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Notice of Effective Date for New Rules of the
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 (“Commission”) approved the proposed rules at the rulemaking hearing conducted on March 18, 2024. The rules were filed with the Secretary of State on May 10, 2024, and will become effective August 8, 2024. The rules have been filed as rulemaking hearing rules and will be promulgated ninety (90) days from the filing date.
The proposed rule amendments update the requirements for Appraiser Qualifications Board (“AQB”) Certified instructors of the Uniform Standards of Professional Appraisal Practice (“USPAP”) to include that those instructors not only be state certified residential or state certified general, but also in good standing. Additionally, the education qualifications for state certified residential appraisers are updated to require a bachelor’s degree or higher. Lastly, the registration application certification requirements for appraisal management companies (“AMCs”) are amended to remove the language “more than ten percent (10%)” to align the rule with the statutory requirement that all persons that own an AMC must certify they have not been convicted of certain felonies, misdemeanors, or had any negative disciplinary actions related to their license in any state. The proposed rule amendments are required following an audit from the Appraisal Subcommittee (“ASC”).
https://publications.tnsosfiles.com/rules_filings/05-09-24.pdf
If you have any questions or concerns regarding the rules, please contact Anna D. Matlock, Associate General Counsel, at (615) 741-3072 or electronically at Anna.Matlock@tn.gov.
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