Newspaper article THE JOURNAL RECORD

State Bill Filed to License Real Estate Appraisers

Newspaper article THE JOURNAL RECORD

State Bill Filed to License Real Estate Appraisers

Article excerpt

Real estate appraisers would have to be licensed under the Oklahoma real estate license code, according to a bill introduced in the Oklahoma House of Representatives.

House Bill 1208, authored by 12 state representatives and four state senators, would give the seven-member Oklahoma Real Estate Commission the authority to regulate and issue licenses to real estate appraisers.

One board member would be a real estate appraiser, appointed by the governor. The bill says commission members would not be held liable for any action of the commission that is authorized by the Oklahoma real estate license code, and is not "arbitrary or capricious."

The bill would give the commission the responsibility to write rules on the issuing of real estate broker and real estate sales associate licenses to associations, corporations and partnerships.

The commission would make rules governing approved instructors for pre-license or continuing education courses for brokers, sales associates and appraisers.

It would also define for each category of state-licensed real estate appraisers the educational experience, appraisal experience, and equivalent experience that would meet the requirements of the real estate license code.

The commission would define continuing education requirements for license renewal, the bill says.

The bill also charges the commission with developing a written examination for appraisers, consistent with the standards adopted by the Appraisal Foundation.

Appraisers would be required to have a college degree in real estate or a related field. Residential or general appraiser applicants would also be required to complete 15 classroom hours related to standards of professional practice and provisions of the real estate license code.

The bill makes two classes of appraisal licenses, one for residential real estate appraisers and one for general real estate appraisers.

After Nov. 1, no person other than an Oklahoma state-licensed real estate appraiser could use that title, and after July 1, 1991, any person being paid to appraise real estate would be required to be state-licensed.

The act would not apply to the following:

- Real estate appraisers who are salaried employees of the federal government; a bank, building and loan association or small loan company licensed by the state or federally supervised or regulated; or any state agency or political subdivision that appraises real estate. …

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