37-54-201. Real estate appraiser license -- scope and display of license. (1) On proof that an applicant meets the qualifications set out in 37-54-202, 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) This chapter does not preclude a person who is not a licensed or certified real estate appraiser from providing an opinion or estimate of market value as to real property for transactions if the person does not purport to be a licensed or certified real estate appraiser.

(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 the person 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 agencies.

(5) A licensed or certified real estate appraiser is subject to 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 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 the appraiser's principal place of business.

(7) A licensed or certified real estate appraiser may provide an evaluation. When providing an evaluation, a licensed or certified real estate appraiser:

(a) is not required to comply with 37-54-403(1);

(b) may not indicate in any way that the licensed or certified real estate appraiser is a licensed or certified real estate appraiser; and

(c) shall include the following disclaimer on the first page of the evaluation:

"This is an evaluation not subject to compliance with the Uniform Standards of Professional Appraisal Practice."