HOUSE OF REPRESENTATIVES

H.B. NO.

846

TWENTY-SIXTH LEGISLATURE, 2011

 

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 an arbitrator in an arbitration proceeding.

     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 as an arbitrator in an arbitration proceeding to determine the fair market value, fair market rental or fair and reasonable rent of real estate."

     SECTION 3.  In the event of any conflict between the uniform standards of professional appraisal practice as developed by the Appraisal Standards Board of the Appraisal Foundation and any arbitration process, including chapter 658A, Hawaii Revised Statutes, the uniform standards of professional appraisal practice rules and standards then in effect shall prevail.

     SECTION 4.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

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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 proceeding.

 

 

 

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