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U.S. Code as of:
01/19/04
Section 3351. Miscellaneous provisions
(a) Temporary practice
(1) In general
A State appraiser certifying or licensing agency shall
recognize on a temporary basis the certification or license of an
appraiser issued by another State if -
(A) the property to be appraised is part of a federally
related transaction,
(B) the appraiser's business is of a temporary nature, and
(C) the appraiser registers with the appraiser certifying or
licensing agency in the State of temporary practice.
(2) Fees for temporary practice
A State appraiser certifying or licensing agency shall not
impose excessive fees or burdensome requirements, as determined
by the Appraisal Subcommittee, for temporary practice under this
subsection.
(b) Reciprocity
The Appraisal Subcommittee shall encourage the States to develop
reciprocity agreements that readily authorize appraisers who are
licensed or certified in one State (and who are in good standing
with their State appraiser certifying or licensing agency) to
perform appraisals in other States.
(c) Supplemental funding
Funds available to the Federal financial institutions regulatory
agencies may be made available to the Federal Financial
Institutions Examination Council to support the council's (!1)
functions under this chapter.
(d) Prohibition against discrimination
Criteria established by the Federal financial institutions
regulatory agencies, the Federal National Mortgage Association, the
Federal Home Loan Mortgage Corporation, and the Resolution Trust
Corporation for appraiser qualifications in addition to State
certification or licensing shall not exclude a certified or
licensed appraiser for consideration for an assignment solely by
virtue of membership or lack of membership in any particular
appraisal organization.
(e) Other requirements
A corporation, partnership, or other business entity may provide
appraisal services in connection with federally related
transactions if such appraisal is prepared by individuals certified
or licensed in accordance with the requirements of this chapter. An
individual who is not a State certified or licensed appraiser may
assist in the preparation of an appraisal if -
(1) the assistant is under the direct supervision of a licensed
or certified individual; and
(2) the final appraisal document is approved and signed by an
individual who is certified or licensed.
(f) Studies
(1) Study
The Appraisal Subcommittee shall -
(A) conduct a study to determine whether real estate sales
and financing information and data that is available to real
estate appraisers in the States is sufficient to permit
appraisers to properly estimate the values of properties in
connection with federally related transactions; and
(B) study the feasibility and desirability of extending the
provisions of this chapter to the function of personal property
appraising and to personal property appraisers in connection
with Federal financial and public policy interests.
(2) Report
The Appraisal Subcommittee shall -
(A) report its findings to the Congress with respect to the
study described in paragraph (1)(A) no later than 12 months
after August 9, 1989, and
(B) report its findings with respect to the study described
in paragraph (1)(B) to Congress not later than 18 months after
August 9, 1989.
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