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ORR # 2000-34
DEPARTMENT OF CONSUMER AND INDUSTRY SERVICES DIRECTORS OFFICE
REAL ESTATE APPRAISERS
Filed with the Secretary of State on May 13, 2002.
These rules take effect 7 days after filing with the Secretary of State
(By authority conferred on the department of consumer and industry services by sections 205, 308, 2605, and 2617 of 1980 PA 299, MCL 339.205, 339.308, 339.2605 and 339.2617 and Executive Reorganization
Order No. 1996-2, MCL 445.2001)
R 339.23101, R 339.23103, R 339.23201, R 339.23203, R 339.23207, R 339.23301, R 339.23303, R
339.23307, R 339.23309, R 339.23311, R 339.23317, R 339.23319, R 339.23321, R 339.23323, R
339.23401, R 339.23403, and R 339.23405 of the Michigan Administrative Code are amended, and R 339.23326 is added to the Code, as follows:
PART 1. GENERAL PROVISIONS
R 339.23101 Definitions.
Rule 101. (1) As used in these rules:
(a) AA course covering the “uniform standards of professional appraisal practice@ in section 2627(5) and the “uniform standards of appraisal practice and ethics” in sections 2611(1), 2613(a)(xv), 2614(b)(xv), and 2615 (b)(xv) of the act means the 15-hour national USPAP course or the 7-hour national USPAP update seminar, or their equivalent, as required by the AQB real property appraiser qualification criteria, adopted on October 27, 2000, and effective January 1, 2003.
(b) "Act" means 1980 PA 299, MCL 339.101 et seq., and known as the occupational code.
(c) "Board" means the board of real estate appraisers.
(d) "Licensee" means an individual who is licensed under article 26 of the act, including a real estate valuation specialist, a limited real estate appraiser, a state licensed real estate appraiser, a certified residential real estate appraiser, or a certified general real estate appraiser.
(e) "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.
(f) "Real estate "consulting” as used in sections 2613, 2614 and 2615 of the act, is that function or functions described in standards 4 and 5 of the uniform standards of professional appraisal practice.
(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) AUniform standards of professional appraisal practice@ or “USPAP” means the uniform standards of professional appraisal practice, published by the Appraisal Foundation, effective January 1, 2002. Copies of the USPAP 2002 edition are available at a cost of $30.00, plus $5.50 for shipping, at the time of adoption of these rules, from The Appraisal Foundation, 1029 Vermont Avenue NW, Suite 900, Washington DC 20005-3517; Mail Orders: P.O. Box 96724, Washington D.C. 20090-6734, Phone: toll-free 800/805-7857, or 240/864- 0100, Internet address: www.appraisalfoundation.org. The USPAP 2002 edition can be reviewed or purchased from the Department of Consumer and Industry Services, Bureau of Commercial Services, 2501 Woodlake Circle, Okemos, Michigan 48864, Telephone: 517/ 241-9236, at a cost as of the time of adoption of these rules of $50.00, plus $11.00 shipping and handling costs.
(2) Terms defined in articles 1 through 6 and 26 of the act have the same meanings when used in these rules.
R 339.23103 Board meetings.
Rule 103. All board meetings are conducted in accordance with 1976 PA 267, MCL 15.261 et seq., known as the open meetings act, and are open to the public.
PART 2. LICENSING
R 339.23201 Acceptable appraisal experience generally.
Rule 201. (1) Credit for appraisal experience shall be based on the actual performance of appraisals. The department shall not grant experience credit to an applicant solely on the basis of total hours of employment in an appraisal firm or other entity. The actual performance of appraisals includes time spent in such professional activities as personally inspecting real property, conducting research and developing materials supporting the appraisal, preparing the content of appraisal reports, and presenting the appraisal to the client. It does not include time spent in the solicitation of business, negotiation and development of client agreements, clerical tasks, or business accounting and collections, even though such tasks may be appropriately billed to a client as a necessary part of performing the appraisal.
