Text: HF00427 Text: HF00429 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 543B.29, unnumbered paragraph 1, Code 1 2 1997, is amended to read as follows: 1 3 A license to practice the profession of real estate broker 1 4 and salesperson may be revoked or suspended, or a licensee may 1 5 be otherwise disciplined by the commission, when the licensee 1 6 is guilty of the following acts or offenses: 1 7 Sec. 2. Section 543B.29, Code 1997, is amended by adding 1 8 the following new subsection: 1 9 NEW SUBSECTION. 12. Noncompliance with the appraisal 1 10 requirements in chapter 543D when providing an appraisal. 1 11 Sec. 3. Section 543B.29, unnumbered paragraph 3, Code 1 12 1997, is amended to read as follows: 1 13 A real estate broker or salesperson who is an owner or 1 14 lessor of property or an employee of an owner or lessor may 1 15 have the broker's or salesperson's license revoked or 1 16 suspended, or may be otherwise disciplined by the commission, 1 17 for violations of this section or section 543B.34, except 1 18 subsections 4, 5, 6, and 9, with respect to that property. 1 19 Sec. 4. Section 543D.1, Code 1997, is amended to read as 1 20 follows: 1 21 543D.1 SHORT TITLE. 1 22 This chapter shall be known and may be cited as the "Iowa 1 23VoluntaryAppraisal Standards and Appraiser Certification 1 24 Law". 1 25 Sec. 5. Section 543D.3, Code 1997, is amended to read as 1 26 follows: 1 27 543D.3 PURPOSES –VOLUNTARYCERTIFICATION. 1 28 The purpose of this chapter is to establish standards for 1 29 real estate appraisals and a procedure for thevoluntary1 30 certification of real estate appraisers. 1 31AExcept as otherwise provided in this chapter, only a 1 32 person who isnota certified real estate appraiser under this 1 33 chaptermayshall appraise real estate for compensationif1 34certification is not required by this chapter or by federal or1 35state law, rule, or policy. 2 1 Sec. 6. Section 543D.4, subsections 3 and 4, Code 1997, 2 2 are amended to read as follows: 2 3 3.EachA real estate appraiser member of the board 2 4appointed after January 1, 1992,must be a certified real 2 5 estate appraiser. The governor shall attempt to represent 2 6 each class of certified appraisers in making the appointments. 2 7 4. The term of each member is three years; except that, of2 8the members first appointed, two shall be appointed for two2 9years and two shall be appointed for one year. 2 10 Sec. 7. Section 543D.16, subsection 2, Code 1997, is 2 11 amended to read as follows: 2 12 2. The basic continuing education requirement for renewal 2 13 of certification shall be the completion,during the2 14immediately preceding termbefore June 30 of the year in which 2 15 the appraiser's certificate expires, of the number of 2 16classroomhours of instruction required by the board in 2 17 courses or seminars which have received theapproval2 18 preapproval of the board. Instructional hours by 2 19 correspondence and home study courses claimed by an appraiser 2 20 shall not exceed fifty percent of the required hours of 2 21 instruction necessary for renewal. 2 22 Sec. 8. Section 543D.18, Code 1997, is amended by adding 2 23 the following new subsection: 2 24 NEW SUBSECTION. 7. A certified real estate appraiser 2 25 providing a subsequent appraisal on the same property, within 2 26 the same transaction chain, to a person for a different 2 27 financial institution, shall not charge the person the same 2 28 fee which the appraiser would charge for an original appraisal 2 29 on such property. Minor administrative changes made by the 2 30 appraiser in the appraisal do not constitute sufficient reason 2 31 for charging the fee which the appraiser, or the other 2 32 financial institution, can charge for providing an original 2 33 appraisal on the property. A minimal administrative fee only 2 34 may be charged for this service. 2 35 Sec. 9. NEW SECTION. 543D.20 EXCLUSIONS FROM 3 1 APPLICABILITY OF CHAPTER. 