Current through Register Vol. 51, No. 3, September 1, 2024
RELATES TO:
KRS
324A.020,
324A.035,
324A.040,
324A.045,
324A.047,
324A.065,
12
U.S.C. 3331-3351
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.
KRS
324A.020 authorizes the board to provide a
list of certified appraisers to the Appraisal Subcommittee of the Federal
Financial Institutions Examination Council.
12
U.S.C. 3338(a)(1) requires
the board to maintain and transmit a roster of all licensed or certified
appraisers.
KRS
324A.065 requires the board to establish by
administrative regulation and collect fees for certification or licensure as an
appraiser, and
KRS
324A.035 requires the board to set the
conditions for certification and renewal of licensure.
KRS
324A.047 requires the board to set a fee for
inactive status. This administrative regulation establishes requirements
relating to the roster of appraisers and establishes fees for initial
application, annual renewal, roster, and examination, for both federally and
nonfederally related transactions.
Section
1. Appraiser Roster.
(1) The
board shall maintain a roster of associate real property appraisers, licensed
residential real property appraisers, certified residential real property
appraisers, and certified general real property appraisers.
(2) The board shall collect an annual roster
fee as established in Section 3 of this administrative regulation from each
licensed residential real property appraiser, certified residential real
property appraiser, and certified general real property appraiser.
(3) The board shall transmit the roster,
minus the list of associate real property appraisers, and appropriate roster
fees to the Appraisal Subcommittee of the Federal Financial Institutions
Examination Council at least annually.
Section 2. Applicability of Uniform Standards
of Professional Appraisal Practice (USPAP) to the board.
(1) The requirements of the USPAP, as
incorporated by reference in
201 KAR
30:040, 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.
(2) The requirements of the USPAP shall not
apply to the board, its agents, and employees with regard to preparing an
investigation for enforcement and disciplinary cases pursuant to this
administrative regulation.
Section
3. Fees.
(1) Pursuant to
KRS
324A.065, the following fees shall be charged
by the board:
(a) Federally-related
transactions:
1. Initial application fee:
$212;
2. Examination fee:
$200;
3. Annual certificate or
licensure fee: $212;
4. Duplicate
certificate fee: ten (10) dollars;
5. Certificate correction fee: ten (10)
dollars;
6. Roster fee: forty (40)
dollars; and
7. Initial inactive
certification or licensure fee: fifty (50) dollars.
(b) Nonfederally-related transactions:
1. Initial application fee: $100;
2. Examination fee: $100;
3. An annual certificate or licensure renewal
fee: $100;
4. Duplicate certificate
fee: five (5) dollars;
5.
Certificate correction fee: five (5) dollars; and
6. Roster fee: one (1) dollar.
(2) Initial application
and examination fees shall be submitted with the application or
request.
(3) The roster fee shall
be paid with the application or renewal fee.
(4) Examination fees shall be paid prior to
an examination.
STATUTORY AUTHORITY:
KRS
324A.020,
324A.035,
324A.045,
324A.065,
12
U.S.C. 3338(a)(1)
