Real Estate Agent Permit Requirements in Rapid City, SD

1. EIN (Employer Identification Number)

   Required if you have employees or operate as an LLC or corporation. Free from the IRS.

   Official government source

   Free·Immediate (online application)

   Free

   Immediate (online application)

1. South Dakota Department of Revenue - Sales Tax License

   Any business with a physical presence in South Dakota must be licensed for sales tax collection, and South Dakota taxes services as well as tangible personal property and products transferred electronically. The state sales and use tax rate is 4.2 percent (reduced from 4.5 percent), and municipal sales and use tax of generally 1 to 2 percent applies where the purchaser receives the product or service. Remote sellers and marketplace providers with more than $100,000 in gross sales into South Dakota in the previous or current calendar year must also license and remit. Register using the Department of Revenue's online Tax License Application.

   Official government source

   Free - there is no fee for a South Dakota sales tax license·Apply online through the Tax License Application; the license is typically issued within a few business days

   Free - there is no fee for a South Dakota sales tax license

   Apply online through the Tax License Application; the license is typically issued within a few business days

2. South Dakota Real Estate Errors and Omissions Insurance (required)

   Errors and omissions insurance is not merely advisable for South Dakota real estate licensees - it is required. SDCL 36-21A-119 directs the Real Estate Commission to adopt rules requiring, as a condition of licensure, that all real estate salespersons and brokers except those holding inactive licenses carry E&O insurance covering all activities under chapter 36-21A. Under SDCL 36-21A-120 the Commission may negotiate a group policy available to all licensees, and any licensee may instead obtain independent coverage that meets the Commission's minimum requirements. SDCL 36-21A-122 requires each licensee to be notified of the required terms and conditions at least 30 days before the biennial renewal date, and requires any licensee who does not participate in the Commission's group program to file a certificate of coverage with the Commission annually. Check the Commission's Errors and Omissions Insurance page for the current group carrier and minimum coverage terms before choosing an outside policy.

   Official government source

   Premium is set by the insurer, not the state; the Commission's group policy rate and the independent-coverage minimums are published on its Errors and Omissions Insurance page. Budget for this as a condition of keeping an active license, not an optional expense.·Coverage must be in force as a condition of active licensure. Licensees outside the group program must file a certificate of coverage with the Commission annually, and the Commission notifies licensees of required terms at least 30 days before each biennial renewal.

   Premium is set by the insurer, not the state; the Commission's group policy rate and the independent-coverage minimums are published on its Errors and Omissions Insurance page. Budget for this as a condition of keeping an active license, not an optional expense.

   Coverage must be in force as a condition of active licensure. Licensees outside the group program must file a certificate of coverage with the Commission annually, and the Commission notifies licensees of required terms at least 30 days before each biennial renewal.

1. South Dakota Real Estate Commission - Broker Associate License

   Real estate licensees in South Dakota are licensed by the SD Real Estate Commission (Department of Labor and Regulation, 605-773-3600). The entry-level resident license is called Broker Associate, not Salesperson; it requires the 116-hour prelicensing course, an exam score of 75 percent or better, and approval of the application. A Responsible Broker license additionally requires two years of active status plus a 24-hour Responsible Broker course. Every applicant must pass a state and federal criminal background check, submitting DCI and FBI fingerprint cards (or electronic Livescan submission). A license application must be filed within 60 days of the exam report date or the exam score is void.

   Official government source

   $225 application fee paid to the Commission, plus a separate $50 check to the Division of Criminal Investigations for the background check, plus the exam fee charged by the testing vendor. Renewal is $125 every two years (Broker, Broker Associate, Auctioneer, Property Manager and Firm; Home Inspector $100; Residential Rental Agent $50), with a $20 per month late renewal penalty.·Allow 2 to 4 weeks for the Commission to process a complete application after the exam; the application must be filed within 60 days of the exam report date

   $225 application fee paid to the Commission, plus a separate $50 check to the Division of Criminal Investigations for the background check, plus the exam fee charged by the testing vendor. Renewal is $125 every two years (Broker, Broker Associate, Auctioneer, Property Manager and Firm; Home Inspector $100; Residential Rental Agent $50), with a $20 per month late renewal penalty.

   Allow 2 to 4 weeks for the Commission to process a complete application after the exam; the application must be filed within 60 days of the exam report date

2. City of Rapid City - No General Business License for Most Businesses

   Rapid City does not require a general business license. The city's own licensing page states that the Finance Office requires a business license only for these types: Adult Oriented Business, Central Station Service, Ice Cream Vendor, Pawn / Precious Metals and Gems / Second Hand, Refuse Hauling, Security, Sidewalk Vending, Taxi, Transportation Network, or Alcohol Related Business/Event (Finance Office, 605-394-4143). It adds explicitly that if you do not have one of these businesses, the Finance Office does not require you to have a business license through their office, and refers other business licensing questions to the Department of Revenue at 605-394-2332. Contractor licenses, building permits, plan review, inspections, and air quality permits are handled separately by Building Services at 605-394-4120. A South Dakota sales tax license from the Department of Revenue is required and is free.

   Official government source

   $0 for most businesses - no general business license exists. A license fee applies only to the enumerated categories above; contact the Finance Office at 605-394-4143 for those amounts.·N/A for most businesses - there is nothing to file. For an enumerated license type, contact the Finance Office at 605-394-4143.

   $0 for most businesses - no general business license exists. A license fee applies only to the enumerated categories above; contact the Finance Office at 605-394-4143 for those amounts.

   N/A for most businesses - there is nothing to file. For an enumerated license type, contact the Finance Office at 605-394-4143.

Official Sources

• South Dakota Real Estate Commission — Salesperson or Broker License
• City of Rapid City Finance Department

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