Welcome
Q & A - How to Become An Appraiser 2008 Criteria
(pdf format 8K)
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Important Notice
Office Relocation
The Kentucky Real Estate Appraisers Board has moved to
Richmond, KY. The new contact information is:
Address
Kentucky Real Estate Appraisers Board
135 W. Irvine Street, Suite 301
Richmond, KY 40475
Phone
(859) 623-1658
Fax
(859) 623-2598
Website will stay the same: www.kreab.ky.gov
Email addresses will stay the same:
Larry.Disney@ky.gov
Angie.Thomas@ky.gov
Ravon.Radmard@ky.gov
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Important Notices
- Board Office Move
- 7 Hour National USPAP Update Completion Date
- Education
- Address Change
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NATIONAL USPAP UPDATE INFORMATION
Important
Information regarding the 7 hour National USPAP Update course required completion date.
REVISED LANGUAGE IN 201 KAR 30:030
The revised language within regulation 201 KAR 30:030 will require all Kentucky Licensed/Certified Appraisers shall complete the 7-Hour National USPAP Course, or its equivalent approved by the AQB, between January 1st and June 30th of each even number year (example 2010, 2012, 2014, etc.).
The revised language shall allow Kentucky Licensed and Certified Appraisers to receive credit for the AQB approved 7-Hour National USPAP Update Course if the course is completed prior to January 1 of an even numbered year and provided the course includes the USPAP Update material that will be effective January 1 of the even numbered year following the course completion date.
The revised rule shall apply to “all” Kentucky certified and licensed appraisers, 1) regardless of when a credential was first received, 2) regardless of whether the certificate holder is a Kentucky resident, 3) whether the credential was received by reciprocity from another State, or 4) regardless of when a Kentucky credential holder last completed the 15-hour USPAP Course or the 7-Hour USPAP Update Course.*
*Question - Will continuing education credit be awarded for completion of the current 7-Hour Update Course that included the 2008-2009 USPAP, if the completion date was after June 30, 2009, but before the 2010-2011 revised course is available?
Answer – Yes. The above course will be recognized for 7 of the 14 hours of required KREAB continuing education. But, a Kentucky licensed or certified appraiser who completed the course must also complete the 7-Hour Update that will include the 2010-2011 USPAP revisions prior to June 30, 2010.
Therefore, a Kentucky licensed or certified appraiser can be awarded 14 hours of Kentucky continuing education for successfully completing the two USPAP courses listed above during the 2009-2010 renewal period.
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Board Meeting Dates |
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BOARD MEETING
Upcoming Meeting
Date:
Thursday, January 14, 2010 - 1:00 p.m. (cst)
Holiday Inn University Plaza, Bowling Green, KY
Location:
Board Office
135 W. Irvine Street, Suite 301
Richmond, KY 40475
Future Meeting Dates
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*February 18, 2010 - Thursday - Holiday Inn Hurstbourne, Louisville, KY
March 26, 2010
April 23, 2010
May 28, 2010
June 17, 2010
July 15, 2010
August 27, 2010
September 24, 2010
October 22, 2010
November 19, 2010
December 17, 2010 |
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Click here for Directions to the KREAB office.
**Any information requesting to be reviewed at the KREAB Board meetings must be submitted to the Board seven (7) days prior to the meetings.** |
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| Open Meeting Policy
(PDF Format - 7 KB)
*Meeting dates are subject to change.
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Advisories |
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FANNIE MAE ANNOUNCEMENT
The KREAB has received a number of requests for information and interpretation of the Fannie Mae Announcement 08-30, among the most frequently asked questions is “Does Fannie Mae actually require that supervising appraisers must visit every subject property with the Kentucky Associate real property appraiser?”
Upon receiving the announcement and discussing it with various appraisers and professions, it was my belief that Fannie Mae did intend the above. However, after meeting with and communicating directly with a representative of Fannie Mae, I have discovered that is not the intent.
Therefore, the attached memorandum explains the reasoning for what Fannie Mae did and did not intend with the language in Announcement 08-30. Also, please understand that the intent of Fannie Mae will apply nationally, to all licensed and certified appraisers; however, the information contained within the attached memorandum that is specific to Kentucky and the KREAB will apply only to Kentucky licensed and certified real property appraisers.
