(a) This chapter does not apply to a real estate broker or salesperson licensed by this state who, in the ordinary course of business, gives an opinion to a potential seller or third party as to the recommended listing price of real estate or an opinion to a potential purchaser or third party as to the recommended purchase price of real estate. This opinion as to the listing price or the purchase price shall not be referred to as an appraisal and no opinion shall be rendered as to the value of the real estate or real property.
Terms Used In Tennessee Code 62-39-104
Appraisal: A determination of property value.
Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-102
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) This chapter does not apply to a full-time employee who, in the ordinary course of business, gives an opinion of the value of real estate to the employee’s employer; provided, that the opinion may not be represented as an appraisal.(c) This chapter shall in no way affect any person who is registered with the state board of equalization in accordance with § 67-5-1514 while performing any service of any nature for any taxpayer before any tax or assessment authority, agency or board of equalization.(d)(1) This chapter does not apply to any evaluation of the value of real estate serving as collateral for a loan made by a federally regulated financial institution or to any evaluation of the value of the assets of a trust held by the institution; provided, that:
(A) The applicable federal regulator does not require an appraisal by a state-licensed or state-certified appraiser for the loan or trust;(B) The evaluation is used solely by the financial institutions in their records to document the collateral or asset value;(C) The evaluation shall be labeled on its face “this is not an appraisal”; and(D) Individuals performing these evaluations may be compensated for their services.(2) Nothing in this chapter shall prevent a state-licensed or state-certified appraiser from performing the evaluation.
