Exempt from preproposal statement of inquiry under RCW 34.05.310(4).

Title of Rule: WAC 308-125-200.

Purpose: Incorporation by reference of the 1998 edition of the Uniform Standards of Professional Appraisal Practice, the generally recognized national organized standards of real estate appraisal. Incorporation by reference is required because to incorporate the whole text would be unduly cumbersome and expensive.

Statutory Authority for Adoption: RCW 18.140.030(16), (17).

Statute Being Implemented: Chapter 18.140 RCW.

Summary: Incorporate the 1998 edition of the Uniform Standards of Professional Appraisal Practice into WAC 308-125-200.

Reasons Supporting Proposal: That real estate appraisals in Washington state be performed in accordance with current generally accepted appraisal standards as evidenced by the most recent amendments to appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. This is required by Section 1110, Title XI of the Financial Institutions Recovery, Reform and Enforcement Act of 1989 (12 USC 3339).

Name of Agency Personnel Responsible for Drafting, Implementation and Enforcement: Cleotis Borner, Jr., Olympia, (360) 753-1062.

Name of Proponent: Department of Licensing, Real Estate Appraiser Program, governmental.

Rule is not necessitated by federal law, federal or state court decision.

Explanation of Rule, its Purpose, and Anticipated Effects: WAC 308-125-200 will incorporate by reference the 1998 edition of the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

Proposal Changes the Following Existing Rules: Adopts current edition of the Uniform Standards of Professional Appraisal Practice.

No small business economic impact statement has been prepared under chapter 19.85 RCW. This proposed change only adopts the current edition of the Uniform Standards of Professional Appraisal Practice and has no economic impact on small business.

RCW 34.05.328 applies to this rule adoption. The proposed rule change reflects the incorporation of the 1998 edition of the Uniform Standards of Professional Appraisal Practice. (Title XI; 12 U.S.C. Section 3301 et seq.) For this reason, the significant legislative rules provisions apply.

Hearing Location: Department of Licensing, Driver Examining, 2502 112th Street East #200, Tacoma, WA, on Friday, August 14, 1998, at 9:00 a.m.

Assistance for Persons with Disabilities: Contact Ralph Birkedahl by August 6, 1998, TDD (360) 753-1966, or (360) 753-1062.

Submit Written Comments to: Cleotis Borner, Jr., Real Estate Appraiser Program, P.O. Box 9015, Olympia, WA 98507-9015, FAX (360) 586-0998, by August 13, 1998.

Date of Intended Adoption: August 17, 1998.

May 29, 1998

Cleotis Borner, Jr.

Program Manager

WAC 308-125-200  Standards of practice. (1) The standard of practice governing real estate appraisal activities will be the 1998 edition of the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. A copy of the Uniform Standards of Professional Appraisal Practice is available for review and inspection at the office of the Real Estate Appraiser Unit Office, Olympia, Washington. The Uniform Standards of Professional Appraisal Practice is a copyright document. Copy of the full text may be obtained from the Appraisal Foundation at The Appraisal Foundation, P.O. Box 96734, Washington, DC 20090-6734.

(2) Expert review appraisers as defined by RCW 18.140.010(11) while performing expert reviews pursuant to chapter 18.140 RCW are exempt from the Uniform Standards of Professional Appraisal Practice, Standard 3 review provisions while performing expert reviews for the director.

[Statutory Authority: RCW 18.140.030. 91-04-074, § 308-125-200, filed 2/5/91, effective 3/8/91.]

Reviser's note: RCW 34.05.395 requires the use of underlining and deletion marks to indicate amendments to existing rules. The rule published above varies from its predecessor in certain respects not indicated by the use of these markings.