North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter A - REGISTRATION, LICENSING, CERTIFICATION AND PRACTICE › Section .0400 - GENERAL APPRAISAL PRACTICE › Section 57A .0405 - APPRAISAL REPORTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Each written
				  appraisal report prepared by or under the supervision of a licensed or
				  certified real estate appraiser shall bear the signature of the licensed or
				  certified appraiser, the license or certificate number of the licensee or
				  certificate holder in whose name the appraisal report is issued, and the
				  designation "licensed residential real estate appraiser," "certified
				  residential real estate appraiser," or "certified general real estate
				  appraiser," as applicable. Each such appraisal report shall also indicate
				  whether or not the licensed or certified appraiser has personally inspected the
				  property, and shall identify any other person who assists in the appraisal
				  process other than by providing clerical assistance. Such identification must
				  be placed in the body of the report. Appraisers shall personally affix their
				  signature to their appraisal reports and shall not allow any other person or
				  entity to affix their signature. Trainees are not required to affix their
				  signatures to appraisal reports, but if they do so, they must personally affix
				  their signature and shall not allow any other person or entity to affix their
				  signature. Trainees and appraisers shall sign their reports with the same name
				  and in the same manner as it printed on their pocket cards.
(b) Every licensed and certified real estate
				  appraiser shall affix or stamp to all appraisal reports a seal which shall set
				  forth the name and license or certificate number of the appraiser in whose name
				  the appraisal report is issued and shall identify the appraiser as a "licensed
				  residential real estate appraiser", a "certified residential real estate
				  appraiser", or as a "certified general real estate appraiser", as applicable.
				  The seal must be legible, must conform to the seal authorized by the Board at
				  time of initial licensure or certification, and must be a minimum of 1 inch in
				  diameter. Appraisers shall personally affix their seal to their appraisal
				  reports and shall not allow any other person or entity to affix their seal.
				  Registered trainees are prohibited from using a seal on appraisal
				  reports.
(c) A licensed or
				  certified real estate appraiser who signs an appraisal report prepared by
				  another person, in any capacity, is responsible for the content and conclusions
				  of the report.
(d) A written
				  appraisal report shall be issued on all real estate appraisals performed in
				  connection with federally related transactions.
(e) Appraisers shall keep a log of all
				  appraisals performed. The log shall contain the appraiser's license or
				  certificate number, the street address of the subject property, the date the
				  report was signed, the name of anyone assisting in the preparation of the
				  report and the name of the client. These logs shall be updated at least every
				  30 days.
(f) Any appraiser who
				  signs an appraisal report is entitled to make or retain a copy of that
				  appraisal report, as long as the copy is made at the time the report is
				  prepared. Any appraiser who signs an appraisal report must be given a copy of
				  the appraisal report and the work file upon request for the purpose of
				  submission of the report and work file to the Appraisal Board, compliance with
				  due process of law, such as a subpoena, submission to a peer review committee,
				  or in accordance with retrieval arrangements made by the appraiser and the
				  person or entity retaining the report and work file.
(g) Appraisal reports transmitted
				  electronically to clients shall be sent in a secure format, such as Adobe
				  PDF.
Authority
					 G.S.
					 93E-1-10;
Eff. July 1,
					 1994;
Amended Eff. July 1, 2011; July 1, 2010; September 1, 2008;
					 January 1, 2008; March 1, 2007; March 1, 2006; July 1, 2003; August 1, 2002;
					 April 1, 1999;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.