The commission has the power and duty to:

(1) Further define by regulation, for state licensed appraisers and with respect to each category of state certified real estate appraiser, the type of educational experience, appraisal experience and equivalent experience that will meet the statutory requirements of this chapter;

Terms Used In Tennessee Code 62-39-204

  • 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
  • Commission: means the real estate appraiser commission established pursuant to §. See Tennessee Code 62-39-102
  • Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
  • Real estate appraiser: means a person who engages in real estate appraisal activity for a fee or other valuable consideration. 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
(2) Establish the examination specifications for state licensed appraisers and for each category of state certified real estate appraiser, to provide or procure appropriate examination questions and answers and to establish procedures for grading examinations;
(3) Solicit bids and enter into contracts with one (1) or more educational testing services or organizations for the preparation of a bank of questions and answers for licensing and certification examinations that meet the examination specifications adopted from time to time by the commission;
(4) Approve licensing and certification examinations, based upon the bank of questions and answers and the question selection process approved by the commission, in places and at times that may be required to carry out its responsibilities under this chapter;
(5) Approve or disapprove applications for licenses and certification and issue real estate appraisal licenses and certificates;
(6) Further define by regulation, for state licensed appraisers and with respect to each category of state licensed and certified real estate appraiser, the continuing education requirements for the renewal of certification that will meet the statutory requirements provided in this chapter;
(7) Review from time to time the standards for the development and communication of real estate appraisals provided in this chapter and to adopt regulations explaining and interpreting the standards;
(8) Establish administrative procedures for disciplinary proceedings conducted pursuant to this chapter;
(9) Censure, suspend and revoke licenses and certificates pursuant to the disciplinary proceedings provided for in §§ 62-39-326 – 62-39-328;
(10) Receive applications for state licenses and certification;
(11) Establish the administrative procedures for processing applications for state licenses and certification;
(12) Maintain a registry of the names and addresses of people licensed or certified under this chapter;
(13) Retain records and all application materials submitted to it;
(14) Collect from the individuals who perform or seek to perform appraisals in federally related transactions an annual registry fee in an amount designated by the federal appraisal subcommittee, the fees to be transmitted to the subcommittee annually;
(15) Audit from time to time the experience of license and certificate holders for compliance with standards of practice; and
(16) Perform other functions and duties that may be necessary in carrying out this chapter.
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