GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	4 

SENATE BILL 809
Commerce Committee Substitute Adopted 4/23/97
Third Edition Engrossed 4/29/97
House Committee Substitute Favorable 6/4/97

Short Title:  Amend NC Appraisers Act.	(Public)

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Sponsors:

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Referred to:  

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April 10, 1997

A BILL TO BE ENTITLED
AN ACT AMENDING THE NORTH CAROLINA APPRAISERS ACT.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 93E-1-3(c) reads as rewritten:
"(c)	Nothing in this Chapter shall preclude a real estate broker or salesman licensed under Chapter 93A of the General Statutes from performing a comparative market analysis or broker's market analysis so long as the person does not represent himself or herself as being State-licensed or State-certified as a real estate  appraiser, and the analysis states that it is not an appraisal and shall not be used for lending purposes.  A real estate broker or salesman may perform a comparative market analysis or broker's market analysis for compensation only for the following:
(1)	A brokerage client or prospective brokerage client of the broker or salesman.
(2)	Real property involved in an employee relocation program."
Section 2.  G.S. 93E-1-4 reads as rewritten:
"§ 93E-1-4.  Definitions.
The following definitions apply in this Chapter:
(1)	" "Appraisal or real estate appraisal. – An analysis, opinion, or conclusion as to the value of identified real estate or specified interests therein performed for compensation or other valuable consideration.
(2)	" Appraisal assignment. – An engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested third party in rendering an unbiased appraisal.
(3)	" "Appraisal Board or Board. – The North Carolina Appraisal Board established under G.S. 93E-1-5.
(4)	" "Appraisal Foundation or Foundation. – The Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois.
(5)	" Appraisal report. – Any communication, written or oral, of an appraisal.
(5a)	Broker's market analysis. – The analysis of a property's condition and of competition and future market conditions to derive an indication of the probable sales price of the property and market strategies to be used by a licensed real estate broker or salesperson.
(6)	 " Certificate. – The document issued by the North Carolina Appraisal Board evidencing that the person named therein has satisfied the requirements for certification as a State-certified real estate appraiser and bearing a certificate number assigned by the Board.
(7)	 " Certificate holder. – A person who is certified by the Board under the provisions of this Chapter.
(7a)	 " Comparative market analysis. – The analysis of sales of similar recently sold properties in order to derive an indication of the probable sales price of a particular property by a licensed real estate broker or salesperson.
(8)	 " License. – The document issued by the North Carolina Appraisal Board evidencing that the person named therein has satisfied the requirements for licensure as a State-licensed real estate appraiser and bearing a license number assigned by the Board.
(9)	 " Licensee. – A person licensed by the Board under the provisions of this Chapter.
(10)	 " "Real estate or real property. – Land, including the air above and ground below and all appurtenances and improvements thereto, as well as any interest or right inherent in the ownership of land.
(11)	 " "Real estate appraiser or appraiser. – A person who for a fee or valuable consideration develops and communicates real estate appraisals or otherwise gives an opinion of the value of real estate or any interest therein.
(12)	 " Real estate appraising. – The practice of developing and communicating real estate appraisals.
(13)	 " Residential real estate. – Any parcel of real estate, improved or unimproved, that is exclusively residential in nature and that includes or is intended to include a residential structure containing not more than four dwelling units and no other improvements except those which are typical residential improvements that support the residential use for the location and property type. A residential unit in a condominium, town house, or cooperative complex, or planned unit development is considered to be residential real estate.
(14)	 " State-certified general real estate appraiser. – A person who holds a current, valid certificate as a State-certified general real estate appraiser issued under the provisions of this Chapter.
(15)	 " State-certified residential real estate appraiser. – A person who holds a current, valid certificate as a State-certified residential real estate appraiser issued under the provisions of this Chapter.
(16)	 " State-licensed residential real estate appraiser. – A person who holds a current, valid license as a State-licensed residential real estate appraiser issued under the provisions of this Chapter.
(17)	 " Temporary appraiser licensure or certification. – The issuance of a temporary license or certificate by the Board to a person licensed or certified in another state who enters this State for the purpose of completing a particular appraisal assignment.
(18)	 "Trainee, registered trainee, or trainee real estate appraiser. – A person who has satisfied the requirements to be registered as a trainee pursuant to G.S. 93E-1-6, but who has not satisfied the experience and other requirements set forth in G.S. 93E-1-6 to be licensed as a real estate appraiser.
(19)	 " "Trainee registration or registration as a trainee. – The document issued by the North Carolina Appraisal Board evidencing that the person named therein has satisfied the requirements of registration as a trainee real estate appraiser and bearing a registration number assigned by the Board."
Section 3.  G.S. 93E-1-10 reads as rewritten:
"§ 93E-1-10.   Rule-making authority.
(a)	The Board may adopt rules not inconsistent with the provisions of this Chapter and the General Statutes of North Carolina which may be reasonably necessary to implement, administer, and enforce the provisions of this Chapter, including, but not limited to, the authority to:
(1)	Prescribe forms and procedures for submitting information to the Board;
(2)	Prescribe standards of practice for persons licensed or certified under this Chapter; and
(3)	Prescribe standards for the operation of real estate appraiser education programs. 
	(b) The Board shall not adopt any rule or take any administrative action that is more restrictive than the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated and interpreted by the Appraisal Standards Board of the Appraisal Foundation pursuant to Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (Public Law 101-73)."
Section 4.  This act is effective when it becomes law.