SB394 Summary

• Creates a fifth class of appraisers called "registered apprentice appraiser" for individuals under direct supervision of a qualified state-certified appraiser while upgrading to state-licensed or state-certified status.

• Adds "registered apprentice appraiser" to the definition section and establishes that their scope of practice is limited to properties the supervising certified appraiser is permitted and competent to appraise.

• Requires the Arkansas Appraiser Licensing and Certification Board to establish qualification standards for registered apprentice appraisers with testing, experience, and educational requirements equivalent to Appraiser Qualifications Board standards.

• Modifies reporting requirements to include registered apprentice appraisers and changes annual roster submissions to the Appraisal Subcommittee from annual to monthly reporting.

• Establishes a statute of limitations of three years for tort or contract actions against registered apprentice appraisers, with exceptions for claims involving fraud or intentional misrepresentation.