REAL PROPERTY APPRAISERS

KRS tit. XXVI, ch. 324A

in effect

KRS 324A.010 Definitions for KRS 324A.010 to 324A.100

324A.010. Definitions for KRS 324A.010 to 324A.100 As used in KRS 324A.010 to 324A.100, unless the context requires otherwise: (1) "Appraisal" means an oral, written, or electronic communication of any type or nature which is independently and impartially prepared by a licensed or certified appraiser setting forth an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property, as of a specified date, for or in expectation of compensation; (2) "Appraisal assignment" means an engagement for which an appraiser is employed or retained to act, or would be perceived by other parties or the public as acting, as a third party in rendering an unbiased real property appraisal; (3) "Appraisal management company" has the same meaning as in KRS 324A.150; (4) "Appraisal report" means any communication, written, oral, or electronic conveying a real property appraisal, and all other reports communicating an appraisal analysis, opinion, or conclusion; (5) "Board" means the Real Property Appraisers Board created in KRS 324A.015; (6) "Certificate holder or licensee" means a person certified or licensed by the board under this chapter; (7) "Evaluation" means an estimate of the market value of real property provided to a financial institution in accordance with the federal interagency appraisal and evaluation guidelines published by the federal financial institutions' regulatory agencies for use in a real property-related financial transaction for which an appraisal by a licensed or certified appraiser is not required by federal law; (8) "Federally related transaction" means any real property-related financial transaction that: (a) A federal financial institution's regulatory agency engages in, contracts for, or regulates; and (b) Requires the services of an appraiser; (9) "Real property" means real estate in its ordinary meaning and includes any leasehold or other estate or interest in, over, or under land, including leaseholds, all appurtenances and improvements thereto, and may include personal property which is integral to the use of the real property as appraised; (10) "Real property-related financial transaction" means any transaction involving: (a) The sale, lease, purchase, or exchange of or investment in real property, including interests in real property, or the financing of real property; (b) The refinancing of real property or interests in real property; or (c) The use of real property or interests in property as security for a loan or investment, including mortgage-backed securities; and (11) "Uniform Standards of Professional Appraisal Practice" or "USPAP" means the standards of practice promulgated by the Appraisal Standards Board of the Appraisal Foundation. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 1, effective July 15, 2026. -- Amended 2013 Ky. Acts ch. 46, sec. 7, effective June 25, 2013. -- Amended 1998 Ky. Acts ch. 377, sec. 1, effective July 15, 1998. -- Amended 1992 Ky. Acts ch. 247, sec. 1, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 1, effective July 13, 1990.

KRS 324A.015 Real Property Appraisers Board -- Members -- Removal -- Seal -- Compensation -- Duty -- Qualifications of certain employees

324A.015. Real Property Appraisers Board -- Members -- Removal -- Seal -- Compensation -- Duty -- Qualifications of certain employees (1) There is hereby created an independent agency of state government to be known as the Real Property Appraisers Board, which shall be attached to the Department of Professional Licensing for administrative purposes. The board shall consist of seven (7) members, two (2) of whom shall be certified general real property appraisers, two (2) of whom shall be certified residential real property appraisers, one (1) of whom shall represent the public and shall not be associated with or financially interested in the practice of real property appraisals, and two (2) of whom shall be employed in the lending industry. The board shall administer this chapter and may promulgate administrative regulations necessary to effectuate KRS 324A.010 to 324A.100. (2) (a) The board members shall be appointed by the Governor. Not more than one (1) board member shall be from any one (1) c ounty within Kentucky. Members shall be appointed by the Governor for staggered terms of three (3) years. No person shall serve more than two (2) full consecutive terms. (b) Any member appointed to fill a vacancy occurring other than by expiration of a term shall be appointed for the remainder of the unexpired term. (c) No more than four (4) members of the same political party shall serve on the board at the same time. (3) The appraiser appointees to the board shall be certified and shall have engaged in the appraisal of real property in Kentucky on a continuing basis for at least ten (10) years. (4) A board member shall be automatically removed from the board and a vacancy shall occur when: (a) An appraiser member of the board ceases to be certified; (b) A consumer member of the board acquires a certification as an appraiser; (c) A lending industry member ceases to be employed in the lending industry; (d) A board member enters a plea of guilty to, or has been found guilty of, a felony and the time for appeal has passed or the judgment of conviction has been finally affirmed on appeal; (e) A board member ceases to be a bona fide resident of the Commonwealth of Kentucky; (f) A board member displays incompetence, neglect of duty, or unprofessional conduct; (g) A board member fails to adhere to a duly adopted code of ethics of the board. Failure to adhere to this code shall be determined by official action of the board; or (h) A board member misses three (3) consecutive meetings or misses more than twenty-five percent (25%) of the meetings held over the previous twelve (12) month period. (5) The board shall adopt a seal with the design it prescribes, by which it shall authenticate its proceedings. Copies of all records and papers in the office of the board, duly certified and authenticated by the seal of the board, shall be received in evidence in all courts equally and with like effect as the original. All records kept in the office of the board under the authority of this chapter shall be open to public inspection in accordance with KRS 61.820 to 61.884 and consistent with administrative regulations promulgated by the board. (6) The Governor shall set the compensation of the members of the board, but voting members of the board shall be compensated no more than three hundred dollars ($300) per day for official business, subject to an annual maximum of six thousand dollars ($6,000). Members shall be reimbursed for all expenses paid and incurred in the discharge of official business consistent with the reimbursement policy for state employees. (7) (a) The board shall ensure that those employed to investigate grievances filed with the board or to conduct an appraisal review are state-certified appraisers with: 1. A minimum of ten (10) years of experience; 2. A credential that is equal to or exceeds the credential held by the appraiser under investigation or appraisal review; and 3. Demonstrated experience in appraising the type of property relevant to the investigation or appraisal review. (b) Any investigation or appraisal review conducted without the experience required in paragraph (a)2. and 3. of this subsection may be challenged to the board by the appraiser under investigation or review. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 3, effective July 15, 2026. -- Amended 2024 Ky. Acts ch. 182, sec. 10, effective July 15, 2024. -- Amended 2021 Ky. Acts ch. 21, sec. 1, effective June 29, 2021. -- Amended 2017 Ky. Acts ch. 178, sec. 27, effective April 11, 2017. -- Amended 2013 Ky. Acts ch. 46, sec. 8, effective June 25, 2013. -- Amended 1992 Ky. Acts ch. 247, sec. 2, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 2, effective July 13, 1990. Legislative Research Commission Note (7/15/2026). 2026 Ky. Acts ch. 172, sec. 34, provides that: "In accordance with Section 3 of this Act [this statute]: (1) Upon the effective date of this Act [July 15, 2026], the Real Property Appraisers Board shall retain the current members of the Real Estate Appraisers Board to fulfill their current terms. Upon the expiration of these terms, the Governor shall appoint their successors to the Real Property Appraisers Board under Section 3 of this Act [this statute]. This subsection shall not prohibit a member from serving a second consecutive term; and (2) Within one year after the effective date of this Act [July 15, 2026], the Governor shall appoint the two additional members of the board.

