(a) Standards of practice.

1. (1) Appraisers in all classifications shall perform and practice in compliance with USPAP.

2. (2)

   1. (A) Existing credential holders (except for registered apprentices and state-registered appraisers) in good standing in any jurisdiction shall be considered in compliance with current Appraiser Qualifications Board Real Property Appraiser Qualifications Criteria if they have passed an Appraiser Qualifications Board-approved qualifying examination for that credential.
   2. (B) This applies to reciprocity, temporary practice, renewals, and applications for the same credential (except for registered apprentices and state-registered appraisers) in another jurisdiction.
   3. (C) All credential holders must comply with ongoing requirements for continuing education and renewal procedures.

3. (3)

   1. (A) The State Board of Appraisers, Abstracters, and Home Inspectors adopts the 2024 USPAP as published and amended by the Appraisal Foundation.
   2. (B) This adoption shall include all parts of USPAP including the introductory sections for the purpose of judging those applicants, registrants, licensees, and certificate holders with respect to the appropriateness of their conduct and activities as appraisers in the State of Arkansas.

(b) Restrictions on appraisal practice.

1. (1) All appraisal services rendered in federally related transactions must be performed or rendered by a person or persons holding the appropriate:

   1. (A) Registration;
   2. (B) License; or
   3. (C) Certification.
2. (2) All written appraisal reports shall make a specific reference to any person or persons and bear the signature or signatures and seal or seals of all properly registered, licensed, or certified person or persons who participated significantly in the performance of the appraisal or delivery of appraisal services.
3. (3) All registered, licensed, or certified appraisers signing an appraisal report or other document representing the delivery of appraisal services shall assume full joint and several responsibility and liability for the compliance of the appraisal performed or the appraisal service rendered with respect to compliance with the USPAP.

4. (4) State-licensed and certified residential appraisers performing appraisals on nonresidential (that is, commercial, farms, timberland, etc.) property types shall comply with the following limitations:

   1. (A)

(i) Federally related transactions.

1. (ii) A state-licensed or certified residential appraiser shall be limited to appraising a transaction value (loan value) of no more than two hundred fifty thousand dollars ($250,000); and

   1. (B)

      1. (i) Nonfederally related transactions.
      2. (ii) A state-licensed or certified residential appraiser shall be limited to a property value of no more than two hundred fifty thousand dollars ($250,000).