Florida Statutes 475.628 – Professional standards for appraisers registered, licensed, or certified under this part
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 475.628
- Appraisal: A determination of property value.
- Appraiser: means any person who is a registered trainee real estate appraiser, a licensed real estate appraiser, or a certified real estate appraiser. See Florida Statutes 475.611
- Board: means the Florida Real Estate Appraisal Board established under…. See Florida Statutes 475.611
- Federally related transaction: means any real estate-related financial transaction which a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates, and which requires the services of a state-licensed or state-certified appraiser. See Florida Statutes 475.611
- foundation: means The Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. See Florida Statutes 475.611
(1) The board shall adopt rules establishing standards of professional practice which meet or exceed nationally recognized standards of appraisal practice, including standards adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraiser registered, licensed, or certified under this part must comply with the rules. Statements on appraisal standards which may be issued for the purpose of clarification, interpretation, explanation, or elaboration through the Appraisal Foundation are binding on any appraiser registered, licensed, or certified under this part, upon adoption by rule of the board.
(2) The board may adopt rules establishing standards of professional practice other than standards adopted by the Appraisal Standards Board of the Appraisal Foundation for nonfederally related transactions. The board shall require that when performing an appraisal or appraisal service for any purpose other than a federally related transaction, an appraiser must comply with the Ethics and Competency Rules of the standards adopted by the Appraisal Standards Board of the Appraisal Foundation, and other requirements as determined by rule of the board. An assignment completed using alternate standards does not satisfy the experience requirements under s. 475.617 unless the assignment complies with the standards adopted by the Appraisal Standards Board of the Appraisal Foundation.