KRS 324A.020 Powers and duties of board -- Executive director

324A.020. Powers and duties of board -- Executive director (1) The board shall have authority to promulgate administrative regulations in accordance with KRS Chapter 13A, have subpoena power, hold disciplinary hearings, conduct examinations, conduct educational seminars that are not applicable to continuing education hours, investigate allegations of wrongdoing under this chapter, seek and obtain injunctive relief to enforce the provisions of KRS 324A.010 to 324A.100, provide a list of certified appraisers to the Appraisal Subcommittee of the Federal Financial Institut ions Examination Council, and perform other functions and duties as may be necessary in carrying out KRS 324A.010 to 324A.100. (2) (a) The board shall investigate every alleged violation of this chapter coming to its notice by the complaint procedure in KRS 324A.052 and shall take action as it deems appropriate within its authority under this chapter. (b) 1. The Attorney General, Commonwealth's attorneys, and county attorneys shall assist the board in all actions relating to violations of this chapter as requested by the board. 2. The board may refer violations of this chapter to the Attorney General, Commonwealth's attorneys, and county attorneys to institute criminal or civil proceedings in the name of the Commonwealth for a violation of this chapter. (3) (a) The board may: 1. Employ an executive director and any other persons it deems necessary to carry on the work of the board, and shall prescribe their duties and fix their salaries; and 2. Obtain office space, utilities, furniture, supplies, and other go ods and services as it deems necessary to carry on the work of the board. (b) Each executive director assuming office on or after July 15, 2026, shall be a certified general or residential real property appraiser and shall not have less than ten (10) years of experience as an appraiser within the Commonwealth. (4) The board may utilize hearing officers provided by the Attorney General's office in accordance with KRS 13B.030. (5) (a) The board or its authorized agents may give a licensed or certified appraiser advice on best practices management. (b) Notwithstanding any other provision of law to the contrary, lega l action shall not arise from any advice given relating to best practices management by the board or its authorized agents. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 4, effective July 15, 2026. -- Amended 2024 Ky. Acts ch. 182, sec. 11, effective July 15, 2024. -- Amended 2017 Ky. Acts ch. 178, sec. 39, effective April 11, 2017. -- Created 1990 Ky. Acts ch. 383, sec. 3, effective July 13, 1990.

KRS 324A.025 Chair of board -- Meetings

324A.025. Chair of board -- Meetings (1) The board shall elect a chair each year at the first meeting called after appointment of new members. A majority of the board shall constitute a quorum and may exercise all powers and duties established in KRS 324A.020. (2) The board shall meet at least on ce each calendar quarter. Additional meetings may be held upon call of the chair or upon the written request of two (2) members of the board. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 5, effective July 15, 2026. -- Amended 2017 Ky. Acts ch. 178, sec. 28, effective April 11, 2017. -- Amended 2006 Ky. Acts ch. 238, sec. 1, effective July 12, 2006. -- Amended 2000 Ky. Acts ch. 183, sec. 1, effective July 14, 2000. -- Created 1990 Ky. Acts ch. 383, sec. 4, effective July 13, 1990.

KRS 324A.030 Assumption or use of title, designation, or abbreviation to create impression of certification or licensure prohibited -- Powers of certified or licensed appraiser -- Appraiser for Transportation Cabinet -- Prohibition against certain activities by unlicensed persons -- Application of chapter

324A.030. Assumption or use of title, designation, or abbreviation to create impression of certification or licensure prohibited -- Powers of certified or licensed appraiser -- Appraiser for Transportation Cabinet -- Prohibition against certain activities by unlicensed persons -- Application of chapter (1) It shall be unlawful, unless certified or licensed by the board, for any person to: (a) Assume or use any title, designation, or abbreviation likely to create the impression that he or she holds a license or certificate issued by the board; (b) Describe or refer to any appraisal or evaluation of real property by the term, "state certified," "state licensed," or words of substantially similar meaning; (c) Assume or use any title, designation, or abbreviation likely to create the impression of certification or licensure by the state as a real property appraiser firm, partnership, or corporation; or (d) Use the title "real property appraiser," "real estate appraiser," "real property damage appraiser," or "appraiser" in relation to real property or federally related transactions. (2) A certificate holder or licensee shall not assume or use any title, designation, or abbreviation likely to create the impression of certification or licensure by the board other than the correct type of certification or licensure. (3) Each certificate holder or licensee who is a resident of Kentucky shall have and maintain a definite place of business in this state, a current email address, and a current telephone number. A nonresident is not required to maintain an active place of business in this state if a definite place of business is maintained in the state where the nonresident resides. A nonresident shall maintain a current email address and a current telephone number. (4) Failure by a certificate holder or licensee to notify the board of any change of business address, change of company name, change of surname, change of phone number, or change of email address within thirty (30) days of the change shall result in a penalty not to exceed two hundred dollars ($200). (5) In the case of the death of a certificate holder or licensee, the board may permit a suitable individual to complete the affairs and appraisal assignments of the deceased. (6) For any employee of the Transportation Cabinet whose job description includes real property appraisals which require certification, the Transportation Cabinet shall bear the costs of initial application, examination, continued education, and biennial renewal. (7) (a) Those Transportation Cabinet employees serving as right -of-way agents or supervisors, who actually perform on-site appraisals as part of their job descriptions and who have obtained an appraiser certification under KRS 324A.010 to 324A.100, shall receive a five percent (5%) salary increase effective January 1 following certification. (b) The salary increase provided in paragraph (a) of this subsection shall be made within existing Transportation Cabinet appropriations. (8) A person shall not provide appraisal, appraisal review, or appraisal consulting assignments or perform any of the duties usually performed by a licensed or certified real property appraiser for a federally related transaction unless the person at the time holds a license or certification of real property appraiser issued and validly existing under the laws of the Commonwealth of Kentucky, as provided in this chapter. (9) (a) It shall be unlawful for any person not licensed or certified as a real property appraiser by the board to provide any type of appraisal, appraisal review, or appraisal consulting assignment or perform any of the duties usually performed by a licensed or certified real property appraiser in the Commonwealth of Kentucky. (b) Paragraph (a) of this subsection shall not apply to: 1. Individuals who render professional assistance in arriving at a real property analysis, opinion, or conclusion; 2. Mass appraisals for tax purposes; 3. A court appraisal directive; and 4. Transportation Cabinet employees in their professional capacity, except for any employee of the Transportation Cabinet whose job description requires certification. (10) This chapter shall not prohibit a licensed or certified real property appraiser from providing an evaluation. When providing an evaluation, a licensed or certified real property appraiser shall: (a) Not indicate his or her status as a licensed or certified real property appraiser; and (b) Include the following disclaimer on the first page of the evaluation: "This evaluation is not subject to compliance with the Uniform Standards of Professional Appraisal Practice." (11) This chapter shall not prohibit any person who is licensed to practice in this state under any other law from engaging in the practice for which the person is licensed. (12) Except as otherwise provided by federal law, this chapter shall not prohibit a bank, banker, or institutions of the farm credit system organized under the Farm Credit Act of 1971, 12 U.S.C. sec. 2001 et seq., as amended, from providing or conducting an appraisal or appraisal review in the normal course of business. (13) This chapter shall not apply to chattel, including but not limited to furniture, livestock, vehicles, and jewelry. (14) This chapter shall not apply to any of the following in the settlement of an insurance claim: (a) A staff adjuster, or an independent adjuster, licensed under KRS Chapter 304; or (b) Any other representative of an insurance company. (15) (a) An appraiser shall not negotiate, or advertise to negotiate, on behalf of any insured on any insurance claim relating to real property. (b) An appraiser may advocate for his or her appraisal report and the accuracy of it. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 6, effective July 15, 2026. -- Amended 2013 Ky. Acts ch. 46, sec. 9, effective June 25, 2013. -- Amended 1998 Ky. Acts ch. 377, sec. 2, effective July 15, 1998. -- Amended 1992 Ky. Acts ch. 247, sec. 3, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 5, effective July 13, 1990.

