Sec. 08.87.110. General, residential, and institutional real estate appraiser certificates.

663 words·~3 min read·/ak/title-8/chapter-87/08-87-110

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The board shall issue a general real estate appraiser certificate to a person who presents evidence satisfactory to the board that the person

(1)has successfully completed classroom instruction in subjects related to real estate appraisal, as required by the board in regulation, from an appraisal organization or academic institution approved by the board;

(2)has successfully completed classroom instruction related to standards of professional practice as a real estate appraiser, as required by the board in regulation;

(3)successfully completes an examination prescribed by the board;

(4)has not been convicted of a crime involving moral turpitude; and

(5)has paid the required fees.

(b)The board shall issue a residential real estate appraiser certificate to a person who presents evidence satisfactory to the board that the person

(1)meets the requirements of (a)(2) —

(5)of this section; and

(2)has successfully completed classroom instruction in subjects related to residential real estate appraisal, as required by the board in regulation, from an appraisal organization or academic institution approved by the board.

(c)Notwithstanding

(a)and

(b)of this section, the board shall issue a general real estate appraiser or residential real estate appraiser certificate to a person who does not reside in this state and who

(1)applies on the form required by the department;

(2)pays the required fee; and

(3)holds a valid certificate or license from a state whose requirements for real estate appraiser certification or licensing

(A)meet or exceed the appraiser certification standards in this chapter; and

(B)comply with 12 U.S.C. 3331 — 3351 (Title XI, Financial Institutions Reform, Recovery, and Enforcement Act of 1989), as amended by 12 U.S.C. 5301 — 5641 (Dodd-Frank Wall Street Reform and Consumer Protection Act).

(d)A certificate may be issued to a natural person only. A certified real estate appraiser may sign an appraisal report on behalf of a corporation, partnership, firm, or group practice.

(e)The board shall issue an institutional real estate appraiser certificate to a person who presents evidence satisfactory to the board that the person meets the educational and testing requirements of 12 U.S.C. 3331 — 3351 (Title XI, Financial Institutions Reform, Recovery, and Enforcement Act of 1989), as amended by 12 U.S.C. 5301 — 5641 (Dodd-Frank Wall Street Reform and Consumer Protection Act) and as implemented by the board, and that the person is a full-time employee of a financial institution with offices in the state. A person receiving certification under this subsection may perform an appraisal only

(1)for and as an employee of a financial institution with offices in the state;

(2)for the financial institution's own portfolio; and

(3)of

(A)commercial property with a transaction value of less than $250,000; or

(B)residential property of four or fewer units having a transaction value of less than $1,000,000.

(f)A certificate issued under

(e)of this section terminates when the person certified leaves the full-time employment of the financial institution with offices in the state for whom the person was employed when the certificate was issued.

(g)A person certified under

(e)of this section as an institutional real estate appraiser may not perform real estate appraisal services for the general public or for a fee other than the salary the person receives as a full-time employee of a financial institution with offices in the state.

(h)Notwithstanding

(a)—

(c)of this section, the board may issue a general or residential real estate appraiser certificate to a person who does not meet the requirements of

(a)—

(c)of this section and who

(1)applies on a form required by the department;

(2)pays the required fee; and

(3)successfully completes the National Uniform Licensing and Certification Examination issued or endorsed by the Appraiser Qualifications Board of the Appraisal Foundation, has previous real estate appraiser experience acceptable to the board, or successfully completes courses approved by the board.