§ 543D.3 — Purposes

Iowa § 543D.3

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 543D: REAL ESTATE APPRAISALS AND APPRAISERS

Text

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 for
federally related transactions, the voluntary certification of real estate appraisers performing
appraisals not related to federally related transactions, and the mandatory registration of
associate real estate appraisers.
2. A person who performs an appraisal, other than an appraisal review, for a federally
relatedtransactionasitrelatestorealestatelocatedinthisstatemustbeacertifiedrealestate
appraiser under this chapter or a registered associate real estate appraiser acting under the
direct supervision of a certified real estate appraiser if the services of a certified real estate
appraiser 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 federal
or 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 “certified
real estate appraiser”, “associate real estate appraiser”, or any other like title, including a
title that suggests an individual is certified under the laws of this or another state, shall only
be 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 chapter
oraregisteredassociaterealestateappraiseractingunderthedirectsupervisionofacertified
real 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 providing
an estimate of the probable selling price or leasing price of a particular parcel of real estate
or interest in real estate as a comparative market analysis or a broker price opinion. Such
a comparative market analysis or broker price opinion shall not be considered an appraisal
for purposes of this chapter and shall not be prepared for any purpose in lieu of an appraisal
when an appraisal is required by federal or state law.