A person is guilty of a class B misdemeanor who

1. (1) does not hold a certificate issued by the board, whose certificate is suspended or revoked, or whose certificate has lapsed or terminated, and holds out as a certified real estate appraiser in any way, orally or in writing, directly or by implication;

2. (2) is certified as a residential real estate appraiser and holds out as certified to appraise real estate other than

   1. (A) residential real property of four or fewer units; or
   2. (B) residential real property of 12 or fewer units when a net income capitalization analysis is not required by the terms of the appraisal assignment and a secondary mortgage market form is used; or

3. (3) is certified as an institutional real estate appraiser and

   1. (A) holds out as certified to appraise real estate other than

      1. (i) residential real property of four or fewer units having a transaction value of less than $1,000,000; or
      2. (ii) commercial property having a transaction value of less than $250,000;
   2. (B) holds out as performing real estate appraisal services for a fee or for the public at large;
   3. (C) accepts a fee for real estate appraisal services other than for services conducted as a full-time employee of a financial institution with offices in the state and other than a salary received as a full-time employee of the financial institution; or
   4. (D) performs a real estate appraisal for other than the portfolio of the financial institution for which the person is employed.