KRS 324A.035 Administrative regulations to establish requirements for certification or licensure

324A.035. Administrative regulations to establish requirements for certification or licensure (1) The board shall promulgate administrative regulations pursuant to this chapter and in accordance with KRS Chapter 13A for certification or licensure of appraisers who perform appraisals of real property in federally related transactions. Requirements established by the board relating to appraisers of federally related transactions shall not exceed the minimum requirements established by federal law or regulation; (2) The board shall promulgate administrative regulations in accordance with KRS Chapter 13A for certification or licensure of appraisers of real property in nonfederally related transactions. Appraisers who wish to be limited to appraisals of nonfederally related transactions, and who have engaged in the appraisal of real property for at least ten (10) years prior to April 7, 1992, shall be certified or licensed as appraisers of nonfederally related transactions. (3) The board shall establish by administrative regulations requirements for: (a) Classifications of appraisers; (b) Certification and licensure; (c) Renewal, suspension, or revocation of certification or licensure; (d) Standards of professional appraisal practice, including experience, education, and ethics; (e) Examination of applicants for certification or licensure; and (f) Continuing education of appraisers. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 17, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 2, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 10, effective June 25, 2013. -- Amended 1992 Ky. Acts ch. 247, sec. 4, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 6, effective July 13, 1990.

KRS 324A.040 Examination

324A.040. Examination (1) All applications for certification or licensure shall be made in writing to the board and shall specify the classification of the certificate or license being applied for by the applicant, and shall contain all information required by the board. (2) Applicants for certification or licensure shall: (a) Successfully pass the examination required by the board; and (b) Meet other requirements established by this chapter and administrative regulations of the board. (3) The examination shall be given at times and places within the state as the board shall prescribe; provided, however, the examination shall be given at least two (2) times during each calendar year. Notice of passing or failing the examination shall be provided to each applicant. Effective: April 7, 1992 History: Amended 1992 Ky. Acts ch. 247, sec. 5, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 7, effective July 13, 1990.

KRS 324A.045 Issuance of certificate or license -- Renewal -- Continuing education

324A.045. Issuance of certificate or license -- Renewal -- Continuing education (1) The board shall issue to each qualified applicant a certificate or license in form and size as shall be prescribed by the board. (2) Every certificate and license shall be subject to biennial renewal on the date or dates determined by the board by administrative regulation. Each certificate and license holder shall submit proof of compliance with the biennial continuing education requirements when appropriate and the biennial renewal fee to the board on or before the last day of the designated month. Failure to receive a renewal form shall not constitute an adequate excuse for failure to renew on time. (3) If the certificate or license holder fails to renew in a t imely manner, the certificate or license shall expire. Within six (6) months after the renewal date, the former certificate or license holder shall be reinstated by complying with all appropriate renewal requirements and paying a late fee in an amount to b e determined by the board through an administrative regulation promulgated in accordance with KRS Chapter 13A. (4) If six (6) months or more elapse after the renewal date, the former certificate or license holder shall be required to meet all current requi rements as if applying for initial certification or licensure. (5) (a) A licensee who has initiated continuing education courses prior to the date established through an administrative regulation promulgated by the board in accordance with KRS Chapter 13A shall have five (5) days after the established date to complete them. (b) The board may not cancel a license for failure to complete continuing education courses until ten (10) days after the date established by the board. (6) (a) A certificate or license holder shall successfully complete at least twenty-eight (28) continuing education hours for the biennial license period. (b) 1. The hours completed for one (1) USPAP update course shall apply toward the continuing education requirement each biennial licen se period. 2. a. The most recent USPAP update course shall be completed within the first six (6) months of a biennial license period or if it is not available within the first six (6) months, upon immediate availability. b. If a second USPAP update course becomes available within the same biennial license period, the second may be completed upon immediate availability but the hours completed shall apply to the succeeding biennial license period. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 7, effective July 15, 202 6. -- Amended 2024 Ky. Acts ch. 182, sec. 4, effective July 15, 2024. -- Amended 2013 Ky. Acts ch. 46, sec. 11, effective June 25, 2013. -- Amended 1992 Ky. Acts ch. 247, sec. 6, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 8, effective July 13, 1990.

KRS 324A.047 Inactive status for certificate or license -- Effect -- Reactivation

324A.047. Inactive status for certificate or license -- Effect -- Reactivation (1) (a) Upon written request, any certificate holder or licensee may request to place his or her certificate or license in inactive status for a period not to exceed three (3) years. (b) The written request shall be made by completing a signed and sworn affidavit on a form approved by the board. (c) The board may require a fee in an amount to be determined by the board through an administrative regulation promulgated in accordance with KRS Chapter 13A for each change in status of the certificate holder or licensee. (d) A license issued to an individual as an associate real property appraiser shall not be eligible for inactive status. (2) No inactive status certificate holder or licensee shall: (a) Assume or use any title, designation, or abbreviation likely to create the impression that he or she holds a certificate or license issued by the board; (b) Describe or refer to any appraisal or evaluation of real property by the term, "state certified," "state licensed," or words of substantially similar meaning; or (c) Prepare real property appraisals for federally related transactions which, under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, require the services of a state-certified or state-licensed appraiser. (3) To return to active status, a certificate holder or licensee shall: (a) Petition the board for reactivation of the certificate or license; (b) Pay the applicable renewal fee and roster fee required by this chapter; and (c) 1. Provide evidence of completion of the biennially required continuing education hours, as established by the board and promulgated in administrative regulations, if in inactive status for two (2) or more years; or 2. a. Provide evidence of completion of at least half of the required continuing education hours, as established by the board and promulgated in administrative regulations, if in inactive status for less than two (2) years. b. If providing evidence of half of the required continuing education hours, once the certificate holder or licensee returns to active status the remaining continuing education hours shall be completed within six (6) months. (4) A certificate holder or licensee who petitions to return to active status after an inactive period exceeding three (3) years shall be required to meet all the requirements for original issuance of a license or certificate under this chapter. (5) Violation of subsection (2) o f this section shall be grounds for disciplinary action under this chapter. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 8, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 3, effective June 29, 2021. -- Created 1998 Ky. Acts ch. 377, sec. 3, effective July 15, 1998.

