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Terms Used In Tennessee Code 62-39-201

  • Appraisal: A determination of property value.
  • Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-102
  • Commission: means the real estate appraiser commission established pursuant to §. See Tennessee Code 62-39-102
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
  • Real estate appraiser: means a person who engages in real estate appraisal activity for a fee or other valuable consideration. See Tennessee Code 62-39-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • State certified real estate appraiser: means a person who develops and communicates real estate appraisals and who holds a current, valid certificate issued to the person for either general or residential real estate under this chapter. See Tennessee Code 62-39-102
  • State licensed real estate appraiser: means a person who holds a current, valid real estate appraiser license issued pursuant to this chapter. See Tennessee Code 62-39-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) There is created an independent real estate appraiser commission under the division of regulatory boards in the department of commerce and insurance, whose duty shall be to administer and enforce this chapter.
(2) The commission shall consist of nine (9) members, one (1) of whom shall be a public member, one (1) of whom shall be a full-time educator of appraisal-related education with the state‘s universities, colleges and junior colleges, and one (1) of whom shall be from an appraisal management company or financial institution providing appraisal services in Tennessee.
(3) Six (6) of the members shall be real estate appraisers.
(4) No more than three (3) commission members may be from any one (1) grand division of the state.
(b) The governor shall appoint the members of the real estate appraiser commission. In making appointments to the commission, the governor shall strive to ensure that at least two (2) persons serving on the commission are sixty (60) years of age or older and that at least two (2) persons serving on the commission are members of a racial minority. The governor shall strive to appoint to the commission no more than two (2) members of any one (1) appraiser organization.
(c) Each of the real estate appraiser members first appointed to the commission shall possess a minimum of ten (10) years of active experience as a real estate appraiser.
(d) Each real estate appraiser member of the commission appointed must be a state certified real estate appraiser or a state licensed real estate appraiser. The governor, in making appointments, shall strive to achieve a balance between certified general, certified residential and licensed appraisers.
(e) The governor shall make initial appointments of three (3) members for terms of one (1) year, three (3) members for terms of two (2) years, and three (3) members for terms of three (3) years. Thereafter, all members shall be appointed for terms of three (3) years.
(f) Upon expiration of their terms, members of the commission shall continue to hold office until the appointment and qualification of their successors. No person shall serve as a member of the commission for more than two (2) consecutive terms. The governor may remove a member for cause.
(g) The public members of the commission shall not be engaged in the practice of real estate appraising.
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