37-54-201. Real estate appraiser license -- scope and display of license. (1) Upon proof that an applicant meets the qualifications set out in 37-54-202 and upon payment of license fees adopted under 37-54-105, the board shall issue to the applicant a real estate appraiser license.
     (2) The term "licensed real estate appraiser" may not be used to describe a firm, partnership, corporation, group, or anyone other than an individual licensee. However, a licensed real estate appraiser may engage in real estate appraisal as a professional corporation.
     (3) Nothing in this chapter precludes a person who is not a licensed or certified real estate appraiser from appraising real property for nonfederally related transactions for compensation, provided the person does not represent himself as a licensed or certified real estate appraiser. A person who refers to himself or his company as being licensed under this section or certified under 37-54-302 through 37-54-304 without possessing the applicable license or certificate is guilty of a misdemeanor.
     (4) This section does not:
     (a) prohibit a person who is licensed to practice in this state under any law from engaging in the practice for which he is licensed;
     (b) apply to public officials in the conduct of their official duties that are not governed by the rules established by the Federal Financial Institutions Examination Council (FFIEC) agencies.
     (5) A licensed real estate appraiser has restrictions on the scope of practice, depending on the value and complexity of the federally related transaction or transactions pursuant to rules established by the federal financial institutions examination council (FFIEC) agencies, and the restrictions must remain current with any changes in those rules.
     (6) A licensed real estate appraiser shall conspicuously display the license in his principal place of business.

     History: En. Sec. 5, Ch. 409, L. 1991.