MISSION
STATEMENT
The Arkansas Appraiser Licensing and
Certification Board was created by action of the 78th General Assembly during its regular
session of 1991 with the passage of Act 541, "The Arkansas Appraiser Licensing and
Certification Act". The necessity for establishing this Agency was prompted by
enactment of Title XI of the Federal Financial Institutions Reform, Recovery, and
Enforcement Act of 1989, which requires after a specified date that all federally related
transactions requiring appraisals will be performed by state licensed and/or certified
appraisers. Act 541 was the instrument that set in motion the mechanics for Arkansas to
qualify, test, and issue licenses to appraisers in order that the State might be in
compliance with the federal act.
In its general purpose statement, Title XI
of FIRREA states that it is to "provide that federal, financial, and public policy
interest in real estate related transactions will be protected by requiring that real
estate appraisals utilized in connection with federally related transactions are performed
in writing, in accordance with the Uniform Standards, by individuals whose competency has
been demonstrated and whose professional conduct will be subject to effective
supervision".
The mission of this State Agency is
primarily to maintain a system of licensing and regulating real estate appraisers that is
in compliance with federal guidelines and results in license holders that have verified
adequate education, experience, and have demonstrated a competency to provide quality
service consistent with their specific credentials.
The Arkansas Appraiser Licensing and
Certification Board was officially constituted in July of 91 and members immediately began
drafting Rules and Regulations to implement the provisions of Act 541 in conformity with
the Title XI provisions. In 1993, the General Assembly approved Act 1270 which clarified
certain provisions of the initial Act and limited financial institutions' liability on
non-federally related transactions.
The Arkansas Appraiser Licensing Board is
composed of eleven members appointed by the Governor, seven of whom are practicing
appraisers, and the primary duties of this Board are to establish, maintain, and
periodically update meaningful qualification standards for state licensed and certified
appraisers practicing in Arkansas. This includes testing, reviewing work experience and
educational backgrounds that are adequate to demonstrate the applicant's knowledge and
competency of the profession. The agency is charged with maintaining a roster of the
names, addresses, phone numbers of all persons licensed and certified under Act 541 (ACS
17-51) and in accordance with Title XI of FIRREA must submit this roster annually to the
Appraisal Subcommittee. The Act also provides for the Board to promulgate rules and
regulations for handling disciplinary proceedings and to establish administrative
procedures for the setting and collection of fees necessary for operation of this Board
and to submit to the proper Federal Agency any and all fees that may be required. |
