| (a) Certified General Real Estate Appraisers:
(1) may appraise of all types of real property without regard
to transaction value or complexity; and
(2) are bound by the Competency Provision and all other
provisions of the Uniform Standards of Professional Appraisal Practice (USPAP)
in effect at the time of the appraisal.
(b) Certified Residential Real Estate Appraisers:
(1) may appraise one-to-four residential units without regard
to transaction value or complexity;
(2) may appraise vacant or unimproved land that is utilized
for one-to-four family purposes or for which the highest and best use is for
one-to-four family purposes;
(3) may not appraise subdivisions for which a development
analysis/appraisal is necessary;
(4) may appraise other properties as permitted by the
Federal Financial Institutions Regulatory Agencies; and
(5) are bound by the Competency Provision and all other
provisions of the USPAP in effect at the time of the appraisal.
(c) State Licensed Real Estate Appraisers:
(1) may appraise non-complex one-to-four residential units
having a transaction value less than $1 million and complex one-to-four residential
units having a transaction value less than $250,000;
(2) may appraise vacant or unimproved land that is utilized
for one-to-four family purposes or for which the highest and best use is for
one to four family purposes;
(3) may not appraise subdivisions for which a development
analysis/appraisal is necessary;
(4) may appraise other properties as permitted by the
Federal Financial Institutions Regulatory Agencies; and
(5) are bound by the Competency Provision and all other
provisions of the USPAP in effect at the time of the appraisal.
(d) Provisional Licensed Real Estate Appraisers:
(1) may appraise the same types of properties as a State Licensed
Real Estate Appraiser; and
(2) are bound by the Competency Provision and all other
provisions of the USPAP in effect at the time of the appraisal.
(e) Appraiser Trainees:
(1) may appraise those properties which the supervising certified
appraiser sponsor is permitted to appraise; and
(2) shall be subject to the USPAP in effect at the time
of the appraisal.
(f) The scope of practice identified in subsections (a)—
(e) of this section represents 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 may permit licensed
and certified appraisers to appraise properties other than those identified.
Individuals should refer to federal agency regulations to determine the type
of property that may be appraised.
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