KRS 324A.050 Grounds for refusal to reissue or renew certificate or license or for other disciplinary action -- Minimum standard of conduct and performance -- Petition for reinstatement

324A.050. Grounds for refusal to reissue or renew certificate or license or for other disciplinary action -- Minimum standard of conduct and performance -- Petition for reinstatement (1) The board may refuse to issue, refuse to renew, suspend, or revoke a certificate or license, reprimand, admonish, place on probation, or impose a fine up to two thousand dollars ($2,000) per each violation determined by the board, not to exceed five thousand dollars ($5,000), on a certificate holder or licensee, o r any combination thereof, for any of the following reasons: (a) Procuring or attempting to procure a certificate or license by knowingly making a false statement or submitting false information, or through any form of fraud or misrepresentation; (b) Refusing to provide complete information in response to a question in an application to the board or failing to meet the minimum qualifications established by the board; (c) Being convicted of a felony or misdemeanor, if in accordance with KRS Chapter 335B; (d) Committing an act involving dishonesty, fraud, or misrepresentation; (e) Violating any of the provisions of KRS 324A.010 to 324A.100, the administrative regulations of the board, or any lawful order of the board; (f) Violating the confidential nature of records to which the appraiser gained access through employment or engagement as an appraiser; (g) Committing any other conduct which constitutes or demonstrates bad faith, untrustworthiness, impropriety, fraud, or dishonesty; (h) Failing or refusing, without good cause, to exercise reasonable diligence in developing an appraisal, preparing an appraisal report, or communicating an appraisal; (i) Being negligent or incompetent in developing an appraisal, in preparing an appraisal report, or in communicating a n appraisal; (j) Failing to observe one (1) or more of the U niform Standards of Professional Appraisal Practice in effect at the time of the appraisal report transmittal letter date; or (k) Having a license or registration certificate to practice as a licensed or certified real property appraiser denied, limited, suspended, probated, or revoked in another jurisdiction on grounds sufficient to cause licensure to be denied, limited, suspended, probated, or revoked in this state. (2) Notwithstanding any other provision of this chapter to the contrary, the requirements of KRS Chapter 324A, the board's administrative regulations, and the current edition of the Uniform Standards of Professional Appraisal Practice shall constitute the minimum standard of conduct and performance for a licensee or credential holder in any work or service performed that is addressed by those standards. (3) In any proceeding in which a suspension of thirty (30) days or more, or revocation is imposed, the board may require the respondent to pay the actual costs of the investigation and all proceedings not to exceed ten thousand dollars ($10,000). (4) Three (3) years from the date of a revocation, any certificate holder or licensee whose certificate or license has been revoked may petition the board for reinstatement. The board shall investigate the petition and may reinstate, upon a finding that the petitioner has complied with any and all terms prescribed by the board and is able to engage in the practice of real property appraisal within the requirements of this chapter and the administrative regulations. The board may, in its discretion, require the petitioner to successfully pass the examination required for the applicable certificate or license. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 18, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 4, effective June 29, 2021. -- Amended 2017 Ky. Acts ch. 158, sec. 74, effective June 29, 2017. -- Amended 2013 Ky. Acts ch. 46, sec. 13, effective June 25, 2013. -- Amended 1998 Ky. Acts ch. 377, sec. 4, effective July 15, 1998. -- Amended 1994 Ky. Acts ch. 188, sec. 1, effective July 15, 1994. – Amended 1992 Ky. Acts ch. 247, sec. 7, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 9, effective July 13, 1990.

KRS 324A.052 Investigation of complaints -- Sanctions -- Hearing

324A.052. Investigation of complaints -- Sanctions -- Hearing (1) Any person or organization, including the board upon its own volition, may file with the board a written complaint alleging a violation of any provision of this chapter. Complaints shall be filed with the board within one (1) year after the date of transmittal of the appraisal report or appraisal review assignment. This subsection shall not apply to complaints involving the actions outlined in KRS 324A.050(1)(c), (d), (g), and (k). The board shall investigate each complaint. (2) If the investigation reveals evidence supporting the complaint, the board shall set the matter for hearing in accordance with the provisions of KRS Chapter 13B before fining, reprimanding, suspending, revoking, refusing to renew, or any combination thereof. (3) If the investigation reveals that the alleged violation did occur but was not of a serious nature, the board may issue a written admonishment to the certificate holder or licensee. A copy of the admonishment shall be placed in the recipient's file with the board. The recipient shall have the right to file a response to the admonishment within thirty (30) days of its receipt and have the response placed in the file. The recipient may, alternatively, within thirty (30) days of the receipt, file a request for hearing with the board. Upon receipt of this request, the board shall set aside the written admonishment and set the matter for hearing in accordance with KRS Chapter 13B. (4) After denying an application for a certificate or license or issuing an admonishment, the board shall grant an administrative hearing in accordance with KRS Chapter 13B only upon written request of the applicant made within thirty (30) days of the mailing of the letter of deni al or admonishment. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 9, effective July 15, 2026. -- Amended 2024 Ky. Acts ch. 182, sec. 12, effective July 15, 2024. -- Amended 2021 Ky. Acts ch. 21, sec. 5, effective June 29, 2021. -- Amended 2017 Ky. Acts ch. 178, sec. 29, effective April 11, 2017. -- Amended 1998 Ky. Acts ch. 377, sec. 5, effective July 15, 1998. -- Created 1996 Ky. Acts ch. 318, sec. 293, effective July 15, 1996.

KRS 324A.054 Limitations on actions against certified or licensed real property appraiser or appraisal management company

324A.054. Limitations on actions against certified or licensed real property appraiser or appraisal management company Notwithstanding any statutory provision to the contrary: (1) An action for damages, whether brought in contract or tort, or on any other basis, against a certified or licensed real property appraiser or appraisal management company shall be brought within one (1) year after the date the appraisal report has been completed and transmitted to the client; (2) An action for fraud or knowing and intentional misrepresentation brought against a certified or licensed real property appraiser or appraisal management company shall be brought within five (5) years; and (3) An action for a discriminatory housing practice brought against a certified or licensed real property appraiser or appraisal management company shall be brought no later than one (1) year after occurrence or within the time provided by federal law. Effective: July 15, 2026 History: Created 2026 Ky. Acts ch. 172, sec. 2, effective July 15, 2026.

