Rhode Island General Laws 5-20.9-12. Verification of appraiser licensure or certification
An appraisal management company registered in this state pursuant to this chapter may not enter into contracts or agreements with an independent fee appraiser for the performance of residential real estate appraisal services unless that person is licensed or certified and in good standing pursuant to chapter 20.7 of this title.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
Terms Used In Rhode Island General Laws 5-20.9-12
- Appraisal: A determination of property value.
- 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 5-20.9-2
- Independent fee appraiser: means :
(i) A natural person who is a state-licensed or state-certified appraiser and receives a fee for performing an appraisal, but who is not an employee of the person engaging the appraiser; or
(ii) An organization that, in the ordinary course of business, employs state-licensed or state-certified appraisers to perform appraisals, receives a fee for performing the appraisals, and is not subject to § 1124 of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA"), Rhode Island General Laws 5-20.9-2
- 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: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10