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April 25, 2018

Tennessee Publishes Q&A on Real Estate Evaluations

The Tennessee Department of Commerce & Insurance, which includes the state’s Real Estate Appraiser Commission, published on its website April 17 a Q&A focused on real estate evaluations performed by state-licensed and state-certified appraisers.  

The publication clarifies that evaluations performed by licensed and certified appraisers in Tennessee are not required to comply with the Uniform Standards of Professional Appraisal Practice, and that an appraiser performing an evaluation is permitted to reference their credentials, including a state appraiser license or certification number and appraisal-related professional designations. 

An explanation of what constitutes an evaluation and the situations in which they may legally be performed by appraisers licensed or certified in Tennessee also is addressed, noting that evaluations performed by appraisers do not fall within the regulatory purview of either the TDCI or the Tennessee Real Estate Appraiser Commission and they must include a disclaimer stating, “This is not an appraisal.” 

Tennessee law allows state-licensed or state-certified appraisers to perform an evaluation for federally regulated financial institutions when a USPAP-compliant appraisal is not required by federal law. 

Read the Tennessee Department of Commerce & Insurance Q&A.

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