KRS 324A.055 Repealed, 1996

324A.055. Repealed, 1996 Catchline at repeal: Administrative support from Kentucky Real Estate Commission. History: Repealed 1996 Ky. Acts ch. 318, sec. 357, effective July 15, 1996. -- Created 1990 Ky. Acts ch. 383, sec. 10, effective July 13, 1990.

KRS 324A.060 Repealed, 2019

324A.060. Repealed, 2019 Catchline at repeal: Goods and services -- Administrative coordinator. History: Repealed 2019 Ky. Acts ch. 135, sec. 11, effective June 27, 2019. -- Amended 2017 Ky. Acts ch. 178, sec. 30, effective April 11, 2017. -- Amended 2002 Ky. Acts ch. 364, sec. 1, effective July 15, 2002. -- Created 1990 Ky. Acts ch. 383, sec. 11, effective July 13, 1990.

KRS 324A.065 Fees -- Disposition of fee -- Exceptions -- Administrative regulations

324A.065. Fees -- Disposition of fee -- Exceptions -- Administrative regulations (1) The board shall establish by administrative regulation the fee amounts for all fees required by this section and the fees for services provided by the board, whi ch shall not exceed amounts necessary to generate sufficient funds to effectively carry out and enforce this chapter. The board shall establish and collect the following fees for certification or licensure as an appraiser for: (a) Federally related transactions: 1. Initial application fee; 2. Examination fee; 3. a. A biennial certificate or licensure fee; b. Duplicate certificate fee; and c. Certificate correction fee; 4. Roster fee; and 5. Returned check fee; and (b) Nonfederally related transactions: 1. A biennial certificate or licensure renewal fee; and 2. Certificate correction fee. (2) The board shall, through the promulgation of an administrative regulation, establish and collect the following fees from education providers for review and approval of prelicensure and continuing education courses offered by education providers for licensure as an appraiser: (a) Prelicensure education course review fee; and (b) Continuing education course review fee. (3) (a) All fees and charges collected by the board under this chapter shall be paid into the Real Property Appraisers Board's trust and agency account in the State Treasury. (b) All expenses incurred by the board under this chapter, including compensation to the board members and staff, shall be paid out of this account, subject to approval of the board. (c) This subsection shall not apply to the fee charged pursuant to KRS 324A.155, which is required to be included in the appraisal management company recovery fund and which shall be paid into that fund. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 10, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 6, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 14, effective June 25, 2013. -- Amended 1998 Ky. Acts ch. 377, sec. 6, effective July 15, 1998. -- Amended 1992 Ky. Acts ch. 247, sec. 8, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 12, effective July 13, 1990. Legislative Research Commission Note (6/25/2013). Under the authority of KRS 7.136(1), the Reviser of Statutes has modified the internal numbering of this statute from the way it appeared in 2013 Ky. Acts ch. 46, sec. 14. The words in the text were not changed.

KRS 324A.070 Repealed, 1992

324A.070. Repealed, 1992 Catchline at repeal: Standards of professional appraisal practice -- Continuing education. History: Repealed 1992.Ky. Acts ch. 247, sec. 10, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 13, effective July 13, 1990.

KRS 324A.075 Reciprocity with other states

324A.075. Reciprocity with other states If, in the determination by the board, another state is deemed to have substantially equivalent or greater certification or licensure requirements for real property appraisers, an applicant who is certified or licensed under the laws of another state seeking to practice in this state shall apply to obtain a certificate as a state certified or licensed real property appraiser in this state upon terms and conditions determined by the board. Effective: June 25, 2013 History: Amended 2013 Ky. Acts ch. 46, sec. 15, effective June 25, 2013. -- Created 1990 Ky. Acts ch. 383, sec. 14, effective July 13, 1990.

KRS 324A.088 Short title

324A.088. Short title KRS 324A.010 to 324A.100 may be cited as the Real Property Appraisal Voluntary Certification Act. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 19, effective July 15, 2026. -- Created 1990 Ky. Acts ch. 383, sec. 16, effective July 13, 1990.

KRS 324A.090 Penalty

324A.090. Penalty Any person who is not a licensed or certified real property appraiser who engages in an activity described in KRS 324A.030, shall be guilty of a Class A misdemeanor. Each violation should be regarded as a separate offense. Effective: June 25, 2013 History: Amended 2013 Ky. Acts ch. 46, sec. 16, effective June 25, 2013. -- Amended 1992 Ky. Acts ch. 247, sec. 9, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 15, effective July 13, 1990.

KRS 324A.100 Criminal background checks for initial applicants for licensure or certification as real property appraiser

324A.100. Criminal background checks for initial applicants for licensure or certification as real property appraiser (1) The Kentucky Real Property Appraisers Board shall require a national and state criminal background check for each initial application to be a licensed or certified real property appraiser under the following requirements: (a) The applicant shall provide his or her fingerprints to the Department of Kentucky State Police for submission to the Federal Bureau of Investigation after a state criminal background check is conducted; (b) The results of the national and state criminal background check shall be sent to the board; and (c) Any fee charged by the Department of Kentucky State Police and the Federal Bureau of Investigation shall be an amount no greater than the actual cost of processing the request and conducting the check. (2) The board shall issue a license or certification to an applicant authorizing the applicant to act or offer to act as a licensed or certified real property appraiser in this state upon: (a) Receipt of a properly completed application; (b) Successful completion of all applicable education, experience, and examination; (c) Successful completion of all statutory and administrative regulation requirements for licensing and certification of a real property appraiser; and (d) Payment of the required application fee. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 20, effective July 15, 2026. -- Created 2013 Ky. Acts ch. 46, sec. 12, effective June 25, 2013.

