3) For another and for compensation or consideration or with the intention or expectation
of receiving compensation or consideration, directly or indirectly, lists, sells, exchanges,
buys, rents, manages, offers or attempts to negotiate a sale, option, exchange, purchase,
lease or rental of any business opportunity or business, or its goodwill, inventory or
fixtures, or any interest therein;
(4) For another and for compensation or consideration or with the intention or expectation
of receiving compensation or consideration, directly or indirectly, offers, sells or attempts
to negotiate the sale of property that is subject to the registration requirements concerning
subdivided land;
(5) Charges a fee for undertaking to promote the sale or lease of real property by means of
listing in a publication primarily for such purpose;
(6) Engages wholly or in part in the business of selling real property to the extent that a
pattern of selling real property is established, unless exempted under the provisions of this
chapter;
(7) Is employed by or on behalf of any owner of lots or other parcels of real property for
compensation or consideration to sell the real property or any part thereof;
(8) Appraises, offers, attempts or agrees to appraise real property unless licensed or certified
to appraise under some other provision of South Dakota law. Any person performing an
appraisal pursuant to this subdivision shall comply with the uniform standards established
by the secretary pursuant to § 36-21B-3;
(9) For another and for compensation or consideration or with the intention or expectation
of receiving compensation or consideration, directly or indirectly, prepares or offers to
prepare a broker price opinion or a comparative market analysis;
(10) Auctions, offers, attempts or agrees to auction real estate unless licensed to auction real
property under some other provision of South Dakota law; or
(11) Buys or offers to buy or sell or otherwise deals in options to buy real property.
An Act to revise provisions regarding broker price opinions, comparative market analyses, and
appraisals.
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I certify that the attached Act
originated in the
SENATE as Bill No. 64
____________________________
Secretary of the Senate
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____________________________
President of the Senate
____________________________
Secretary of the Senate
____________________________
Speaker of the House
____________________________
Chief Clerk
Senate Bill No. 64
File No. ____
Chapter No. ______
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Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
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The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
By _________________________
Asst. Secretary of State
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