(a) (1) (A) Except when an interstate transaction or a federally related transaction is involved, the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., does not apply to a real estate broker or sales person licensed by this state who:
(i) In the ordinary course of his or her business, gives to a potential seller or third party a written report called a market analysis or a broker's price opinion as to the recommended listing price of real estate or an opinion to a potential purchaser or third party as to the recommended price of real estate; or
(ii) Provides testimony regarding an opinion of the value of real property under § 28-51-302.
(B) A broker's price opinion or a market analysis issued in this state in connection with an interstate transaction or a federally related transaction shall not contain the term "appraisal" or the term "market value".
(C) The prohibition in subdivision (a)(1)(B) of this section does not apply to an intrastate, nonfederally related broker's price opinion or market analysis.
(2) (A) The listing price, purchase price, market analysis, or broker's price opinion may be treated as an appraisal solely for the purposes of § 28-51-302.
(B) A real estate broker who provides testimony regarding an opinion of the value of real property that may be treated as an appraisal for purposes of § 28-51-302 shall nonetheless be exempt from registration as an appraiser under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq.
(b) (1) (A) The Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., does not apply to any state, county, or municipal public officer or employee while the officer or employee is performing appraisal or appraisal-related duties as the officer or employee.
(B) Appraisals performed by state, county, or municipal officers or employees outside the scope of their employment are subject to the provisions of the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq.
(2) The Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., does not apply to:
(A) Persons performing appraisals as officers or staff of a bank, savings and loan, or credit union;
(B) Company foresters in the ordinary course of their duties; or
(C) Staff appraisers performing ad valorem tax appraisals for county assessors or employees of contractors performing county-wide reappraisals.
(c) (1) Except as provided in subsection (b) of this section, appraisers, when providing appraisal reports or appraisal services in nonfederally related transactions, who become licensed or certified by the Arkansas Appraiser Licensing and Certification Board are subject to the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., in all matters involving appraisal services, including transactions below the federally established threshold.
(2) If an appraiser does not make appraisals for any federal agency, any federally insured lending institution, the Federal Housing Administration, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, the United States Bankruptcy Courts, the Federal Highway Administration, the Federal Aviation Administration, the United States Department of Veterans Affairs, the Internal Revenue Service, or any other federal or quasi-federal authority, including appraisal work that is distributed via interstate commerce or appraisals involving transactions above the threshold established by a federal financial institutions regulatory agency, the appraiser is only required to be a state-registered appraiser under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq.
(d) The Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., shall not preclude any person from testifying as an expert witness in any judicial proceeding in which the value of real estate is in issue unless that person holds himself or herself out as a practicing real estate fee appraiser.
(e) Nothing in the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., prohibits any person who is licensed to practice in this state under any law from engaging in the practice for which he or she is licensed.
Section: Previous 17-14-102 17-14-103 17-14-104 17-14-105 17-14-106 NextLast modified: November 15, 2016