Fannie Mae Announcement
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The Kentucky Housing Corporation (KHC), the state housing finance agency, is currently soliciting real estate appraiser participation for the establishment of an appraiser roster to fill conventional appraisal requests. KHC must establish a random appraisal assignment system to be in compliance with the Home Valuation Code of Conduct as mandated by Fannie Mae announcement 09-01 and effective on May 1, 2009. All licensed and certified real estate appraisers in the state of Kentucky may apply to be placed on KHC’s conventional appraisal roster. Appraisers are not guaranteed to receive any appraisal requests from KHC. All appraisal requests will be assigned at random based upon an appraiser’s service area and property location.
A copy of the application and Memorandums of agreement can be found at www.kyhousing.org or by contacting KHC toll-free in Kentucky at (800) 633-8896 or (502) 564-7630, extension 291 or TTY 711.
If you require additional information regarding KHC’s Home Valuation Code of Conduct or KHC’s conventional appraiser roster, please contact Andrew Hawes toll-fee in Kentucky at (800) 633-8896 or (502) 564-7630, extension 326; TTY 711; or email ahawes@kyhousing.org.
You may also complete the attached form and return it to the Homeownership Department, Kentucky Housing Corporation, 1231 Louisville Road, Frankfort, Kentucky 40601.
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On March 3, 2008, New York Attorney General Andrew M. Cuomo entered into the following agreement with Fannie Mae and Freddie Mac. Home Value Protection Program and Cooperation Agreement (PDF Format 63K)
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During the past six months the KREAB office staff has been busy attempting to answer questions about the HVCC and Appraisal Management Companies (AMC).
There are many myths that should be dispelled about the process, e.g. 1) the agreement, if approved, will not be a law or regulation of the KREAB or any state or federal agency, 2) the agreement will apply only to appraisal assignments used for loans that are sold to Fannie Mae and Freddie Mac, and 3) lenders that do not sell their loans to Fannie Mae and Freddie Mac will not be obligated to adhere to the HVCC.
The above questions and other pertinent information can be found at the following web site:
http://hcar.org/docs/GSE-Home-Valuation-Conduct-Code.pdf
During the next two months the KREAB will attempt to schedule a meeting of the Kentucky Bankers Association, the Kentucky Mortgage Brokers Association, and the Department of Financial Institutions for purposes of addressing this matter.
If anyone has questions, comments, or suggestions please contact Larry Disney at the KREAB office.
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Please review the following on Appraising Physical Segments (5 acre portion).
Appraising Physical Segments (PDF format 8K)
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DO YOU WANT TO BE ON THE FHA APPRAISER APPROVAL ROSTER? Please review the attached.
FHA Appraiser Approval Steps
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AMC Advisory
At the May 22, 2009 Board meeting, the KREAB voted to approve the attached advisory. Kentucky licensed and certified appraisers should become familiar with the advisory when and if an appraisal fee is collected for appraisal assignments that require the appraiser to keep a part of the fee and submit the remainder to a third party.
Please review the advisory and contact the KREAB office if there are questions or concerns.
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ANSI Requirement |
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Standard for Single-Family Residential Buildings (ANSI-Z765) Became A Requirement for All Kentucky Licensed/Certified Appraisers.
Order your copy of ANSI Z765 online direct from the NAHB Research Center or by calling 800-638-8556.
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Notice to Associate Appraisers |
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Pursuant to 201 KAR 30:030, all Associate Real Property Appraisers licensed after July 1, 2001 shall submit to the board two (2) complete summary appraisal reports. Per Appraisal Subcommittee Policy Statement 10 revision, the Board shall immediate require all applicant submit a log of work experience. From that log the Board staff will select appraisal reports for each level of experience review.
The reports selected from the log will be reviewed to verify minimum USPAP compliance and use of acceptable appraisal practices, methods and techniques. Any deficiencies will be noted so future appraisals will be compliant. If it is believed necessary to establish the competency of the associate, the board shall request additional reports from the log for review.
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Board Members & Staff |
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Board Members
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Dorsey Hall, Chair
Banking Member
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Sam E. Blackburn, Vice Chair
Banking Member
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Loren C. Huff
Consumer Member
G. Herbert Pritchett,
Appraiser Member
Harold G. Brantley
Appraiser Member
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| Staff |
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| Larry Disney, Executive Director |
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Angie Thomas, Staff Assistant
Ravon Radmard, Executive Secretary
James Grawe, Legal Counsel
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