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Effective Date for New Rules for TN Real Estate Appraisers, Real Estate Appraisers 06/21/2018

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Notice of Effective Date for New Rules for
Tennessee Real Estate Appraiser Commission

Pursuant to Tenn. Code Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive notification by e-mail of certain changes or potential changes to the law applicable to your profession.

The Tennessee Real Estate Appraiser Commission approved proposed rules at their regularly scheduled meeting conducted on July 11, 2017. These rules were filed with the Secretary of State on March 21, 2018 and became effective on June 19, 2018. These rules implement changes to comply with federal requirements regarding Appraisal Management Companies (“AMC”). Specifically, these rules include:

(1) An AMC must disclose if any person owning the entity has had a license or certificate to act as an appraiser refused, revoked or surrendered.
(2) An AMC must disclose certain convictions for any person that owns 10% or more of the AMC.
(3) Adding a definition of “good moral character.”
(4) Adding a specific civil penalty range for violations of T.C.A. § 62-39-427.

A full copy of these rules can be viewed online at http://publications.tnsosfiles.com/rules_filings/03-19-18.pdf  

In addition, the Tennessee Real Estate Appraiser Commission approved a proposed rule at their regularly scheduled meeting conducted on May 22, 2017. These rules were filed with the Secretary of State on March 21, 2018 and became effective on June 19, 2018.

These rules clarify the current language in order to ensure that the rules of the Tennessee Real Estate Commission comply with standards set forth by the Appraisal Qualifications Board (AQB). These rules would require that a registered trainee must have completed twenty-eight (28) hours of continuing education in order to renew their license and clarifies that there is no waiver of the continuing education requirement upon a registered trainee’s first renewal to ensure compliance with AQB standards. In order to be in compliance with federal standards set forth under the AQB, all registered trainees must have the requisite fourteen (14) hours of continuing education per year, in order to renew. A full copy of these rules can be viewed online at http://publications.tnsosfiles.com/rules_filings/03-20-18.pdf.

If you have any questions or concerns about these rules, please contact Sarah Mathews, Assistant General Counsel, at (615) 741-3072 or electronically at Sarah.Mathews@tn.gov.

Dept. of Commerce & Insurance | 500 James Robertson Pkwy | Nashville, TN 37243-0565
(615) 741-2241
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