Section 5-20.7-1. – Short title.
§ 5-20.7-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Real Estate Appraiser Certification Act.” History of Section.P.L. 1990, ch. 424, § 1.
Section 5-20.7-10. – Experience requirement.
§ 5-20.7-10. Experience requirement. (a) An original certification as a state-certified real estate appraiser or licensing as a state-licensed appraiser shall not be issued to any person who does not possess the requisite experience in real property appraisal as required by the appraisal qualifications board of the Appraisal Foundation and supported by adequate written reports […]
Section 5-20.7-11. – Term of certification or license — Renewal.
§ 5-20.7-11. Term of certification or license — Renewal. The term of a certificate or license issued pursuant to this chapter is two (2) years from the date of issuance. The expiration date of the certificate or license shall appear on the certificate or license and no other notice of its expiration need be given […]
Section 5-20.7-12. – Issuance of certificate or license — Certificate or license number.
§ 5-20.7-12. Issuance of certificate or license — Certificate or license number. (a) A certificate or license issued pursuant to the provisions of this chapter shall bear the signature of the chairperson of the board and a certificate number assigned by the director. (b) Prior to the issuance of any trainee license, the trainee shall […]
Section 5-20.7-13. – Exclusive use of term.
§ 5-20.7-13. Exclusive use of term. (a) The term “state-certified real estate appraiser” may only be used to refer to individuals who hold the certificate and may not be used following or immediately in connection with the name or signature of a firm, partnership, corporation, or group; or in any manner that it might be […]
Section 5-20.7-14. – Principal place of business.
§ 5-20.7-14. Principal place of business. (a) Each state-certified and licensed real estate appraiser shall advise the director of the address of his or her principal place of business and all other addresses at which he or she is currently engaged in the business of preparing real property appraisal reports. (b) Whenever a state-certified or […]
Section 5-20.7-15. – Fees.
§ 5-20.7-15. Fees. (a) The director is empowered and directed to establish a fee schedule for the application, review, examination, and reexamination of applicants for certification and licensing and for the issuance and renewal of certificates and for late fees; provided, that the annual fee for a residential or general appraiser certificate is two hundred […]
Section 5-20.7-16. – Nonresident certified or licensed real estate appraisers — Secretary of state as agent for service of process — Reciprocity.
§ 5-20.7-16. Nonresident certified or licensed real estate appraisers — Secretary of state as agent for service of process — Reciprocity. (a) Every applicant for certification or licensing under this chapter who is not a resident of this state shall submit, with the application for certification or licensing, an irrevocable consent that service of process […]
Section 5-20.7-17. – Continuing education prerequisite to renewal.
§ 5-20.7-17. Continuing education prerequisite to renewal. (a) As a prerequisite to certificate or license renewal, a state-certified or licensed real estate appraiser shall present evidence satisfactory to the director of having met the continuing education requirements of this section. (b) The basic continuing education requirement for renewal of a certificate or license is the […]
Section 5-20.7-18. – Retention of records.
§ 5-20.7-18. Retention of records. (a) A state-certified or licensed real estate appraiser shall retain for five (5) years originals or true copies of all written contracts engaging his or her services for real property appraisal work, and all reports and supporting data assembled and formulated by the appraiser in preparing the reports. (b) The […]
Section 5-20.7-19. – Standards of practice.
§ 5-20.7-19. Standards of practice. A state-certified or licensed real estate appraiser must comply with the uniform standards of professional appraisal practice promulgated by the appraisal standard board of the Appraisal Foundation. History of Section.P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1.
Section 5-20.7-2. – Definitions.
§ 5-20.7-2. Definitions. When used in this chapter, unless the context indicates otherwise: (1) “Appraisal” or “real estate appraisal” means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. An appraisal may be classified by subject matter into either a valuation […]
Section 5-20.7-20. – Revocation or suspension of certification or license.
§ 5-20.7-20. Revocation or suspension of certification or license. (a) The director of the department of business regulation may, upon his or her own motion or by recommendation of the board, and shall, upon the verified complaint, in writing, of any person setting forth a cause under this section, ascertain the facts and, if warranted, […]
Section 5-20.7-21. – Violations — Penalties.
§ 5-20.7-21. Violations — Penalties. (a) Any person upon conviction of acting or representing themselves to be a state-certified or licensed real estate appraiser or performing the duties of a certified or licensed real estate appraiser as defined within this chapter without first obtaining a certification or license is guilty of a misdemeanor punishable by […]
Section 5-20.7-22. – Hearing before revocation or suspension; refusal of certification or licensing.
§ 5-20.7-22. Hearing before revocation or suspension; refusal of certification or licensing. (a) Before refusing to issue a certificate or license or suspending or revoking a certificate or license on its own motion, the director shall notify the applicant of his or her intended action and the grounds for the action. The applicant may, within […]
Section 5-20.7-23. – Severability.
§ 5-20.7-23. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is deemed invalid, that invalidity does not affect other provisions or applications of the chapter that can be given effect without the invalid provision or application, and to this end the provisions of this chapter […]
Section 5-20.7-24. – Mortgage loan appraisers — Relationship with lending institution.
§ 5-20.7-24. Mortgage loan appraisers — Relationship with lending institution. (a) Every bank, trust company, loan-investment company, mortgage company, and credit union or any other lending institution, that accepts an application for any residential mortgage loan or any commercial mortgage loan that requires an appraisal in order to process the loan is not permitted to […]
Section 5-20.7-25. – Effect of federal law.
§ 5-20.7-25. Effect of federal law. Notwithstanding any provision in this chapter to the contrary, any applicable provisions of title XI of the federal “Financial Institutions Reform, Recovery & Enforcement Act of 1989 (FIRREA),” 12 U.S.C. § 3331 et seq., as may be amended from time to time, and any federal regulatory standards promulgated thereunder […]
Section 5-20.7-26. – Order to cease unsafe practices — Appeal.
§ 5-20.7-26. Order to cease unsafe practices — Appeal. If the department of business regulation has reason to believe that any person, firm, or corporation or association is conducting any activities requiring licensure or certification pursuant to this chapter without obtaining a license, or who after the denial, suspension, or revocation of a license conducts […]
Section 5-20.7-3. – Certification required.
§ 5-20.7-3. Certification required. (a) No person, other than persons certified in accordance with the provisions of this chapter, shall assume or use that title or any title, designation, or abbreviation likely to create the impression of certification as a real estate appraiser by this state. A person who is not certified pursuant to this […]