Arkansas Administrative Code › Agency 235 - DEPARTMENT OF LABOR AND LICENSING › Division 03 - AR Appraiser Licensing and Certification Board › Rule 235.03.22-001 - Appraiser Required Revisions 21-0006

Current through Register Vol. 49, No. 6, June, 2024
State of Arkansas Department of Labor and Licensing
				Appraiser Licensing and Certification Board Rules
Effective Date: July 1, 2022
Section I
- General (A) Creation,
			 Purpose
The Arkansas Appraiser Licensing and Certification Board,
				(Board), was created by the action of the 78th
				General Assembly of the State of Arkansas during its regular session of 1991
				with the passage of Act 541, "The Arkansas Appraiser Licensing and
				Certification Act 541" of 1991, (A. C. A.
				17-14-201
				as amended).
The Arkansas Appraiser Licensing and Certification Board's
				purpose in promulgating these rules is to implement the provisions of Act 541
				of 1991. The Arkansas Appraiser Licensing and Certification Act in a manner
				consistent with Title XI of the Financial Institutions Reform, Recovery and
				Enforcement Act of 1989 (FIRREA), Title 12, United States Code, Sections 93, et
				seq. The Board is authorized to promulgate such rules as may be necessary to
				ensure compliance with FIRREA and other applicable federal law.
The Board shall hire a permanent staff to conduct the daily
				business of the Board. The specific duties of the permanent staff shall be
				determined by the Board. The staff shall consist in the first year of the
				biennium beginning July 1, 1991, of an Executive Director and one (1)
				Administrative Assistant. During the second year of the biennium one (1)
				additional permanent position of Investigator shall be created. Qualifications
				and salary levels for all permanent staff positions shall be determined by the
				Board and vacant staff positions will be filled following proper notice and
				advertising of the available positions with the State Employment Security
				Division and in accordance with all other State statutes regarding the hiring
				of public employees.
The Board shall hold regular meetings in accordance with
				Section 5 of Act 541 to consider and act upon applications for certification
				and licensure, complaints regarding licensees, and to transact other business
				as may come properly before it.
Request for general information, applications for examination
				for certificates or licenses, complaint forms or copies of rules may be
				directed to the Arkansas Appraiser Licensing and Certification Board.
Section I
-
			 General (B) Definitions
The following words and terms, when used in these rules, unless
				a different meaning is provided or is plainly required by the context, shall
				have the following meanings:
1.
"Act 541"-
The Arkansas Appraiser Licensing and Certification Act
			 of 1991, as amended, and codified as A. C. A.
			 17-14-101 et
			 seq.
2.
"Board"
-The
			 Arkansas Appraiser Licensing and Certification Board created under Act 541 of
			 1991.
3.
"Appraiser or Real
			 Estate Fee Appraiser" -
Any person who, for a fee or valuable
			 consideration, develops and communicates a real estate appraisal or otherwise
			 gives an opinion of the value of real estate or any interest therein.
4.
'Independent Appraisal Assignment"
			 -
Any engagement for which an appraiser is employed, or retained to act
			 or to be perceived by third parties or the public as acting as a disinterested
			 third party in rendering an unbiased analysis, opinion, or evaluation, or
			 conclusions relating to the nature, quality, value, or utility or identified as
			 real estate or real Property.
5.
"State Certified Appraiser" -
Any individual who has satisfied the
			 requirements for State Certification in the State of Arkansas and who is
			 qualified to perform appraisals of real property types of any monetary size and
			 complexity. Within this category are included two (2) sub-classifications of
			 certification;
a. "State Certified Residential
			 Appraiser" which applies to the appraisal of one-to-four residential units
			 without regard to transaction value or complexity. (Note: This classification
			 applies to the appraisal of one-to-four residential units without regard to
			 transaction value of complexity based on the consensus of the Appraiser
			 Qualifications Board of The Appraisal Foundation. The Federal Financial
			 Institutions Regulatory Agencies as well as other agencies and regulatory
			 bodies permit the Certified Residential classification to appraise properties
			 other than those specified by the Appraiser Qualifications Board. All Certified
			 Residential appraisers are bound by the Competency Rule of the Uniform
			 Standards of Professional Appraisal Practice.)
b. "State Certified General Appraiser" which
			 applies to the appraisal of all types of real property. All Certified General
			 real property appraisers are bound by the Competency Rule of the Uniform
			 Standards of Professional Appraisal Practice.
