Kan. Admin. Regs. § 117-4-4

Current through Register Vol. 43, No. 49, December 5, 2024

Section 117-4-4 - Residential classification; scope of practice

(a) The residential classification shall apply to the appraisal of residential units for one to four families without regard to transaction value or complexity.

(b) The residential classification shall include the appraisal of vacant or unimproved land that is utilized for one-family to four-family purposes and where the highest and best use is for one-family to four-family purposes. The residential classification shall not include the appraisal of subdivisions in which a development analysis or appraisal is necessary and utilized.

(c) The residential classification may also apply to the appraisal of any other property permitted by the regulations of the applicable federal financial institution's regulatory agency, other agency, or regulatory body.

(d) Each certified residential appraiser shall comply with the competency rule of the uniform standards of professional appraisal practice (USPAP), as required by K.S.A. 58-4121 and amendments thereto.

(e) Each certified residential appraiser shall perform and practice in compliance with the USPAP, as required by K.S.A. 58-4121 and amendments thereto.

Kan. Admin. Regs. § 117-4-4

Authorized by and implementing K.S.A. 58-4109; effective, T-117-6- 10-91, June 10,1991; effective Aug. 5,1991; amended May 24,1993; amended Jan. 1, 2008; amended by Kansas Register Volume 35, No. 22; effective 6/17/2016