324A.164 Exemptions from application of KRS 324A.150 to 324A.164.
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/ky/chapter-324a/324a-164A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless otherwise required to be registered as an appraisal management company by state or federal law, KRS 324A.150 to 324A.164 shall not apply to:
(1)The federal government, state government, any county or municipal government, or
any agency or instrumentality thereof;
(2)A person authorized to engage in business as a bank, credit union, or savings and
loan association under the laws of the United States, the Commonwealth of
Kentucky, or any other state;
(3)A real estate broker or real estate agent properly licensed or otherwise authorized to
do business in the Commonwealth of Kentucky listing or selling real estate;
(4)An officer or employee of any entity listed in subsection (1), (2), or
(3)of this
section when acting within the scope of his or her employment;
(5)An entity that is responsible for ensuring that the real estate appraisal activity being
performed by an employee is performed in accordance with applicable appraisal
standards;
(6)An individual who:
(a)Is an appraiser; and
(b)In the normal course of business enters into an agreement, whether written or
otherwise, with another appraiser for the performance of a real estate appraisal
activity that the individual cannot complete for any reason, including:
1. Competency;
2. Workload;
3. Schedule; or
4. Geographic location;
(7)An individual who:
(a)In the normal course of business enters into an agreement, whether written or
otherwise, with an appraiser for the performance of real estate appraisal
activity; and
(b)Under the agreement cosigns the report of the appraiser performing the real
estate appraisal upon completion of the real estate appraisal activity;
(8)An appraisal management company that contracts with one
(1)or more appraisers
for the performance of fewer than ten
(10)appraisals in this state in a calendar year;
or
(9)A federally regulated appraisal management company as defined in 12 C.F.R. sec.
34.211(k).