The Director shall issue a temporary practice for a period of six (6) months to an applicant from another state or territory upon filing of an application for a temporary practice and the payment of a temporary practice fee of One Hundred Dollars ($100.00) by an applicant who presents a certificate of good standing to practice real estate appraising in another state, or territory of the United States, or the District of Columbia, provided that:

(a) the applicant for temporary practice shall file an irrevocable consent agreeing that in lawsuits and actions arising out of any appraisal work performed in Guam, the service of legal process on the Director shall be valid and binding in all courts as if due service of process had been made

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directly upon the temporary appraiser. In case any such process is served upon the Director, he or she shall forward a copy of the process, by registered mail, to the main office of the licensee against which the process is directed;

(b) the property to be appraised is part of a federally-related transaction. A federally-related transaction is a loan or a credit that is issued or granted by a bank or financial institution that is insured by the Federal Deposit Insurance Corporation or is a member of the Federal Reserve Board, or is sold to GNMA, FNMA, or National Home Mortgage Corporation, or is assisted or guaranteed by a Federal government agency;

(c) The appraiser=s business is of a temporary nature. The appraisal work to be performed is temporary in nature if such work is estimated to be completed in less than six (6) months; and

An applicant may submit more than one (1) application for a temporary license within a period of one (1) year, provided that the applicant complies with all the requirements for the issuance of a temporary license as set forth in this Section.

SOURCE: Added by P.L. 21-28:22. Amended by P.L. 27-115:7.

§ 30123. Guam Certified Residential Appraiser: Classification: Qualification Criteria.

The Guam Certified Residential Appraiser classification authorizes the appraisal of single, duplex, triplex and quadruplex residential units without regard to transaction highest and best use. Applicants must meet the following examination, education, and experience requirements. Subsequent to being certified, individuals must meet the continuing education requirement:

(a) Examination. Successful completion of the Appraiser Qualification Board (AQB) of the Appraisal Foundation’s endorsed Uniform Certification Examination or its equivalent.

(b) Education. (1) Prerequisites to the examination: A minimum of one hundred twenty (120) classroom hours of courses in subjects related to real estate appraisal which shall include fifteen (15) classroom hours relative to the National Uniform Standards of Professional Appraisal Practice course or its equivalent. Equivalency shall be determined through the AQB Course Approval Program or by an alternate method established by the AQB. Uniform Standards of Professional Appraisal Practice qualifying education

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credit shall only be awarded when the class is instructed by AQB Certified Instructors, one of whom must be a State Certified Residential or Certified General Appraiser.

(2) Credit toward the classroom hour requirement may only be granted where the length of the educational offering is at least fifteen (15) hours, and the individual successfully completes an examination pertinent to that educational offering.

(3) Credit for the classroom hour requirement may be obtained from the following:

(a) Colleges or universities;

(b) Community or junior colleges;

(c) Real estate appraisal or real estate-related organizations; (d) State or Federal agencies or commissions; and
(e) Proprietary schools.

(4) A distance education course may be acceptable to meet the classroom hour requirement, or its equivalent. For qualifying education, distance education is defined as any educational process based on the geographical separation of the learner and the instructor and includes testing. Distance education courses must be approved by the Director and meet one (1) of the following conditions:

(a) The course is presented by an accredited (Commission on Colleges or a regional accreditation association) college or university that offers distance education programs in other disciplines; and

(i) The learner successfully completes a written examination proctored by an official approved by the college or university; and

(ii) The course meets the requirements for qualifying education established by the Appraiser Qualifications Board and is equivalent to the minimum of fifteen (15) classroom hours;

(b) The course has received approval for college credit by the American Council on Education through its ACE/Credit Program, or has been approved under the AQB Course approval Program; and

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(i) The learner successfully completes a written examination proctored by an official approved by the presenting entity; and

(ii) The course meets the requirements for qualifying education established by the Appraiser Qualifications Board and is equivalent to the minimum of fifteen (15) classroom hours.

(5) Credit toward the classroom hour requirement may be awarded to the teachers of the appraisal courses.

(6) Various appraisal courses may be credited toward the minimum one hundred twenty (120) classroom hour education requirement. Applicants must demonstrate that their education involved coverage of all topics listed in Subsection (d)(6) with particular emphasis on the appraisal of single, duplex, triplex and quadruplex unit residential properties.

