The following is a summary of the major provisions of the recently enacted Real Estate Appraisers Act. A copy of the complete text of the legislation is available without charge from the Real Estate Commission.
Questions concerning the availability of appraisal courses and the acceptability of appraisal experience and education previously completed will be addressed in future editions of the Real Estate Bulletin. Persons concerned about these and other aspects of the new law are asked to refrain from contacting the Commission office until the Real Estate Commission and the Real Estate Appraisal Committee has had adequate time (approximately 6 months) to formulate and propose necessary rules, policies and Procedures. |
Summary
1. On January 1, 1991, a program will be available to persons who wish to become "State-licensed" or "State-certified" real estate appraisers. [Note: This program is totally voluntary. No North Carolina license or certificate will be required to appraise real estate.]
2. State-licensed or certified appraisers can
a. Identify themselves to the public as being "State-licensed" or "State-certified" real estate appraisers.
b. Perform appraisals in federally related transactions. [Note: Pending federal legislation would require the use of state licensed or certified appraisers in all federally related transactions after July 1,1991, including the sale, lease, financing, etc. of real estate in which the FDIC, FSLIC, FNMA, FHA, VA, etc. has an interest.]
3. Qualification requirements:
a. To become "State-licensed," applicants must complete 90 classroom hours of instruction approved by the Real Estate Commission concentrating on residential appraising, or have equivalent appraisal education and/or experience; and pass an examination.
b. To become "State certified," applicants must complete 180 classroom hours of instruction approved by the Commission in general appraisal subjects (residential, commercial, farm and land, etc.) and have two years' appraisal experience, or equivalent appraisal education and/or experience; and pass an examination.
c. Additional education and experience may be required, if necessary, to satisfy federal law.
d. Up to 12 hours per year continuing education may be required to retain an appraiser license or certificate.
4. Fees
a. Appraiser license or certificate (including examination): $150 maximum.
b Appraiser license or certificate annual renewal fee: $100 maximum.
c. An additional fee ($25 - $50) will be collected and paid to the federal government from persons who wish to be placed on the federal registry of appraisers qualified to perform appraisals in federally related transactions.
5. One member of the Real Estate Commission must be a State licensed or certified real estate appraiser, and a five-member Real Estate Appraisal Committee will be appointed by the Commission to assist in developing and administering the appraiser license and certification program.
6. "State-licensed" and "State-certified" appraisers who violate the Appraiser Act will be subject to disciplinary action by the Real Estate Commission, including:
a. Loss of their privilege to use the term "State-licensed" or "State-certified";
b. Loss of their eligibility to perform appraisals in federally related transactions; and
c. Loss of their real estate broker or salesman license (if they are so licensed).