Michigan Laws 339.2605 – Uniform standards of professional appraisal practice; rules; use of AQB criteria
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Terms Used In Michigan Laws 339.2605
- Appraisal: A determination of property value.
- Appraisal: means an opinion, conclusion, or analysis relating to the value of real property but does not include any of the following:
(i) A market analysis performed by a person that is licensed under article 25 solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis. See Michigan Laws 339.2601AQB criteria: means all of the following, if applicable:
(i) The criteria established by the appraiser qualifications board of the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). See Michigan Laws 339.2601Federal financial institution regulatory agency: means the board of governors of the federal reserve system, the federal deposit insurance corporation, the office of the comptroller of the currency, the office of thrift supervision, or the national credit union administration. See Michigan Laws 339.2601 Federally related transaction: means any real estate related financial transaction that a federal financial institution regulatory agency engages in, contracts for, or regulates and that requires the services of an appraiser under any of the following:
(i) 12 C. See Michigan Laws 339.2601Uniform standards of professional appraisal practice: means all of the following, if applicable:
(i) Standards relating to real property adopted by the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). See Michigan Laws 339.2601
(1) At a minimum and subject to subsection (2), a licensee under this article who performs an appraisal shall utilize the uniform standards of professional appraisal practice that are in effect at the time the licensee is engaged to perform the appraisal.
(2) The director may supplement or adopt by reference any amendments to the uniform standards of professional appraisal practice through the promulgation of rules if the director determines that the amendments or supplemental standards serve as a basis for the competent development and communication of an appraisal and are not in conflict with federal requirements.
(3) The director through promulgation of a rule may supplement or adopt by reference any changes promulgated by a federal financial institution regulatory agency relative to standards for a federally related transaction.
(4) The department shall utilize the AQB criteria regarding education, examination, and experience for licensure under this article.