201 KAR 30:040. Standards of practice.

      RELATES TO: KRS 324A.035, 324A.050(1)(j), 12 C.F.R. 225.62-225.67, 12 U.S.C. 3331, 3336, 3339

      STATUTORY AUTHORITY: KRS 324A.035(3)(d)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 324A.035(3)(d) requires the board to establish by administrative regulation standards of professional appraisal practice. 12 U.S.C. 3331, 3336, and 3339 and 12 C.F.R. 225.64 and 225.65 require that real estate appraisals in connection with federally-related transactions be performed in accordance with appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. This administrative regulation establishes the standards of professional practice.

      Section 1. The following certificate holders or licensees shall comply with the "Uniform Standards of Professional Appraisal Practice" in effect at the time the services were performed:

      (1) A certified general real property appraiser;

      (2) A certified residential real property appraiser;

      (3) A licensed real property appraiser;

      (4) An associate real property appraiser; and

      (5) A licensed nonfederal real property appraiser.

      Section 2. The standard for the calculation and reporting of above-grade square footage and below-grade square footage in single-family houses shall be the "American National Standard for Single-Family Residential Buildings; Square Footage-Method for Calculating", ANSI Z765-2003, as approved by the American National Standards Institute, Inc.

      Section 3. Incorporation by Reference. (1) The following material is incorporated by reference:

      (a) "Uniform Standards of Professional Appraisal Practice", 2012-2013; and

      (b) "American National Standard for Single Family Residential Buildings; Square Footage Method for Calculating, ANSI Z765-2003", 2003.

      (2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Kentucky Real Estate Appraisers Board, 135 W. Irvine Street, Suite 301, Richmond, Kentucky 40475, (859) 623-1658, Monday through Friday, 8 a.m. to 4:30 p.m.

      (3) This material may also be obtained from the Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Avenue, N.W., Suite 900, Washington, D.C. 20005-3517, (202) 347-7722. (19 Ky.R. 2166; Am. 2461; eff. 7-9-93; 20 Ky.R. 2050; eff. 3-1-94; 21 Ky.R. 2157; 2669; eff. 4-21-95; 22 Ky.R. 1669; 1994; eff. 5-16-96; 23 Ky.R. 3608; 4111; eff. 6-13-97; 27 Ky.R. 1539; 2428; eff. 3-19-2001; 28 Ky.R. 1487; eff. 2-11-2002; 29 Ky.R. 2501; 2865; eff. 6-16-03; 31 Ky.R. 144; eff. 11-5-04; 31 Ky.R. 144; 1344; 1517; eff. 3-11-05; 23 Ky.R. 2330; eff. 9-1-06; 35 Ky.R. 2487; eff. 7-31-2009; TAm eff. 12-28-2009; 37 Ky.R. 101; eff. 10-1-2010; 38 Ky.R. 1469; 1723; eff. 5-4-12.)