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Arizona Appraiser Law Presented by: Dennis Badger 3 Hours Continuing Education 1.

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Presentation on theme: "Arizona Appraiser Law Presented by: Dennis Badger 3 Hours Continuing Education 1."— Presentation transcript:

1 Arizona Appraiser Law Presented by: Dennis Badger 3 Hours Continuing Education 1

2 2 Before we begin… Thank-you Arizona Board of Appraisal – Board Members – Kevin R. Yeanoplos, Chairperson – B. Michael Petrus II, Vice Chairperson – Erik Clinite – James B. Heaslet. – Mark Keller – Joe T. Stroud – Frank Ugenti

3 3 Before we begin… Thank-you Arizona Board of Appraisal – Debra Rudd, Executive Director – And Staff

4 4 Break times Restroom locations Be considerate of those near you Turn off cell phones No recording Attendance sheet Certificates and evaluation forms Announcements…

5 5

6 Our Goals and Objectives… Highlight the importance of Arizona Statutes, Regulations and Substantive Policy Statements Increase our knowledge of items addressed within the appraisal laws and regulations Enhance our knowledge of key provisions of the appraisal laws and regulations 6

7 Arizona Revised Statutes Title 32, Chapter 36 Consists of Five (5) Articles – Article 1 – General Provisions – Article 2 – Licensing and Certification – Article 3 – Regulation – Article 4 – Property Tax Agents – Article 5 – Appraisal Management Companies 7

8 Article 1 – General Provisions – Definitions – Applicability of chapter – License or certificate use; exception – State board of appraisal – State board of appraisal; duties – Executive director; duties – Fees – Board of appraisal fund – Confidential records – Uniform standards of professional appraisal practice; state standards; – exception 8

9 Article 1 – General Provisions Definitions Appraisal or real estate appraisal – means a statement independently and impartially prepared by an individual setting forth an opinion as to the market value of real property as of a specific date and supported by the presentation and analysis of relevant market information. 9

10 Article 1 – General Provisions Definitions Appraisal assignment – Means an engagement for which a real estate appraiser is employed or retained to act, or would be perceived by third parties or the public in acting, as a disinterested third party in rendering an unbiased analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in or aspects of identified real estate. 10

11 Article 1 – General Provisions Definitions Appraisal report – Means any communication, written or oral, of an appraisal. 11

12 Article 1 – General Provisions Definitions Appraisal review – Means the act of reviewing or the report that follows a review of an appraisal assignment or appraisal report in which a real estate appraiser forms an opinion as to the adequacy and appropriateness of the report being reviewed. 12

13 Article 1 – General Provisions Definitions Appraisal review – Means the act of reviewing or the report that follows a review of an appraisal assignment or appraisal report in which a real estate appraiser forms an opinion as to the adequacy and appropriateness of the report being reviewed. 13

14 Article 1 – General Provisions Definitions Board – Means the state board of appraisal. 14

15 Article 1 – General Provisions Definitions Complex one to four residential units – Means property that is atypical for the marketplace. Atypical factors may include architectural style, age of improvements, size of improvements, size of lot, neighborhood land use, potential environmental hazard liability, leasehold interests, limited readily available comparable sales data or other unusual factors. 15

16 Article 1 – General Provisions Definitions Federally related transaction – Means any real estate related financial transaction that a federal financial institution's regulatory agency or the resolution trust corporation engages in, contracts for or regulates and that requires an appraisal. 16

17 Article 1 – General Provisions Definitions Property tax agent – Means an individual who is designated by a person or is an employee of an entity designated as an agent pursuant to section , who acts on behalf of a person who owns, controls or possesses property valued by a county assessor and who receives a fee for the analysis of any matter relating to the review of the valuation of the person's property before the assessor. (contd) 17

18 Article 1 – General Provisions Definitions Contd Property tax agent – Property tax agent does not include a person who is admitted to practice law in this state, an employee of the person owning, controlling or possessing the property or an employee of an entity designated pursuant to section , if the employee is performing a secretarial, clerical or administrative support function. 18

19 Article 1 – General Provisions Definitions Real estate – Means an identified parcel or tract of land, including improvements, if any. 19

20 Article 1 – General Provisions Definitions Real estate related financial transaction – Means any transaction involving the sale, lease, purchase, investment in or exchange of real property, including interests in property or the financing of property, the refinancing of real property or interests in real property and the use of real property or interests in property as security for a loan or investment including mortgage-backed securities. 20

