201 KAR 30:050. Examination and
experience requirement.
RELATES TO: KRS 324A.010, 324A.035(1),
(3), 324A.040(2), 12 U.S.C. 3331-3351
STATUTORY AUTHORITY: KRS 324A.020,
324A.035(1), (3), 12 U.S.C. 3331 - 3351
NECESSITY, FUNCTION, AND CONFORMITY: KRS 324A.035(1)
requires the board to establish by administrative regulation requirements for
certification or licensure of appraisers of real property in federally related
transactions. KRS 324A.035(3)(d), (e), and (f) require the board to establish
by administrative regulations requirements for experience and examination of
applicants. 12 U.S.C. 331 through 3351 authorizes requirements for certification
or licensure of appraisers of real property in federally related transactions.
This administrative regulation establishes the examination and experience
requirements for appraisers of real property in federally related transactions.
Section 1. Examination. (1) An applicant
for certification as a certified general real property appraiser, certified
residential real property appraiser, or licensed real property appraiser shall
pass an examination specific for the certification or license applied for and approved
by:
(a) The board; and
(b) The Appraiser Qualifications Board of
the Appraisal Foundation.
(2) A score from an examination shall no
longer be acceptable for licensure after two (2) years from the date on which
the applicant takes and passes the examination.
(3) An applicant shall complete all the
education and experience requirements for the credential which the individual
is seeking prior to being approved to sit for the national appraisal
examination.
(4)(a) An individual shall submit a
complete Appraiser License/Certification Application, incorporated by reference
in 201 KAR 30:030, which documents the completed education and experience to
the board prior to being approved to sit for the national appraisal
examination.
(b) The applicant shall submit the
following information with the application:
1. Proof of completion of the education
required by 201 KAR 30:190;
2. Proof of completion of the required
experience as established in Section 2 of this administrative regulation, including
any reports identified by the board; and
3. The fee required by 201 KAR 30:060.
(5)(a) An applicant shall verify experience
credit on the Appraiser Assignment Log.
(b) An applicant shall submit
satisfactory reports, file memoranda, and other documentation requested by the
board to confirm the applicant's appraisal experience.
Section 2. Required Experience. (1)(a) For
certification as a general real property appraiser, at least 1,500 hours of
appraisal experience shall consist of nonresidential appraisal experience.
1. More than fifty (50) percent of the
general experience shall not be claimed for appraisal review or appraisal
consulting assignments.
2. More than fifty (50) percent of the
general experience shall not be claimed for appraisal of vacant land.
3. At least fifty (50) percent of the
general experience claimed shall include development of the cost approach,
sales comparison approach, and income approach.
4. More than fifty (50) percent of the
general experience shall not be claimed for restricted use appraisal reports.
(b) Prior to certification as a general
real property appraiser, an applicant shall have acquired 3,000 hours of
appraisal experience. This experience shall not be acquired in a period of
fewer than thirty (30) calendar months.
(2) Prior to certification as a
residential real property appraiser, an applicant shall have acquired 2,500
hours of appraisal experience. This experience shall not be acquired in a
period of fewer than twenty-four (24) calendar months.
(a) More than fifty (50) percent of the
residential experience shall not be claimed for appraisal review or appraisal
consulting assignments.
(b) More than fifty (50) percent of the
residential experience shall not be claimed for appraisal of vacant land.
(c) At least fifty (50) percent of the
residential experience claimed shall include development of the cost approach,
sales comparison approach, and income approach.
(d) More than fifty (50) percent of the
residential experience shall not be claimed for restricted use appraisal
reports.
(3) Prior to licensure as a licensed real
property appraiser, an applicant shall have acquired 2,000 hours of appraisal
experience. This experience shall not be acquired in a period of fewer than twenty-four
(24) calendar months.
(a) More than fifty (50) percent of the
residential experience shall not be claimed for appraisal review or appraisal consulting
assignments.
(b) More than fifty (50) percent of the
residential experience shall not be claimed for appraisal of vacant land.
(c) At least fifty (50) percent of the
residential experience claimed shall include development of the cost approach,
sales comparison approach, and income approach.
(d) More than fifty (50) percent of the
residential experience shall not be claimed for restricted use appraisal
reports.
(4) More than fifty (50) percent of the
required experience credit shall not be obtained for appraisal assignments
without a traditional client being identified.
(5) More than fifty (50) percent of the
required experience credit shall not be obtained in a board-approved practicum
course that requires students to:
(a) Produce credible appraisals that
utilize an actual subject property;
(b) Perform market research containing
sales analysis;
(c) Perform assignments that require
problem solving skills for a variety of property types; and
(d) Apply and report the appraisal
approaches in compliance with the Uniform Standards of Professional Appraisal
Practice (USPAP), incorporated by reference in 201 KAR 30:040.
(6) The appraisal experience required by
this section may have been acquired in any calendar years, whether or not the
calendar years are consecutive. Hours may be treated as cumulative in order to
achieve the necessary hours of appraisal experience.
(7) Real property appraisal assignments
submitted for experience credit shall be completed:
(a) In compliance with the requirements of
USPAP as incorporated in 201 KAR 30:040 and defined in KRS 324A.010(7);
(b) Under the supervision of a certified
residential real property appraiser for experience of one (1) to four (4) unit
residential properties; and
(c) Under the supervision of a certified
general real property appraiser for experience of all property uses other than one
(1) to four (4) unit residential properties.
(8) To count towards the requirements of
this section, the experience shall be acquired while the applicant is licensed
or certified by the board as one (1) of the types of appraisers identified in
201 KAR 30:030, Section 1(2), (3), or (4).
Section 3. The requirements of USPAP
shall not apply to the board, its agents, and employees while conducting an
appraisal review for purposes of confirming an applicant's experience pursuant
to this administrative regulation.
Section 4. Incorporation by Reference.
(1) "Appraiser Assignment Log", 8/09, is incorporated by reference.
(2) This material may be inspected,
copied, or obtained, subject to applicable copyright law, at the Kentucky Real
Estate Appraisers Board, 135 W. Irvine Street, Suite
301, Richmond, Kentucky 40475, (859) 623-1658, Monday through Friday, 8
a.m. to 4:30 p.m. (19 Ky.R. 2167; Am. 2461; eff. 7-9-93; 20 Ky.R. 2051; eff.
3-1-94; 21 Ky.R. 2727; 22 Ky.R. 277; eff. 8-10-95; 24 Ky.R. 2736; eff. 8-17-98;
27 Ky.R. 1540; 2429; eff. 3-19-2001; 28 Ky.R. 1488; 1823; eff. 2-11-2002; 29
Ky.R. 2502; 2865; eff. 6-16-03; 32 Ky.R. 121; 478; eff. 10-7-05; 34 Ky.R. 2209;
2392; eff. 6-6-2008; 36 Ky.R. 152; 569; eff. 10-2-2009; TAm eff. 12-28-2009; 37
Ky.R. 2047; 2380; eff. 5-6-2011; 38 Ky.R. 1768; 1947; eff. 7-6-2012; 39 Ky.R.
1488; 1875; eff. 4-5-2013.)
