Chapter 058
2013 -- S 0710
Enacted 06/03/13
A N A C T
RELATING TO
BUSINESSES AND PROFESSIONS -- REAL ESTATE APPRAISER
CERTIFICATION
ACT
Introduced By: Senator Frank Lombardo
Date Introduced: March 13, 2013
It is enacted by the
General Assembly as follows:
SECTION 1. Sections 5-20.7-8, 5-20.7-10 and 5-20.7-17 of the
General Laws in Chapter
5-20.7 entitled "Real
Estate Appraiser Certification Act" are hereby amended to read as follows:
5-20.7-8.
Classes of certification and licensing -- Residential and general.
-- (a) There
are two (2) classes for state certified real estate
appraisers: and two (2) classes of licensed 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) 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. A
licensed appraiser trainee is an individual who has
successfully completed all requisite core
courses as required by the appraisal qualifications board.
(d) No certified
appraiser shall supervise more than five (5) trainees.
5-20.7-10.
Experience requirement. -- (a) An
original certification as a state certified
real estate appraiser or licensing as a state licensed
appraiser shall not be issued to any person
who does not possess the requisite experience in real
property appraisal as required by the
appraisal qualifications board of the Appraisal Foundation and
supported by adequate written
reports or file memoranda. The experience must be acquired
within a period of five (5) years
immediately preceding the filing of the application for
certification. The experience shall be of
the type of appraisal for which the applicant is seeking
certification/licensing and shall meet the
minimum standards of the Appraisal Foundation and/or
applicable federal regulations.
(b) Each applicant for
certification and licensing shall furnish, under oath, a detailed
listing of the real estate appraisal reports or file
memoranda for each year for which experience is
claimed by the applicant. For an applicant for general
certification at least fifty percent (50%) of
the prepared reports must demonstrate knowledge and
working understanding of income
capitalization or other nonresidential reports. Upon request, the
applicant shall make available to
the director or board for examination a sample of
appraisal reports, which the applicant has
prepared in the course of his or her practice.
(c) In order for a
licensed trainee appraiser to be issued certification as a state certified
appraiser or licensing as a state licensed appraiser, the
trainee must have completed the requisite
experience in real property appraisal as required by the
appraisal qualification board and
supported by adequate written reports or file memoranda. That
experience must be completed
under the direct supervision of certified real estate
appraisers. The trainee may rely on more than
one supervising appraiser in order to complete this
experience requirement, and no certified
appraiser shall supervise more than three (3) trainees.
5-20.7-17.
Continuing education prerequisite to renewal. --
(a) As a prerequisite to
certificate or license renewal, a state certified or licensed
real estate appraiser shall present
evidence satisfactory to the director of having met the
continuing education requirements of this
section.
(b) The basic
continuing education requirement for renewal of a certificate or license is
the completion by the applicant, during the immediately
preceding term of certification, of not
less than twenty (20) classroom twenty-eight
(28) hours of instruction in courses or seminars
from a duly licensed real estate school pursuant to the
provisions of section 5-20.5-19 or a
nationally recognized appraisal organization, college,
university, or other school approved by the
appraiser qualifications board of the Appraisal Foundation or
such other school as approved by
the board.
(c) In lieu of meeting
the requirements of subsection (b) of this section, an applicant for
certificate or license renewal may satisfy all or part of the
recertification requirements by
presenting evidence of the following:
(1) Completion of an
educational program of study determined by the board to be
equivalent, for continuing education purposes, to courses
meeting the requirements of subsection
(b) of this section; or
(2) Participation other
than as a student in educational processes and programs approved
by the board which relate to appraisal theory, practices
or techniques, including, but not
necessarily limited to, teaching, program development and
preparation of textbooks, monographs,
articles, and other instructional materials.
(3) The director
may, for good cause, renew the license and/or certificate of an
individual pending a review of the applicant's qualifications by
the board and the department. The
renewal shall be for a period not in excess of six (6)
months.
SECTION 2. This act shall take effect upon passage.
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LC01304
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