KREAB NEWS, VIEWS AND UPDATES
Online Florence Conference Registration
Online CE Conference Registration
Seminar Registration 2014 - Florence.pdf
Seminar Registration 2014.pdf
The KREAB will be offering a continuing education course that will cover Board Statutes,
Administrative Regulations Updates, Board cases and common deficiencies, and Q&A with KREAB
Board Members and Staff. We will also have Attorneys from the Liability Insurance Adminstrators to cover Loss Prevention Program for Appraisers. This course will be offered in Bowling Green, Louisville,
Lexington and Florence. To register please print PDF file and submit to Board.
IMPORTANT INFORMATION FROM THE KREAB
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 (3).pdf
· 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 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.
Welcome to the Kentucky Real Estate Appraisers Board website. We are charged with protecting the public interest through regulation, examination and licensing of Kentucky real estate appraisers and the registration of Appraisal Management Companies pursuant to Kentucky Revised Statutes, Chapter 324A.
We approve and monitor pre-licensing and certification education, experience and testing, as well as approve and monitor continuing education for real estate appraisers.
The Kentucky Real Estate Appraisers Board also investigates complaints against real estate appraisers and Appraisal Management Companies.
The Board is funded solely through fees charged to obtain and renew a license to practice real property appraising and to register to do business as an Appraisal Management Company in Kentucky.
AMC Registration in Kentucky
AMC 2013 RENEWAL FORM - AMC renewal Application Final.pdf
PLEASE REVIEW ATTACHED LETTER CONCERNING RECOVERY FUND
AMC Recovery Fund.pdf
Kentucky law requires that an Appraisal Management Company must register with the board and have a current license issued prior to doing business in Kentucky. The AMC statutory requirements for initial registration and renewal are located in KRS 324A.150 – 164.
The annual renewal for Appraisal Management Company registration must be received by the board and a new registration certificate issued prior to the November 1 of each year. The requirements for renewal include the following items included in KRS 324A.154:
(6) (a) Registrations issued under this section shall be renewed annually.
(b) Renewal shall occur on October 31 of each year.
(c) If the initial registration occurs less than six (6) months before October 31, the renewal shall not be required until October 31 of the following year, and shall then be renewed on October 31 of each year thereafter.
(7) (a) Failure to renew a registration in a timely manner shall result in a loss of authority to operate.
(b) A request to reinstate a certificate of registration shall be accompanied by payment of a penalty of fifty dollars ($50) for each month of delinquency, up to six (6) months after expiration.
(c) After six (6) months' delinquency, a new application for registration shall be required.
View a listing of Kentucky Licensed AMC Companies.
AMC Application with Finger Print Instructions Revised 9-13 (2).pdf- Revised October 2013
For questions, please contact:
Kentucky Real Estate Appraisers Board
Phone – 859-623-1658
Email – firstname.lastname@example.org