(2) Credit shall not be given for performing more than 40 hours per week of professional experience unless specific experience, which is verified by a supervisor, can be provided to demonstrate that an individual worked more hours in that week. However, experience in excess of 40 hours a week that is obtained before January 1, 1992, may be verified by a supervisor's affidavit.
(3) Hours credited per appraisal shall be credited based upon the number of hours spent on each assignment, not to exceed the number of hours in the following table. Requests for exceptions shall be approved or denied by the department.
PROPERTY TYPES
MAX. ALLOWABLE HOURS
SINGLE FAMILY RESIDENTIAL
8
RESIDENTIAL MULTI FAMILY (2 to 4 UNITS)
20
RESIDENTIAL MULTI FAMILY (5 to 12 UNITS)
36
RESIDENTIAL MULTI FAMILY (13 OR MORE UNITS)
40
RESIDENTIAL LOT
6
SUBDIVISIONS
40
RURAL RESIDENTIAL LAND (IMPROVED 20 ACRES OR LESS)
16
RURAL RESIDENTIAL LAND (VACANT 20 ACRES OR LESS)
12
AGRICULTURAL FARM OR FOREST LAND
40
INDUSTRIAL (INDUSTRIAL PARK, BUSINESS CAMPUS, WAREHOUSING, MANUFACTURING PLANT, ETC.)
40
INDUSTRIAL PARK OR BUSINESS CAMPUS LAND (VACANT)
24
MULTI FAMILY LAND (VACANT)
24
COMMERCIAL PROPERTIES: SINGLE TENANT
40
MULTI TENANT
(IMPROVED OFFICE BLDG, RETAIL STORE, RESTAURANT,
SERVICE STATION, BANK, DAYCARE CENTER, NURSING
HOME, ETC.)
80
COMMERCIAL LAND (VACANT)
24
(4) Qualifying experience in performing real estate appraisals on or after January 1, 1992, shall be obtained while the individual is licensed as a real estate valuation specialist, limited real estate appraiser, certified residential real estate appraiser, or state licensed real estate appraiser or is properly exempt from licensing.
(5) A limited real estate appraiser shall be subject to direct supervision by a supervising appraiser who shall be state licensed or certified in good standing. The supervising appraiser shall be responsible for the training and direct supervision of the limited real estate appraiser by accepting responsibility for the appraisal report by signing and certifying that the report is in compliance with the uniform standards of professional appraisal practice by doing both of the following:
(a) Reviewing the appraiser trainee appraisal report or reports.
(b) Personally inspecting each appraised property with the limited real estate appraiser until the supervising appraiser determines the limited appraiser is competent in accordance with the competency provision of the uniform standards of professional appraisal practice (USPAP) for the property type. Separate logs shall be maintained for each supervising appraiser, and each log shall contain the signature, the license or certification number, and the level of licensure of the supervising appraiser.
R 339.23203 Appraisal experience; satisfactory evidence.
Rule 203. (1) For an applicant's experience hours to be accepted, the experience shall be in compliance with both of the following requirements, as applicable:
(a) Appraisal experience shall be demonstrated by copies of reports and file memoranda. A detailed log which includes the date, property address, property type, and a clear indication of the time devoted to each appraisal shall be submitted to the department. The information in the log shall be capable of being documented by work samples, and shall include an affidavit of a supervisor, if requested by the department. If a supervisor is not available, if the applicant was the supervisor, or if the applicant was self-employed, then the department may require an affidavit from a professional colleague or from an institution for whom the work was performed to support the documentation of the applicant.
(b) If documentation under subdivision (a) of this subrule is not available and the appraisal experience was obtained before January 1, 1992, the hours of supervised experience shall be verified by an affidavit from the applicant's supervisor. The affidavit shall include, but not be limited to, all of the following information:
(i) A statement that the signer has personal knowledge of the applicant's work.
(ii) The applicant's employment history with that supervisor or employer.
(iii) An explanation regarding why the actual log and work reports are not available.
(iv) The number and types of appraisal reports as reported on the license application and a statement that the number of hours of appraisal experience are accurately represented.
