Kentucky Statutes 324A.164 – Exemptions from application of KRS 324A.150 to 324A.164
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Unless otherwise required to be registered as an appraisal management company by state or federal law, KRS § 324A.150 to KRS § 324A.164 shall not apply to:
(1) The federal government, state government, any county or municipal government, or any agency or instrumentality thereof;
(2) A person authorized to engage in business as a bank, credit union, or savings and loan association under the laws of the United States, the Commonwealth of Kentucky, or any other state;
(3) A real estate broker or real estate agent properly licensed or otherwise authorized to do business in the Commonwealth of Kentucky listing or selling real estate;
(4) An officer or employee of any entity listed in subsection (1), (2), or (3) of this section when acting within the scope of his or her employment;
(5) An entity that is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards;
(6) An individual who:
(a) Is an appraiser; and
(b) In the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including:
1. Competency;
2. Workload;
3. Schedule; or
4. Geographic location; (7) An individual who:
(a) In the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of real estate appraisal activity; and
(b) Under the agreement cosigns the report of the appraiser performing the real estate appraisal upon completion of the real estate appraisal activity;
(8) An appraisal management company that contracts with one (1) or more appraisers for the performance of fewer than ten (10) appraisals in this state in a calendar year; or
(9) A federally regulated appraisal management company as defined in 12 C.F.R. § sec.
34.211(k).
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 21, sec. 10, effective June 29, 2021. — Amended
2013 Ky. Acts ch. 46, sec. 6, effective June 25, 2013. — Created 2011 Ky. Acts ch.
58, sec. 8, effective June 8, 2011.
(1) The federal government, state government, any county or municipal government, or any agency or instrumentality thereof;
Terms Used In Kentucky Statutes 324A.164
- any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
- Appraisal: A determination of property value.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) A person authorized to engage in business as a bank, credit union, or savings and loan association under the laws of the United States, the Commonwealth of Kentucky, or any other state;
(3) A real estate broker or real estate agent properly licensed or otherwise authorized to do business in the Commonwealth of Kentucky listing or selling real estate;
(4) An officer or employee of any entity listed in subsection (1), (2), or (3) of this section when acting within the scope of his or her employment;
(5) An entity that is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards;
(6) An individual who:
(a) Is an appraiser; and
(b) In the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including:
1. Competency;
2. Workload;
3. Schedule; or
4. Geographic location; (7) An individual who:
(a) In the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of real estate appraisal activity; and
(b) Under the agreement cosigns the report of the appraiser performing the real estate appraisal upon completion of the real estate appraisal activity;
(8) An appraisal management company that contracts with one (1) or more appraisers for the performance of fewer than ten (10) appraisals in this state in a calendar year; or
(9) A federally regulated appraisal management company as defined in 12 C.F.R. § sec.
34.211(k).
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 21, sec. 10, effective June 29, 2021. — Amended
2013 Ky. Acts ch. 46, sec. 6, effective June 25, 2013. — Created 2011 Ky. Acts ch.
58, sec. 8, effective June 8, 2011.