§3351 Miscellaneous Provisions

Summary

State appraisal agencies must temporarily accept an appraiser’s license from another State when the property is part of a federally related transaction, the appraiser’s work is temporary, and the appraiser registers in the State where they will work. States may not charge excessive fees or add heavy requirements for that temporary practice; the Appraisal Subcommittee decides what is excessive. A State also cannot allow appraisals for federally related transactions unless it has a policy to give reciprocal licenses when the other State’s program follows this law and the appraiser holds a valid certificate from a State whose rules meet or exceed the receiving State’s standards. Federal regulators may give money to the Financial Institutions Examination Council to help with duties under this law. Extra qualification rules beyond State licensing may include education, experience, sample appraisals, and client references; belonging to a national appraisal group can be considered but cannot be the only reason to refuse an assignment. Companies can provide appraisals if certified or licensed people do the work; unlicensed assistants may help only under direct supervision and the final report must be signed by a certified or licensed appraiser. The Appraisal Subcommittee must study whether appraisers have enough sales and financing data and whether the rules should cover personal property appraisers, and report to Congress within 12 months and 18 months after August 9, 1989, respectively. It must also monitor States to protect appraiser independence, encourage acceptance of Appraiser Qualification Board–approved courses, and if no national complaint hotline exists six months after July 21, 2010, set up a toll-free and email hotline, refer complaints to the right authorities, and follow up on results.