urar south carolina 2008 SC Law Summary 2008 South Carolina Appraiser Law - Summary The south Carolina General Assembly passed a new real estate Appraiser law this year. Following is a Summary of parts of that law, focusing on the major changes in it. Effective Date: The new Law becomes Effective January 1, 2008 Education Requirements : The most significant changes are about the education requirements for the various appraiser credentials. Appraisal Apprentice : No changes in education requirements, they remain at 75 hours with the L-1, L-2 and L-3 cources or the equivalent. The only significant chang regarding apprentices is that only certified appraisers can be a supervisor. Licensed appraisers no longer qualify as a supervisor for an apprentice. Supervisors can supervise no more that 3 apprentices at any one time. Licensed Appraiser : Must be a high school graduate or have an equivalent certificate, and have 150 hours of classroom education in approved appraisal courses within the last 5 years. This is increased from 90 hours presently required. Certified Residential Appraiser : Have an associate's degree or equivalent education, and complete 200 hours of classroom education in approved appraisal courses withing last 5 years. This is increased from the 120 hours presently required. Certified General Appraiser : Have a Bachelor's degree or equivalent education, and complete 300 hours of classroom education in approved appraisal courses within the last 5 years. This is increased from the 180 hours presently required. Renewal of Credentials : Renewal of appraiser credentials (apprentice, license, or certified) will be once every two years instead of every year. Continuing Education : Continuing education requirements change from 14 hours every year to 28 hours every 2 years. Mass Appraisers: Must be employed in tax assessor offices to appraise property for ad vakorem tax purposes. 18 of the 28 hours of continuing education are to be in courses approved by the Department of Revenue concerning ad valorem taxation, methods of valuation, administration of assessors offices, and other functions of assessors offices. Continuing of Present Credentials : Anyone with a license, certified residential or certified general credential from the state as of December 31, 2007 whether a mass appraiser or otherwise can continue with that credential without meeting the new requirements Exemptions - The exemption from state law for transactions exempted under the Federal Regulations has been removed, and state law will apply to such transactions in the future. Regulated Appraisals : Apparaisals to which the state law applies are only those that are done for a fee, for compensation, or for other consideration. Complex Transaction : Licensed appraisers are not permitted to appraise any property (including residential property) that is "complex" unless the transaction value is less than $250,000. "Complex" means either the property, the forms of ownership, or the market conditions are not typical. "typical" means that the property, the form of ownership and the market conditions are typically found in the subject market. Violations : Finders Fees or Referral Fees : It is a violation of the law to pay a finder's fee or a referral fee in connection with an appraisal - regardless of the USPAP provision allowing it if disclosed. Assiting Unlicensed Persons : it is a violation of the law to assist in any way an unlicensed person in doing any appraisal practice. Continuing Education Courses CE-105 : The HP - 12C Financial Calculator for Real Estate Appraisers Appraisal Course Descriptions L-1 : Fundementals and principles of Real Estate Appraisal (110-L1-101) Cources for the Appraiser Designations Courses for the Appraiser Apprentice (75 Hours) L-1 = Introduction to Real Estate appraisal (30 Hours) Courses for Licensed Appraiser (15 Hours) Courses for the Certified Residential (30 Hours) C-1 = Introduction to Income Property Appraising Courses for the Certified General (60 Hours) C-2 = Advanced Income Capitalization procedures |