SB 14-117 Summary

• Reauthorizes the Board of Real Estate Appraisers regulation of real estate appraisers by recreating and reenacting Part 7 of Article 61 of Title 12, incorporating amendments approved during the 69th General Assembly's first regular session.

• Creates a Board of Real Estate Appraisers with seven members appointed by the Governor, including licensed/certified appraisers, a county assessor, a commercial bank officer, an appraisal management company officer, and a public member.

• Establishes requirements for licensing and certification of appraisers at four levels (Certified General, Certified Residential, Licensed, and Licensed Ad Valorem) and creates a Conservation Easement Oversight Commission to oversee appraisals for conservation easement tax credits.

• Implements federal "Real Estate Appraisal Reform Amendments" requirements with provisions for appraisal management company licensing, disciplinary procedures, and prohibition on requirements more stringent than federal law.

• Effective July 1, 2014, with the Board of Real Estate Appraisers and Conservation Easement Oversight Commission subject to repeal on July 1, 2022, pending Department of Regulatory Agencies review.