Section R. 339.23403 - State-licensed real estate appraiser; certified residential real estate appraiser; certified general real estate appraiser; allowed functionsRule 403.
(1) If a state-licensed real estate appraiser is properly qualified to undertake an assignment, a state-licensed real estate appraiser may perform any of the following appraisal services:(a) Appraise properties that are not federally related transactions.(b) Appraise 1 to 4-family residential properties, unless the transaction value is $1,000,000.00 or more or the property is complex and must be appraised by a certified residential or certified general real estate appraiser.(c) Appraise nonresidential properties for federally related transactions and real estate related financial transactions where the transaction value is less than $250,000.00.(d) Assist a certified residential or certified general real estate appraiser in the development of an appraisal of a complex residential property or a nonresidential property that is the subject of a federally related transaction, as appropriate. The state-licensed real estate appraiser shall not sign the report. However, the certified residential or certified general real estate appraiser shall acknowledge the specific contributions of the state-licensed real estate appraiser within the appraisal report.(2) A certified residential real estate appraiser, if properly qualified to undertake an assignment, may perform any of the following appraisal assignments: (a) Appraise properties that are not federally related transactions.(b) Appraise 1 to 4-family residential properties without regard to complexity or value.(c) Appraise nonresidential properties for federally related transactions and real estate related financial transactions where the transaction value is less than $250,000.00.(d) Assist a certified general real estate appraiser in the development of an appraisal of a nonresidential property that is the subject of a federally related transaction, as appropriate. The certified residential real estate appraiser shall not sign the report. However, the certified general real estate appraiser shall identify the specific contributions of the certified residential real estate appraiser within the appraisal report.(3) The licensee allowed to sign the report shall identify all participating licensees and their contributions to the report.Mich. Admin. Code R. 339.23403
1996 AACS; 2002 AACS; 2006 AACS; 2007 AACS; 2015 AACS; 2021 MR 10, Eff. 5/18/2021