GENERAL GOVERNMENT CABINET
Kentucky Real Estate Appraisers Board
(As Amended at ARRS, March 12, 2012)
201 KAR 30:040. Standards of practice.
RELATES TO: KRS 324A.035, 324A.050(1)(j), 12 C.F.R. 225.62-225.67, 12 U.S.C. 3331, 3336, 3339
STATUTORY AUTHORITY: KRS 324A.035(3)(d)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 324A.035(3)(d) requires the board to establish by administrative regulation standards of professional appraisal practice. 12 U.S.C. 3331, 3336, and 3339 and 12 C.F.R. 225.64 and 225.65 require that real estate appraisals in connection with federally-related transactions be performed in accordance with appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. This administrative regulation establishes the standards of professional practice.
Section 1. The following certificate holders or licensees shall comply with the "Uniform Standards of Professional Appraisal Practice" in effect at the time the services were performed:
(1) A certified general real property appraiser;
(2) A certified residential real property appraiser;
(3) A licensed real property appraiser;
(4) An associate real property appraiser; and
(5) A licensed nonfederal real property appraiser.
Section 2. [An appraisal
report made with regard to a federally related transaction shall be in writing.
Section 3.]The standard
for the calculation and reporting of above-grade square footage and below-grade
square footage in single-family houses shall be the "American National
Standard for Single-Family Residential Buildings; Square Footage-Method for
Calculating", ANSI Z765-2003, as approved by the American National
Standards Institute, Inc.
Section 3.[4.]
Incorporation by Reference. (1) The following material is incorporated by
reference:
(a) "Uniform
Standards of Professional Appraisal Practice", 2012-2013 [edition][2010-2011
edition]; and
(b) "American National Standard for Single Family Residential Buildings; Square Footage Method for Calculating, ANSI Z765-2003", 2003.
(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.
(3) This material may also be obtained from the Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Avenue, N.W., Suite 900, Washington, D.C. 20005-3517, (202) 347-7722.
HAROLD BRANTLEY, Chair
APPROVED BY AGENCY: December 20, 2011
FILED WITH LRC: January 13, 2012 at 11 a.m.
CONTACT PERSON: Larry Disney, Executive Director, Kentucky Board of Real Estate Appraisers, 135 W. Irvine Street, Suite 301, Richmond, Kentucky 40475, phone (859) 623-1658; fax (859) 623-2598.