Kentucky Administrative Regulations
Title 201 - GENERAL GOVERNMENT CABINET
Chapter 30 - Real Estate Appraisers Board
Section 201 KAR 30:125 - Continuing education for appraisers
Universal Citation: 201 KY Admin Regs Service 30:125
Current through Register Vol. 51, No. 3, September 1, 2024
RELATES TO: KRS 324A.035(3), 324A.045(2), (3), 12 U.S.C. 3331-3351
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, 321 N. Madison Avenue,
Richmond, Kentucky 40475, Monday through Friday, 8 a.m. to 4:30 p.m.
STATUTORY AUTHORITY: KRS 324A.015(1), 324A.020, 324A.035(3)
Disclaimer: These regulations may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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