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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