CHAPTER 340
FORMERLY
SENATE BILL NO. 179
AS AMENDED BY
SENATE AMENDMENT NO. 1
AN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO REAL ESTATE APPRAISAL .
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 4002(1), Chapter 40, Title 24 of the Delaware Code by striking the words “prepared by a real estate appraiser.”
Section 2. Amend §4002, Chapter 40, Title 24 of the Delaware Code by re-numbering current subsections (15)-(19) as sections (16)-(20), and adding the following definition as subsection (15):
“(15) ‘Real estate appraiser’ means any person who advises, consults, or prepares analyses with respect to real estate values, uses, sales, developments or disposition, including acquisitions by eminent domain, or renders opinions relevant to the marketability of real estate, as a whole or partial vocation.’”
Section 3. Amend § 4003, Chapter 40, Title 24 of the Delaware Code by striking the second sentence of subsection (b), and replacing it as follows:
“Four of the nine members shall be licensed or certified appraisers engaged primarily in the real estate appraisal business, including at least one certified general real property appraiser and at least two certified residential appraisers. One of the nine members shall be a certified real estate appraiser also engaged in the real estate brokerage business. One member shall be from the banking community. Three of the nine members shall be public members.”
Section 4. Amend § 4007(a), Title 24, by adding the phrase “engage in the practice of appraising or” after the words “advertise, or” and before “assume to act as an appraiser.”
Section 5. Amend § 4009, Chapter 40, Title 24 of the Delaware Code by striking the words “or licensed” from paragraph (a)(2), and subsections (b) and (c) of that section.
Section 6. This Act shall become effective upon its enactment into law.