KRS 324A.150 Definitions for KRS 324A.150 to 324A.164

324A.150. Definitions for KRS 324A.150 to 324A.164 As used in KRS 324A.150 to 324A.164, unless the context otherwise requires: (1) "Appraisal management company" means a person who performs the actions necessary to administer a network of state-licensed appraisers to fulfill requests for appraisal management services on behalf of a client, whether directly or through the use of software products or online, including but not limited to any of the following actions: (a) Recruiting appraisers; (b) Contracting with appraisers to perform appraisal services; (c) Collecting fees from clients; (d) Negotiating fees with appraisers or reimbursing appraisers for appraisal services; (e) Receiving appraisal orders and appraisal reports; (f) Submitting appraisal reports received from appraisers to the company's clients; (g) Reviewing or verifying appraisal reports; or (h) Managing the process of having an appraisal performed, including providing related administrative and clerical duties; (2) "Appraisal management services" means conducting business by telephone, by electronic means, by mail, or in person, directly or indirectly for compensation or other pecuniary gain or in the expectation of compensation or other pecuniary gain to: (a) Solicit, accept, or offer to accept a request for appraisal services; or (b) Employ or contract with a licensed or certified appraiser to perform appraisal services; (3) "Appraisal services" means the practice of developing an opinion of the value of real property in conformity with the minimum USPAP standards; (4) "Appraiser" means an individual licensed by the board who develops and communicates a real property appraisal or otherwise gives an opinion of the value of real property or any interest in real propert y in conformity with the minimum USPAP standards; (5) "Appraiser panel" means a network, list, or roster of licensed or certified appraisers approved by an appraisal management company to perform appraisals as independent contractors for the appraisal mana gement company; (6) "Board" means the Kentucky Real Property Appraisers Board established by KRS 324A.015; (7) "Client" means a person that contracts with or otherwise enters into an agreement with an appraisal management company for the performance of app raisal services; (8) "Controlling person" means an individual employed, appointed, or authorized by an appraisal management company to contract with clients or independent appraisers for the performance of appraisal services; (9) "Managing principal" has the same meaning as "controlling person"; (10) "Registrant" means an appraisal management company or person that is registered or seeking registration under KRS 324A.152; and (11) "Uniform Standards of Professional Appraisal Practice" or "USPAP" has the same meaning as in KRS 324A.010. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 21, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 7, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 3, effective June 25, 2013. -- Created 2011 Ky. Acts ch. 58, sec. 1, effective June 8, 2011. Legislative Research Commission Note (6/8/2011). 2011 Ky. Acts ch. 58, sec. 9, provides that KRS 324A.150 to 324A.164 shall be known as the Kentucky Appraisal Management Company Registration Act.

KRS 324A.152 Requirement of registration -- Application requirements -- Criminal background checks -- Annual renewal of registration -- Administrative regulations

324A.152. Requirement of registration -- Application requirements -- Criminal background checks -- Annual renewal of registration -- Administrative regulations (1) A person shall not act or offer to act as an appraisal management company or perform appraisal management services within the Commonwealth unless registered by the board. (2) To be registered by the board, a person shall make written application to the board, submit to a criminal background check as provided in subsection (3) of this se ction, pay a filing fee established by the board, and pay the fee required to be included in the appraisal management company recovery fund created in KRS 324A.155. The written application shall include the following information: (a) The name, street address, and telephone contact information of the person seeking registration; (b) 1. If the registrant is a domestic organization, the designation of an agent for service of process; or 2. If the registrant is a foreign organization, documentation that the for eign organization is authorized to transact business in the Commonwealth and has appointed an agent for service of process by submitting a copy of: a. The registrant's filing with the Secretary of State appointing an agent for service of process; and b. A certificate of authority issued by the Secretary of State. A foreign organization's failure to comply with this subparagraph may result in rejection of the application; (c) The name, residential street address, and contact information of any person who owns ten percent (10%) or more of the appraisal management company for which registration is being requested; (d) The name, residential street address, and contact information of a controlling person or managing principal; (e) A certification that the registrant: 1. Has a system and process in place to verify that any person being added to the appraiser panel of the appraisal management company, or who may be used by the appraisal management company to otherwise perform appraisals, holds a license in good s tanding in this state under this chapter; 2. Has a system and process in place to review the work of all appraisers that are performing appraisal services for the appraisal management company on a periodic basis to ensure that all appraisal reportsmeet the minimum reporting requirements in accordance with themost recent edition of the USPAP; and 3. Maintains a detailed record of each request for appraisal services that it receives and the appraiser that performs the appraisal services for the appraisal management company; (f) A certification from the registrant and any partner, member, manager, officer, director, managing principal, controlling person, or person occupying a similar status or performing similar functions, or person directly or indirectly controlling the registrant that: 1. The application for registration when filed or after filing contains no statement that, in light of the circumstances under which it was made, is false or misleading with respect to a material fact; 2. The person certifying has not violated or failed to comply with KRS 324A.154, 324A.156, or 324A.158; 3. The person certifying and each person who owns ten percent (10%) or more of the registrant has not pled guilty or nolo contendere to or been found guilty of: a. A felony; or b. Within the past ten (10) years, a misdemeanor involving mortgage lending or real property appraising, or an offense involving breach of trust or fraudulent or dishonest dealing; 4. The person certifying is not permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving appraisal management services or operating an appraisal management company; 5. The person certifying is not the subject of an order of the board or any other state's appraisal management company regulatory agency denying, suspending, or revoking the person's privilege to operate as an appraisal management company; 6. The person certifying has not acted as an appraisal management company while not properly register ed by the board; and 7. The appraisal management company is not owned, in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state for a cause other than expiration, as determined by the relevant state appraiser regulatory program; and (g) Any other information required by the board. (3) The board shall require a national and state criminal background check on the person certifying under subsection (2)(f) of this section and each person who owns ten percent (10%) or more of the registrant under the following requirements: (a) The person certifying and each person who owns ten percent (10%) or more of the registrant shall provid e his or her fingerprints to the Department of Kentucky State Police for submission to the Federal Bureau of Investigation after a state criminal background check is conducted; (b) The results of the national and state criminal background check shall be se nt to the board; and (c) Any fee charged by the Department of Kentucky State Police and the Federal Bureau of Investigation shall be an amount no greater than the actual cost of processing the request and conducting the check. (4) The board shall issue a certificate of registration to a registrant authorizing the registrant to act or offer to act as an appraisal management company in this state upon: (a) Receipt of a properly completed application; (b) Payment of the required filing fee; (c) Payment of the fee required to be included in the appraisal management company recovery fund; and (d) A determination by the board that: 1. The registrant has not had a previous registration suspended or revoked; and 2. The activities of the applicant shall be directed and conducted by persons who: a. Have not had a previous registration suspended or revoked; b. Have not pled guilty or nolo contendere to or been found guilty of a felony; or c. Within the past ten (10) years have not pled guilty, pled nolo contendere to, or been found guilty of a misdemeanor involving mortgage lending or real property appraising or an offense involving a breach of trust or fraudulent or dishonest dealing. (5) (a) If the board finds that there is substantial reason to deny the application for registration, the board shall notify the registrant that the application has been denied and shall afford the registrant an opportunity for a hearing before the board to show cause why the registration should not be denied. (b) All proceedings concerning the denial of a certificate of registration shall be conducted in accordance with KRS Chapter 13B. (c) The acceptance by the board of an application for registration does not constitute the approval of its contents or waive the authority of the board to take disciplinary action under KRS 324A.162. (6) (a) Registrations issued under this section shall be renewed annually. (b) Renewal shall occur on October 31 of each year. (c) If the initial registration occurs less than six (6) months before October 31, the renewal shall not be required until October 31 of the following year, and shall then be renewed on October 31 of each year thereafter. (7) (a) Failure to renew a registration in a timely manner shall result in a loss of authority to operate. (b) A request to reinstate a certificate of registration shall be accompanied by payment of a penalty of fifty dollars ($50) for each month of delinquency, up to six (6) months after expiration. (c) After six (6) months' delinquency, a new application f or registration shall be required. (8) The board shall promulgate administrative regulations in accordance with KRS Chapter 13A to establish standards for the operation of appraisal management companies and for the implementation and enforcement of KRS 324A.150 to 324A.164. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 22, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 8, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 4, effective June 25, 2013. -- Created 2011 Ky. Acts ch. 58, sec. 2, effective June 8, 2011.

