SD real estate licensees are required to carry errors and ommissions insurance. The state policy from RISC is going up in 2010 to a base price of $165.00. There are also three available endorements available for $15 each (one each for fair housing, environmental, and real estate regulatory complaints). The October/November 2009 issue of the South Dakota Real Estate View newsletter, pg 2, published by the SD Real Estate Commission has a great explanation of this increase. Here is the access link to the newsletter: http://www.state.sd.us/sdrec/newsletter/newsletters_list.htm.
Renewal fees for licenses expiring this December are $125.00 and due to be received by the commission no later than November 30, 2009. If the licensee has not completed their necessary continuing education should still make sure their renewal is received by the Real Estate Commission by November 30th. Renewals received after November 30th need to have a late fee included with them or they will be returned.
New agents have the initial application fee of $225 - application must be received in the commission's office within 60 days of completing the two tests. If the license is issued during the year of 2009, the first renewal will be due November 30, 2010.
If an agent is part of a board of REALTORS, they will also have their initial board dues before being able to practice real estate. This will cover their orientation, pro-rated state and national Association of REALTOR dues, and the initial local board fees. There may also may a lockbox or lockbox key fee. Our local board ReaderKey lease increased by only $1 this year to $120. Our board also charges monthly for its dues instead of annually. I like having it spread out over time instead of all at once with everything else.
People looking to get their license will also need to pay for the real estate school (116 hour course), and for both of the required tests ($95 each time either test is taken).
A cost which varies greatly is the cost of post-licensing or continuing education required for renewing the license. If you are still looking for those classes, links are available from the SD Real Estate Commission (http://www.state.sd.us/sdrec). I am also teaching classes - the full schedule is available at www.RushmoreSchoolOfRealEstate.com.
If you have any questions, please contact me at 605-484-0557 or caroll@propertybyreferral.com