§ 543d-3

543D.3 Purposes. 1. The purpose of this chapter is to establish standards for real estate appraisals and a procedure for the mandatory certification of real estate appraisers performing appraisals forfederally related transactions, the voluntary certification of real estate appraisers performingappraisals not related to federally related transactions, and the mandatory registration ofassociate real estate appraisers. 2. A person who performs an appraisal, other than an appraisal review, for a federally related transaction as it relates to real estate located in this state must be a certified real estateappraiser under this chapter or a registered associate real estate appraiser acting under thedirect supervision of a certified real estate appraiser if the services of a certified real estateappraiser are required by federal law or regulation. 3. A person who is not a certified real estate appraiser under this chapter may appraise real estate for compensation if certification is not required by this chapter or by federalor state law, rule, or policy. Notwithstanding this subsection, in connection with the performance of an appraisal of real estate located in this state, the use of

quired by this chapter or by federalor state law, rule, or policy. Notwithstanding this subsection, in connection with the performance of an appraisal of real estate located in this state, the use of the title 'certifiedreal estate appraiser', 'associate real estate appraiser', or any other like title, including atitle that suggests an individual is certified under the laws of this or another state, shall onlybe used to refer to or by individuals who hold a certificate or registration under this chapter. 4. An employee of the state department of transportation whose duties include appraisals of property pursuant to chapter 6B must be a certified real estate appraiser under this chapteror a registered associate real estate appraiser acting under the direct supervision of a certifiedreal estate appraiser. 5. A person who is not a certified real estate appraiser under this chapter but who is licensed under chapter 543B may be compensated in the course of business for providingan estimate of the probable selling price or leasing price of a particular parcel of real estateor interest in real estate as a comparative market analysis or a broker price opinion.

ess for providingan estimate of the probable selling price or leasing price of a particular parcel of real estateor interest in real estate as a comparative market analysis or a broker price opinion. Sucha comparative market analysis or broker price opinion shall not be considered an appraisalfor purposes of this chapter and shall not be prepared for any purpose in lieu of an appraisalwhen an appraisal is required by federal or state law. 89 Acts, ch 290, §3CS89, §117B.3C93, §543D.399 Acts, ch 171, §39, 42; 2007 Acts, ch 72, §1; 2021 Acts, ch 159, §4Referred to in §543D.21 Sat Dec 23 01:46:03 2023 Iowa Code 2024, Section 543D.3 (21, 0)