Property Management requirements in South Dakota
Must South Dakota property management companies have a real estate broker's license?
NO. South Dakota is one of the few states that does not require a real estate broker's license to engage in property management. However, if a property manager is going to negotiate the rent, exchange or leasing of a property, list or rent real estate, or collect rent for real estate or if he or she holds herself out as engaging in those activities he or she will need at least a â€œproperty manager's licenseâ€, which is a type of â€œrestricted broker's licenseâ€. Individuals must be licensed as individual property managers and partnerships, associations or corporations must be licensed as firms.
Are there any exceptions to the requirement that a South Dakota property manager have a property manager license or a real estate broker's license?
YES. For example, property managers are exempt from the license requirement if they do not engage in leasing, offers to lease, lease negotiations, or other lease-related activities. On-site residential managers maybe be eligible for a residential rental agent's license.
Before hiring a property manager to manage your South Dakota rental property, you should always check that he or she is licensed appropriately. You can check the license status of South Dakota property managers by referring to the state's online license licensee roster.
South Dakota Community Association Management Licensing
There is no requirement that a community association manager or condo association manager in South Dakota hold a real estate broker's license.
South Dakota Property Manager Licensing Requirements
South Dakota property manager licensing requirements include:
South Dakota Responsible Broker Licensing Requirements
South Dakota responsible broker licensing requirements include:
South Dakota Associate Broker Licensing Requirements
South Dakota associate broker licensing requirements include:
For more information about these and other licensing requirements and exceptions, please contact the South Dakota Real Estate Commission. Specific information about licensing, including applications and types of license, is available online.
IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission.