Current through Register Vol. 51, No. 3, September 1, 2024
RELATES TO: KRS Chapter 324A,
12
U.S.C. 3350
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
324A.020 and
324A.035
require the Real Estate Appraisers Board, with the approval of the executive
director of the Kentucky Real Estate Authority, to promulgate administrative
regulations necessary to carry out the provisions of
KRS
324A.010 to
324A.090. This
administrative regulation is necessary to comply with Title XI of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C.
3331 through
12 U.S.C.
3351) , and KRS Chapter 324A. This
administrative regulation defines terms used in 201 KAR Chapter 30.
Section 1. Definitions for 201 KAR Chapter
30.
(1) "Accredited" means a college or
university that grants credit toward a program for an associate, baccalaureate,
graduate, or professional degree and that is chartered, licensed, or granted
accreditation by an appropriately recognized educational association.
(2) "Appraiser panel" is defined by
KRS
324A.150(5).
(3) "Approved instructor" means an instructor
who has been approved by the board pursuant to
201 KAR
30:130 to teach continuing education or qualifying
education.
(4) "AQB" means the
Appraiser Qualification Board of the Appriasal Foundation.
(5) "Associate real property appraiser" means
an individual who has fulfilled the requirements for licensure as an associate
real property appraiser established by the board.
(6) "Certified general real property
appraiser" means an appraiser who has fulfilled the requirements for
certification established by the board to appraise all real property in
connection with federally and nonfederally related transactions.
(7) "Certified residential real property
appraiser" means an appraiser who has fulfilled the requirements for
certification established by the board to perform appraisals on improved
structures with up to four (4) residential units and vacant land.
(8) "Classroom hour" means sixty (60)
minutes, of which at least fifty (50) minutes are actual classroom instruction
attended by the student, including time for examinations.
(9) "Classroom hour of distance education"
means the allotted course time approved by the International Distance Education
Certification Center (IDECC) delivery certification.
(10) "Covered transaction" means any consumer
credit transaction secured by the consumer's principal dwelling.
(11) "Education provider" means a school or
organization that teaches continuing or qualifying education courses, programs,
or seminars required by the board.
(12) "Federal financial institutions
regulatory agencies" means a federal agency listed in
12
U.S.C. 3350(6) that
regulates lenders or the loans guaranteed by them.
(13) "Federally-related transaction" is
defined by
KRS
324A.010(8).
(14) "Formal complaint" means a formal
administrative pleading issued by the board that states a charge against a
certificate holder, licensee, registrant, or applicant and commences a formal
disciplinary proceeding pursuant to KRS Chapter 13B.
(15) "Grievance" means an allegation that a
person has violated the requirements of KRS Chapter 324A or 201 KAR Chapter
30.
(16) "Licensed nonfederal real
property appraiser" means an individual who has fulfilled the requirements for
licensure established by the board to appraise real property in connection with
non-federally-related transactions.
(17) "Licensed residential real property
appraiser" means an appraiser who has fulfilled the requirements for licensure
established by the board to appraise real property.
(18) "Real estate-related financial
transaction" means a transaction that involves the:
(a) Sale, lease, purchase, investment in or
exchange of real property, including an interest in real property, or the
financing thereof;
(b) Refinancing
of real property, or an interest in real property; and
(c) Use of real property, or an interest in
property, as security for a loan or investment, including a mortgage-backed
security.
(19) "Required
Core Curriculum" means the list of course topics established in Sections 8
through 12 of
201 KAR
30:190.
(20) "Residential" means having one (1) to
four (4) residential units.