SECTION 40-60-30. License requirement; exceptions.

It is unlawful for an individual to assume or use a title, designation, or abbreviation likely to create the impression that the person is a real estate appraiser or to engage in real estate appraisal activity or advertise as an appraiser without a valid license issued by the department. However, nothing in this chapter may be construed to apply to: (1) A real estate licensee licensed in accordance with Chapter 57, Title 40 who performs valuation services of real estate for a client or customer on the condition that the valuation service is not referred to as an appraisal. In performing a valuation service, which federal law or regulation does not require a license or certified appraiser, the real estate licensee must disclose to the requesting party: "This valuation service may not be used for the purposes of obtaining financing in a federally related transaction.". (2) A forester registered pursuant to Chapter 27, Title 48 who performs valuation services on standing or growing timber or timberland located in this State and issues a valuation service on the timber or timberland, as permitted by Chapter 27, Title 48 and Regulation 53-13. When a valuation service is to be used in a federally related transaction, the registered forester must be licensed or certified under this chapter if required by federal law or regulation. (3) A person employed by a lender in the performance of valuation services, with respect to which federal law or regulations does not require a licensed or certified appraiser. (4) A person, credentialed by this board in the performance of valuation services, with respect to which federal law or regulation does not require a licensed or certified appraiser. Editor's Note Prior Laws:1991 Act No. 12, SECTION 1; 1993 Act No. 143, SECTION 1; 2000 Act No. 335, SECTION 1. Effect of Amendment 2016 Act No. 243, SECTION 3, in the first paragraph, inserted "real estate" before "appraisal activity"; in (1), deleted a hyphen between "federally" and "related"; rewrote (2), substituting "values" and "valuation" for "evaluates" and "evaluation", adding reference to Chapter 27, Title 48 and Regulation 53-13 at the end of the first sentence, and deleting a hyphen between "federally" and "related"; and added (3), relating to an exception. 2024 Act No. 196, SECTION 3, rewrote the section.