(v) A statement that the appraisal reports complied with the uniform standards of professional appraisal practice or the equivalent appraisal standards that were in effect at the time the appraisals were performed.
(vi) The signature of the individual who completed the affidavit and the individual's license number and type of license, if applicable, or a statement that the signer is exempt from licensure and the reason for the exemption.
(2) An applicant for a license shall demonstrate experience gained in each of the following areas of the appraisal process:
(a) Defining the appraisal problem.
(b) Gathering and analyzing data.
(c) Applying appropriate value approaches and methodology. Arriving at an opinion of value.
Reporting the opinion of value.
(3) Documents that support the information that is contained in an application, an applicant's experience log, or an affidavit shall be maintained for not less than 5 years from the date of application.
R 339.23207 Market analysis by real estate licensees; acceptable experience.
Rule 207. Market analysis as performed by a real estate licensee may be included in the experience required in R 339.23203, if both of the following conditions are met:
(a) The applicant provides proof that he or she was properly licensed as a real estate broker, associate broker, or salesperson when the real estate market analysis was performed.
(b) The analysis is prepared in conformity with standards 1 and 2 of USPAP, and the individual can demonstrate that he or she is using similar techniques as appraisers to value properties and effectively utilizes the appraisal process.
PART 3. APPRAISER EDUCATION
R 339.23301 Definitions.
Rule 301. As used in this part:
(a) "Continuing education course" means a course that is represented as fulfilling the requirements of section 2627 of the act.
(b) "Coordinator" means an individual who assumes, on behalf of a course sponsor, the responsibility pursuant to these rules for offering courses relating to the activities of real estate appraisers.
(c) "Instructor" means an individual who is deemed qualified by the sponsor to instruct students in prelicensure or continuing education courses and who provides instruction directly and interactively in contact with students. An instructor may utilize guest speakers, but shall bear ultimate responsibility to the sponsor for the quality of information imparted to students.
(d) "Prelicensure course" means a course that is represented as fulfilling, in whole or in part, the requirements of section 2611, 2613(a), 2614(b), or 2615(b) of the act.
(e) "Sponsor" means an entity which meets the requirements of section 2617(2) of the act and which offers or proposes to offer either prelicensure appraiser education or continuing education.
R 339.23303 Education; submission of documentation by license applicants.
Rule 303. (1) In submitting documentation of prelicensure education obtained before the effective date of the act or from course sponsors that are not approved pursuant to these rules, the applicant shall show that the course was designed to teach individuals to perform appraisals or to augment a basic knowledge of appraisal with general information that the instructor then relates to the performance of appraisals.
(2) General educational courses, such as business, economics, statistics, or law, or general courses in real estate or real estate law will not be considered equivalent to approved prelicensure education unless a relationship to appraisal is shown in the course description, syllabus, or curriculum outline to the extent that not fewer than 15 classroom hours were specifically related to appraisal. Classroom hours of credit shall only be granted for hours that are specifically related to appraisal.
(3) An applicant's submission of documentation of prelicensure education or a submission of documentation of continuing education by a licensee shall include all of the following information:
(a) The date and place the course was taken.
(b) The name of the sponsor and the sponsor's current address or telephone number if available.
(c) A copy of the course outline, syllabus, detailed curriculum, or similar information.
(d) A copy of the certificate of completion.
(e) The number of classroom hours spent in the course. To have the continuing education hours approved by the department, continuing education course sponsors utilizing distance learning systems shall have an acceptable method of ensuring that the student achieves an equivalent to classroom hours.
(4) In submitting documentation of education from institutions of higher education that are authorized to grant degrees which confer credit hours rather than classroom hours, 1 credit hour shall be equivalent to 10 classroom hours of actual instruction for term credits and 15 classroom hours of instruction for semester credits.
(5) Documentation to support information on the application for course approval shall be maintained for not less than 5 years from the date of the application.
(6) To assist applicants, the department shall maintain a list of courses that are acceptable to the department.
