According to South Dakota law, what must a real property securities dealer do?

In South Dakota, a real property securities dealer is required to be licensed as a real estate broker. This requirement is in place to ensure that individuals or entities engaging in the business of dealing with real property securities possess the necessary knowledge, skills, and ethical standards to operate in the real estate market. Being licensed as a broker involves meeting specific educational and experiential criteria, passing an examination, and adhering to regulations that govern real estate transactions.

This level of licensing ensures that the dealer is qualified to navigate the complexities of real property investments and can effectively protect the interests of clients who engage with them in pursuing real estate opportunities. The other options, such as obtaining a real estate salesperson license, registering as a property management associate, or becoming a licensed appraiser, do not meet the specific legal requirements for someone engaging in activities as a real property securities dealer within South Dakota. Each of those professions has its own distinct licensure requirements and scope of practice that do not align with the responsibilities of a securities dealer.