This edition of the KREAB Newsletter contains items of significant change for Kentucky licensed/certified appraisers, education providers, and AMCs.
Details of the following highlights are included within the attached newsletter:
October 2013 Newsletter
· Page 1 includes the AQB minimum criteria changes effective January 1, 2015.
· Page 2: The continuing education completion date for Kentucky appraiser credential holders shall be prior to May 16, 2014, including completion of the 7-hour 2014-2015 USPAP Update Course. (The requirement applies to all credentialed appraisers, including those approved by reciprocity.)
· Page 2 - The Chair of the Appraisal Practices Board has issued a request for credentialed appraisers to apply to be considered for Subject Matter Experts.
· Page 3 – Effective November 1, 2013, the fee for a KREAB issued Temporary Practice Permit shall be $150.
· Page 3 – Effective June 25, 2013, an appraiser who is credentialed by a state appraiser regulatory agency, other than the KREAB, must apply for and have been granted a Kentucky real property appraiser credential by temporary practice permit or reciprocal credential, prior to completing any appraisal or appraisal review assignment for a property located in Kentucky. This requirement is applicable regardless of assignment intended use.
· Page 4 – Beginning January 1, 2014, an initial applicant for a Kentucky real property appraisal credential must complete the requirement in 324A.100 for an FBI fingerprint background check.
· Page 6 – Effective June 25, 2013 the requirement for a surety bond ended, and all renewing AMCs and initial applicants for AMC registration are now required to pay into the Appraisal Management Company Recovery Fund.
· Page 8 – Status of the Kentucky AMC Uniform Appraiser Contract.