8 PROPOSED ADMINISTRATIVE RULES

 

DEPARTMENT OF ENERGY, LABOR, AND ECONOMIC GROWTH LICENSING AND REGULATORY AFFAIRS

 

DIRECTOR’S OFFICE

 

BOARD OF REAL ESTATE APPRAISERS - GENERAL RULES

 

Proposed Draft July 19, 2012

 

Filed with the Secretary of State on

 

These rules become effective immediately upon filing with the Secretary of State unless adopted under sections 33, 44, or 45a(6) of 1969 PA 306. Rules adopted under these sections become effective 7 days after filing with the Secretary of State.

 

(By authority conferred on the director of the department of  energy,  labor,

and economic growth licensing and regulatory affairs by sections 205, 308, 2605, and 2617 of 1980

PA 299, MCL 339.205, 339.308, 339.2605, and 339.2607 339.2617, and Executive Reorganization Order Nos. 1996-2, MCL 445.2001, and 2003-18, MCL 445.2011 and ERO 2008-4, MCL 445.2025 1996-2, 2003-1, and 2008-4, MCL 445.2001, MCL 445.2011, and MCL 445.2025)

 

R 339.23101 and R 339.23102 of the Michigan Administrative Code are amended as follows:

 

PART 1. GENERAL PROVISIONS

 

R 339.23101 Definitions.

Rule 101. (1) As used in these rules:

(a)   "Act" means 1980 PA 299, MCL 339.101, and known as the occupational code.

(b)   "Aappraiser Qqualifications Bboard Ccriteria" or "aqbAQB Ccriteria" means the standards for education, experience, and  examination  to  become  a  limited appraiser,  state  licensed  appraiser, certified   residential   appraiser, certified general appraiser, or an instructor of  the  Uuniform Sstandards  of Pprofessional Aappraisal Ppractice (uspapUSPAP) under MCL 339.2601(b). A copy of the criteria is available for download at no charge at www.appraisalfoundation.org . www.appraisalfoundation.org.  The aqb criteria can also be viewed at  the department of energy, labor,  and  economic  growth's licensing and regulatory affairs, bureau  of  commercial services, 2501 Woodlake Circle, Okemos, Michigan 48864.

(c)   "Board" means the board of real estate appraisers.

(d)  "Department" means the Michigan department of energy, labor, and economic growth licensing and regulatory affairs.

(e)   "Licensee" means an individual who is licensed under article 26 of the act, including a limited real estate appraiser, a state-licensed real estate appraiser, a

certified residential real  estate  appraiser, or a certified general real estate appraiser.

(f)  "Market analysis as performed by a real estate licensee" means the activity

 

 

defined in section  2601(a)(i)  and  (ii)  of  the  act,  and  means analysis solely for the purpose of establishing potential sale, purchase, or listing price of real property or the rental rate of real property and is not for the purpose of evaluating a property for mortgage lenders in the  primary or secondary mortgage market.

(g)   "Transaction value" means any of the following:

(i)   For loans or other extensions of credit, the amount of the loan or the extension of credit.

(ii)   For sales, leases, purchases, and investments, or in exchanges of real property, the market value of the real property interest involved.

(iii)   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.

(h)   "Uniform standards of professional appraisal practice" or "uspapUSPAP" means the uniform standards of professional appraisal practice, published by the appraisal foundation, as adopted in R 339.23102.

(2) Terms defined in articles 1 to 6 and 26 of the act have the same meanings when used in these rules.

 

R 339.23102. Adoption by reference.

Rule 102. (1) The Bboard adopts the AQBaqb criteria for education, experience, examination, and instructors of uspapUSPAP under MCL 339.2601(b).

(2) The board adopts the 2010 2012-13 edition of the uspapUSPAP, effective January 1, 2010 2012. Copies of the uspapUSPAP are available at a cost at the time of adoption of these rules of $50.00

$75.00 plus $11.00 $10.50 for shipping from the Appraisal Foundation, 1155 15th Street NW, Suite 1111, Washington  DC,  20005.   Mail orders are available at the following address: P.O.  Box 381, Annapolis  Junction,  MD 20101-0381, toll-free phone: [phone] or regular  phone: [phone].   Copies of the USPAP, including previous editions, may be downloaded without charge from the following Internet address: www.appraisalfoundation.org  www.appraisalfoundation.org.  The uspapUSPAP and previous editions may be reviewed at the bureau  of  commercial services, 2501 Woodlake Circle, Okemos Michigan 48864., or The current edition may be purchased from the department of energy, labor, and economic growth licensing and regulatory affairs by mailing to the bureau  at P.O. Box 30018, Lansing MI 48909, phone: [phone], at a cost  as  of  the time of adoption of these rules  of  $50.00 $75.00 plus  $11.00 $10.50 for shipping  and handling costs.