Text: SF02158 Text: SF02160 Text: SF02100 - SF02199 Text: SF 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.34, Code 1997, is amended by adding 1 12 the following new subsection: 1 13 NEW SUBSECTION. 10A. Not complying with the appraisal 1 14 requirements in chapter 543D when providing an appraisal. 1 15 Sec. 4. Section 543D.1, Code 1997, is amended to read as 1 16 follows: 1 17 543D.1 SHORT TITLE. 1 18 This chapter shall be known and may be cited as the "Iowa 1 19VoluntaryAppraisal Standards and Appraiser Certification 1 20 Law". 1 21 Sec. 5. Section 543D.3, Code 1997, is amended to read as 1 22 follows: 1 23 543D.3 PURPOSES –VOLUNTARYCERTIFICATION. 1 24 The purpose of this chapter is to establish standards for 1 25 real estate appraisals and a procedure for thevoluntary1 26 mandatory certification of real estate appraisers. 1 27AExcept as otherwise provided in this chapter, only a 1 28 person who isnota certified real estate appraiser under this 1 29 chaptermayshall appraise real estate for compensationif1 30certification is not required by this chapter or by federal or1 31state law, rule, or policy. 1 32 Sec. 6. Section 543D.4, subsections 3 and 4, Code 1997, 1 33 are amended to read as follows: 1 34 3.EachA real estate appraiser member of the board 1 35appointed after January 1, 1992,must be a certified real 2 1 estate appraiser. The governor shall attempt to represent 2 2 each class of certified appraisers in making the appointments. 2 3 4. The term of each member is three years; except that, of2 4the members first appointed, two shall be appointed for two2 5years and two shall be appointed for one year. 2 6 Sec. 7. NEW SECTION. 543D.20 EXCLUSIONS FROM 2 7 APPLICABILITY OF CHAPTER. 2 8 1. This chapter does not apply to the following: 2 9 a. An individual licensed under chapter 543B who does not 2 10 provide an appraisal, but who in the ordinary course of 2 11 business provides an opinion of value, valuation, analysis, or 2 12 a recommendation of price or pricing of real estate in the 2 13 pursuit of a listing, when the opinion is provided to assist a 2 14 potential purchaser in developing a purchase offer or to 2 15 provide a broker's price opinion, whether or not the opinion 2 16 is provided for a fee. Providing an opinion pursuant to this 2 17 paragraph is not subject to the uniform standard of 2 18 professional appraisal practices adopted by the appraisal 2 19 foundation. 2 20 b. An employee of any of the following: 2 21 (1) The federal government. 2 22 (2) The state, or any agency, department, or political 2 23 subdivision of the state. 2 24 2. An employee under subsection 1, paragraph "a", may 2 25 render an estimate or opinion of value of real estate or an 2 26 interest in real estate when such estimate or opinion is 2 27 rendered for the purpose of real estate taxation. An estimate 2 28 or opinion of value rendered under this subsection must 2 29 contain, in bold print in a prominent location, and wherever 2 30 the dollar amount of the estimate or opinion appears: "This 2 31 opinion of value was NOT prepared by a certified appraiser." 2 32 Sec. 8. NEW SECTION. 543D.21 BROKER ASSOCIATE – 2 33 DESIGNATED BROKER – LIMITED EXCEPTION TO CERTIFICATION 2 34 REQUIREMENTS. 2 35 1. Notwithstanding the provisions of this Act, a broker 3 1 associate or designated broker as defined in section 543B.5, 3 2 who is not certified under this chapter on July 1, 1998, may 3 3 continue to provide appraisals without becoming certified 3 4 until June 30, 2000. After June 30, 2000, such a person shall 3 5 not provide appraisals unless the person satisfies the 3 6 certification requirements in this chapter. 3 7 2. A broker associate or designated broker who renders an 3 8 appraisal or opinion of value pursuant to this section shall 3 9 provide such appraisal or opinion in a manner which conforms 3 10 to the uniform standards of professional appraisal practices 3 11 adopted by the appraisal foundation. 3 12 3. This section applies to nonfederal-related transactions 3 13 as defined in Title XI of the federal Financial Institutions 3 14 Reform, Recovery, and Enforcement Act of 1989, or as defined 3 15 in the United States office of management and budget circular 3 16 A-129, as amended, or the regulations adopted pursuant to that 3 17 circular. 3 18 4. A person who violates subsection 2 is subject to 3 19 sections 543B.29 and 543B.43. 3 20 Sec. 9. Section 543D.21, as enacted in this Act, is 3 21 repealed effective July 1, 2000. 3 22 EXPLANATION 3 23 This bill amends provisions relating to the regulation of 3 24 real estate brokers and salespersons, and to the certification 3 25 of real estate appraisers. 3 26 The bill provides that a real estate broker or salesperson 3 27 may be disciplined as otherwise provided by the real estate 3 28 commission for committing certain acts relating to real estate 3 29 appraisals identified under Code chapter 543B. Currently, the 3 30 commission may only revoke or suspend the broker's or 3 31 salesperson's license. The bill provides that a broker or 3 32 salesperson may be disciplined for the failure of the broker 3 33 or salesperson to comply with the appraisal requirements under 3 34 Code chapter 543D when providing an appraisal. A broker or 3 35 salesperson violating this provision would also be guilty of a 4 1 simple misdemeanor pursuant to Code section 543B.43. 4 2 The bill amends Code chapter 543D and requires appraisers 4 3 to be certified under that chapter. Currently, appraiser 4 4 certification is voluntary. 4 5 New Code section 543D.20 is created and excludes certain 4 6 individuals from the provisions of Code chapter 543D including 4 7 a licensed real estate broker or salesperson who does not 4 8 provide an appraisal, but who in the ordinary course of 4 9 business provides an opinion of value, valuation, analysis, or 4 10 a recommendation of price or pricing which is provided in the 4 11 pursuit of a listing, to assist a potential purchaser in 4 12 developing a purchase offer, or to provide a broker's price 4 13 opinion, whether or not such opinion is provided for a fee; a 4 14 noncertified broker associate who renders an appraisal for 4 15 purposes other than federally related transactions until June 4 16 30, 2000; and a salaried employee of the federal government, 4 17 state government, or any agency, department, or political 4 18 subdivision of the state. 4 19 LSB 3679SS 77 4 20 mj/jw/5
Text: SF02158 Text: SF02160 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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