KRS 324A.154 Applicant filing fee for appraisal management company to be established by administrative regulations

324A.154. Applicant filing fee for appraisal management company to be established by administrative regulations The board shall promulgate administrative regulations in accordance with KRS Chapter 13A to establish a reasonable filing fee to be paid by each appraisal management company seeking registration under KRS 324A.152. The filing fee shall include the annual fee for inclusion in the national registry maintained by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 11, effective July 15, 2026. -- Amended 2024 Ky. Acts ch. 182, sec. 13, effective July 15, 2024. -- Amended 2021 Ky. Acts ch. 21, sec. 9, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 5, effective June 25, 2013. -- Created 2011 Ky. Acts ch. 58, sec. 3, effective June 8, 2011.

KRS 324A.155 Appraisal management company recovery fund -- Purposes -- Lapsing

324A.155. Appraisal management company recovery fund -- Purposes -- Lapsing (1) There is hereby created and established in the State Treasury the appraisal management company recovery fund. The fund shall be administered by the board for the purposes set forth in KRS 324A.163. (2) In addition to the license fees provided for in KRS 324A.154, upon issuance of every appraisal management company's registration, and every regular annual renewal date thereafter, the board shall charge each registrant an amount not to exceed eight hundred dollars ($800) per year to be deposited in the appraisal management company recovery fund. (3) Notwithstanding KRS 45.229, any moneys remaining in the fund at the close of the fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal year. Any interest earnings of the fund shall become a part of the fund and shall not lapse. Effective: June 25, 2013 History: Created 2013 Ky. Acts ch. 46, sec. 1, effective June 25, 2013.

KRS 324A.156 Duties of registrants -- Recordkeeping

324A.156. Duties of registrants -- Recordkeeping (1) A registrant that is an organization shall: (a) Maintain a registered agent for service of process; and (b) Provide to the board the information required by the Secretary of State concerning the organization's agent for service of process. If changes are made to the information required by the Secretary of State, the changes shall be provided to the board within five (5) business days. (2) A registrant shall maintain, or cause to be maintained, complete records of requests for appraisal services referred to an appraiser licensed or certified by the board, including without limitation records pertaining to the acceptance of fees from clients and payments to appraisers. The board may inspect records, without prior notice, periodically, or if the board determines that the records are pertinent to an investigation of a complaint against a registrant. (3) A registrant shall designate a controlling person or managing principal responsible for ensuring compliance with this section. (4) (a) The registrant shall file a form with the board: 1. Documenting the identity of the person designated as the controlling person or managing principal; and 2. Certifying the individual's acceptance of the responsibility of a controlling person or managing principal. (b) The registrant shall submit a new form to the board within five (5) business days after a change in its controlling person or managing principal. (c) An individual registrant who operates as a sole proprietorship is deemed the managing principal under this section. (5) A registrant shall make and keep its accounts, correspondence, memoranda, papers, books, and other records in accordance with administrative regulations promulgated by the board. All records shall be retained for five (5) years unless the board establishes a different, longer retention period for particular types of records. (6) The registrant shall disclose, on all invoices, purchase orders, or other documents establishing work to be performed for or compensation due from its clients, itemized actual fees paid to any third party for services performed, including appraisal services, for the client through contract with or arrangement through the registrant. The disclosure shall include: (a) The name of the third party performing the service, including a licensed appraiser performing appraisal services; (b) The nature of the service and itemized fees paid to the third party for appraisal services or any other services performed; and (c) Itemized fees or charges received by the registrant for appraisal management services. If the disclosure made becomes inaccurate because of changes to services requested or performed, a revised or amended disclosure shall be provided by the end of the next business day after the change to services has been performed, and the revised or amended disclosure shall be clearly marked as revised or amended and contain sufficient information for the client to identify the original disclosure referenced. (7) The provisions of this section do not exempt the registrant from any other reporting requirements contained within any federal or state law. Effective: June 8, 2011 History: Created 2011 Ky. Acts ch. 58, sec. 4, effective June 8, 2011.

KRS 324A.158 Prohibitions against certain conduct by registrants

324A.158. Prohibitions against certain conduct by registrants (1) An employee, director, officer, or agent of an appraisal management company or any other third party acting as a joint venture partner with or as an independent contractor for an appraisal management company shall not improperly influence or attempt to improperly influence the development, reporting, result, or review of a real property appraisal, including but not limited to the use of intimidation, coercion, extortion, bribery, blackmail, threat of nonpayment or withholding payment for appraisal services, or threat of exclusion from future appraisal work. (2) The registrant shall not: (a) Request, allow, or require an appraiser to collect any portion of the fee charged by the appraisal management company, including the appraisal fee, from a borrower, homeowner, or other third party; (b) Require an appraiser to provide the registrant with the appraiser's digital signature or seal; (c) Alter, amend, or change an appraisal report submitted by a licensed or certified appraiser, by the following or any other actions: 1. Removing the appraiser's signature; 2. Adding or removing information to or from the appraisal report; or 3. Altering the final value opinion reported by an appraiser; (d) Remove an appraiser from an appraiser panel without prior written notice to the appraiser. An appraiser may only be removed from an appraiser panel with written notice for: 1. A violation of the minimum USPAP standards or other applicable statutes or administrative regulations resulting in a suspension or revocation of the appraiser's license in Kentucky; or 2. Other substandard or otherwise improper performance as may be determined by administrative regulations promulgated by the board; (e) Enter into contracts or agreements with an appraiser for the performance of appraisal services unless the appraiser is licensed or certified in good standing with the board; (f) Request that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report or provide estimated values or comparable sales at any time before the appraiser completes an appraisal report; (g) Provide to an appraiser an anticipated, estimated, encouraged, or desired value for a property or a proposed or target amount to be loaned or borrowed, except that a copy of the sales contract for purchase transactions may be provided; (h) Commit an act or practice that impairs or attempts to impair an appraiser's independence, objectivity, or impartiality; or (i) Have a direct or indirect interest, financial or otherwise, in the property or transaction involving the appraisal. (3) Subsection (1) of this section shall not prohibit an appraisal management company from requesting that an appraiser: (a) Provide additional information about the basis for a valuation; (b) Correct objective factual errors in an appraisal report; or (c) Provide further detail, substantiation, or explanation for the appraiser's value conclusion. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 23, effective July 15, 2026. -- Created 2011 Ky. Acts ch. 58, sec. 5, effective June 8, 2011.

