Conn. Agencies Regs. § 20-504-2 - Standards for the performance of appraisals, content of appraisals and conduct of appraisers

Every appraiser shall, in performing the acts and services of a real estate appraiser, real estate review appraiser or real estate consultant, conform to the following minimum standards:

(1) The USPAP in effect at the time the services are performed. A copy of the USPAP book is available for inspection at the main office of the Department of Consumer Protection during regular business hours. Alternatively, copies may be obtained from the Appraisal Foundation located in Washington, D.C. or from the Appraisal Foundation's website at http://www.appraisalfoundation.org.

(2) An appraiser who wishes to enter in or upon any premises or real estate not the subject of appraisal for the purpose of estimating comparable real estate shall obtain permission to enter from the owner or occupier of the premises or real estate, and shall identify himself as an appraiser;

(3) Each appraisal or appraisal review shall include for each appraiser signing such report: the appraiser's name either printed or typed, the category of licensure held, and license number, the state of issuance and the expiration date of the license ; and,

(4) Pursuant to the rules under Title XI of FIRREA, when an Evaluation of Real Property Collateral is required in lieu of an appraisal, a Connecticut certified appraiser may perform such Evaluation outside the scope of the USPAP by following Section XII (Evaluation Development) and Section XIII (Evaluation Content) of the Interagency Appraisal and Evaluation Guidelines as published in the Federal Register (Vol. 75, No. 237) on December 10, 2010.

Notes

Conn. Agencies Regs. § 20-504-2

Effective May 18, 1994; Amended October 15, 1999; Amended February 2, 2001; Amended December 7, 2004; amended 8/3/2020; amended 9/30/2021