R 339.23307 Conduct of courses; changes in courses.
Rule 307. (1) A course sponsor shall comply with all of the following requirements:
(a) A course shall not be represented to licensees or to the public as meeting the requirements of the act and these rules until it has been approved by the department.
(b) Solicitation of organizational membership, employment, or business-related products and services is prohibited during qualifying course classroom hours.
(c) A sponsor shall appoint an individual as coordinator for the sponsor's courses. The coordinator shall be responsible for supervising the program of courses and assuring compliance with the code and these rules. The coordinator need not be a licensee.
(d) A sponsor shall permit only an instructor who meets the requirements of R 339.23309(2) to teach the course.
(e) Each student shall be provided with a written syllabus that contains, at a minimum, all of the following information:
(i) The course title.
(ii) The times and dates of the course offering.
(iii) The name, business address, and telephone number of the course coordinator and the name of the instructor.
(iv) A detailed outline of the subject matter to be covered and the estimated time to be devoted to each subject.
(f) A course shall not be credited for more than 10 classroom hours of instruction in 1 calendar day. Calculations of classroom hours for a course shall not include any of the following:
(i) Meals.
(ii) Breaks.
(iii) Registration.
(iv) Required reading.
(v) Outside assignments.
(g) Each course shall reflect the most current version of state and federal laws and regulations.
(h) A sponsor shall permit the department to review a course at any time or to inspect the records of a course sponsor during normal business hours.
(i) A sponsor whose programs are transferred to another entity shall arrange for student records to be maintained permanently by the successor entity. The successor entity shall assure that course completion information is available to students who need to verify their education.
(2) The department shall accept or reject a change in, or addition to, the information provided to the department on an original application within 30 days of notification of the change. The department may determine that a proposed change cannot be made without the submission of additional supporting documentation or that the extent or number of changes requested require the sponsor to complete a new application for approval.
(3) The department may request a sponsor to provide any additional supporting documentation that is necessary for the department to approve the course.
R 339.23309 Sponsors; duties; instructors.
Rule 309. (1) Each sponsor shall be responsible for all of the following:
(a) Compliance with all laws and rules relating to appraiser education.
(b) Providing students with current and accurate information.
(c) Maintaining an atmosphere that is conducive to learning in the classroom.
(d) Assuring and certifying the attendance of students who are enrolled in courses.
(e) Providing assistance to students and responding to questions relating to course materials.
(f) Supervising all guest lecturers and relating all information that is presented to the practice of real estate appraisal.
(2) Distance education sponsors shall ensure that all of the following qualifications for their courses are complied with:
(a) The course shall be presented with an instructor available to answer questions, provide information, and monitor student attendance.
(b) The course meets 1 of the following criteria:
The course has been presented by an accredited college or university (through the commission on colleges or a regional accreditation association) that offers distance education programs in other disciplines.
(ii) The course has received approval for college credit from the American council on education through its ACE/credit program.
(iii) The course has received approval of the international distance education certification center (IDECC) for the course design and delivery mechanism and either of the following:
(A) The approval of the appraiser qualification board through the AQB course approval program. The approval of the licensing or certifying jurisdiction where the course is being offered for the content of the course.
(c) The course meets all of the following requirements:
(i) The course is equivalent to a minimum of 2 classroom hours.
(ii) A student successfully completes a written examination proctored by an official approved by the presenting college or university or by the sponsoring organization consistent with the requirements of the course accreditation. If a written examination is not required for accreditation, a student successfully completes course mechanisms required for accreditation which demonstrate mastery and fluency.
(iii) The sponsor ensures that students completing distance education courses will achieve the equivalent of the stated classroom hours per course.
(3) A sponsor shall select as instructors only individuals who can demonstrate mastery of the material being taught and who possess 1 of the following qualifications:
(a) Experience as a faculty member of an institution of higher education that is authorized to grant degrees.
(b) A state licensed, certified residential, or certified general appraiser with 3 years of appraisal experience.
(c) Other experience acceptable to the sponsor for courses other than prelicensure courses.
