Bill Text: NC H431 | 2017-2018 | Regular Session | Amended
Bill Title: Real Estate Appraisal Clarifications
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Introduced - Dead) 2017-03-23 - Ref to the Com on Regulatory Reform, if favorable, Banking [H431 Detail]
Download: North_Carolina-2017-H431-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2017
H 1
HOUSE BILL 431
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Short Title: Real Estate Appraisal Clarifications. |
(Public) |
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Sponsors: |
Representatives Hardister, Ross, and Goodman (Primary Sponsors). For a complete list of sponsors, refer to the North Carolina General Assembly web site. |
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Referred to: |
Regulatory Reform, if favorable, Banking |
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March 23, 2017
A BILL TO BE ENTITLED
AN ACT to conform with federal guidelines in the performance of evaluations for real property for federally regulated financial institutions.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 93E‑1‑4 reads as rewritten:
"§ 93E‑1‑4. Definitions.
When used in this Chapter, unless
the context otherwise requires, the term:following definitions apply:
(1) "Appraisal"
or "real estate appraisal" means an Appraisal or real estate
appraisal. – An analysis, opinion, or conclusion as to the value of
identified real estate or specified interests therein performed for
compensation or other valuable consideration.
(2) "Appraisal
assignment" means anAppraisal assignment. – An engagement for
which an appraiser is employed or retained to act, or would be perceived by
third parties or the public as acting, as a disinterested third party in
rendering an unbiased appraisal.
(3) "Appraisal
Board" or "Board" means theAppraisal Board or Board.– The
North Carolina Appraisal Board established under G.S. 93E‑1‑5.
(4) "Appraisal
Foundation" or "Foundation" meansAppraisal Foundation or Foundation.
– The Appraisal Foundation established on November 20, 1987, as a not‑for‑profit
corporation under the laws of Illinois.
(5) "Appraisal
report" means anyAppraisal report. – Any communication, written
or oral, of an appraisal.
(6) "Certificate"
means thatCertificate. – A document issued by the North Carolina
Appraisal Board evidencing that the individualperson named
therein has satisfied the requirements for certification as a certified real
estate appraiser and bearing a certificate number assigned by the Board.
(7) "Certificate
holder" means a personCertificate holder. – An individual
certified by the Board under the provisions of this Chapter.
(7a) "Certified general
real estate appraiser" means a personCertified general real estate
appraiser. – An individual who holds a current, valid certificate as a
certified general real estate appraiser issued under the provisions of this
Chapter.
(7b) "Certified
residential real estate appraiser" means a personCertified
residential real estate appraiser. – An individual who holds a current,
valid certificate as a certified residential real estate appraiser issued under
the provisions of this Chapter.
(7c) "Comparative
market analysis" and "broker price opinion" mean anComparative
market analysis or broker price opinion. – An estimate prepared by a
licensed real estate broker that details the probable selling price or leasing
price of a particular parcel of or interest in property and provides a varying
level of detail about the property's condition, market, and neighborhood, and
information on comparable properties, but does not include an automated
valuation model.
(7d) Evaluation. – A determination as to the value of real estate performed for a federally regulated financial institution in accordance with the Interagency Guidelines.
(7e) Interagency Guidelines. – The Interagency Appraisal and Evaluation Guidelines issued jointly by the Federal Deposit Insurance Corporation, Federal Reserve System, National Credit Union Administration, Office of Thrift Supervision, and the Office of the Comptroller of the Currency.
(8) "License"
means thatLicense. – A document issued by the North Carolina
Appraisal Board evidencing that the person individual named
therein has satisfied the requirements for licensure as a licensed real estate appraiser
and bearing a license number assigned by the Board.
(8a) "Licensed
residential real estate appraiser" means a personLicensed
residential real estate appraiser. – An individual who holds a current,
valid license as a licensed residential real estate appraiser issued under the
provisions of this Chapter.
(9) "Licensee"
means a personLicensee. – An individual licensed by the Board under
the provisions of this Chapter.
(10) "Real estate"
or "real property" means land,Real estate or real property. –
Land, including the air above and ground below and all appurtenances and
improvements thereto, as well as any interest or right inherent in the
ownership of land.
(11) "Real estate
appraiser" or "appraiser" means a personReal estate
appraiser or appraiser. – An individual who for a fee or valuable
consideration develops and communicates real estate appraisals or otherwise
gives an opinion of the value of real estate or any interest therein.
(12) "Real estate
appraising" means theReal estate appraising. – The practice of
developing and communicating real estate appraisals.
(13) "Residential real
estate" means anyResidential real estate. – A parcel of real
estate, improved or unimproved, that is exclusively residential in nature and
that includes or is intended to include a residential structure containing not
more than four dwelling units and no other improvements except those which are
typical residential improvements that support the residential use for the
location and property type. A residential unit in a condominium, town house, or
cooperative complex, or planned unit development is considered to be
residential real estate.
(14) through (16) Repealed by Session Laws 2007‑506, s. 4, effective October 1, 2007.
(17) "Temporary
appraiser licensure or certification" means theTemporary appraiser
license or certification. – The issuance of a temporary license or
certificate by the Board to a person an individual licensed or
certified in another state who enters this State for the purpose of completing
a particular appraisal assignment.
(18) "Trainee",
"registered trainee", or "trainee real estate appraiser"
means a personTrainee, registered trainee, or trainee real estate
appraiser. – An individual who holds a current, valid registration as a
trainee real estate appraiser issued under the provisions of this Chapter.
(19) "Trainee
registration" or "registration as a trainee" means theTrainee
registration or registration as a trainee. – A document issued by the North
Carolina Appraisal Board evidencing that the person individual named
therein has satisfied the requirements of registration as a trainee real estate
appraiser and bearing a registration number assigned by the Board."
SECTION 2. Article 1 of Chapter 93E of the General Statutes is amended by adding a new section to read:
"§ 93E‑1‑15. Evaluations performed by appraisers.
Evaluations may be performed by persons licensed or certified by the Appraisal Board if they are performed in accordance with the Interagency Guidelines. Appraisers performing evaluations shall develop and report these evaluations in accordance with the Interagency Appraisal and Evaluation Guidelines and do not have to report evaluations in accordance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice. An evaluation report shall contain a disclaimer stating that "This evaluation is not an appraisal performed in accordance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice and is intended only for the use of a federally regulated financial institution in accordance with the Interagency Guidelines.""
SECTION 3. This act is effective when it becomes law.
