Marcia Hultman

Cabinet Secretary

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Appraiser Certification Program

Frequently Asked Questions - General Topics Concerning

Appraisal Management Companies

 

What is the definition of an appraisal management company (AMC) in South Dakota?

You are an AMC if you recruit, select, and retain appraisers; contract with licensed or certified appraisers to perform appraisal assignments; manage the process of having an appraisal performed (including providing administrative duties); review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.

Is my company exempt from registration as an AMC?

See a list of companies exempt from registration as an Appraisal Management Company.

Does my AMC need to be registered with South Dakota?

Any appraisal management company doing business in the State of South Dakota is required to be duly registered or cease business until registered.

How much is the fee for registration of an Appraisal Management Company?

$1,000 initial registration fee.

Is a surety bond or irrevocable letter of credit required for AMC registration?

Yes, a Surety Bond or irrevocable letter of credit in the amount of $25,000 must be obtained and submitted with an ending effective date of December 31 or Continuous. (See our Surety Bond page for more information.)

How may I be assured notification of any proposed rule changes regarding appraisal management companies?

Submit a written request to be added to the “AMC Rules Interested Persons” list. Provide your name and address in your request. The request may be mailed to:
Appraiser Certification Program
308 S. Pierre St.
Pierre, SD 57501
Or e-mailed to: Sherry.Bren@state.sd.us

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