It is unlawful for an individual to assume or use a title, designation, or abbreviation likely to create the impression that the person is a real estate appraiser or to engage in real estate appraisal activity or advertise as an appraiser without a valid license issued by the department. However, nothing in this chapter may be construed to apply to:
(1) A real estate licensee licensed in accordance with Chapter 57, Title 40 who performs a market analysis or gives an opinion as to the price of real estate on the condition that the market analysis or opinion is not referred to as an appraisal. Before performing a market analysis, the real estate licensee must disclose to the requesting party: "This market analysis may not be used for the purposes of obtaining financing in a federally related transaction".
(2) A forester registered pursuant to Chapter 27, Title 48 who appraises or values standing or growing timber or timberland located in this State and issues an appraisal or valuation on the timber or timberland, as permitted by Chapter 27, Title 48 and Regulation 53-13. When an appraisal or valuation is to be used in a federally related transaction, the registered forester must be licensed or certified under this chapter if required by federal law or regulation.
(3) An employee of a lender in the performance of appraisals or valuations with respect to which federal law or regulations does not require a licensed or certified appraiser. This exception does not apply to third party contractors.
HISTORY: 2006 Act No. 257, Section 1; 2016 Act No. 243 (H.5023), Section 3, eff June 5, 2016.
Editor's Note
Prior Laws:1991 Act No. 12, Section 1; 1993 Act No. 143, Section 1; 2000 Act No. 335, Section 1.
Effect of Amendment
2016 Act No. 243, Section 3, in the first paragraph, inserted "real estate" before "appraisal activity"; in (1), deleted a hyphen between "federally" and "related"; rewrote (2), substituting "values" and "valuation" for "evaluates" and "evaluation", adding reference to Chapter 27, Title 48 and Regulation 53-13 at the end of the first sentence, and deleting a hyphen between "federally" and "related"; and added (3), relating to an exception.