(d) Instructors of the uniform standards of professional appraisal practice (USPAP) shall have complied with the AQB instructor certification program as required by the real property appraiser qualification criteria, effective January 1, 2003. This requirement will be effective in this state on January 1, 2003, or on the effective date of these rules, whichever is later.
R 339.23311 Courses not acceptable for prelicensure or continuing education.
Rule 311. The department shall not approve a prelicensure or continuing education course, nor shall it grant credit to a licensee under section 2627(5) of the act for any of the following:
(a) Courses that do not provide student access to an instructor during the course.
(b) For prelicensure education, distance education courses provided via the Internet.
(c) Courses that deal with such employment-related topics as explanations of rights, benefits, and responsibilities; organizational structure; and on-the-job methods, processes, or procedures.
(d) Membership in or service in an office, or on a committee of a professional, occupational, trade, or industry society or organization.
(e) Conferences, delegate assemblies, or similar meetings of professional organizations for policy-making purposes.
(f) Meetings and conventions of societies and associations; however, educational activities which are provided independently by an approved course sponsor and which are held concurrently with such meetings may be given credit.
(g) Attendance at lecture series, cultural performances, entertainment, or recreational meetings or activities or participation in travel groups, unless these activities are an integral part of a course that is approved pursuant to these rules.
(h) On-the-job training, apprenticeships, and other work experiences.
(i) Courses in sales promotion, motivation, marketing, psychology, time management, or mechanical office or business skills, including typing, speed-reading, or the use of office machines or equipment other than calculators or computers.
PRELICENSURE EDUCATION
R 339.23317 Prelicensure education; application for course approval; forms; requirements; unacceptable courses.
Rule 317. (1) An application for approval of a prelicensure real estate appraiser education course shall be made on forms provided by the department. The department shall accept or reject an application within 60 days of receipt of the completed application.
(2) The application shall include all of the following information:
(a) The course title.
(b) The number of classroom hours to be given for completion of the course. As provided in section 2617(3) of the act, a course shall be not less than 15 classroom hours in length.
(c) The name, business address, and telephone number of the sponsor.
(d) The name, business address, and telephone number of the course coordinator.
(e) The name, license number, and qualifications of instructors.
(f) A detailed outline, as it will appear in the student syllabus, of the subject matter to be covered and the number of classroom hours to be devoted to each topic.
A summary of the required topics for prelicensure that are covered in the course. A list of textbooks and reference materials.
The methodology for verifying and monitoring attendance, including the class makeup policy. A sponsor shall have a written makeup policy for students who are absent from all or a part of regularly scheduled class sessions. If there are no opportunities to make up missed sessions, that policy shall be so stated. The standards a student must meet to complete the course, including assignments, projects, examinations, and the passing score on the examination that is required pursuant to the provisions of section 2617(3) of the act to be given at the completion of the course for a student to demonstrate mastery of the material covered.
(k) A sample of any advertising material, announcements, or brochures to be used to promote the course.
(l) Proof that the sponsor is an entity that may offer prelicensure real estate appraisal education courses in accordance with the provisions of section 2617(2) of the act.
(3) Distance education courses provided via the Internet are unacceptable for prelicensure education.
R 339.23319 Prelicensure education; student records; permanent record; course completion certificate.
Rule 319. (1) A course sponsor shall establish and permanently maintain a record for each student. The record shall contain all of the following information:
(a) The student's name and address.
(b) The number of classroom hours attended.
(c) The title of the course and the date of course completion.
(d) The student's grade.
(2) A course sponsor shall issue a certificate of completion to a licensee who receives a passing grade in a prelicensure education course. The certificate shall include all of the following information:
(a) The name of the student.
(b) The name of the sponsor.
(c) The name of the course attended.
(d) The number of classroom hours completed by the student.
(e) The date of course completion.
(f) The signature of the course coordinator or instructor.
CONTINUING EDUCATION
R 339.23321 Continuing education; application for course approval; forms; requirements.
