APPRAISER REGULATION UPDATE

The North Carolina Real Estate Commission's proposals regarding the regulation of real estate appraisers will be considered at the current Session of the General Assembly. The Commission's "two-tiered" plan requiring appraisers to hold real estate licenses and creating a program whereby appraisers may become state-certified, has received the support of various prominent appraisal organizations and the North Carolina Association of REALTORS.

Following is a summary of some of the major provisions of the Commission's proposal:

I. After June 30, 1990, require real estate (broker or salesman) license to appraise real estate.

A. Exceptions

1. Government employees.

2. Employees of banks, savings and loan associations and savings banks, and credit unions

3. Tax appraisers certified by NC Department of Revenue.

4. Employees appraising real estate for their corporate employers.

B. Persons who violate real estate license law while appraising real estate would be subject to disciplinary action.

II. Increase education requirements for real estate licenses as follows:

A. Salesman license—From 30 to 60 class hours to provide for needed additional instruction in appraisal and other real estate subjects.

B. Broker license—From 120 to 150 class hours to provide for additional appraisal course.

III. Require one member of Real Estate Commission to be real estate appraiser.

IV. Effective October 1, 1990, institute voluntary program for real estate brokers and salesmen who wish to become "state certified" real estate appraisers.

A. Must complete program to use the term "state certified'' or other term implying state certification.

B. Additional appraisal education, experience and examination required

1. Residential certification—75 class hours and two years appraisal experience, or equivalent.

2. General certification—165 class hours and two years appraisal experience, or equivalent.

C. Up to 12 hours per year continuing education could be required.

D. Pre-certification and continuing education courses (if any) must be approved by Commission.

E. Certification fees (S100-S150) and renewal fees ($50-100) would finance program. V. Appraisal Advisory Committee created to provide technical expertise to the Commission.

Copies of the proposed legislation may be obtained without charge by contacting the Real Estate Commission Office.