Report Title:

Real Estate Appraisal; Arbitration; Uniform Standards of Professional Appraisal Practice

 

Description:

Requires a real estate appraiser to comply with the Uniform Standards of Professional Appraisal Practice when acting as an appraiser or arbitrator in an arbitration to determine the value or rental of real estate.

 


HOUSE OF REPRESENTATIVES

H.B. NO.

1602

TWENTY-FIFTH LEGISLATURE, 2009

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT


 

 

RELATING TO APPRAISALS.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The purpose of this Act is to require a real estate appraiser to comply with the Uniform Standards of Professional Appraisal Practice when acting as an appraiser or arbitrator in an arbitration to determine the value or rental of real estate.

     SECTION 2.  Section 466K-4, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  No person may practice as a real estate appraiser in this State unless that person has been licensed or certified to practice in accordance with this chapter and rules adopted by the director of commerce and consumer affairs pursuant to chapter 91.

     All real estate appraisers who are licensed or certified to practice in this State shall comply with the current uniform standards of professional appraisal practice approved by the director when performing appraisals in connection with a federally or non-federally related real estate transaction.

     A real estate appraiser shall comply with the Uniform Standards of Professional Appraisal Practice when acting as an appraiser or arbitrator in an arbitration to determine the value or rental of real estate."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

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