Section 230-RICR-30-20-2.27 - Appraisals ProhibitedA. Licensed real estate brokers and real estate salespersons not certified or licensed as an appraiser pursuant to R.I. Gen. Laws Chapter 5-20.7 are prohibited from describing or referring to any valuation of real estate as an appraisal.B. A real estate salesperson or real estate broker licensed under R.I. Gen. Laws Chapter 5-20.5 may provide his or her client with a Broker Price Opinion ("BPO") or a Comparative Market Analysis ("CMA") if he or she discloses that the BPO or CMA is not an appraisal that conforms to the standards adopted by USPAP and includes on the BPO or CMA the following disclaimer: 1. "This opinion or analysis is not a certified appraisal or an appraisal that conforms to the Uniform Standards of Professional Appraisal Practice (USPAP). It is intended only for the benefit of the addressee for the purpose of assisting buyers or sellers or prospective buyers or sellers in deciding the listing offering, or sale price of the real property and not for any other purpose, including but not limited to, lending purpose excepting that specifically provided under R.I. Gen. Laws § 5-20.7-3."C. No person, other than persons licensed or certified in accordance with the provisions of R.I. Gen. Laws Chapter 5-20.7, shall assume or use a title, designation, or abbreviation likely to create the impression of certification as a real estate appraiser by this State.D. This section shall not apply to appraisals of real property carried out for the purpose of municipal valuation.230 R.I. Code R. 230-RICR-30-20-2.27
Amended effective 11/27/2019
Amended effective 5/1/2021
Amended effective 2/21/2022