Title 22 — Business Regulation

(a) The federal government, as a result of the massive real estate defaults in "savings and loan" financing, has drastically overhauled the standards for real estate appraisers where federally insured financing is involved. The provisions of the federal law (Financial Institution…

(a) Real Estate Appraiser means one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective (b) Director means the Director of Revenue and Taxation. (c) Real Estate Appraisal means (noun) the act or process of develo…

It shall be unlawful for any individual to engage in appraisal activity without first obtaining a real estate appraiser certification or license as provided in this Act. This Act shall not apply to a real estate broker or salesperson licensed by the government of Guam, (so long a…

The Director shall: (a) receive applications for certification or license of appraisers; (b) establish the procedure for processing applications made under this Act; (c) retain all applications and other records submitted to him or her; (d) maintain a registry of the names and ad…

(a) The Attorney General shall render to the Director opinions on all questions arising in the administration of this Act, and shall act as attorney for the Director in all actions and proceedings brought by or against him under or pursuant to any of the provisions of this Act. (…

An individual who desires to engage in real estate appraisal activity in Guam shall make application for certification or license, in writing, in such form as the Director may prescribe. In the event that an applicant is denied certification or licensing he may obtain judicial re…

(a) There are two (2) classes of certification for certified or licensed real estate appraisers; (b) Each application for original certification or for the renewal of certification shall specify the classification of certification being applied for and, if applicable, the certifi…

Criteria. The Guam Licensed Appraiser classification authorizes the appraisal of single, duplex, triplex and quadruplex residential units, or unimproved land with highest and best use with single, duplex, triplex and quadruplex residential units, with a transaction value of One M…

Criteria. The Guam Certified Appraiser classification applies to the appraisal of all types of real property. Applicants must meet the following examination, COL 06112010 education, and experience requirements. Subsequent to being licensed or certified, an individual must meet th…

An appraiser in appraisal reports shall designate his or her appraisal classification as provided in this Act. SOURCE: Added by P.L. 21-28:10.

(a) At a minimum, an appraisal report must conform to Uniform Standards of Professional Appraisal Practice (USPAP-current version) and must be in writing. Future revisions in the Standards shall take effect immediately. (b) An appraisal reporting an estimated value shall be suppo…

(a) Based upon the premise that the appraiser=s home state=s certification program has not been disapproved by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC), a non-resident may be certified as a real estate appraiser upon compliance …

(a) Each application for a real estate appraiser certification, real estate appraiser trainee, or for the renewal therefore, shall be accompanied by a fee of Two Hundred Dollars ($200.00). (b) If the Director determines that an applicant meets the qualifications and requirements …

The Director may, upon his own motion, and shall, upon the written complaint of any aggrieved person, investigate the activities of any person engaged in the practice of real estate appraising, and shall have the power to deny, censure, suspend or revoke certification at any time…

The following conduct by an appraiser may be considered grounds for disciplinary action by the Director, namely the appraisers: (a) Permitted his or her signature to be affixed to any appraisal report if such report was not prepared by the appraiser or under the appraiser's direc…

Nothing contained in this Act shall be deemed to prohibit any licensee from engaging in the practice of real estate appraising as a professional corporation in accordance with the provisions of the Professional Service Corporation Act of Guam. SOURCE: Added by P.L. 21-28:16. COL …

Every resident licensee shall maintain a place of business in Guam and shall conspicuously display his or her license therein. Notice in writing shall be given to the Director by each licensee of any change of principal business location, whereupon the Director shall issue a new …

Any person required to be certified by this Act, who engages in the practice of real estate appraising without obtaining a license, shall be liable for a penalty as prescribed by the Director. The appraiser shall be ineligible to obtain certification for such period of time as ma…

Any person required by this Act to be certified who engages in the profession of real estate appraising without obtaining certification therefor, or who violates any provision of the Act, shall be guilty of a misdemeanor and shall be ineligible to obtain a license for one (1) yea…

(a) An appraiser must prepare a workfile for each appraisal, appraisal review, or appraisal consulting assignment. The workfile must include: (1) The name of the client and the identity, by name or type, of any other intended users; (2) True copies of any written reports, documen…

If any provision of this Act, or the application of any provision to any person or circumstance, is held invalid or determined to be contrary to federal or other laws governing the certification or licensure of real estate appraisers, the remainder of this Act shall be given effe…

The Director shall issue a temporary practice for a period of six (6) months to an applicant from another state or territory upon filing of an application for a temporary practice and the payment of a temporary practice fee of One Hundred Dollars ($100.00) by an applicant who pre…

Qualification Criteria. The Guam Certified Residential Appraiser classification authorizes the appraisal of single, duplex, triplex and quadruplex residential units without regard to transaction highest and best use. Applicants must meet the following examination, education, and …

Criteria. The scope of practice for the Appraiser Trainee Classification is the appraisal of those properties which the supervising appraiser is permitted to appraise. The appraiser trainee shall be subject to the Uniform Standards of Professional Appraisal Practice. The appraise…

The Real Property Appraiser Qualification Criteria set forth throughout this Chapter shall automatically be amended based on any newly-adopted Real Property Appraiser Qualification Criteria from the Appraiser Qualification Board (AQB) of the Appraisal Foundation. SOURCE: Added by…