RS 37:3393

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RS 37:3393

§3393. License required; penalty for unlicensed real estate appraiser activity

A. No person, other than a real estate appraiser registered or licensed by the board, shall assume or use that title or any title, designation, or abbreviation that may create the impression of being registered or licensed as a real estate appraiser in this state.

B. No registered or licensed real estate appraiser shall assume or use any title, designation, or abbreviation that may create the impression of being registered or licensed in a class other than his actual registration or license.

C. It shall be unlawful for any individual, for a fee or other valuable consideration, or with the intention or expectation of receiving or collecting a fee or valuable consideration from another, to do any of the following unless the individual is registered or licensed in accordance with the provisions of this Chapter:

(1)Be employed to perform or perform an appraisal where the subject property of the assignment lies within the borders of the state of Louisiana.

(2)Present himself, or allow himself to be presented, as being able to perform an appraisal for which a registration or license is required in accordance with the provisions of this Chapter.

D. All real estate appraiser registrations or licenses shall be issued in the individual name of the applicant and shall not be issued to a partnership, association, corporation, firm, or group. Nothing shall preclude a registered or licensed appraiser from performing appraisals for or on behalf of a partnership, association, corporation, firm, or group.

E. Nothing in this Chapter shall preclude a licensed real estate broker or salesperson from performing a broker price opinion/comparative market analysis in the ordinary course of the practice of real estate, provided that the broker or salesperson does not unlawfully represent himself as a registered or licensed appraiser.

F. It shall be unlawful for any individual, for a fee or other valuable consideration, or with the intention or expectation of receiving or collecting a fee or valuable consideration from another, to perform contingent appraisals, or any form of estimated value, based on the fee or valuable consideration pending the estimated value.

G. It shall be unlawful for any individual, person, partnership, association, or corporation to perform any type of review or analysis of a real property appraisal, unless that person is registered or licensed to perform real property appraisals.

H. The provisions of this Chapter shall not apply to the following:

(1)A person, partnership, association, or corporation that performs appraisals of property owned by that person, partnership, association, or corporation.

(2)A court-appointed individual who conducts an appraisal pursuant to a judicially ordered evaluation of the specific real property under litigation.

(3)A director, officer, or salaried employee of a commercial bank, savings bank, credit union, or savings and loan association, when engaged in evaluation activities for and on behalf of such financial institution.

(4)State, parish, or municipal public officers or their salaried employees while performing their duties as such, except when the intended use of the appraisal is for acquisition of real property.

(5)A person appointed by a sheriff to make an appraisal in accordance with R.S. 13:4364 or 4365.

(6)A person or firm contracted by a state, parish, or municipal tax authority to perform mass appraisal assignments.

(7)Employees of the Department of Transportation and Development; however, the provisions of this Chapter shall apply to such employees after June 30, 2010.

(8)A certified public accountant when engaged by a client to perform a business valuation under both of the following conditions:

(a)The valuation of real property must rely on an appraisal report performed by a licensed appraiser.

(b)Such public accountant is licensed pursuant to the Louisiana Accountancy Act.

I. In addition to any other civil remedy or civil penalty provided in this Chapter, the board may issue a subpoena to any person based on the probable cause that he has engaged in real estate appraiser activity without a registration or license. Subpoenas issued by the board shall:

(1)Comply with the notice requirements of R.S. 49:975.

(2)Be personally served upon the person named therein or by any type of mailing that requires a return receipt.

(3)Include a statement that describes the manner in which the person named therein shall respond to the board.

J. In accordance with the provisions of this Chapter and the Administrative Procedure Act, the board may impose a civil penalty not to exceed five thousand dollars and costs and attorney fees upon any person who is found to have engaged in real estate appraisal activity without a registration or license issued by the board.

K. A person engaged in real estate appraisal activity without a registration or license issued by the board shall not have the right to receive any compensation for services so rendered in this state. In addition to any other penalties authorized by this Chapter, the board may require any person engaged in real estate appraisal activity without a registration or license to return any fees collected for such activity.

Acts 1987, No. 472, §1; Acts 2003, No. 341, §1; Acts 2005, No. 188, §1; Acts 2006, No. 389, §1; Acts 2009, No. 502, §1, eff. Jan. 1, 2010; Acts 2019, No. 186, §1; Acts 2022, No. 547, §1, eff. June 17, 2022.