201 KAR 30:125. Continuing education for appraisers.

 

      RELATES TO: KRS 324A.035(3), 324A.045(2),

(3), 12 U.S.C. 3331-3351

      STATUTORY AUTHORITY: KRS 324A.015(1),

324A.020, 324A.035(3)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS

324A.015(1) and 324A.020 authorize the board to promulgate administrative

regulations and perform functions and duties necessary to carry out the

provisions of KRS 324A.010 to 324A.090. KRS 324A.035(3) requires the board to

establish by administrative regulation requirements for continuing education

for appraisers. Title XI of the Financial Institutions Reform, Recovery and

Enforcement Act of 1989, 12 U.S.C. 3331-3351, establishes requirements for the

renewal of certification or licensure of appraisers of real property in

federally related transactions. This administrative regulation establishes the

continuing education requirements for appraisers.

 

      Section 1. Continuing Education: Number

of Hours Required. (1) A certified general real property appraiser, a certified

residential real property appraiser, a licensed real property appraiser, and an

associate real property appraiser shall:

      (a) Complete fourteen (14) hours of board

approved continuing education, pursuant to 12 U.S.C. 1116 and 3345, and Section

2 of this administrative regulation, each license year prior to May 16 of the

current renewal year; and

      (b) Submit to the board proof of course

completion prior to May 31 of the current renewal year.

      (2) Noncompliance with the requirements

specified in this administrative regulation shall cause the applicant’s renewal

application to be late, which shall result in a $200 late fee for renewal.

 

      Section 2. Continuing Education. (1)

Continuing education credit may be granted by the board. If granted, continuing

education credit shall be for:

      (a) Approved continuing education

courses; or

      (b) Participation, other than as a

student, in appraisal educational programs and processes not to exceed seven

(7) hours of the required fourteen (14) hours of continuing education for each

licensure year.

      (2) Appraisal educational programs and

processes shall include:

      (a) Teaching a course. Credit for

instructing any given course shall only be awarded one (1) time during a

continuing education cycle;

      (b) Program development;

      (c) Authorship of textbooks; or

      (d) Similar activities.

      (3) Continuing education credit shall be

granted if a course:

      (a) Is at least two (2) hours in

duration;

      (b) Subject is designed to ensure that an

appraiser's skill, knowledge, and competency in real estate appraisal shall be

maintained or increased; and

      (c) Has been approved by the board.

      (4) Course Approval Program Application

for continuing education credit shall be submitted to the board in writing and

documented by the approved provider of instruction.

      (5) To be approved for continuing

education credit, a course shall be consistent with the purpose of continuing

education and cover those real property related appraisal topics, including:

      (a) Ad valorem taxation;

      (b) Arbitration, dispute resolution;

      (c) Courses related to the practice of

real estate appraisal or consulting;

      (d) Development cost estimating;

      (e) Ethics and standards of professional

practice, USPAP;

      (f) Land use planning, zoning;

      (g) Management, leasing, timesharing;

      (h) Property development, partial

interests;

      (i) Real estate law, easements, and

legal;

      (j) Real estate litigation, damages,

condemnation;

      (k) Real estate financing and investment;

      (l) Real estate appraisal related

computer applications;

      (m) Real estate securities and

syndication;

      (n) Green building construction;

      (o) Impact of seller concessions;

      (p) Appraising personal property as a

component of real property value; or

      (q) Appraising business value as a

component of real property value.

      (6) Real estate appraisal related field

trips shall be acceptable for credit toward the continuing education

requirements, except transit time to or from the field trip shall not be

included unless instruction occurs during the transit time.

      (7)(a) Each credential holder shall

successfully complete the seven (7) hour National Uniform Standards of

Professional Appraisal Practice Update Course, or its equivalent, between

January 1 and May 15 of each even numbered year.

      (b) Equivalency shall be evaluated

through the Appraiser Qualifications Board Course Approval Program.

      (c) USPAP continuing education credit

shall only be awarded if the class is instructed by an AQB Certified Instructor

who is also a State Certified General Real Property Appraiser or a State

Certified Residential Real Property Appraiser.

      (8) The board shall defer continuing

education requirements for up to 180 days for credential holders:

      (a) Returning from active military duty;

or

      (b) Whose business or residence is

located in a county that has been declared a disaster area by the governor or

President of the United States.

      (9) Credit for

repeating the same course title and content within a twenty-four (24) month

period shall not be granted.

 

      Section 3.

Incorporation by Reference. (1) "Course Approval Program

Application", October 2012, is incorporated by reference.

      (2) This

material may be inspected, copied, or obtained, subject to applicable copyright

law, at the office of the Kentucky Real Estate Appraisers Board, 135 W. Irvine

Street, Suite 301, Richmond, Kentucky 40475, Monday through Friday, 8 a.m. to

4:30 p.m. (37

Ky.R. 2100; eff. 5-6-2011; 38 Ky.R. 86; eff. 10-5-2012; 40 Ky.R. 117; 534; eff.

10-4-2013; 1424; 2125; eff. 4-4-2014; 41 Ky.R. 552; eff. 12-5-2014.)