Rhode Island General Laws 5-20.7-10. Experience requirements prior to examination
(a) An original certification as a state-certified real estate appraiser or licensing as a state-licensed appraiser shall not be issued to any person who does not possess the requisite experience in real property appraisal as required by the Appraiser Qualifications Board of the Appraisal Foundation and supported by adequate written reports or file memoranda. The experience shall be of the type of appraisal for which the applicant is seeking certification/licensing and shall meet the minimum standards of the Appraisal Foundation and/or applicable federal regulations.
Terms Used In Rhode Island General Laws 5-20.7-10
- Appraisal: A determination of property value.
- Appraisal Foundation: means the Appraisal Foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Rhode Island General Laws 5-20.7-2
- Board: means the real-estate appraisal board established pursuant to the provisions of this chapter. See Rhode Island General Laws 5-20.7-2
- Director: means the director of the department of business regulation. See Rhode Island General Laws 5-20.7-2
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Real estate: means an identified parcel or tract of land, including improvements, if any. See Rhode Island General Laws 5-20.7-2
- real estate appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. See Rhode Island General Laws 5-20.7-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means one or more defined interests, benefits, and rights inherent in the ownership of real estate. See Rhode Island General Laws 5-20.7-2
(b) Each applicant for certification and licensing shall furnish, under oath, a detailed listing of the real estate appraisal reports or file memoranda for each year for which experience is claimed by the applicant. For an applicant for general certification at least fifty percent (50%) of the prepared reports must demonstrate knowledge and working understanding of income capitalization or other nonresidential reports. Upon request, the applicant shall make available to the director or board for examination a sample of appraisal reports, which the applicant has prepared in the course of his or her practice.
(c) In order for a licensed trainee appraiser to be issued certification as a state-certified appraiser or licensing as a state-licensed appraiser, the trainee must have completed the requisite experience in real property appraisal as required by the Appraiser Qualifications Board and supported by adequate written reports or file memoranda. That experience must be completed under the direct supervision of certified real estate appraisers. The trainee may rely on more than one supervising appraiser in order to complete this experience requirement, and no certified appraiser shall supervise more than three (3) trainees.
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1; P.L. 1994, ch. 211, § 1; P.L. 1998, ch. 288, § 1; P.L. 2013, ch. 54, § 1; P.L. 2013, ch. 58, § 1; P.L. 2023, ch. 163, § 1, effective June 20, 2023; P.L. 2023, ch. 164, § 1, effective June 20, 2023.