12 USC 3351 - Miscellaneous provisions

U.S Code last checked for updates: Nov 22, 2024

§ 3351.

Miscellaneous provisions

(a)

Temporary practice

(1)

In general

A State appraiser certifying or licensing agency shall recognize on a temporary basis the certification or license of an appraiser issued by another State if—

(A)

the property to be appraised is part of a federally related transaction,

(B)

the appraiser’s business is of a temporary nature, and

(C)

the appraiser registers with the appraiser certifying or licensing agency in the State of temporary practice.

(2)

Fees for temporary practice

(b)

Reciprocity

Notwithstanding any other provisions of this chapter, a federally related transaction shall not be appraised by a certified or licensed appraiser unless the State appraiser certifying or licensing agency of the State certifying or licensing such appraiser has in place a policy of issuing a reciprocal certification or license for an individual from another State when—

(1)

the appraiser licensing and certification program of such other State is in compliance with the provisions of this chapter; and

(2)

the appraiser holds a valid certification from a State whose requirements for certification or licensing meet or exceed the licensure standards established by the State where an individual seeks appraisal licensure.

(c)

Supplemental funding

(d)

Prohibition against discrimination

(e)

Other requirements

A corporation, partnership, or other business entity may provide appraisal services in connection with federally related transactions if such appraisal is prepared by individuals certified or licensed in accordance with the requirements of this chapter. An individual who is not a State certified or licensed appraiser may assist in the preparation of an appraisal if—

(1)

the assistant is under the direct supervision of a licensed or certified individual; and

(2)

the final appraisal document is approved and signed by an individual who is certified or licensed.

(f)

Studies

(1)

Study

The Appraisal Subcommittee shall—

(A)

conduct a study to determine whether real estate sales and financing information and data that is available to real estate appraisers in the States is sufficient to permit appraisers to properly estimate the values of properties in connection with federally related transactions; and

(B)

study the feasibility and desirability of extending the provisions of this chapter to the function of personal property appraising and to personal property appraisers in connection with Federal financial and public policy interests.

(2)

Report

The Appraisal Subcommittee shall—

(A)

report its findings to the Congress with respect to the study described in paragraph (1)(A) no later than 12 months after August 9, 1989, and

(B)

report its findings with respect to the study described in paragraph (1)(B) to Congress not later than 18 months after August 9, 1989.

(g)

Appraiser independence monitoring

(h)

Approved education

(i)

Appraisal complaint national hotline

(Pub. L. 101–73, title XI, § 1122, Aug. 9, 1989, 103 Stat. 518; Pub. L. 103–325, title III, § 315, Sept. 23, 1994, 108 Stat. 2222; Pub. L. 111–203, title XIV, § 1473(l)–(p), (t)(4), July 21, 2010, 124 Stat. 2196, 2197, 2199.)

cite as: 12 USC 3351