Introduced By: Representative Kilmartin
Date Introduced : May 20, 1998
It is enacted by the General Assembly as follows:
SECTION 1. Section 5-20.7-10 of the General Laws in Chapter 5-20.7 entitled "Real Estate Appraiser Certification Act" is hereby amended to read as follows:
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 {DEL two (2) years DEL} {ADD the requisite ADD}
experience in real property appraisal {ADD as required by the appraisal
qualifications board of the appraisal foundation and ADD} supported
by adequate written reports or file memoranda. Such experience
must be acquired within a period of five (5) years immediately
preceding the filing of the application for certification. Such
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 a 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.
SECTION 2. This act shall take effect upon passage.
