Louisiana Revised Statutes 37:3397 – License and registration classifications; criteria
Terms Used In Louisiana Revised Statutes 37:3397
- Appraisal: A determination of property value.
- AQB: means the Appraiser Qualifications Board of TAF created in accordance with Title XI of FIRREA. See Louisiana Revised Statutes 37:3392
- Board: means the Louisiana Real Estate Appraisers Board established pursuant to the provisions of this Chapter. See Louisiana Revised Statutes 37:3392
- Certified general appraiser: means any person licensed by the board to appraise all types of real estate regardless of complexity or transaction value. See Louisiana Revised Statutes 37:3392
- Licensed residential appraiser: means any person licensed by the board whose authority to appraise real property is limited to the appraisal of noncomplex one to four residential units having a transaction value of less than one million dollars and of complex one to four residential units having a transaction value of less than four hundred thousand dollars in accordance with the Real Property Appraiser Qualification Criteria. See Louisiana Revised Statutes 37:3392
- real estate: means immovable property as defined by Civil Code Article 462 et seq. See Louisiana Revised Statutes 37:3392
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Supervisory appraiser: means a certified residential appraiser or certified general appraiser registered by the board to supervise one or more trainee appraisers and who satisfies the applicable minimum qualifications required by the Real Property Appraiser Qualification Criteria including but not limited to the following:
(a) The supervisory appraiser shall have been licensed and in good standing with any competent appraisal licensing jurisdiction for at least three years. See Louisiana Revised Statutes 37:3392
- Trainee appraiser: means any person registered by the board and authorized to appraise properties under the supervision of a licensed general real estate appraiser or residential real estate appraiser. See Louisiana Revised Statutes 37:3392
A.(1) There are three classes of licenses for real estate appraisers:
(a) Licensed residential appraiser.
(b) Certified residential appraiser.
(c) Certified general appraiser.
(2) The license classes enumerated in Paragraph (1) of this Subsection shall conform in all respects with the Financial Institutions Reform, Recovery and Enforcement Act of 1989, P.L. 101-73, and any subsequent amendments and regulations issued pursuant thereto.
B. There are two classes of registrations for real estate appraisers:
(1) Trainee appraiser.
(2) Supervisory appraiser.
C.(1) A supervisory appraiser and a trainee appraiser shall each maintain an appraisal experience log and shall be independently obligated to ensure the appraisal experience log is accurate, current, and complies with the provisions of this Chapter. At a minimum, the appraisal log shall include the following:
(a) Type of property.
(b) Date of report.
(c) Address of appraised property.
(d) Description of work performed by the trainee appraiser and scope of the review and supervision of the supervisory appraiser.
(e) Number of actual work hours by the trainee appraiser on the assignment.
(f) The signature and state certification number of the supervisory appraiser. Separate appraisal logs shall be maintained for each supervisory appraiser if applicable.
(2) Prior to applying for registration with the board, a trainee appraiser or supervisory appraiser shall meet the minimum qualifications required under this Chapter and the Real Property Appraiser Qualification Criteria including but not limited to satisfactory completion or submission of the following:
(a) A course that complies, at a minimum, with the specifications of course content established by the AQB, including submission of an official course completion certificate to the board. The course shall be oriented toward the requirements and responsibilities of supervisory and trainee appraisers.
(b) The registration form that is prescribed by the board.
(3) The trainee appraiser shall be entitled to obtain copies of appraisal reports that he prepared in full or in part. The supervisory appraiser shall keep copies of the trainee appraisal reports prepared by the trainee appraiser for a period of at least five years.
Acts 1987, No. 472, §1; Acts 1993, No. 949, §1; Acts 1995, No. 690, §2; Acts 2003, No. 341, §1; Acts 2006, No. 389, §1; Acts 2012, No. 429, §1, eff. May 31, 2012; Acts 2014, No. 213, §§1, 2; Acts 2016, No. 259, §1; Acts 2022, No. 547, §1, eff. June 17, 2022.