Utah Code 61-2g-311. State-licensed appraiser — Authority and qualifications
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(1) A state-licensed appraiser is authorized to appraise complex and noncomplex 1-4 family residential units in this state having a transaction value permitted under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and related federal regulations.
Terms Used In Utah Code 61-2g-311
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102
- Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102
- Concurrence: means that the entities that are given a concurring role jointly agree to an action. See Utah Code 61-2g-102
- Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means one or more defined interests, benefits, or rights inherent in the ownership of real estate. See Utah Code 61-2g-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- State-licensed appraiser: means a person who holds a current, valid license as a state-licensed appraiser issued under this chapter. See Utah Code 61-2g-102
(2) A state-licensed appraiser is authorized to appraise vacant or unimproved land having a transaction value permitted under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and related federal regulations that is utilized for 1-4 family purposes or for which the highest and best use is 1-4 family purposes and subdivisions for which a development analysis/appraisal is not necessary.(3) A state-licensed appraiser may not issue a certified appraisal report.(4) To qualify as a state-licensed appraiser, an applicant must:(4)(a) be of good moral character;(4)(b) demonstrate honesty, competency, integrity, truthfulness, and general fitness to command the confidence of the community;(4)(c) pass the licensing examination with a satisfactory score as determined by the Appraisal Qualification Board;(4)(d) successfully complete the educational requirements established by rule in accordance with Subsection (5); and(4)(e) possess the experience in real property appraisal established by rule in accordance with Subsection (5).(5)(5)(a) The division shall, with the concurrence of the board, make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, that establish:(5)(a)(i) the educational requirements described in Subsection (4)(d); and(5)(a)(ii) the experience in real property appraisal described in Subsection (4)(e).(5)(b) The educational and experience requirements established under Subsection (5)(a) shall meet or exceed the educational requirements and the hourly experience requirements adopted by the Appraisal Qualification Board.(5)(c) The division may not require that an applicant complete the educational or experience requirements established under Subsection (5)(a) within a minimum time period.(5)(d) Subsection (5)(c) does not apply if federal law requires a minimum time period for appraiser education or experience.