61-2b-10 - State-licensed appraiser -- Authority and qualifications. - Utah Statutes

61-2b-10. State-licensed appraiser -- Authority and qualifications.
(1) A state-licensed appraiser is authorized to appraise complex and noncomplex 1-4family residential units in this state having a transaction value permitted under the FinancialInstitutions Reform, Recovery, and Enforcement Act of 1989, and related federal regulations.
(2) A state-licensed appraiser is authorized to appraise vacant or unimproved land havinga transaction value permitted under the Financial Institutions Reform, Recovery, andEnforcement Act of 1989, and related federal regulations that is utilized for 1-4 family purposesor for which the highest and best use is 1-4 family purposes and subdivisions for which adevelopment analysis/appraisal is not necessary.
(3) A state-licensed appraiser may not issue a certified appraisal report.
(4) To qualify as a state-licensed appraiser, an applicant must:
(a) be of good moral character;
(b) demonstrate honesty, competency, integrity, and truthfulness;
(c) pass the licensing examination with a satisfactory score as determined by theAppraisal Qualification Board;
(d) successfully complete not less than 150 classroom hours in courses of study thatrelate to:
(i) real estate appraisal;
(ii) the Uniform Standards of Professional Appraisal Practice; and
(iii) ethical rules to be observed by a real estate appraiser as required by Section61-2b-27; and
(e) possess the minimum number of hours of experience in real property appraisal asestablished by rule.
(5) The courses of study under Subsection (4)(d) shall be conducted by:
(a) a college or university;
(b) a community or junior college;
(c) a real estate appraisal or real estate related organization;
(d) a state or federal agency or commission;
(e) a proprietary school;
(f) a provider approved by a state certification and licensing agency; or
(g) the Appraisal Foundation or its boards.

Amended by Chapter 379, 2010 General Session