§ 5-20.7-3 - Certification required.
SECTION 5-20.7-3
§ 5-20.7-3 Certification required. –(a) No person, other than persons certified in accordance with the provisionsof this chapter, shall assume or use that title or any title, designation orabbreviation likely to create the impression of certification as a real estateappraiser by this state. A person who is not certified pursuant to this chaptershall not describe or refer to any appraisal or other valuation of real estatelocated in the state by the term "certified".
(b) This chapter precludes any person who is not certified asa state certified real estate appraiser from appraising real property forcompensation under chapter 20.5 of this title; provided, however, that thischapter does not preclude any person who holds a license pursuant to chapter20.5 of this title and, in the ordinary course of business, from giving awritten or oral opinion of value of real estate for the purposes of aprospective listing, purchase, sale, or business valuation; provided, however,that such opinion of value shall not be referred to as an appraisal.
(c) Nothing in this chapter shall preclude a trainee directlysupervised by a certified appraiser from assisting in or preparing a certifiedappraisal and signing such appraisal provided the appraisal is approved andsigned by a certified appraiser as appropriate.
(d) Any appraisal conducted by an institution licensed inthis state to accept deposits in connection with a loan transaction, other thanthose conducted by:
(1) Federally or NCUA insured banks, savings banks, or creditunions; or
(2) Persons regulated or licensed under title 19 or anytransactions, municipal or state, regardless of monetary value, shall requirean appraisal by a licensed or certified appraiser.