1. The board shall adopt rules establishing uniform appraisal standards and appraiser certification requirements and other rules necessary to administer and enforce this chapter and its responsibilities under chapter 272C, subject to the superintendent‘s supervision and authority under section 543D.23. The board shall consider and may incorporate any standards required or recommended by the appraisal foundation or by a federal agency with regulatory authority over appraisal standards or the certification of appraisers for federally related transactions.
Terms Used In Iowa Code 543D.5
- Appraisal: A determination of property value.
- Appraisal foundation: means the appraisal foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Iowa Code 543D.2
- Board: means the real estate appraiser examining board established pursuant to this chapter. See Iowa Code 543D.2
- certified real estate appraiser: means a person who develops and communicates real estate appraisals and who holds a current, valid certificate for appraisals of types of real estate which may include residential, commercial, or rural real estate, as may be established under this chapter. See Iowa Code 543D.2
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Superintendent: means the superintendent of the division of banking of the department of commerce or the superintendent's designee. See Iowa Code 543D.2
2. The uniform appraisal standards shall meet all of the following requirements:
a. Require compliance with federal law and appraisal standards adopted by federal authorities as they apply to federally related transactions. This paragraph does not require that an appraiser invoke a jurisdictional exception to the uniform standards of professional appraisal practice in order to comply with federal law and appraisal standards adopted by federal authorities as they apply to federally related transactions, unless federal law requires that the exception be invoked.
b. Develop standards for the scope of practice for certified real estate appraisers.
c. Required compliance with the uniform standards of professional appraisal practice in all appraisal assignments.
3. Appraiser certification requirements shall require a demonstration that the applicant has a working knowledge of current appraisal theories, practices, and techniques which will provide a high degree of service and protection to members of the public dealt with in a professional relationship under authority of the certification. The board shall establish the examination specifications for each category of certified real estate appraiser, provide or procure appropriate examinations, establish procedures for grading examinations, receive and approve or disapprove applications for certification, and issue certificates.
4. The board shall maintain a registry of the names and certificate numbers of appraisers certified under this chapter and the names and registration numbers of associate appraisers registered under this chapter.
5. Notwithstanding any provision to the contrary, the provisions in section 546.10, subsections 6 through 12, shall apply to the board and to activities governed under this chapter.