Louisiana Revised Statutes 37:3410 – Standards for the development and communication of real estate appraisals
Terms Used In Louisiana Revised Statutes 37:3410
- Appraisal: A determination of property value.
- Appraisal report: means any communication, written or oral, of an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate. 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
- Federal financial institutions regulatory agency: means :
(a) The Board of Governors of the Federal Reserve System. See Louisiana Revised Statutes 37:3392
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
A.(1) A registered or licensed real estate appraiser shall comply with generally accepted standards of professional practice in the development and communication of appraisals of real estate located in this state and with generally accepted ethical rules of conduct as contained in the “Uniform Standards of Professional Appraisal Practice” (USPAP), or its successor, as approved and periodically amended by the Appraisal Standards Board of the Appraisal Foundation or its successor.
(2) Nothing in this Chapter shall prohibit a registered or licensed real estate appraiser from performing an evaluation of real property for a federally insured depository institution if the evaluation is permitted by either federal law, regulation, or the guidelines for evaluations established by the federal financial institutions regulatory agency of the depository institution, or a mortgage servicer approved to service any federally related mortgage loans.
B. The registered or licensed real estate appraiser shall include within the body of the appraisal report the amount of the appraiser’s fee for appraisal services.
Acts 1987, No. 472, §1; Acts 1990, No. 740, §1; Acts 1991, No. 412, §1; Acts 2003, No. 341, §1; Acts 2012, No. 429, §1, eff. May 31, 2012; Acts 2014, No. 213, §1; Acts 2019, No. 37, §1; Acts 2022, No. 547, §1, eff. June 17, 2022.