Rule 321. (1) An application for approval of a continuing education course shall be made on forms provided by the department. The department shall accept or reject the application within 60 days after receipt of the completed application.
(2) The application shall include all of the following information:
(a) The course title.
(b) The number of classroom hours to be given for completion of the course. As provided in section 2617 of the act, a course shall be not less than 2 classroom hours in length.
(c) The name, business address, and telephone number of the sponsor.
(d) The name, business address, and telephone number of the course coordinator.
(e) The name, license number, and qualifications of instructors.
(f) A detailed outline, as it will appear in the student syllabus, of the subject matter to be covered and the estimated time to be devoted to each topic.
(g) A list of textbooks and reference materials.
(h) The methodology for verifying and monitoring attendance. The course sponsor shall be responsible for determining the number of hours, if any, that will be granted to a licensee who does not attend all planned classroom hours. A licensee shall not receive credit for attending the same course more than 1 time during the same license renewal cycle.
(i) The standards a student must meet to complete the course, including assignments, projects, or examinations. The sponsor at its discretion may give course examinations, but examinations are not required by the act or these rules for continuing education courses.
(j) A sample of any advertising material, announcements, or brochures to be used to promote the course.
(k) Proof that the sponsor is an entity that may offer continuing education courses in accordance with the provisions of section 2617(2) of the act.
(l) Information to demonstrate that the course meets the requirements of section 2627(3) and (4) of the act and is designed to improve and maintain the capability of a licensee to perform activities regulated by the act.
R 339.23323 Continuing education; student records; permanent record; course completion certificate. Rule 323. (1) A course sponsor shall establish and permanently maintain a record for each student. The record shall contain all of the following information:
(a) The student's name, address, and license number.
(b) The number of classroom hours attended.
(c) The title of the course and the date of course completion.
(2) A course sponsor shall issue a certificate of completion to a licensee who successfully completes a continuing education course. The certificate shall include all of the following information:
(a) The name of the student.
(b) The student's license number.
(c) The name of the sponsor.
(d) The name of the course attended.
(e) The number of classroom hours completed by the student.
(f) The date of course completion.
(g) The signature of the course coordinator or instructor.
(3) Within 15 business days after a course ends, a sponsor shall certify to the department the names of students who complete an approved course by a method or on forms approved by the department.
R 339.23326 Continuing education requirements for licensees.
Rule 326. As part of the continuing education requirements defined in section 2627 of the act, each licensee shall complete at a minimum of every 4 years a 2-hour course on Michigan appraiser licensing law and rules, or a course or seminar which contains a minimum of 2 hours devoted to Michigan appraiser licensing law and rules, and every 2 years shall successfully complete the 7-hour national USPAP update course or its equivalent. Equivalency shall be determined through the AQB course approval program or by an alternate method established by the AQB.
PART 4. STANDARDS OF CONDUCT
R 339.23401 Licensee relationship to others participating in preparation of appraisals.
Rule 401. A state licensed or certified residential or certified general real estate appraiser shall not sign an appraisal report for a federally related transaction unless that licensee has performed the appraisal in accordance with uniform standards of professional appraisal practice and is properly licensed to perform the assignment. The material participation of any other individual in preparing the report shall be acknowledged in the report as required by the uniform standards of professional appraisal practice regardless of the licensure status of the other individual. The signature of a state-licensed, a certified residential, or a certified general appraiser as a supervisory or co-signing appraiser shall not be used to mask the preparation of a report by an individual who is not authorized to sign the report.
R 339.23403 Real estate valuation specialist; limited real estate appraiser; state licensed real estate appraiser; certified residential real estate appraiser; certified general real estate appraiser; authorized functions.
Rule 403. (1) If a real estate valuation specialist or limited real estate appraiser is properly qualified to undertake an assignment, a real estate valuation specialist or limited real estate appraiser may perform either of the following appraisal services, if the report is signed by a supervisory state-licensed, certified residential or certified general real estate appraiser, as specified in section 2607(7) of the act, who by virtue of signing the report, assumes full responsibility for the accuracy of the report content and conclusions:
(a) Appraise properties that are not federally related transactions or real estate related financial transactions.
