It is unlawful for an individual to assume or use a title, designation, or abbreviation likely to create the impression that the person is a real estate appraiser or to engage in real estate appraisal activity or advertise as an appraiser without a valid license issued by the department. However, nothing in this chapter may be construed to apply to:

(1) A real estate licensee licensed in accordance with Chapter 57 of Title 40 who performs a market analysis or gives an opinion as to the price of real estate on the condition that the market analysis or opinion is not referred to as an appraisal. Before performing a market analysis, the real estate licensee must disclose to the requesting party: "This market analysis may not be used for the purposes of obtaining financing in a federally related transaction".

Terms Used In South Carolina Code 40-60-30

  • Analysis: means a study of real estate or real property other than one estimating value. See South Carolina Code 40-60-20
  • Appraisal: A determination of property value.
  • appraisal: means of or pertaining to appraising and related functions including, but not limited to, appraisal practice and appraisal services. See South Carolina Code 40-60-20
  • Appraiser: means a person who holds a permit, license, or certification issued by the board that allows the person to appraise real property. See South Carolina Code 40-60-20
  • Department: means the Department of Labor, Licensing and Regulation;

    (5) "Director" means the Director of the Department of Labor, Licensing and Regulation or the director's official designee;

    (6) "Licensee" means a person granted an authorization to practice pursuant to this article and refers to a person holding a license, permit, certification, or registration granted pursuant to this article;

    (7) "Licensing act" means the individual statute or regulations, or both, of each regulated profession or occupation which include, but are not limited to, board governance, the qualifications and requirements for authorization to practice, prohibitions, and disciplinary procedures;

    (8) "Person" means an individual, partnership, or corporation;

    (9) "Profession" or "occupation" means a profession or occupation regulated or administered, or both, by the department pursuant to this article. See South Carolina Code 40-1-20
  • Federally related transaction: means any real estate-related financial transaction which a federal financial institution regulatory agency engages in, contracts for, or regulates. See South Carolina Code 40-60-20
  • Market analysis: means a study of real estate market conditions for a specific type of property. See South Carolina Code 40-60-20
  • Person: means an individual, corporation, partnership, or association, foreign and domestic. See South Carolina Code 40-60-20
  • Real estate: means an identified parcel or tract of land including improvements, if any. See South Carolina Code 40-60-20
  • Timberland: means forestland that is producing or is capable of producing timber as a crop. See South Carolina Code 40-60-20
  • Valuation: means an estimate of the value of real estate or real property. See South Carolina Code 40-60-20

(2) A forester registered pursuant to Chapter 27 of Title 48 who appraises or values standing or growing timber or timberland located in this State and issues an appraisal or valuation on the timber or timberland, as permitted by Chapter 27 of Title 48 and Regulation 53-13. When an appraisal or valuation is to be used in a federally related transaction, the registered forester must be licensed or certified under this chapter if required by federal law or regulation.

(3) An employee of a lender in the performance of appraisals or valuations with respect to which federal law or regulations does not require a licensed or certified appraiser. This exception does not apply to third party contractors.

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