§ 5-20.7-4. Creation of board — Composition — Appointment, terms, and compensation of members.
(a)(1) Within the department of business regulation, there is created the Rhode Island real
estate appraisers board which shall consist of ten (10) members to be appointed by
the governor. Six (6) of the board members shall be practicing appraisers and, for
the initial board appointment, shall be members in good standing of one of the following
professional associations or the successor associations: the American Institute of
Real Estate Appraisers, the Society of Real Estate Appraisers, the International Right
of Way Association, the National Association of Independent Fee Appraisers, or the
International Association of Assessing Officers. Where possible, at least one but
not more than two (2) appraiser appointments shall be from the membership of each
of these professional organizations.
(2) One board member shall be a member of the general public, and shall not be engaged
in the practice of real estate appraisal. One board member shall hold a real estate
license under chapter 20.5 of this title and shall not be a state-certified real estate
appraiser. One member shall be a representative of the Rhode Island banking industry.
The director of the department of business regulation or the director's designee shall
serve at all times as a member of the board ex officio without voting privileges.
(3) The term of office of the initial members and the powers of the initial board expire
on December 31, 1991.
(b) Commencing January 1, 1992, and subsequently, the board shall consist of ten (10)
members:
(1) Six (6) members shall be state-certified appraisers:
(i) Two (2) appraiser members shall be appointed for a term of three (3) years;
(ii) Two (2) members for a term of two (2) years; and
(iii) Two (2) members for a term of one year;
(2) One board member shall be a member of the general public, appointed for a term of
three (3) years, and shall not be engaged in the practice of real estate appraisal;
(3) One board member shall hold a real estate license under chapter 20.5 of this title,
appointed for a term of two (2) years and shall not be a state-certified real estate
appraiser;
(4) One member shall be a representative of the Rhode Island banking industry and shall
be appointed for a term of one year; and
(5) The director of the department of business regulation, or his or her designee, shall
serve at all times as a member of the board ex officio without voting privileges.
(c)(1) Successors of all members shall each be appointed for terms of three (3) years and
until their successors are appointed and qualified by subscribing to the constitutional
oath of office, which shall be filed with the secretary of state. Members to fill
vacancies shall be appointed for the unexpired term. No member shall be appointed
to succeed himself or herself for more than two (2) terms. Upon qualification of the
appointed members, the board shall organize by selecting from its members a chairperson
and vice-chairperson with a term of office of one year.
(2) The board shall meet not less than once each month or as necessary in order to conduct
its business, the dates and times of which shall be decided by a vote of the members.
(3) Each real estate appraiser member of the board appointed as of January 1, 1992, must
be a state-certified real estate appraiser. At least one-half (½) of the appraiser
members shall hold the general appraisal certificate and not less than two (2) shall
hold the residential appraisal certificate.
(4) Upon expiration of their terms, members of the board shall continue to hold office
until the appointment and qualification of their successors. The appointing authority
may remove a member for cause.
(5) A quorum of the board is a majority of the voting members of the board members appointed
and/or sitting, whichever is less, with at least three (3) of these members required
to be appraiser members.
(6) The department of business regulation, with the assistance of the board, shall implement
a program for recertification on or before July 1, 1992, and establish any reasonable
rules and regulations that are appropriate to insure that the examination, education,
and experience requirements of certificate and license holders meet the public interest
and the minimum standards of the Appraisal Foundation.
(d) [Deleted by P.L. 2023, ch. 163, § 1 and P.L. 2023, ch. 164, § 1.]
(e) No member of the board shall receive compensation for their official duties on the
board but shall be reimbursed for their actual and necessary expenses incurred in
the performance of their official duties.