_______________________________________________
SENATE
BILL 6169
_______________________________________________
Passed
Legislature - 1998 Regular Session
State
of Washington 55th Legislature 1998 Regular Session
By
Read
first time 01/12/98. Referred to Committee on Commerce & Labor.
Regulating third-party appraisals.
AN
ACT Relating to lenders use of third-party real estate appraisals to conform
with federal requirements; and amending RCW 18.140.020.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
18.140.020 and 1997 c 399 s 2 are each amended to read as follows:
(1)
No person other than a state-certified or state-licensed real estate appraiser
may receive compensation of any form for a real estate appraisal or an
appraisal review. However, compensation may be provided for brokers price
opinions prepared by a real estate licensee, licensed under chapter 18.85 RCW.
(2)
No person, other than a state-certified or state-licensed real estate
appraiser, may assume or use that title or any title, designation, or
abbreviation likely to create the impression of certification or licensure as a
real estate appraiser by this state.
(3)
A person who is not certified or licensed under this chapter shall not prepare
any appraisal of real estate located in this state, except as provided under
subsection (1) of this section.
(4)
This section does not preclude a staff employee of a governmental entity from
performing an appraisal or an appraisal assignment within the scope of his or
her employment insofar as the performance of official duties for the
governmental entity are concerned. Such an activity for the benefit of the
governmental entity is exempt from the requirements of this chapter.
(5)
This chapter does not preclude an individual person licensed by the state of
Washington as a real estate broker or as a real estate salesperson from issuing
a brokers price opinion. However, if the brokers price opinion is written, or
given as evidence in any legal proceeding, and is issued to a person who is not
a prospective seller, buyer, lessor, or lessee as the only intended user, then
the brokers price opinion shall contain a statement, in an obvious location
within the written document or specifically and affirmatively in spoken
testimony, that substantially states: "This brokers price opinion is not
an appraisal as defined in chapter 18.140 RCW and has been prepared by a real
estate licensee, licensed under chapter 18.85 RCW, who
. . . . . (is/is not) also state certified or state
licensed as a real estate appraiser under chapter 18.140 RCW." However,
the brokers price opinion issued under this subsection may not be used as an
appraisal in conjunction with a federally related transaction.
(6)
This section does not apply to an appraisal or an appraisal review performed
for a financial institution or mortgage broker by an employee or third party,
when such appraisal or appraisal review is not required to be performed by a
state-certified or state-licensed real estate appraiser by the appropriate
federal financial institutions regulatory agency.
(7)
This section does not apply to an attorney licensed to practice law in this
state or to a certified public accountant, as defined in RCW 18.04.025, who
evaluates real property in the normal scope of his or her professional
services.
Passed the Senate February 14, 1998.
Passed the House March 3, 1998.
Approved by the Governor
March 23, 1998.
Filed
in Office of Secretary of State March 23, 1998.
