1. (a) The board consists of seven (7) members appointed by the governor as follows:

   1. (1) Five (5) members who are real estate appraisers:

      1. (A) who are licensed or certified under this article;
      2. (B) who have at least five (5) years experience as real estate appraisers; and
      3. (C) at least three (3) of whom are certified appraisers.

   2. (2) One (1) representative who represents lenders qualified to:

      1. (A) make Federal Housing Administration insured loans and Veterans Administration guaranteed loans; and
      2. (B) sell loans to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
   3. (3) One (1) member who is not associated with the real estate business in any way other than as a consumer.
2. (b) When making appointments under subsection (a), the governor shall consider the geographic areas represented on the board.

As added by P.L.186-1990, SEC.14. Amended by P.L.183-1991, SEC.11.