CT Chapter 13

Appraisal management companies
Frankly, i’m pretty sure it’s what it sounds like. They have to register with the CT department of consumer protection before doing business in CT. Required to pay appraisers within 60 days and prohibited from attempting to influence appraiser to misrepresent property’s value.
certified general appraiser
allowed to appraise all types of real estate
certified residential appraiser
allowed to appraise residential real estate
engaging in the real estate appraisal business
The act or process of estimating the value of real estate for a fee or other valuable consideration
federal registry
Roster of licensed appraisers that you pay $25 a year to stay in so you can legally keep doing your thing.
provisional licensed appraiser
entry level appraisal – allows them to develop the appraisal experience to become a real appraiser.

allowed to appraise real estate under direct supervision of a certified appraiser or licensed appraiser, in situations where a supervising appraiser is allowed to appraise.

uniform standards of professional appraisal practice
Standards of real estate appraisal
who administers the CT appraisal licensing laws?
The CT Real estate appraisal commission
8 members appointed by governor, 5 certified appraisers, 3 public members
Part of Department of Consumer Protection
What is the fine for engaging in the real estate appraisal business without a license?
1000 fine and/or up to 6 months imprisonment
Exemption from licensing requirements
– Contract with municipality to reevaluate for tax assessment purposes
– Broker or sales person estimating value for marketing analysis
How can a broker/salesperson estimate value for a market analysis without getting in trouble?
– Must be for the purposes of a prospective listing or sale of real estate, etc.
– not be referred to or construed to be an appraisal
– for 1-4 unit residences, if owner enters a listing with broker/sales person, any fee paid for value estimate must be credited against compensation owed under listing
residential real estate
property improved with 1-4 unit residential structures, and vacant land where the highest and best use analysis is for 1-4 unit residential properties
How many provisional appraisers can a supervising appraiser sponsor without a waiver?
up to 3
How many hours required to become a provisional appraiser?
75 hours of appraisal coursework – 30 classroom hours, 30 hours of basic appraisal procedures and 15 hours of USPAP
How long is USPAP course good before licensing?
6 years
How many classroom hours required to be a certified general appraiser?
300 classroom hours of core curriculum
Bachelors degree from accredited college OR 30 semester hours of certain specific college classes
How many classroom hours required to be a certified residential appraiser?
200 of the core curriculum
associates degree OR 21 semester hours of certain specific college courses
responsibilities of supervising appraiser
Accept responsibility for appraisal work performed
Review provisional licensed appraisers reports
Personally inspect each property with the the provisional appraiser until a reasonable appraiser would judge that provisional appraiser competant
Certified general appraisers must have how much experience?
3000
Requirements to qualify as a provisional licensed appraiser?
75 hours of education, no experience and no exam
A certified licensed general or residential appraiser must take how many hrs of continuing ed every year?
20
Certified residential appraisers must have how much experience?
2500