Ala. Admin. Code r. 780-X-9-.01 - Classification Of Real Estate Appraisers
The definition of a federally related transaction both in the Alabama law and FIRREA is "any real estate-related financial transaction which (a) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in contracts for, or regulates; and (b) requires the services of an appraiser." Non-federally related properties are those properties which are the subject of appraisals for non-federally related transactions.
To use experience for licensure, the appraisal must be included in the Trainee's assignment log, and the appraisal report must be signed by the Mentor and if the report is not signed by the Trainee, the report must comply with Standard 2 of USPAP in reporting the Trainee appraiser's contribution to the appraisal process.
The Trainee must work under the direct supervision of the Mentor. The relationship between the Trainee and the Mentor and the responsibilities of the Trainee and the Mentor are as follows:
Author: Alabama Real Estate Appraisers Board
Statutory Authority: Code of Ala. 1975, §§ 34-27A-5(b)12,13; 34-27A-29.
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