21 Article 1 – General Provisions Definitions Real property – Means one or more defined interests, benefits and rights inherent in the ownership of real estate. 21

22 Article 1 – General Provisions Definitions Review appraiser – Means a person who engages in the activity of reviewing and evaluating the appraisal work of others from the perspective of an appraiser, generally for compensation as a separate skill. This includes the function of reviewing an appraisal report or a file memorandum setting forth the results of the review process. 22

23 Article 1 – General Provisions Definitions Standards of professional appraisal practice – Means the uniform standards of professional appraisal practice adopted by the board. 23

24 Article 1 – General Provisions Definitions State licensed or state certified appraiser – Means a person who develops and communicates appraisals and who holds a current, valid license or certificate issued to him under the provisions of this chapter. 24

25 Article 1 – General Provisions Definitions Value – Means the monetary relationship between properties and those who buy, sell or use those properties. 25

26 Article 1 – General Provisions – Definitions – Applicability of chapter – License or certificate use; exception – State board of appraisal – State board of appraisal; duties – Executive director; duties – Fees – Board of appraisal fund – Confidential records – Uniform standards of professional appraisal practice; state standards; – exception 26

27 Article 2 – Licensing and Certification – Licensure and certification process – Classifications of licensure and certification – Application and qualification requirements for issuance of – License – Application and qualification requirements for certification – Experience requirement for licensure or certification – Terms of license or certificate 27

28 Article 2 – Licensing and Certification – Nonresident temporary licensure or certification – Nonresident licensure or certification by reciprocity – Renewal of license or certificate; fees – Basis for denial of a license or certificate – Addresses; telephone numbers; notification of change – Licenses and certificates – Use of term – Professional corporations and partnerships 28

29 Article 2 – Licensing and Certification – Professional corporations and partnerships – Continuing education – Scarcity determination; resident temporary licenses and certificates; Exemption – Inactive license or certificate status; reactivation application; Renewal application and fee; continuing education – Inactive license or certificate status during military duty; Reactivation application; renewal application and fee; continuing education 29

30 Article 3 - Regulation – Disciplinary proceedings – Hearing and judicial review – Undue influence; classification – Prohibition against discrimination – Standards of practice – Contingent fees – Retention of records; definition – Violation; classification – Damages; injunctive relief – Prohibition; indemnification agreement 30

31 Article 4 – Property Tax Agents – Definitions – Registration; renewal; fees – Property tax agent conduct – Disciplinary actions – Rules – Confidential records 31

32 Article 5 – Appraisal Management Companies – Definitions – Registration – Exemptions – Registration forms – Expiration of registration – Consent to service of process – Fee; bond – Owner requirements – Controlling person – Employee requirements 32

33 Article 5 – Appraisal Management Companies – Agreements with independent appraisers; limitations – Annual certifications – Disclosure of fees – Appraiser independence; prohibitions – Payment – Appraisal reports; alteration; use – Adjudication of disputes – Enforcement – Disciplinary hearings – Rule making authority 33

34 Arizona Administrative Code Title 4, Chapter 46. Consists of Seven (7) Articles – Article 1 – General Provisions – Article 2 – Licensing and Certification – Article 3 – Hearings and Disciplinary Proceedings – Article 4 – Standards of Practice – Article 5 – Course Approval – Article 6 – Property Tax Agents – Article 7 – General Provisions - Fees 34

35 SB 1316 SB 1316 will become effective September 13, 2013 See Arizona Appraiser Law Seminar Handout, pages SB 1316 FAQs appear Appraiser Law Seminar Handout, pages

36 Substantive Policy Statements – SPS #1, Guidelines for Board Complaint Resolution – SPS #2, Guidelines for Supervising Appraisers and Trainees – SPS #3, Guidelines for Issuance of Cease and Desist Letters – SPS #4, Guidelines for Accepting Qualifying Education to be used as Continuing Education – SPS #5, Guidelines for Evaluating Experience from a Licensed or a Certified Residential Appraiser Working Toward a New Classification 36

37 Substantive Policy Statements – SPS #6, Guidelines for Evaluating Complex Experience From Applicants Seeking Certification as a Certified Residential Appraiser – SPS #7, Adoption of the Uniform Standards of Professional Appraisal Practice 37


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