6.
"State Licensed Appraiser" -
Any individual who has satisfied the requirements for State Licensing in the
			 State of Arkansas and who is qualified to perform appraisals of real property
			 types up to a monetary size and complexity as prescribed by the Appraisal
			 Qualifications Board of The Appraisal Foundation. (Note: This classification
			 applies to the appraisal of noncomplex one-to-four residential units having a
			 transaction value less than $1,000,000 and complex one-to-four residential
			 units having a transaction value less than $250,000 based on the consensus of
			 the Appraiser Qualifications Board of The Appraisal Foundation. The Federal
			 Financial Institutions Regulatory Agencies as well as other agencies and
			 regulatory bodies permit the licensed classification to appraise properties
			 other than those specified by the Appraiser Qualifications Board. All Licensed
			 appraisers are bound by the Competency Rule of the Uniform Standards of
			 Professional Appraisal Practice.)
7.
"State Registered Appraiser"
			 -
Any person who has satisfied the requirements for registering as set
			 forth in Section
			 17-14-307
			 of the Arkansas Appraiser Licensing and Certification Act or requirements as
			 may have been determined by the Board and who may perform appraisals on any
			 type of property except when the purpose of the appraisal is for use in
			 federally related transactions.
8.
"Complex l-to-4 Family Residential Property Appraisal" -
One in
			 which the property to be appraised, the form of ownership, or market conditions
			 are atypical.
9.
"Open Public
			 Meetings" -
All meetings, formal or informal, special, or regular of the
			 Arkansas Appraiser Licensing and Certification Board except those classified as
			 "Executive Sessions" under Act 541, Section 12. (a), the Arkansas Appraiser
			 Licensing and Certification Act and [Ark. Stat.
			 25-19-106,
			 Paragraphs (c)(1), (c)(2)(A) & (c)(2)(B), and (c)(4)], the Freedom of
			 Information Act.
10.
"Executive Sessions" -
Those meetings of the Arkansas Appraiser
			 Licensing and Certification Board conducted for the purpose of disciplinary
			 hearings, to determine whether to levy civil penalties under this Act, and/or
			 for the purpose of determining whether to revoke or suspend any license or
			 certificate issued pursuant to Act 541 of 1991, and additionally, those
			 permitted under the Freedom of Information Act for the purpose of considering
			 employment, appointment, promotion, disciplining, or resignation of any public
			 officer or employee.
11.
"Transaction Value" -
For the purposes of these rules this means:
For loans or other extensions of credit, the amount of the loan
				or extension of credit;
a. For sales,
			 leases, purchases, and investments in or exchanges of real property, the market
			 value of the real property interest involved;
b. For the pooling of loans or interests in
			 real property for resale or purchase, the amount of the loan or market value of
			 the real property calculated with respect to each such loan or interest in real
			 property;
c. For condemnation
			 appraisals the value will be the total market value of the property before any
			 acquisition of property occurs;
12.
"Supervisory Appraiser" -
A
			 State Certified Appraiser who, (1) formally agrees to supervise the work of a
			 specific Registered Apprentice Appraiser; (2) is recorded by the Board as a
			 Supervisory Appraiser; and (3) has successfully completed the four (4) hour
			 Supervisor/Trainee course offered by the Arkansas Appraiser Licensing and
			 Certification Board or other approved education provider. Refer to Section XIII
			 of these Rules for additional qualifications.
13.
"Registered Apprentice Appraiser"
			 -
An individual who has satisfied the requirements for apprentice
			 appraiser by the Appraiser Qualifications Board and who is subject to direct
			 control and supervision by a qualified state-certified appraiser supervisor as
			 a part of upgrading his/her classification to state-licensed or
			 state-certified. The scope of practice for a registered apprentice appraiser is
			 the appraisal of properties that the state-certified appraiser supervisor is
			 permitted by his or her current credential and competent to
			 appraise.