Kentucky Administrative Regulations › Title 201 - GENERAL GOVERNMENT CABINET › Chapter 30 - Real Estate Appraisers Board › Section 201 KAR 30:190 - Certification and licensing requirements

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				324A.010,
				324A.030,
				324A.035(1),
				(3),
				324A.040(2),
				324A.045,
				324A.047,
				324A.052,
				324A.065,
				324A.075,
				12 C.F.R.
				225.64,
				225.65,
				12
				U.S.C. 3331-3351
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				324A.020 and
				324A.035
				require the Real Estate Appraisers Board, with the approval of the executive
				director of the Kentucky Real Estate Authority, to promulgate administrative
				regulations necessary to carry out the provisions of
				KRS
				324A.010 to
				324A.090.
				KRS
				324A.035(1) and
				12
				U.S.C. 3331 through
				3351
				require the board to establish by administrative regulation requirements for
				certification or licensure of appraisers of real property in federally related
				transactions.
				KRS
				324A.035(3)(a) through (f)
				require the board to establish by administrative regulations requirements for
				classifications of appraisers, certification and licensure, renewal,
				suspension, or revocation of certificate or li-censure, experience, continuing
				education, and examination of applicants.
				KRS
				324A.045 requires each license or certificate
				to be renewed annually on the date or dates determined by the board by
				administrative regulation.
				KRS
				324A.065 requires the board to establish and
				collect fees for certification or licensure as an appraiser.
				KRS
				324A.075 authorizes the board to issue a
				reciprocal credential to a person licensed or certified in another state. This
				administrative regulation is necessary to comply with Title XI of the Financial
				Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C.
				3331 through
				12 U.S.C.
				3351) . This administrative regulation
				establishes the types of appraisers required in federally related transactions,
				scope of the practice, and general requirements for certification or licensure,
				and adopts the requirements for certification or licensure of appraisers of
				real property in federally related transactions, including the education,
				experience, and examination requirements established by the Appraisers
				Qualifications Board. This administrative regulation establishes the criteria
				for licensure as a nonfederal real property appraiser; the requirements for
				certification or licen-sure of persons licensed or certified in another state;
				the requirements for temporary appraisal licenses and certificates; the
				requirements for continuing education for appraisers and license renewal
				procedures for certificate holders or licensees; and the fees for initial
				application, annual renewal, roster, and examination, for both federally and
				nonfederally related transactions.
Section
			 1. Types of Appraisers.
(1) An
			 appraiser for a federally related transaction shall be a:
(a) Certified general real property
			 appraiser;
(b) Certified
			 residential real property appraiser;
(c) Licensed residential real property
			 appraiser; or
(d) Associate real
			 property appraiser.