This subchapter does not apply to:(1) An agency of the federal, state, county, or municipal government;(2) A person authorized to engage in business as a bank, farm credit system, savings institution, or credit union under the laws of the United States, the State of Arkansas, or any other state;(3) A licensed real estate broker or licensed real estate agent performing activities regulated by the Arkansas Real Estate Commission unless the licensed real estate broker or licensed real estate agent receives compensation or other pecuniary gain in connection with the referral, placement, or execution of a request for appraisal services;(4) An officer or employee of a government agency, person, licensed real estate broker, or licensed real estate agent described in this section when acting within the scope of employment of the officer or employee;(5) A federally regulated appraisal management company;(6) A person who exclusively employs appraisers on an employer and employee basis for the performance of appraisals;(7) A person acting as an appraisal firm that at all times during a calendar year employs on an exclusive basis as independent contractors not more than fifteen (15) for the performance of appraisals;(7) A person acting as an appraisal firm that at all times during a calendar year employs on an exclusive basis as independent contractors not more than fifteen (15) appraisers for the performance of appraisals;(8) A person who enters into an agreement with an appraiser for the performance of an appraisal that on completion results in a report signed by both the appraiser who completed the appraisal and the appraiser who requested completion of the appraisal; or(9) An appraisal management company operating:(A) Only in this state with an appraiser panel of not more than fifteen (15) appraisers at all times during a calendar year; or(B) In multiple states, including this state, with an appraiser panel of not more than twenty-four (24) appraisers in all states at all times during a calendar year.Amended by Act 2017, No. 535,§ 10, eff. 3/20/2017.Acts 2009, No. 628, § 1.
Arkansas Legal Code