3 2 This chapter does not apply to the following: 3 3 1. An individual licensed under chapter 543B who does not 3 4 provide an appraisal, but who in the ordinary course of 3 5 business provides an opinion of value, valuation, analysis, or 3 6 a recommendation of price or pricing of real estate in the 3 7 pursuit of a listing, when the opinion is provided to assist a 3 8 potential purchaser in developing a purchase offer or to 3 9 provide a broker's price opinion, whether or not the opinion 3 10 is provided for a fee. Providing an opinion pursuant to this 3 11 subsection is not subject to the uniform standard of 3 12 performance appraisal procedures. 3 13 2. A broker associate, or a designated broker, as defined 3 14 in section 543B.5, who renders an appraisal of value for 3 15 purposes other than federally related transactions as defined 3 16 in Title XI of the federal Financial Institutions Reform, 3 17 Recovery, and Enforcement Act of 1989, or as defined in the 3 18 United States office of management and budget circular A-129, 3 19 as amended, or the rules or regulations adopted pursuant to 3 20 that circular. 3 21 3. a. An employee of either of the following: 3 22 (1) The federal government. 3 23 (2) The state, or any agency, department, or political 3 24 subdivision of the state. 3 25 b. Notwithstanding paragraph "a", an employee of an entity 3 26 identified in paragraph "a" who also practices as an 3 27 independent real estate appraiser is subject to this chapter 3 28 and shall comply with the requirements of this chapter prior 3 29 to engaging in such other real estate appraising. 3 30 EXPLANATION 3 31 This bill amends provisions relating to the regulation of 3 32 real estate brokers and salespersons, and to the certification 3 33 of real estate appraisers. 3 34 The bill provides that a real estate broker or salesperson 3 35 may be disciplined as otherwise provided by the real estate 4 1 commission for committing certain acts identified under Code 4 2 chapter 543B. Currently, the commission may only revoke or 4 3 suspend the broker's or salesperson's license. The bill 4 4 provides that a broker or salesperson may be disciplined for 4 5 the failure of the broker or salesperson to comply with the 4 6 appraisal requirements under chapter 543D when providing an 4 7 appraisal. A broker or salesperson violating this provision 4 8 would also be guilty of a simple misdemeanor pursuant to Code 4 9 section 543B.43. 4 10 The bill amends Code chapter 543D and requires appraisers 4 11 to be certified under that chapter. Currently, appraiser 4 12 certification is voluntary. Code section 543D.16 is amended 4 13 to provide that continuing education requirements for renewal 4 14 of the appraiser's certification must be completed by June 30 4 15 of the year in which the certificate expires. The section is 4 16 also amended to provide that instructional hours by 4 17 correspondence or home study courses shall not exceed 50 4 18 percent of the required number of instructional hours. 4 19 Code section 543D.18 is amended to prohibit a certified 4 20 real estate appraiser providing a subsequent appraisal on the 4 21 same property, within the same transaction chain, to a person 4 22 for a different financial institution, from charging the 4 23 person the same fee which the appraiser would charge for an 4 24 original appraisal on such property. The appraiser is 4 25 permitted to charge a minimal administrative fee for providing 4 26 such appraisal. 4 27 New Code section 543D.20 is created and excludes certain 4 28 individuals from the provisions of Code chapter 543D including 4 29 a licensed real estate broker or salesperson who does not 4 30 provide an appraisal, but who in the ordinary course of 4 31 business provides an opinion of value, valuation, analysis, or 4 32 a recommendation of price or pricing which is provided in the 4 33 pursuit of a listing, to assist a potential purchaser in 4 34 developing a purchase offer, or to provide a broker's price 4 35 opinion, whether or not such opinion is provided for a fee; a 5 1 broker associate who renders an appraisal for purposes other 5 2 than federally related transactions; and an employee of the 5 3 federal government, state government, or any agency, 5 4 department, or political subdivision of the state. 5 5 LSB 1507HH 77 5 6 mj/jw/5
Text: HF00427 Text: HF00429 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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