Chapter
357
2006 -- S 2689
Enacted 07/07/06
A N A
C T
RELATING TO REAL
ESTATE APPRAISER CERTIFICATION
Introduced By: Senator Marc
A. Cote
Date Introduced: February
14, 2006
It is
enacted by the General Assembly as follows:
SECTION
1. Sections 5-20.7-3 and 5-20.7-8 of the General Laws in Chapter 5-20.7
entitled
"Real Estate Appraiser Certification Act" are hereby amended to read
as follows:
5-20.7-3.
Certification required. -- (a) No person, other than persons certified
in
accordance
with the provisions of this chapter, shall assume or use that title or any
title,
designation
or abbreviation likely to create the impression of certification as a real
estate
appraiser
by this state. A person who is not certified pursuant to this act shall not
describe or refer
to any
appraisal or other valuation of real estate located in the state by the term
"certified".
(b) (1) This chapter does not preclude a precludes any person who
is not certified as a
state
certified real estate appraiser from appraising residential real
property containing four (4) or
fewer
units for compensation under chapter
20.5 of this title.; provided, however, that this chapter
does
not preclude any person who holds a license pursuant to chapter 20.5 of this
title and, in the
ordinary
course of business, from giving a written or oral opinion of value of real
estate for the
purposes
of a prospective listing, purchase, sale, or business valuation; provided,
however, that
such
opinion of value shall not be referred to as an appraisal.
(2) Those appraisals may be used in any court in this state to establish
residential
property
valuation, but shall not be utilized for mortgage lending and/or for state or
municipal
valuation
purposes.
(c) Nothing in this chapter shall preclude a person trainee
directly supervised by a
certified
appraiser from assisting in or preparing a certified appraisal and signing such
appraisal
provided
the appraisal is approved and signed by a certified appraiser as appropriate.
(d)
Any appraisal conducted by an institution licensed in this state to accept
deposits in
connection
with a loan transaction, other than those conducted by:
(1)
Federally or NCUA insured banks, savings banks, or credit unions; or
(2)
Persons regulated or licensed under title 19 or any transactions, municipal or
state,
regardless
of monetary value, shall require an appraisal by a licensed or certified
appraiser.
5-20.7-8.
Classes of certification and licensing -- Residential and general. --
(a) There
are two
(2) classes for state certified real estate appraisers:
(1) A state certified residential real estate appraiser is a person who
fulfills the
requirements
for certification for the appraisal of residential real property. For the
purposes of
this
section residential property means property which is used for noncomplex single
or multi-
family
dwellings of 1 -- 4 units having no minimum transaction value, or property used
for
complex
1 -- 4 residential units having a transaction value of less than two hundred
fifty thousand
dollars
($250,000).
(2) A state certified general real estate appraiser is a person who fulfills
the requirements
for
certification for the appraisal of all types of real property.
(b) A state licensed appraiser is a person who fulfills the requirements for
licensing for
the
appraisal of residential property. For purposes of this section, residential
property applies to
the
appraisal of noncomplex 1 -- 4 residential units having a transaction value of
less than one
million
dollars ($1,000,000) and complex 1 -- 4 residential units having a transaction
value of less
than two
hundred fifty thousand dollars ($250,000).
(c) An individual who meets the requirements of section 5-20.7-9 shall be
allowed two
(2)
years from the date of issue of a trainee license to complete the experience
requirement,
providing
that the individual works directly under a certified appraiser. Upon request,
the trainee
shall be
granted only a two (2) year extension to complete his or her experience
requirement. No
further
extensions shall be granted. All continuing education requirements shall be
fulfilled.
(d)
No certified appraiser shall supervise more than three (3) trainees.
SECTION
3 Section 1 of this act shall take effect upon passage and Section 2 of this
act
shall
take effect on July 1, 2007.*
*Complier’s
Note – There is no Section 2 in this act.
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LC02263
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