This bill amends and reenacts several sections of the North Dakota Century Code related to appraisals and evaluations. It introduces a new definition for "Agency," which includes various federal and state financial regulatory bodies, and clarifies the definitions of "Evaluation" and "Appraisal." Notably, the bill specifies that an evaluation is an estimate of real property value provided for financial transactions where an appraisal is not required by federal law. Additionally, it removes certain language regarding exemptions from appraisal permit requirements, allowing licensed real estate brokers and others to provide opinions on property values without being classified as appraisers.

Furthermore, the bill establishes that apprentice, licensed, or certified appraisers may conduct evaluations in compliance with applicable laws and regulations. It mandates that any evaluation provided by an appraiser must be clearly identified as such and not misrepresented as an appraisal. The bill also emphasizes adherence to professional appraisal standards while allowing for exceptions as specified in the new provisions. Overall, the legislation aims to clarify the roles and responsibilities of appraisers and streamline the evaluation process in real estate transactions.

Statutes affected:
INTRODUCED: 43-23.3-01, 43-23.3-18
Prepared by the Legislative Council staff for Senator Barta: 43-23.3-01, 43-23.3-04, 43-23.3-18
Enrollment: 43-23.3-01, 43-23.3-04, 43-23.3-18