The Board proposes the rule promulgation to create a rule regarding the experience requirement for the practical application of real estate appraisal.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Appraisal Board

RULE NO.:RULE TITLE:

61J1-6.003Experience Requirement – Practical Applications of Real Estate Appraisal

PURPOSE AND EFFECT: The Board proposes the rule promulgation to create a rule regarding the experience requirement for the practical application of real estate appraisal.

SUMMARY: A rule regarding the experience requirement for the practical application of real estate appraisal will be promulgated.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its meeting, the Board, based upon the expertise and experience of its members, determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 475.614, 475.615(2) FS.

LAW IMPLEMENTED: 475.622 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Allison McDonald, Executive Director, Florida Real Estate Appraisal Board, 400 West Robinson Street, #N801, Orlando, FL 32801.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

61J1-6.003 Experience Requirement – Practical Applications of Real Estate Appraisal.

(1)  Practical Applications of Real Estate Appraisal (PAREA) programs approved by the Appraiser Qualifications Board of the Appraisal Foundation (AQB), or any successor body recognized by federal law, utilize simulated experience training and serve as an alternative to the traditional Supervisor/Trainee experience model to qualify as Uniform Standards of Professional Appraisal Practice (USPAP) compliant experience.  Only PAREA programs approved by the AQB will satisfy the requirements of this rule.

(2) Graduates successfully completing an approved residential PAREA program will be eligible to receive the following experience credit:

(a) Certified residential classification:  one hundred percent (100%) of the required experience hours;

(b) Certified general classification:  fifty percent (50%) of the total required experience, none of which is eligible toward the required non-residential hours.

Rulemaking Authority 475.614, 475.615(2), FS; Law Implemented 455.213, 475.615(2), 475.617, FS, History-New ___________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Real Estate Appraisal Board

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Real Estate Appraisal Board

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: April 04, 2022

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: May 5, 2022