This bill amends the Real Estate Appraiser Certification Act to update definitions and requirements for real estate appraisers. It adds definitions for "appraisal" and "appraisal report" and clarifies the definition of "real estate" and "real property." The bill also adds a definition for "state-licensed real estate appraiser" and specifies that a licensed appraiser is not required to hold a real estate broker's or salesperson's license. The bill establishes the Rhode Island Real Estate Appraisers Board, which consists of ten members appointed by the governor. The board includes practicing appraisers, a member of the general public, a real estate licensee, and a representative of the banking industry. The director of the Department of Business Regulation or their designee serves as a member of the board without voting privileges.

The bill also amends current law regarding the composition and duties of the Rhode Island Real Estate Appraisal Board. It specifies the terms of office for board members and designates one board member from the general public, one member with a real estate license, and one member from the banking industry. The bill also outlines the procedures for filling vacancies, organizing the board, and holding meetings. It establishes the qualifications and classes for state-certified real estate appraisers and licensed real estate appraisers. It also sets requirements for education and experience prior to certification or licensing examinations. The bill removes language regarding the board's seal and public inspection of records. It also clarifies that board members do not receive compensation but may be reimbursed for expenses.

Statutes affected:
5532  SUB A: 5-20.9-10
5532: 5-20.9-10