Classifications of licensure and certification; authority of appraisers; classification and license or certificate number required on all documents; corporations

(a) The three classifications of real estate appraisers are state licensed residential real estate appraiser, state certified residential real estate appraiser, and state certified general real estate appraiser. (b) A state licensed residential real estate appraiser is authorized to conduct appraisals of: (1) Complex residential real estate of one to four units having a value of less than $250,000; (2) noncomplex residential real estate of one to four units having a value of less than $1 million; and (3) nonresidential real estate having a value of less than $100,000. (c) A state certified residential real estate appraiser is authorized to conduct appraisals of residential real estate of one to four units without regard to value or complexity, and nonresidential real estate when the value is less than $100,000. (d) A state certified general real estate appraiser is authorized to conduct appraisals of all types of real estate. (e) The board is authorized to establish by legislative rule other classifications of appraiser licensing not prohibited by applicable federal law. (f) An appraiser shall indicate his or her classification and license or certificate number, as it appears on an issued license, on all appraisals, statements of qualification, contracts, and other instruments, including advertising media. (g) A license or certificate may not be issued under the provisions of this article to a corporation, partnership, firm, or group. (h) Nothing contained in this article prohibits any person licensed or certified under this article from engaging in the practice of real estate appraising as a professional corporation in accordance with the provisions of the Professional Service Corporation Act of this state.