Section 14037 - Licensed residential real property appraiser1.Scope of license. For federally related transactions, a residential real property appraiser license entitles the holder to appraise noncomplex residential property of one to 4 units having a transaction value of less than $1,000,000 and complex residential property of one to 4 units having a transaction value of less than $250,000. For purposes of this section, "complex residential property of one to 4 units" means property that is atypical based on the nature of the property, the form of ownership or the market conditions. For nonfederally related transaction appraisals, "transaction value" means market value. A residential real property appraiser license entitles the holder to appraise vacant or unimproved land that is used for one to 4 family purposes or for which the highest and best use is for one to 4 family purposes. A residential real property appraiser license does not entitle the holder to appraise subdivisions for which a development analysis and appraisal is necessary. [2005, c. 518, §8(NEW).]
2.Professional qualifications. An applicant for a residential real property appraiser license must meet the licensing requirements established by the appraiser qualifications board. As a prerequisite to taking the examination required by section 14037-A, an applicant must meet the requirements specified in rules adopted by the appraiser qualifications board.A. [2019, c. 503, Pt. D, §3(RP).]B. [2013, c. 547, §11(RP); 2013, c. 547, §19(AFF).]C. [2019, c. 503, Pt. D, §3(RP).]D. [2019, c. 503, Pt. D, §3(RP).] [2019, c. 503, Pt. D, §3(AMD).]
3.Effective date.[2013, c. 547, §12(RP); 2013, c. 547, §19(AFF).]
Amended by 2019, c. 503,§ D-3, eff. 9/19/2019.Amended by 2014, c. 547,§ 11 and § 12, eff. 1/1/2015.2005, c. 518, § 8 (NEW) .