(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 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).
(a) (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 of the Appraisal Foundation.
(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.