This market analysis may not be used for the purposes of obtaining financing in a federally related transaction.
This can help exempt your report from being considered an appraisal by the LLR Appraisers Board resulting in your prosecution for performing an appraisal without a SC appraisers license.
Never refer to your reports as appraisals.
Safest to use the term PRICE, not VALUE as the LLR Appraisers Board considers VALUE to be an appraisal only term while PRICE can be used with BPO for example (e.g., broker PRICE opinion).
Statute exemption from the SC Appraisal License Statute:
SECTION 40-60-30. License requirement; exceptions.
It is unlawful for an individual to assume or use a title, designation, or abbreviation likely to create the impression that the person is a real estate appraiser or to engage in real estate appraisal activity or advertise as an appraiser without a valid license issued by the department. However, nothing in this chapter may be construed to apply to:
(1) A real estate licensee licensed in accordance with Chapter 57, Title 40 who performs a market analysis or gives an opinion as to the price of real estate on the condition that the market analysis or opinion is not referred to as an appraisal. Before performing a market analysis, the real estate licensee must disclose to the requesting party: "This market analysis may not be used for the purposes of obtaining financing in a federally related transaction".
(2) A forester registered pursuant to Chapter 27, Title 48 who appraises or values standing or growing timber or timberland located in this State and issues an appraisal or valuation on the timber or timberland, as permitted by Chapter 27, Title 48 and Regulation 53-13. When an appraisal or valuation is to be used in a federally related transaction, the registered forester must be licensed or certified under this chapter if required by federal law or regulation.
(3) An employee of a lender in the performance of appraisals or valuations with respect to which federal law or regulations does not require a licensed or certified appraiser. This exception does not apply to third party contractors.
Posted by: Byron King on 8/17/21 (This information is only accurate as of 8/17/21. You must contact SCR for updates and changes to this information after 8/17/21 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
