TITLE 5
Businesses and Professions

CHAPTER 5-20.7
Real Estate Appraiser Certification Act

SECTION 5-20.7-8


§ 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) A licensed appraiser trainee is an individual who has successfully completed all requisite core courses as required by the appraisal qualifications board.

(d) [Deleted by P.L. 2013, ch. 54, § 1 and P.L. 2013, ch. 58, § 1].

History of Section.
(P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1; P.L. 1997, ch. 341, § 1; P.L. 1997, ch. 366, § 1; P.L. 2006, ch. 217, § 2; P.L. 2006, ch. 357, § 2; P.L. 2013, ch. 54, § 1; P.L. 2013, ch. 58, § 1.)