(b) Assist a state-licensed, certified residential, or certified general real estate appraiser in the development of an appraisal for a federally related transaction or a real estate related financial transaction. The real estate valuation specialist or limited real estate appraiser shall not sign the report; however, the state licensed, certified residential, or certified general real estate appraiser shall acknowledge the specific contributions of the real estate valuation specialist or limited real estate appraiser within the appraisal report.
(2) If a state-licensed real estate appraiser is properly qualified to undertake an assignment, a state-licensed real estate appraiser may perform any of the following appraisal services:
(a) Appraise properties that are not federally related transactions.
(b) Appraise 1 to 4-family residential properties, unless the transaction value is $1,000,000.00 or more or the property is deemed to be complex and therefore required to be appraised by a certified residential or certified general real estate appraiser.
(c) Appraise non-residential properties for federally related transactions and real estate related financial transactions where the transaction value is less than $250,000.00.
(d) Assist a certified residential or certified general real estate appraiser in the development of an appraisal of a complex residential property or a nonresidential property that is the subject of a federally related transaction, as appropriate. The state- licensed real estate appraiser shall not sign the report; however, the certified residential or certified general real estate appraiser shall acknowledge the specific contributions of the state-licensed real estate appraiser within the appraisal report.
(3) A certified residential real estate appraiser, if properly qualified to undertake an assignment, may perform any of the following appraisal assignments:
(a) Appraise properties that are not federally related transactions.
Appraise 1 to 4-family residential properties without regard to complexity or value.
(c) Appraise non-residential properties for federally related transactions and real estate related financial transactions where the transaction value is less than $250,000.00.
(d) Assist a certified general real estate appraiser in the development of an appraisal of a non-residential property that is the subject of a federally related transaction, as appropriate. The certified residential real estate appraiser shall not sign the report. However, the certified general real estate appraiser shall identify the specific contributions of the certified residential real estate appraiser within the appraisal report.
(4) Signatures are required on appraisal reports according to the following chart. The licensee authorized to sign the report shall identify all participating licensees and their contributions to the report.
SIGNATURES REQUIRED :
BY LICENSE LEVEL AND TRANSACTION CATEGORIES
NON-FEDERALLY RELATED TRANSACTIONS
& NON-REAL ESTATE- RELATED FINANCIAL TRANSACTIONS
FEDERALLY RELATED TRANSACTIONS 1-4 FAMILY PROPERTIES LESS THAN $1 MILLION IN TRANSACTION VALUE
FEDERALLY RELATED TRANSACTIONS 1-4 FAMILY PROPERTIES MORE THAN
$1 MILLION OR COMPLEX PROPERTIES MORE THAN
$250,000 IN TRANSACTION VALUE
FEDERALLY RELATED TRANSACTIONS NON- RESIDENTIAL PROPERTIES LESS THAN
$250,000 IN TRANSACTION VALUE
FEDERALLY RELATED TRANSACTIONS NON- RESIDENTIAL MORE THAN
$250,000 IN TRANSACTION VALUE
LIMITED APPRAISER
YES
NO
NO
NO
NO
STATE-LICENSED APPRAISER
YES
YES
NO
YES
NO
CERTIFIED RESIDENTIAL APPRAISER
YES
YES
YES
YES
NO
CERTIFIED GENERAL APPRAISER
YES
YES
YES
YES
YES
R 339.23405 Advertising.
Rule 405. (1) A licensee shall state the level of license held in all advertising. Merely stating that the person is licensed does not satisfy the provisions of this subrule. However, in a directory listing or similar situation where space is limited, it shall be sufficient disclosure for a licensee to use the words certified general, certified residential, state-licensed, limited appraiser, or valuation specialist, as appropriate, without additional wording.
(2) A licensee shall place his or her license number and license level on all reports and shall produce evidence of licensing upon request by a member of the public or a representative of the department. A license number shall not be required in advertising material.
