Joining South Dakota Real Estate can be an exciting and fulfilling career path. In this article we’ll go through the process of becoming licensed Realtor in South Dakota.
An essential step toward earning your real estate license is finding a responsible broker. This individual will oversee and guide your real estate practices to ensure compliance.
Education Requirements
South Dakota requires individuals aspiring to become real estate agents to complete a series of educational requirements in order to qualify for licensing exams, pre-licensing courses and the state licensing exam (considered moderately difficult). Individuals must possess at least a high school diploma or GED certificate prior to taking this examination.
Pre-licensing education can be found both online and in classroom formats. Many students prefer enrolling in online classes due to their flexibility and potential completion more quickly; some online programs even include course study materials or e-books in addition to the course, providing prospective agents with additional value.
Once pre-licensing courses have been completed, applicants must submit their official transcripts to the SDREC before registering for the state exam administered by PSI Services and available at testing centers throughout California. Candidates are advised to register early as desirable test dates can fill quickly; additionally, an exam consisting of both national and state portions covering real estate topics must achieve at least 75 on a scaled score test; candidates who do not pass may retake it within one year from when their license application was initially submitted.
After passing their state exam, candidates must file a license application with the South Dakota Real Estate Commission. This application requests personal details that need to be carefully verified to avoid delays or rejections from being denied their license. In addition, fingerprint submission must also take place; candidates can reference their candidate handbook for more details regarding how and where to submit fingerprints.
Candidates for licensure must also submit an Affidavit of Character and Fitness as part of their application, which will serve to assess suitability for licensure and can be denied due to criminal convictions, financial judgments or falsifying application information. Applicants who have concerns about their background should reach out directly to the commission in order to discuss them further.
Exam Requirements
Once a student has completed their pre-licensing education requirements, they are eligible to take the real estate exam. The exam consists of national, state and broker simulation sections which are administered via computer; scores are immediately available after completion – in order to pass with a scaled score of 75 or higher required; candidates may retake it multiple times within one year.
The South Dakota real estate exam can be considered moderately challenging, so preparation is key. State-specific portions of the test cover topics like agency law, property ownership, listing/selling properties and financing real estate deals. Students can either enroll in courses tailored specifically to help pass it or select general pre-licensing courses with an emphasis on covering those areas covered on state specific portions.
Aspiring agents must complete not only a real estate exam but also complete 116 hours of pre-licensing education and submit an initial license application through the SD Real Estate Commission. Furthermore, applicants are required to have a sponsoring broker as well as errors and omissions insurance (E&O), an industry standard which protects agents from lawsuits related to their business activities.
People who have successfully passed their real estate exam in another state may qualify for a partial waiver of pre-licensing education requirements in South Dakota. It’s essential that they check with the state’s real estate licensing department to confirm this eligibility.
Once all necessary steps have been completed–including completing 116 hours of education, being fingerprinted for a background check, having an E&O insurance policy in place and sponsoring broker, candidates must submit their license application. In order to do so they must provide evidence that they have passed both national and state specific portions of the real estate exam as proof. Applicants can submit their applications either directly through contacting the real estate licensing department or through their online portal.
License Requirements
If you want to sell real estate in South Dakota, a license is a prerequisite. To become licensed with SDREC, candidates must satisfy several statutory and regulatory requirements including education, criminal background check and passing the state exam. You also need submit fingerprints, find a sponsoring broker and acquire errors and omissions insurance.
First step to getting a South Dakota real estate license: complete 116 hours of pre-licensing courses approved by SDREC. These can either take place in person or online. When complete, take time out from studying to take and pass state exam within 60 days from passing exam report date – remembering you have 60 days total until licensing process completion!
Once you’ve passed both national and state portions of the exam, you can complete your application for licensure. The state exam takes 4.5 hours, comprising of 142 multiple-choice questions split among national portion and state law section; in addition, five to ten unscored experimental questions that help assess examination are included as part of this examination.
Preparing thoroughly for state exams can make passing them significantly harder, so we advise investing in quality study packages like those provided by The CE Shop to give yourself an edge against other candidates and increase your odds of passing first time around.
Once you’ve passed the state exam and met all licensing requirements, the SDREC awaits your application to submit to them for processing. This can be done either online or by mail and typically takes between 2-4 weeks before it has been approved – once processed you’ll begin practicing real estate as an agent in South Dakota! Keep in mind, however, that renewal forms need to be submitted periodically in order to keep your license current and active!
Working With a Broker
South Dakota real estate agents (also referred to as broker associates) are licensed professionals that assist clients with buying, selling, and renting properties. In order to become one, one must meet specific age and education standards as well as pass a rigorous background check procedure. Furthermore, at least 116 hours of pre-licensing courses from an approved education provider must also be successfully completed before becoming licensed as an agent in South Dakota.
Once you have successfully completed both national and state portions of the real estate exam, it’s time to submit your license application to the South Dakota Real Estate Commission. This requires providing a detailed candidate handbook as well as personal and professional data submission. Fingerprinting and criminal background checks may also be arranged – reports will then be reviewed case-by-case by the Commission in order to ensure individuals possess sound moral standing.
South Dakota’s real estate licensing exam differs slightly from others, in that it features both multiple-choice questions for national and state sections as well as broker simulation questions. Prep thoroughly as scoring at least 75% is required to pass. PSI Services administers this examination through registration with the Commission; applicants should bring two forms of government ID that contain their photo and signature to take part.
South Dakota real estate professionals must obtain errors and omissions insurance to protect both themselves and their clients from liability for mistakes during their work. It must be purchased through an admitted provider such as Rice Insurance Services LLC – although other affordable options exist as well. Failure to fulfill this requirement could result in your license becoming suspended, making real estate transactions impossible for you.