(c) Experience. A minimum of two thousand five hundred (2,500) hours of appraisal experience obtained during no fewer than twenty-four (24) months is required. If requested, experience documentation in the form of reports or file memoranda should be available to support the experience claimed.

(1) Hours may be treated as cumulative in order to achieve the necessary two thousand five hundred (2,500) hours of appraisal experience;

(2) Acceptable appraisal experience as set forth by the Director;
and

(3) The verification for experience credit claimed by an applicant
shall be an affidavit in the form prescribed by the Director.

(d) Continuing Education. (1) A minimum of fourteen (14) classroom hours of instruction in courses or seminars for each year during the period preceding the renewal is required. (For example, a two (2) year certification term would require twenty-eight (28) hours. These hours may be obtained any time during the two (2) year term.);

(2) Credit toward the classroom hour requirement may be granted only where the length of the educa ntional offering is at least two (2) hours;

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(3) Credit for the classroom hour requirement may be obtained from the following:

(a) Colleges or universities; (b)Community or junior colleges;
(c) Real estate appraisal or real estate-related organizations; (d) Territorial, state or Federal agencies or commissions; (e) Proprietary schools; and
(f) Other providers approved by the Director.

(4) Beginning January 1, 2005, applicants for renewal must demonstrate successful completion of the seven (7) hour National Uniform Standards of Professional Practice Update Course or its equivalent. At a minimum, this course is to be repeated once every two (2) years. Equivalency shall be determined through the AQB Course Approval Program or by an alternative method established by the AQB. Credit for the Uniform Standards of Professional Appraisal Practice continuing education course will only be awarded when the class is instructed by AQB Certified Instructors, one of whom must hold a State Certified Residential or State Certified General designation.

(5) A distance education course may be acceptable to meet the classroom hour requirement, or its equivalent. For continuing education, distance education is defined as any education process based on the geographical separation of the learner and the instructor (e.g. CD ROM, on-line learning, correspondence courses, video correspondence courses, video conferencing, etc.). Distance education courses must be approved by the Director and meet one (1) of the following conditions:

(a) The course is presented by an organized group in an instructional setting with a person qualified and available to answer questions, provide information, and monitor student attendance, and is a minimum of two (2) classroom hours and meets the requirements for continuing education courses established by the Appraiser Qualifications Board; or

(b) The course has been presented by an accredited
(Commission on Colleges or regional accreditation association)

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college or university that offers distance education programs in other disciplines; or

(c) Has received approval of the International Distance Education Certification Center=s (IDECC) for the course design and delivery mechanism and either (a) the approval of the Appraiser Qualifications Board through the AQB Course Approval Program, or (b) the approval of the licensing or certifying jurisdiction where the course is being offered for the content of the course. Additionally, the course must meet the following requirements:

(i) The course is equivalent to a minimum of two (2) classroom hours in length and meets the requirements for real estate appraisal-related courses established by the Appraiser Qualifications Board; and

(ii) the learner successfully completes a written examination proctored by an official approved by the presenting college or university or by the sponsoring organization consistent with the requirements of the course accreditation; or if written examination is not required for accreditation, the learner successfully completes the course mechanisms required for the accreditation which demonstrates mastery and fluency (said mechanisms must be presented in a course without an exam in order to be acceptable).

(6) Credit may be granted for educational offerings which cover residential real estate-related appraisal topics such as those listed below and which are consistent with the purpose of continuing education as stated in Subsection (8) below.

(a) Ad valorem taxation; (b) Arbitration;
(c) Business courses related to practice of real estate appraisal;

(d) Construction estimating;
(e) Ethics and standards of professional practices; (f) Land use planning, zoning and taxation;

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(g) Litigation;

(h) Management, leasing, brokerage, timesharing; (i) Property development;
(j) Real estate appraisal (valuations/evaluations); (k) Real estate law;
(l) Real estate financing and investment;

(m) Real estate appraisal-related computer applications; (n) Real estate securities and syndication; and
(o) Real property exchange.

(7) Continuing education credit may also be granted for participation, other than as a student, in appraisal educational processes and programs. Examples of activities for which credit may be granted are teaching, program development, authorship of textbooks, or similar activities which are determined by the Director to be equivalent to obtaining continuing education.

(8) The purpose of continuing education is to ensure that the appraiser participates in a program that maintains and increases his or her skill, knowledge and competency in real estate appraising.

SOURCE: Added by P.L. 27-115:8.