CERTIFICATION OF ENROLLMENT

 

                        SENATE BILL 6169

 

 

                   Chapter 120, Laws of 1998

 

 

                        55th Legislature

                      1998 Regular Session

 

 

THIRD-PARTY REAL ESTATE APPRAISALS--REGULATION

 

 

 

                    EFFECTIVE DATE:  6/11/98

Passed by the Senate February 14, 1998

  YEAS 45   NAYS 1

 

 

 

               BRAD OWEN

President of the Senate

 

Passed by the House March 3, 1998

  YEAS 95   NAYS 3

             CERTIFICATE

 

I, Mike O=Connell, Secretary of the Senate of the State of Washington, do hereby certify that the attached is  SENATE BILL 6169 as passed by the Senate and the House of Representatives on the dates hereon set forth.

 

 

 

             CLYDE BALLARD

Speaker of the

      House of Representatives

           MIKE O'CONNELL

                            Secretary

 

 

Approved March 23, 1998 Place Style On Codes above, and Style Off Codes below.  

                                FILED          

 

 

           March 23, 1998 - 4:34 p.m.

 

 

 

              GARY LOCKE

Governor of the State of Washington

                   Secretary of State

                  State of Washington


          _______________________________________________

 

                         SENATE BILL 6169

          _______________________________________________

 

             Passed Legislature - 1998 Regular Session

 

State of Washington      55th Legislature     1998 Regular Session

 

By Senators Winsley and Prentice

 

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.