Types and scope of licenses and certificates.
1. An appraiser may obtain from the Division:
(a) A license as a residential appraiser, which authorizes him to perform an appraisal of real estate suitable for or consisting of no more than four residential units in any one transaction, if the total value does not exceed $1,000,000 and the complexity of the transaction does not, under the regulations of a federal agency or the standards adopted by the appraisal subcommittee of the Federal Financial Institutions Examination Council, require a certified appraiser;
(b) A certificate as a residential appraiser, which authorizes him to perform an appraisal of real estate suitable for or consisting of no more than four residential units in any one transaction, without regard to value or complexity; or
(c) A certificate as a general appraiser, which authorizes him to perform any appraisal.
2. A person certified or licensed as a residential appraiser may, under the direct supervision of a person certified as a general appraiser, assist in the preparation and communication of an appraisal that is outside the scope of his certificate or license.
3. The Commission may establish, by regulation, additional classifications of licensure or certification, and the qualifications therefor, if necessary to comply with classifications and qualifications established by the appraisal subcommittee of the Federal Financial Institutions Examination Council.
Last modified: February 27, 2006