§ 5-20.7-8 - Classes of certification and licensing – Residential and general.
SECTION 5-20.7-8
§ 5-20.7-8 Classes of certification andlicensing – Residential and general. – (a) There are two (2) classes for state certified real estate appraisers:
(1) A state certified residential real estate appraiser is aperson who fulfills the requirements for certification for the appraisal ofresidential real property. For the purposes of this section residentialproperty means property which is used for noncomplex single or multi-familydwellings of 1 – 4 units having no minimum transaction value, or propertyused for complex 1 – 4 residential units having a transaction value ofless than two hundred fifty thousand dollars ($250,000).
(2) A state certified general real estate appraiser is aperson who fulfills the requirements for certification for the appraisal of alltypes of real property.
(b) A state licensed appraiser is a person who fulfills therequirements for licensing for the appraisal of residential property. Forpurposes of this section, residential property applies to the appraisal ofnoncomplex 1 – 4 residential units having a transaction value of less thanone million dollars ($1,000,000) and complex 1 – 4 residential unitshaving a transaction value of less than two hundred fifty thousand dollars($250,000).
(c) An individual who meets the requirements of §5-20.7-9 shall be allowed two (2) years from the date of issue of a traineelicense to complete the experience requirement, providing that the individualworks directly under a certified appraiser. Upon request, the trainee shall begranted only a two (2) year extension to complete his or her experiencerequirement. No further extensions shall be granted. All continuing educationrequirements shall be fulfilled.
(d) No certified appraiser shall supervise more than five (5)trainees.