KRS 324A.160 Register of applicants to be maintained

324A.160. Register of applicants to be maintained (1) The executive director of the board shall keep a register of all applicants for registration which shall include: (a) The date of the application; (b) The applicant's name; (c) The applicant's business address; and (d) The current status of the registration. (2) The register shall be prima facie evidence of all matters contained in the register. (3) The register shall be kept on file in the office of the board and shall be open for public inspection in accordance with KRS 61.870 to 61.884. Effective: June 8, 2011 History: Created 2011 Ky. Acts ch. 58, sec. 6, effective June 8, 2011.

KRS 324A.162 Disciplinary action -- Injunctive relief

324A.162. Disciplinary action -- Injunctive relief (1) The board may deny, suspend, revoke, or refuse to issue or renew the registration of an appraisal management company, or may restrict or limit the activities of an appraisal management company or of a person who owns an interest in or participates in the business of an appraisal management company if the board finds that any of the following circumstances apply to the applicant, a registrant, a person owning ten percent (10%) or more of the applicant or registrant, a partner, member, manager, officer, director, managing principal, controlling person, a person occupying a similar status or performing similar functions, or a person directly or indirectly controlling the applicant or registrant: (a) The application for registration contained a statement that in light of the circumstances under which it was made is false or misleading with respect to a material fact; (b) The person has violated or failed to comply with KRS 324A.152, 324A.154, 324A.156, or 324A.158 or failed to comply with administrative regulatio ns promulgated by the board for the implementation and enforcement of KRS 324A.150 to 324A.164; (c) The person has pled guilty or nolo contendere to, or has been found guilty of, a felony or, within the past ten (10) years, a misdemeanor involving mortgage lending or real property appraising or an offense involving a breach of trust or fraudulent or dishonest dealing; (d) The person is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or prac tice involving appraisal management services or operating an appraisal management company; (e) The person is the subject of an order of the board or any other state's appraisal management company regulatory agency denying, suspending, or revoking the person's privilege to operate as an appraisal management company; (f) The person acted as an appraisal management company while not properly registered by the board; or (g) The person failed to pay the proper filing or renewal fee as provided under KRS 324A.152 and 324A.154. (2) Upon its own motion or the written complaint of a person reporting a violation of subsection (1) of this section, and after notice and the opportunity for a hearing in accordance with KRS Chapter 13B, the board may: (a) Suspend or revoke the registration of a registrant; (b) Impose a fine not to exceed five thousand dollars ($5,000) per violation; or (c) Take other appropriate disciplinary actions as established by the board through promulgation of administrative regulations. (3) The board may appear in its own name in Franklin Circuit Court, or the Circuit Court of the county where the alleged violation o ccurred, to obtain injunctive relief to prevent a person from violating this section or KRS 324A.154, 324A.156, or 324A.158. The Circuit Court may grant a temporary or permanent injunction regardless of whether: (a) Criminal prosecution has been or may be instituted as a result of the violation; or (b) The person is the holder of a registration issued by the board. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 24, effective July 15, 2026. -- Created 2011 Ky. Acts ch. 58, sec. 7, effective June 8, 2011.

KRS 324A.163 Administration of appraisal management company recovery fund -- Restitution to real property appraisers -- Administrative regulations -- Annual public statement of income and expenses

324A.163. Administration of appraisal management company recovery fund -- Restitution to real property appraisers -- Administrative regulations -- Annual public statement of income and expenses (1) The board shall administer the appraisal management company recovery fund solely to provide restitution to each Kentucky licensed or certified real property appraiser who has suffered pecuniary loss: (a) As a result of an appraisal management company ceasing to be registered with the board, either voluntarily or involuntarily; (b) If an appraiser has received a final judgment from a court of competent jurisdiction within the Commonwealth; and (c) If no viable alternative for full restitution is available, as determined by the board. (2) Each fund distribution for restitution shall be made payable to the appropriate appraiser as determined by the board. The amount to be paid to the appraiser shall equal the actual amount of appraisal fees that are proven to be owed to the appraiser by the relevant appraisal management company and any reasonable and appropriate court costs associated with determining the final judgment in favor of the appraiser. If the amount of restitution to be paid to any one (1) or more appraisers at any one (1) time exceeds the balance in the fund, the board shall: (a) Distribute as much of the restitution amount as possible, which shall be deemed to satisfy in full any claim the relevant appraisers have on payments from the recovery fund; and (b) In the case of distributions to more than one (1) appraiser, provide for a pro rata distribution of the available fund balance, which shall be deemed to satisfy in full any claim the relevant appraisers have on payments from the recovery fund. (3) Whenever restitution is paid by the fund, the fund shall be subrogated to the amount of the restitution. (4) The board shall promulgate administrative regulations in accordance with KRS Chapter 13A to: (a) Ensure that the balance of the fund established in KRS 324A.155 shall not fall below three hundred thousand dollars ($300,000); and (b) Impose the fees assessed upon appraisal management companies under KRS 324A.155 whenever the balance of the fund is less than three hundred thousand dollars ($300,000). The board shall cease imposing the fees when the balance of the fund is three hundred thousand dollars ($300,000). (5) Within one hundred twenty (120) days after the end of each fiscal year, the board shall make public, in accordance with KRS 424.180 and 424.190, a statement of income and expenses of the appraisal management company recovery fund, the details of which are in accordance with generally accepted accounting principles. Effective: June 25, 2013 History: Created 2013 Ky. Acts ch. 46, sec. 2, effective June 25, 2013.

KRS 324A.164 Exemptions from application of KRS 324A.150 to 324A.164

324A.164. Exemptions from application of KRS 324A.150 to 324A.164 Unless otherwise required to be registered as an appraisal management company by state or federal law, KRS 324A.150 to 324A.164 shall not apply to: (1) The federal government, state government, any county or municipal government, or any agency or instrumentality thereof; (2) A person authorized to engage in business as a bank, credit union, or savings and loan association under the laws of the United States, the Commonwealth of Kentucky, or any other state; (3) A real estate broker or real estate agent properly licensed or otherwise authorized to do business in the Commonwealth of Kentucky listing or selling real estate; (4) An officer or employee of any entity listed in subsection (1), (2), or (3) of this section when acting within the scope of his or her employment; (5) An entity that is responsible for ensuring that the real property appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards; (6) An individual who: (a) Is an appraiser; and (b) In the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real property appraisal activity that the individual cannot complete for any reason, including: 1. Competency; 2. Workload; 3. Schedule; or 4. Geographic location; (7) An individual who: (a) In the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of real property appraisal activity; and (b) Under the agreement cosigns the report of the appraiser performing the real property appraisal upon completion of the real property appraisal activity; (8) An appraisal management company that contracts with one (1) or more appraisers for the performance of fewer than ten (10) appraisals in this state in a calendar year; or (9) A federally regulated appraisal management company as defined in 12 C.F.R. sec. 34.211(k). Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 172, sec. 25, effective July 15, 2026. -- Amended 2021 Ky. Acts ch. 21, sec. 10, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 6, effective June 25, 2013. -- Created 2011 Ky. Acts ch. 58, sec. 8, effective June 8, 2011.

Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=38859Fetched: 10/20/2026