Tenn. Comp. R. & Regs. 1255-01-.03 - RESTRICTIONS ON APPRAISER PRACTICE

(1) An appraiser shall be required to comply with the transaction limits set forth in Tennessee Code Annotated, Title 62, Chapter 39. Violation of these limits shall be grounds for disciplinary action.

(2) For the purposes of this rule, "transaction value" means:

(a) For loans or other extensions of credit, the amount of the loan or extension of credit;

(b) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved; and

(c) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property.

(d) For condemnation appraisals the value will be the total market value of the property before any acquisition of property occurs.

(e) For non-federally related transaction appraisals, transaction value shall mean market value.

1. The classification includes the appraisal of vacant or unimproved land that is utilized for one-to-four residential units, or for which the highest and best use is for one-to-four residential units.

2. The classification does not include the appraisal of subdivisions for which a development analysis/appraisal is necessary.

(3) No language in any Commission rule shall authorize an appraiser to appraise any property that would cause the appraiser to violate the competency provision of the edition of the Uniform Standards of Professional Appraisal Practice effective when the work was performed.

Notes

Tenn. Comp. R. & Regs. 1255-01-.03

Original rule filed August 1, 1991; effective September 15, 1991. Amendment filed October 26, 1993; effective January 11, 1994. Amendment filed December 16, 1997; effective March 1, 1998. Amendment filed July 20, 2015; effective 10/18/2015.

Authority: T.C.A. §§ 62-39-203, 62-39-302 and 62-39-333, as amended by 1991 Public Acts, Chapter 366.