Mich. Admin. Code R. 339.23403 - State-licensed real estate appraiser; certified residential real estate appraiser; certified general real estate appraiser; allowed functions
Rule 403.
(1) If
a state-licensed real estate appraiser is properly qualified to undertake an
assignment, a state-licensed real estate appraiser may perform any of the
following appraisal services:
(a) Appraise
properties that are not federally related transactions.
(b) Appraise 1 to 4-family residential
properties, unless the transaction value is $1,000,000.00 or more or the
property is complex and must be appraised by a certified residential or
certified general real estate appraiser.
(c) Appraise nonresidential properties for
federally related transactions and real estate related financial transactions
where the transaction value is less than $250,000.00.
(d) Assist a certified residential or
certified general real estate appraiser in the development of an appraisal of a
complex residential property or a nonresidential property that is the subject
of a federally related transaction, as appropriate. The state-licensed real
estate appraiser shall not sign the report. However, the certified residential
or certified general real estate appraiser shall acknowledge the specific
contributions of the state-licensed real estate appraiser within the appraisal
report.
(2) A certified
residential real estate appraiser, if properly qualified to undertake an
assignment, may perform any of the following appraisal assignments:
(a) Appraise properties that are not
federally related transactions.
(b)
Appraise 1 to 4-family residential properties without regard to complexity or
value.
(c) Appraise nonresidential
properties for federally related transactions and real estate related financial
transactions where the transaction value is less than $250,000.00.
(d) Assist a certified general real estate
appraiser in the development of an appraisal of a nonresidential property that
is the subject of a federally related transaction, as appropriate. The
certified residential real estate appraiser shall not sign the report. However,
the certified general real estate appraiser shall identify the specific
contributions of the certified residential real estate appraiser within the
appraisal report.
(3) The
licensee allowed to sign the report shall identify all participating licensees
and their contributions to the report.
Notes
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