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Kentucky Revised Statutes Title XXVI. Occupations and Professions § 324A.164.Exemptions from application of KRS 324A.150 to 324A.164

Current as of January 01, 2025 | Updated by Findlaw Staff

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 estate 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 estate 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 estate appraisal activity; and

(b) Under the agreement cosigns the report of the appraiser performing the real estate appraisal upon completion of the real estate 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).

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXVI. Occupations and Professions § 324A.164.Exemptions from application of KRS 324A.150 to 324A.164 - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxvi-occupations-and-professions/ky-rev-st-sect-324a-164/

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