RELATES TO: KRS 324A.035(1), (3), 324A.065, 324A.075, 12 U.S.C. 3331-3351
STATUTORY AUTHORITY: KRS 324A.035(1), (3), 324A.075, 12 U.S.C. 3331 - 3351
NECESSITY, FUNCTION, AND CONFORMITY: 12 U.S.C. 3331 through 3351 requires the board to promulgate administrative regulations for certification and licensure of appraisers of real property in federally related transactions. KRS 324A.075 authorizes the board to issue a license or certification to a person licensed or certified in another state under certain requirements. This administrative regulation establishes the requirements for certification or licensure of persons licensed or certified in another state.
Section 1. General. A licensee from another state who seeks to obtain a certification or license in Kentucky by reciprocity shall obtain a Kentucky real property appraiser certification upon terms and conditions established in this administrative regulation.
Section 2. (1) An individual who is a certified residential or a certified general real property appraiser out-of-state may apply for a Kentucky certification that is the same as the out-of-state certification held by that individual in the other state if the appraiser licensing program of the other state:
(a) Is in compliance with the provisions of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of Title XI Real Estate Appraisal Reform Amendments (12 U.S.C. 3331-3351); and
(b) Meets or exceeds the minimum certification criteria established by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation upon application.
(2) To obtain a Kentucky certification issued by the board, an out-of-state applicant shall:
(a) Complete the Application for Out-of-state Resident Certification;
(b) File with the board a letter of good standing, license history, or other proof of good standing issued to the applicant for reciprocity by the out-of-state appraiser regulatory agency;
(c) Be identified on the National Registry of The Appraisal Subcommittee as an active certified real property appraiser that currently conforms to the AQB criteria;
(d) Not have received disciplinary action that limited or stopped the ability to complete the practice of real property appraising;
(e) Not have lost a license to practice any profession by revocation, suspension, or voluntary surrender;
(f) Certify completion of the experience requirements in 201 KAR 30:050, Section 2, for the type of certification requested on the Application for Reciprocal Appraisal License/Certification; and
(g) Successfully complete a Kentucky real property appraiser law and administrative regulation course developed and offered by the board.
Section 3. Exemption from requirements. No provision of this administrative regulation shall be construed to prohibit the professional appraisal practice activities of any out-of-state certified appraiser who is performing the duties and responsibilities while a direct full-time employee of any entity of the United States government.
Section 4. Incorporation by Reference. (1) The following material is incorporated by reference:
(a) "Application for Out-of-State Resident Certification", June 2013, Kentucky Real Estate Appraisers Board; and
(b) “Application for Reciprocal Appraisal License/Certification”, June 2013.
(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. (40 Ky.R. 182; 536; eff. 10-4-13.)