37-54-304. Certification examination. (1) A person who satisfies the qualification requirements of 37-54-202 and the education and experience requirements of 37-54-303 may apply for examination as a certified real estate appraiser in the manner prescribed by this section.
     (2) The board shall adopt and administer a written examination for certified real estate appraisers and establish standards of acceptable performance for each class of certification that are at least as stringent as those required for compliance with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
     (3) An applicant must be examined on the following subjects:
     (a) technical terms commonly used in or related to:
     (i) real estate appraisal;
     (ii) appraisal report writing; and
     (iii) economic concepts applicable to real estate;
     (b) principles of land economics, real estate law, and real estate appraisal processes;
     (c) problems likely to be encountered in gathering, interpreting, and processing data required for developing and communicating an appraisal;
     (d) standards for the development and communication of certified real estate appraisals;
     (e) (i) theories of depreciation and cost estimating;
     (ii) methods of capitalization; and
     (iii) the mathematics of real estate appraisal appropriate to the class or classes of certification sought by the applicant; and
     (f) types of misconduct for which disciplinary action may be initiated under this chapter.
     (4) Examinations must be given at least four times each year at times and places as the board determines.
     (5) An applicant may not retake the examination within 6 months after having failed it a second or subsequent time.

     History: En. Sec. 20, Ch. 409, L. 1991; amd. Sec. 4, Ch. 81, L. 1993.